In today's world, owning a car is more of a necessity than a luxury. However, whenever you fantasize about owning a car, you worry about the high EMIs or the large down payment that you believe you will never be able to afford. Now is the time to relax – you can apply for a bank loan and drive your dream car home.
Kotak Mahindra Prime Limited Car Loan (KMPL) provides you with loan options that are tailored to your specific needs. They provide simple processing and convenient repayment options.
KOTAK MAHINDRA PRIME LIMITED CAR LOANS OFFER FOUR NEW CAR PAYMENT SCHEMES
Margin Money Scheme: They provide financing for new car 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 cars 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 car 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 car'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 CAR 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 20,000 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 CAR LOAN INTEREST RATES