Car Loan Application

Before you apply for a car loan, decide which car you want. Applying for this credit facility requires you to finalize the make and model of the car. Next, compare the loans that the banks and lending institutions are providing. Choose the car loan with the bank of your choice, but first, make sure you are eligible for the loan.First, you have to do is choose your bank; make sure your credit score is good (750 and above), type in the information required on the car loan EMI calculator, i.e., your name, email ID, employment type, salary, etc. You will then get the EMI amount if you satisfied with it go ahead.

Eligibility for Kotak Mahindra bank car loan:

1. Only Indian residents.
2. Minimum salary Rs. 15,000/- per month.
3. Employment stability should be one year at least.
4. Minimum age required 21 years.

Documents required for Kotak Mahindra bank car loan: 

The documents you need to furnish for a loan application vary depending on your field of employment.

1. For salaried individuals
2. KMPL. application form of bank accounts for the last six months.
3. Two passport size photographs
4. Proof of Identity
5. Income Proof: Latest Salary Slip, Form 16
6. I.T. Returns or Form 16 for the last two years.
7. Proof of Identity : - (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. 
8. Address Proof:- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity Bill/Life Insurance policy. 

For non-salaried or professional or businesspersons

1. Statement of bank accounts for the last 6 months.
2. KMPL. application form
3. Proof of Identity
4. Address Proof
5. Audited balance sheet, P&L statement for two years, shop & establishment act certificate/sales tax certificate / SSI registered certificate/copy of partnership.

 Fees and charges:

•  Cheque dishonor charges: Bouncing of cheque due to insufficient funds in the account or due to mistake in the signature. 
•  Prepayment interest on principal outstanding: Prepaid interest is the interest that a debtor pays before the first scheduled debt repayment. ... For mortgage loans, prepaid interest can also be the interim interest that accrues from the settlement day to the beginning of the first mortgage period.

Conclusion: Now that you know the application procedure, check which category you fall under and make sure you have all the documents on hand. Complying with all the requirements promptly will make the process simpler and less daunting for you. Kotak Mahindra car loan offers the longest repayment tenure of 7 years and also provides financing for 90% of the car’s ‘on-road’ price. If you already have a salaried bank account with Kotak, which has been active for a minimum of 12 months, you will not have to submit Form 16 or income tax returns when applying for a 

Must Read:- Key Features Of A Car Loan.