You can now easily get that dream car you always wanted to own with new car loans by Kotak Mahindra of amounts up to 90% of the ex-showroom price with low rates of interest and flexible tenors of repayment as per your convenience. Following schemes are offered by Kotak Mahindra under the new car finance plans:
- Margin Money Scheme
Under this scheme, the bank provides finance for buying a new car of up to 90% of the invoice value for certain car models. The customer can pay the margin money (invoice value minus the finance amount) either to the dealer directly or to KMPL upon which the bank would release the entire invoice value to the Dealer. The financed amount can be repaid to the bank as per your convenience within a period ranging from 12 to 60 months in form of EMIs.
- Step Up Scheme
This scheme involves increasing the car loan EMI on a yearly, half- yearly or a quarterly basis, depending upon needs of the customer. This scheme works best for those expecting a growing income to buy a luxury car experience. So basically, it starts with low EMIs in the early period of repayment and increases as it nears tenure completion.
- Low EMI, Balloon Scheme
This scheme involves paying 10%-25% of the cost of the car as last EMI. This kind of scheme is best for customers who are looking at affordable EMIs during the tenure and have a plan to dispose of their vehicle at the end of the tenure.
- Advance EMI Scheme
Make the monthly car loan payments of a few installments upfront under this scheme by Kotak Mahindra bank. The balance remains payable through EMIs, than enable you to pay off your loan much faster with the advance installments.
Key features of Kotak Mahindra Bank Car Loan:
- Widest range of new and pre-owned car loans through various schemes based on flexible EMI’s and tenure for a car loan, namely, Money scheme, Step Up scheme, Low EMI Balloon scheme, Advance EMI scheme and some Special schemes.
- Avail a loan of up to 90% of the amount for certain car models, enabling customers to purchase the car of their dreams.
- Attractive interest rates ranging from 11.50% to 13.50%, considered as some of the lowest interests in the market.
- Flexible repayment tenure completely depending upon customer convenience, ranging from periods of 12 months to 60 months.
- Adjustable car loan schemes that emphasize on efficient customer service not only before taking the loan but also afterwards.
- Simple loan application procedure helping customers get the loan sanctioned quickly within 48 hours after documentation is complete.