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New Car Finance

Your dreams can be realised here. Get that new car you always wanted with our new car loans. We offer loans up to 90% of the ex-showroom price and flexible repayment tenors as per your convenience.

  • Margin Money Scheme

    We provide finance for acquisition of new car upto Read More

  • Step Up Scheme

    Increase in EMI after every year, six months or Read More

  • Low EMI, Balloon Scheme

    10%-25% of the cost of the car to be Read More

  • Advance EMI Scheme

    Make the payments of a few monthly Read More

Eligibility

Salaried Individuals

  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 60 years
  • Minimum Income of Rs 15000 per month

Self Employed

  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Minimum employment: At least 1 year in business

Document

Documents Salaried Concerns Self Employed Firm Proprietary Partnership Companies
KMPL App. Form duly filled by you Y Y Y Y Y
Latest Salary Slip showing statutory deductions Y - - - -
Form 16 / IT Returns Y - - - -
Proof of Residence (copy of electricity/ telephone bill/ Passport /Voter's ID/ Lease deed/ Rent agreement copy/Property Registration Document in the name of the Customer ) Y Y Y Y Y
Signature Y Y Y Y Y
Verification from your Banker / Voters ID / IT PAN card / IT Return / Driving License/ Passport
P&L A/C and B/S for the last 2 years certified by CA - Y Y Y Y
Copies of Income Tax Returns for the last two years - Y Y Y Y
Partnership Deed / Trust Deed - - - Y -
Letter of Authority - - - Y -
MOA and Board Resolution authorising one director to execute the agreement. - - - - Y
 
Photograph (one signed by the customer) Y Y Y - -

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    1800 419 0090

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FAQ's Expand All

So how do I get a KMPL Car Loan?

Just fill the Online Application Form and our representative will get in touch with you shortly.

Do I need a guarantor?

Generally no. But if your income / age does not meet our credit criteria, then you may be required to have a guarantor to stand surety for your loan.

Do I have the option of pre-paying the entire loan amount?

Yes. One can pre-pay the loan any time after 6 months of availing of the loan. You have to pay a small prepayment fee on the outstanding loan amount. We also offer the option of refinance on the same vehicle after completion of a particular tenor. Conditions apply.

Who can avail of KMPL new car loans?

- Salaried individuals in the age group of 21 to 58 years (at the end of the tenure) - Self-employed individuals in the age group of 21 to 65 years (at the end of the tenure) - Partnership Firms and LLPs. - Public and Private Ltd. companies - HUFs and Trusts

What are the tenure options?

The choice is yours. You can choose any repayment option from 12 to 84 months all specially designed to suit your requirements.

How much finance can I avail of?

You can borrow up to 90% of the car value. The minimum loan amount is Rs.75,000/-

Which cars can be financed?

Kotak Mahindra Prime Limited finances most passenger cars and multi-utility vehicles manufactured by India's leading automobile companies. We also finance imported cars subject to fulfillment of certain terms and conditions.

How long will it take to process the loan?

Within 48 hours of completing documentation. Credit is at the sole discretion of KMPL

Margin Money Scheme
  • We provide finance for acquisition of new car up to 90% of the invoice value for certain models.
  • The customer should pay the margin money (invoice value minus the finance amount) to the dealer directly. He also has an option to pay the margin money to KMPL upon which we would release the entire invoice value to the Dealer.
  • The financed amount can be repaid as per your convenience (12 - 60 months EMIs).
Step Up Scheme
  • Increase in EMI after every year, six months or quarter (depending upon your needs).
  • Best suited for people who want the luxury car experience.
  • Make payments in line with your growing income (starting with low EMIs in the early period of repayment).
Low EMI, Balloon Scheme
  • 10%-25% of the cost of the car to be paid as last EMI.
  • Reduced EMI for the entire tenure.
  • Best for customers who want to dispose off their vehicle at the end of the tenure and are looking at affordable EMIs during the tenure.
Advance EMI Scheme
  • Make the payments of a few monthly instalments upfront
  • Balance payable through EMIs
  • Repay your loan much faster with the advance instalments
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