Kotak Vehicle Loan

The following are the features of Kotak Vehicle Loan:

Purpose of the loan: The loan can be used for any purpose as the end-use for the loan is not defined. It can be used for consolidation of debt, renovation of your existing house, wedding expenses, travel expenses, purchasing high-value consumer durable articles, and so on.
Quantum of loan: The quantum of the loan is up to Rs. 50 Lakhs, depending upon the income, CIBIL score and repayment capacity.
Rate of interest: The interest charged for the loan starts from 10.00%.
Repayment: The loan has to be repaid within a maximum period of 7 years.
Security: No collateral security is required to acquire this loan
Processing fees: Up to 2% of the loan amount.

Following are the personal loan processing fees and charges associated with the Kotak Vehicle Loan:

Name of the Charge	Amount
Processing fee	2% of the loan amount
Part prepayment charges	If part prepayment is equal to 20% of the total disbursed amount in a year: Nil. If part payment is above 20% of the total disbursed amount in a year: 3% + applicable GST on the remaining loan amount. Part prepayment is not allowed in the first 6 months from the disbursement date. Part prepayment amount should be equal to or more than a total of 3 EMIs. Part prepayment is allowed only once in the first year of the loan tenure.
Foreclosure charges	4% of the principal outstanding + applicable GST Foreclosure is permitted only after 12 months from the disbursement date of the loan.
Charges for cheque return	Rs. 500 + GST per instance
Penal charges for default	3% of the pending loan amount per month
Loan cancellation charges	4% of disbursed loan amount + applicable taxes
Fees for CIBIL Report retrieval	Rs. 100 + GST per instance
Loan reschedule charges	Rs. 5,000 + GST per instance
Exchanging PDCs/ ECS charges	Rs. 750 + GST per instance
Preclosure quote	Rs. 1,000 + GST per instance
Stamp duty/ insurance premium/ any other charges	As per actual, if applicable

Below is the comparison of Kotak Vehicle loan interest rate with other lenders:

Lenders	Loan Amount	Interest Rate	Tenure
HSBC Bank	₹1 Lakh to ₹50 Lakhs	9.99%% to 14% p.a.	6 to 60 months
Axis Bank	₹50,000 to ₹40 Lakhs	9.99% to 22.00% p.a.	12 to 84 months
Unity Small Finance Bank	Up to ₹5 Lakhs	16.00% to 30.00% p.a.	6 to 36 months
IDFC First Bank	Up to ₹10 Lakhs	9.99% to 23.99% p.a.	9 to 60 months
IndusInd Bank	₹50,000 to ₹50 Lakhs	10.49% p.a.	12 to 84 months
Kotak Mahindra Bank	₹50,000 to ₹35 Lakhs	10.99% to 16.99% p.a.	12 to 72 months
Yes Bank	₹1 Lakh to ₹40 Lakhs	11.25% to 21.00% p.a.	12 to 60 months
DBS Bank	₹50,000 to ₹50 Lakhs	10.99% to 30.00% p.a.	12 to 72 months
ICICI Bank	₹50,000 to ₹50 Lakhs	10.85% to 16.65% p.a.	12 to 72 months
Federal Bank	Up to ₹25 Lakhs	11.49% to 14.49% p.a.	Up to 48 months

The following are the personal loan eligibility criteria of Aditya Birla:

The age of the applicant should be between 23 to 60 years.
The applicant should be a salaried individual and draw the salary through a bank account.
The individuals should be employed in reputed companies.
Work experience of a minimum of 2 years is required to ensure income stability.
The applicant should not have defaulted on any loan repayments in the past and should have a good CIBIL score, preferably above 700.

The following documents are required for Kotak Vehicle Loan:

Address Proof: Aadhar Card, Voter’s ID, Driving Licence, Utility bills, etc.
Photo ID Proof: PAN Card, Aadhar Card, Passport, Voter’s ID card, Driving Licence, etc.
Income Proof: latest salary slips, ITR, etc.
Bank Statement for the last 6 months of the account where the salary is being credited.

You can apply for an Kotak Vehicle loan online on our portal.

On our website, under the ‘Loans’ section, select ‘Personal Loan’ and then choose the ‘HSBC Personal Loan’ option
Provide all the important details such as your name, mobile number, email ID, and other details.
Based on these details, MyMoneyMnatra will assess your eligibility to provide the best personal loan options with their interest rate, tenure, and other important information.
Choose the most suitable option and submit your application.
Our team will get in touch with you.
Once you have applied for the loan with us, you can also check your HSBC application status online