Kotak Mahindra Bank Commercial Vehicle Loan Interest Rate, Eligibility, Documents

Kotak Mahindra Bank Commercial Vehicle Loan Interest Rate, Eligibility, Documents




If you want to take Commercial Vehicle Loan for your business then this article can be very useful for you. Many people need commercial vehicle loan for their business but due to lack of money they are not able to buy it.

 For your information, let us tell you that there are many such banks in India that provide loans for commercial vehicles. Kotak Mahindra Bank, one of the most trusted private sector banks also offers commercial vehicle loans. In this article, we will give you complete information about Kotak Mahindra Bank Commercial Vehicle Loan Interest Rate, Eligibility, Documents, etc.

Kotak Bank Commercial Vehicle Loan Interest Rate:

If you want to take Commercial Vehicle Loan from Kotak Mahindra Bank, then let us tell you that you can get loan from this bank on the basis of 6.50% to 20% annual interest rate. Here the annual interest rate is decided according to the loan amount, annual income of the applicant, his repayment capacity, CIBIL score and the tenure of the loan.

Kotak Mahindra Bank Commercial Vehicle Loan Eligibility

Some eligibility has been set for taking commercial vehicle loan from Kotak Mahindra Bank which is being told below.

As of now the age must be between 21 years to 65 years.

The applicant should have at least 2 years experience in running a business.

The person wishing to take the loan must have a monthly income of 15000.

The applicant must have a good CIBIL score and credit history.

If you have a form, trust, public or private company, etc., then you can easily get a commercial vehicle loan.



Documents required to take Commercial Vehicle Loan from Kotak Mahindra Bank:

ID Proof: Aadhar Card, PAN Card, Driving License, Voter ID or any ID proof recognized by the Government.

Address Proof: Aadhar Card, Ration Card, Passport, Electricity Bill, Telephone Bill, Driving License, etc.

Income Proof: ITR, FORM 16, Business Balance Sheet, Salary Slip, Last 3 Months Bank Account Statement, etc.

All types of documents related to the registration of the industry.

Passport size photo.

Tenure of Commercial Vehicle Loan taken from Kotak Mahindra Bank:

If you are going to take a commercial vehicle loan from Kotak Mahindra Bank, then you can get the loan repayment period from 12 months to 84 months. It depends on your loan amount. But it is mostly seen that Kotak Mahindra Bank gives a period of 5 years to its customers to repay the commercial loan.

How much amount can I get for Commercial Vehicle Loan from Kotak Mahindra Bank?

Kotak Mahindra Bank can provide you loans ranging from 80% to 90% of the cost of the vehicle. But there are many auto companies that partner with banks to provide vehicle loans to their customers at zero down payment.

But if you are going to buy a vehicle according to your mind, then it is not necessary that you also get the facility of zero down payment. That is why if you want to get a vehicle loan with zero down payment, then get all the information about it in advance. You are required to take a minimum commercial vehicle loan of 75000 from Kotak Mahindra Bank.

Kotak Mahindra Bank Commercial Vehicle Loan Charges:

If you take a Commercial Vehicle Loan from Kotak Mahindra Bank then you have to pay the following charges. But while taking the loan, you have to pay the processing fee and documentation charges.

Processing Fee: 2%+GST

Documentation Fee: 5000

Fee for delayed installment payment: 3% extra (monthly) on remaining installments

Charges for prepayment of loan: 4% of balance amount

Installment date change fee: 1000

Fee for taking duplicate copy of NOC: 500

What types of vehicles can one get a commercial vehicle for from Kotak Mahindra Bank?

Kotak Mahindra Bank offers Commercial Vehicle Loans on all such vehicles that can be used in a business. This includes vehicles for carrying passengers, vehicles for carrying goods, vehicles for towing and carrying school children, two wheelers and three wheelers, etc.

How to Apply for Commercial Vehicle Loan from Kotak Mahindra Bank?

To get a Commercial Vehicle Loan from Kotak Mahindra Bank, you can either visit the bank branch or apply online.

If you want to apply online for Commercial Vehicle Loan then click on the link given below for this.

https://www.kotak.com/en/business/loans/commercial-vehicle-loan.html

If you apply online then you have to upload all the documents by entering all the requested information.

In the event of applying for a vehicle loan by going to the bank, all kinds of necessary documents and necessary information are asked from you.

If the documents and information provided by you is found to be correct then the loan is approved and the loan amount is transferred to your bank account.

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