Kotak Mahindra Prime Limited (KMPL) is a subsidiary of Kotak Mahindra Bank Limited formed to finance all passenger vehicles. The company is dedicated to financing and supporting automotive and automotive related manufacturers, dealers and retail customers.The Company offers car financing in the form of loans for the entire range of passenger cars and multi utility vehicles. The Company also offers Inventory funding to car dealers and has entered into strategic arrangement with various car manufacturers in India for being their preferred financier.
At Kotak Car Finance, we promise you flexibility and speedy processing. In short, we have made car ownership easy.
We are committed to getting you into the drivers seat without much ado. Just decide on the car you want, select one of many schemes and just apply.
There are various schemes available in the market that you can choose according to your need
Margin Money Scheme
In this scheme, we finance your car for upto 90% for certain models. You will have to give us a down payment for the margin amount, ( invoice value minus Finance amount). The financed amount can be repaid as per your convenience in tenures of 12 months to 60 months at your convenience either through Equated monthly Installments or a differential plan that we can tailor for you to minimize your outflow.
Security Deposit Scheme:
In this scheme, you will have to pay a refundable 10 - 25% security deposit upfront. The deposit will help you earn interest while you pay through the normal Equated monthly installments . This scheme is beneficial for people who plan to invest in bank fixed deposits and yet want their car financed.
| TENURE | DEPOSIT | BANK [8%] | KMPL [11%] | Additional Earning |
|---|---|---|---|---|
| 3 Years | 50,000 | 63,412 | 66,500 | 3,088 |
| 4 years | 50,000 | 68,639 | 72,000 | 3,361 |
| ** Rate of Interest would be applicable as on date of taking finance
** The Bank rate of 8% is calculated at a compounded quarterly rate and the KMPL rate of 11% is calculated at simple interest.
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Advance EMI Scheme
In this scheme, you make the payments of a few monthly installments upfront. The balance is payable through Equal Monthly Installments. With the advance installments you can repay your loan much faster.
Special schemes offered by KMPL
From time to time we bring in special schemes under tie up with various manufacturers.
Kotak Mahindra Prime , not only offers you attractive finance schemes but also helps you with, Sale of existing car, Credit life and your Car Insurance.
Receiving the KMPL Offer
1) Hire Purchase: In this product offer, the car will be bought by us and your will use it under hire-purchase agreement with KMPL. The ownership will be transferred to you after the last rental is paid by you. The benefits for you as consumer in this product is that you can treat the hire charges (part of the rentals) paid by you as an expense in your books of accounts and therefore eventually reduce the burden of tax levied on you. Depreciation can be claimed for tax purposes, as applicable.
2) Loan: In this offer, you can buy from the dealer with the loan amount sanctioned by KMPL. The car will feature as an asset in your books of account which will help you claim depreciation for taxation purposes. You can also treat the interest component of the rentals as an expense.
3) Lease: If you opt for this product, the car will be owned by KMPL and will be leased to you on rent. You can avail of tax benefits as the entire rental will be accounted in your books as expense. The lease product is beneficial for profit making corporate's.
Based on the preferred product, the scheme can be structured to exactly match your requirements on tenure and cash flows.
Margin Money Scheme:
In this scheme, we part finance your car from 65% to 90% for certain models. You will have to give us a down payment for the margin amount. The financed amount can be repaid at your convenience either through Equated Installments or a differential plan that we can tailor for you to minimize your outflow.
In this scheme, we part finance your car from 65% to 90% for certain models. You will have to give us a down payment for the margin amount. The financed amount can be repaid at your convenience either through Equated Installments or a differential plan that we can tailor for you to minimize your outflow.
Security Deposit Scheme:
In this scheme, you will have to pay a refundable 15 - 35% security deposit upfront. The deposit will help you earn a return of 11% per annum, which is higher than the return on Bank, fixed Deposits. This scheme is beneficial for people who plan to invest in bank fixed deposits. The differential income is investing in the SD scheme of KMPL vis-avis bank deposits is given below
In this scheme, you will have to pay a refundable 15 - 35% security deposit upfront. The deposit will help you earn a return of 11% per annum, which is higher than the return on Bank, fixed Deposits. This scheme is beneficial for people who plan to invest in bank fixed deposits. The differential income is investing in the SD scheme of KMPL vis-avis bank deposits is given below
| TENURE | DEPOSIT | BANK [8%] | KMPL [11%] | Additional Earning |
|---|---|---|---|---|
| 3 Years | 50,000 | 63,412 | 66,500 | 3,088 |
| 4 years | 50,000 | 68,639 | 72,000 | 3,361 |
| ** Rate of Interest would be applicable as on date of taking finance
** The Bank rate of 8% is calculated at a compounded quarterly rate and the KMPL rate of 11% is calculated at simple interest.
| ||||
Advanced EMI Scheme
If you want you can pay a few monthly installments up front. The balance is payable through Equal Monthly Installments. With the advance installments you can repay your loan much faster.
If you want you can pay a few monthly installments up front. The balance is payable through Equal Monthly Installments. With the advance installments you can repay your loan much faster.
Special schemes offered by KMPL
KMPL offers 100% finance at 0% interest also on certain car models. These schemes are based on certain terms and conditions and normally facilitated by our tie-ups with manufacturers.
KMPL offers 100% finance at 0% interest also on certain car models. These schemes are based on certain terms and conditions and normally facilitated by our tie-ups with manufacturers.
Documentation
Once the vehicle, product and scheme are finalized, it will be time for us to initiate the process of making finance available to you as soon as possible, In order to know a little about our customer we require the following documents to process the loan application.
The table below represents the documents required from your. Please identify yourself in the appropriate category and arrange for these documents. We assure you that once these are in place we will be able to process the finance in the shortest of time.
| Documents | Salaried Concerns | Self Employed Firm | Proprietary | Partnership | Companies |
|---|---|---|---|---|---|
| KMPL App. Form duly filled by you | YES | YES | YES | YES | YES |
| Latest Salary Slip showing statutory deductions | YES | - | - | - | - |
| Form 16 / IT Returns | YES | - | - | - | - |
| Proof of Residence (copy of electricity/ telephone bill) | YES | YES | YES | YES | YES |
| Signature Verification from your Banker / Voters ID / IT PAN card / IT Return / Driving License/ Passport | YES | YES | YES | YES | YES |
| Computation of Income for the last 2 years certified by CA | YES | YES | YES | YES | YES |
| P&L A/C and B/S for the last 2 years certified by CA | - | YES | YES | YES | YES |
| Copies of Income Tax Returns for the last two years | YES | YES | YES | YES | YES |
| Partnership Deed / Trust Deed | - | - | - | YES | - |
| Letter of Authority | - | - | - | YES | - |
| . MOA and Board Resolution authorizing one director to execute the agreement. | - | - | - | YES | YES |
| Photograph (one signed by the customer) | YES | YES | YES | - | - |
Credit Evaluation
A KMPL credit officer will evaluate your credit worthiness based on the documents submitted by you along with the FI report. A field investigation office will visit you for additional information that will help us process your loan. The additional information will be part of the FI report.
Processing of Finance
After Credit approval, we will enter into an agreement with you and collect post dated cheques (PDCs). PDCS will save you from the hassle of arranging for cheques every month.
You also need to give us a pay order or cheque for the initial payment (IP) (upfront money as applicable) and the insurance cover note. Within 48 hours of our receipt of complete documentation, signed agreement, IP and PDCs, we will make the payment to the dealer for your car.
Please note: The IP amount can be given to KMPL in the form of
- Pay order
- Cheque
If we are given a pay order it will take us 24 hours to process your finance. While a cheque will take us 3 working days. (The time taken is dependent on the time taken for bank clearance)
Delivery of your car
The time has finally arrived for you to take delivery of your car. For the delivery, you will receive a call from our Customer Service Cell intimating you about allotment and tentative date of delivery (if the car is not available off-the-shelf).
Please Note: Date of delivery of cars is the responsibility of the manufacturers and dealers and is dependant on their production schedule.
Pricing Disclaimer
Prices quoted herein have been updated as on August 2003.
Though efforts have been made to keep these prices near to accurate, we does not take the responsibility for the accuracy of this information.
Though efforts have been made to keep these prices near to accurate, we does not take the responsibility for the accuracy of this information.
- The prices quoted here are only indicative and are near to accurate and prices prevailing at the time of the actual sales/invoicing/delivery will be applicable.
- The prices quoted are for current specifications as available in the buy new section and with the dealers location-wise.
- The prices quoted may vary from one dealer to the other,location-wise.
- Generally, prices prevailing at the time of sales/invoicing is applicable.
- The prices quoted for Delhi location applies only to EURO II vehicles.
- In few of the luxury segment models, the registration, octroi,other taxes, insurance & dealer service charges are as applicable location-wise.
- In few locations, registration charges and taxes are applicable for lifetime or annually and applies to company or individual as per the law existing.
- . The Prices mentioned are applicable only to NON-METALLIC (solid) colors. Whereas there are few models where pricing is common to both Metallic and Non- Metallic colors.
- For a more detailed information, we requests you to contact the nearest available authorized dealership.
Receiving Agreement and Re-Payment Schedule
At the time of delivery, please collect the invoice from the dealer. Also, ask the dealer when you can collect the RC book as registration can take a long time. Send us a photocopy of the invoice. Also please send us a photocopy of the RC book as soon as you receive it. Subsequent to receiving the above document, we will send the Agreement copy and Repayment Schedule to you by courier.
These are the seven simple steps to acquiring you car. And we hope this give you a feel of what KMPL car finance is all about.
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