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About Kotak Mahindra Bank
• Kotak Mahindra Bank is an Indian private sector banking headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) gave the license to Kotak Mahindra Finance Ltd., the group's flagship company, to carry on banking business.
• It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
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What is a Car Loan?
• A Car Loan is a personal finance product where the financier provides the borrower with the funds to purchase a vehicle for personal use. The loan is secured against the vehicle, and at the end of the contract the customer retains the full title of the vehicle.
• Most car loans use simple interest, a type of interest of which the interest charge is calculated only on the principal (the amount owed on the loan). Simple interest does not compound on interest, which generally saves a borrower money.
• However, simple interest does not mean that every time you make a payment on your loan that you pay equal amounts of interest and principal.
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Benefits of Applying Kotak Mahindra Car Loan on Letzbank
• Wide Selection of Loans – At Letzbank, we collate loan offerings from all the major banks and present them at one page to you. This is a much hassle free method to make comparisons between loans and make a selection on which loan suits your needs. Kotak Mahindra Prime takes care of all of these basic needs.
• Free of Charge – There is no charge to apply for a loan via Letzbank website. In fact, we have made the loan application procedure easier and quicker by collaborating directly with the banks.
• Instant Quotes – Letzbank gets you instant access to car loan quotes from a bank of your choice within seconds.
• Online Form Application –Submit the car loan application from the comfort of your home at Letzbank website and let us handle the application process for you.
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Kotak Mahindra Car Loan Eligibility
For Salaried Individuals For Self Employed Individuals
Minimum age should be 21 years and maximum age at loan maturity should be 58 years.
Minimum age should be 21 years and maximum age at loan maturity should be 65 years.
Minimum net yearly income should be a minimum of Rs. 1 lakh.
Minimum net yearly income should be a minimum of Rs. 1 lakh.
Employment with the current company must be at least 6 months.
Employment with the current business must be at least 2 years.
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Fees and Charges :Cheque Dishonour Charges per Cheque 750
Prepayment interest outstanding 5.21% + service tax
Issue of Duplicate copy of Agreement / Duplicate NOC / NOC for Duplicate Registration Certificate 750
Issue of Duplicate Security Deposite Receipt per Receipt 250
Cancellation of Contract (other than foreclosure and prepayment interest) at specific request of the Borrower and agree by the Lender
2000
Delayed Payment / Late Payment Charges / Compensation / Additional Finance Charges (Monthly) 3%
Collection Charges for non PDC cases (per cheque) for non-payment on due date 500
PDC swap Charges 500 per swap
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Cont…Repayment Schedule / Account Outstanding Break up statement
250
LPG / CNG NOC 2000
Statement of Account 500
NOC for Interstate Transfer 1000
NOC for Commercial to personal use 2000
Dishonour charges per instance 750
NOC to convert from private to commercial
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Where and how to Apply?
• Now that you know all the details on what your personal loan scheme is like, you can apply for your loan by login in at Letzbank
• The reason you should apply from Letzbank is because you can avail your car loan anywhere across the country sitting at your ease in your home, or work place etc.
• The most wonderful part about applying for your car loan through Letzbank is that you can get your car loan amount without paying an additional amount towards the service fee for online applicants.
• At Letzbank you can not only come and chose car loan scheme from Kotak Mahindra bank but also you get to compare what other banks are offering in car loan schemes- which will enable you to take a wise step and decision in taking car loan.
• At Letzbank your information is safe and secure with us as we do not share your information with any third party also since you are applying online your once saved information can be used for future transactions too through our document locker system.
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