An auto is more of a necessity than a luxury in today's world. When you fantasize about owning a auto, however, you are concerned about high EMIs or a big down payment that you know you will never be able to afford. It's time to unwind; you can now apply for a bank loan and take your dream auto home.
Kotak Mahindra Prime Limited Auto Loan (KMPL) offers you loan options that are customized to your needs. They offer straightforward processing and flexible repayment options.
KOTAK MAHINDRA PRIME LIMITED AUTO LOANS OFFER FOUR NEW AUTO PAYMENT SCHEMES
Margin Money Scheme: They provide financing for new auto purchases up to 90% of the invoice value for certain models. The loan applicant must pay the dealer directly the margin money, which is equal to the invoice value minus the financing amount. You also have the option of paying the margin money to KMPL. The dealer would then be given the entire invoice value. The EMIs and the funded amount can be paid over a period of 12 to 60 months.
Step Up Scheme: People who want to buy luxury autos on EMI will use the step-up scheme. Low EMIs are used in the early stages of repayment. You should adjust your payments to match your rising salary. The EMI increases every year, six months, or quarter, depending on your needs.
Low EMI, Balloon Scheme: Customers who wish to resell the auto at the end of the term and want to pay low EMIs are eligible for the balloon scheme. They must pay a lower EMI for the entire tenure in this scheme, and the final EMI is the largest, requiring them to pay 10% to 25% of the auto's cost.
Advance EMI Scheme:
With advance installments, you can repay your loan much faster under the advance EMI scheme. EMIs can be used to pay off the balance. You can also pay a few monthly installments in advance.
ELIGIBILITY FOR KOTAK MAHINDRA PRIME LIMITED AUTO LOANS
- All Indian Residents.
- Minimum residence stability of one year.
- Minimum employment stability of one year.
- Salaried Individuals
- Minimum age of Applicant: 21 years.
- Maximum age of Applicant at loan maturity: 60 years.
- Minimum Income of Rs 200000 per month.
- Self Employed
- Minimum age of Applicant: 21 years.
- Maximum age of Applicant at loan maturity: 65 years.
- Minimum employment: At least one year in business.
KOTAK MAHINDRA AUTO LOAN INTEREST RATES
(Disclaimer-Bank keeps changing Credit Policy,Eligibility Criterion time to time .Kindly refer Bank website for updated information )