Kotak Car Loan Statement – Complete Guide to Check Loan Details

Suppose you've borrowed a Kotak Car Loan of ₹5,00,000 for 5 years at a 10% interest rate. Your monthly EMI is ₹10,624. Let's see it step by step to help you identify the details in your statement, and believe me, it's really simple!

• Loan Details: ₹5,00,000 loan, 5-year period, 10% interest rate.
• EMI: ₹10,624 every month.
• Payments: Suppose, after 12 months, you've paid ₹1,27,488 (₹10,624 x 12).
• Outstanding Balance: ₹3,72,512 (initial loan ₹5,00,000 - ₹1,27,488).

Isn't it fascinating how your loan balance keeps reducing with time with every EMI? Now, with only a few clicks on Net Banking or WhatsApp, you can find all this information in your statement. So, why wait? Let's learn more about how you can monitor your loan!

Components of Kotak Car Loan Statement:

For Example, Raj always wanted to buy a shiny new car. In January 2024, his dream came true when he got a car loan of ₹6,00,000 from Kotak Bank. He took the loan for 60 months, with 9% interest per year. He had to pay ₹12,456 every month on the 5th. 

By April 2025, Raj had paid 15 monthly payments (EMIs), which added up to ₹1,86,840. His loan statement showed all the payments he made, the dates he paid, how he paid, and how much money he still had to pay, ₹4,13,160.

One month, Raj forgot to pay his EMI on time, so he was charged a ₹500 late fee. This was shown in the ‘Charges’ part of the statement. The statement also said that if Raj wanted to pay off the full loan early, he would have to pay a ₹6,000 fee. 

It showed the next EMI due date, May 5, and gave a summary of all the payments made in the last few months. It also had Kotak’s contact details and Raj’s address, so he had all the information he needed.

Here are some components of the Kotak Car Loan Statement:

1. Loan Details:

• Loan Amount: This is the amount of money you borrowed from the bank to buy the car.

• Loan Tenure: This is the period over which you will pay back the loan. It is usually expressed in months (e.g., 36 months, 60 months).

• Interest Rate: This is the rate of interest levied on the loan amount. It is crucial to know this since it will tell you how much more you will pay over and above the principal amount.

• Loan Account Number: Each loan has a unique number or account number. This number allows you to monitor and keep track of your loan.

• Disbursement Date: The date on which the loan amount was deposited into your account, and the loan period began.

• Loan Type: Identifies if the loan was availed for a new vehicle or a second-hand vehicle.

2. Payment Schedule:

• EMI (Equated Monthly Instalment): The constant monthly payment that you will have to make to the bank to pay back the loan. It covers both the principal and the interest.

• Due Date: The specific date on which each EMI payment is due. Missing this date may result in penalties.

• Payment History: This is a record of all the payments you’ve made towards the loan. It includes the date, the amount paid, and the method used for the payment (e.g., bank transfer, cheque).

• Outstanding Balance: The balance that still needs to be paid against the loan. This is the difference between the loan amount and the total of payments received.

• Next Due Date: This shows the due date for your next EMI payment, so you don't miss it.

3. Charges:

• Processing Fees: These are processing fees for your loan application. It's usually a one-time payment made at loan disbursement.

• Prepayment Charges: If you wish to repay your loan prior to the tenure that was scheduled, Kotak can charge an early settlement fee. The fee will generally be a percentage of the amount of the loan outstanding.

• Late Payment Fees: In case you do not make your EMI payments within time, you will have to pay penalties in the form of late payment charges.

• Other Charges: This comprises any other charges that can be charged on your loan account, like administrative charges or re-issuance charges of loan documents.

4. Other Information:

• Contact Information: Kotak Mahindra Bank has given its contact information on the statement in case you have any questions or require support related to your loan.

• Statement Period: The time for which the statement is being presented, for example, monthly or quarterly. It reflects the transactions and particulars for that given period.

• Address Proof: Your address proof that was provided while applying for a loan. It could be presented in the statement for verification purposes.

• Payment Summary: A brief summary that displays all payments that have been made during the statement period, indicating the amount paid, the date, and the balance due after each payment.

How to get a Kotak Car Loan Statement?

1. Via Netbanking:

1. Visit the official website of Kotak Mahindra Bank.
2. Click on the ‘Login’ button in the top right corner of the page.
3. Select ‘Log in to Net Banking’ from the drop-down menu.
4. On the next page, enter your username, password and click on the ‘Secure Login’ option.
5. After successfully logging in, you’ll be redirected to the homepage.
6. Click on the ‘Instalment Loans’ option.
7. Select your personal loan account and click on the ‘Continue’ option.
8. Select the statement period for which you want to download the statement.
9. Click on the ‘Download’ symbol to download the statement.

2. By WhatsApp:

1. Dial a missed call to 9718566655 using your registered mobile number.
2. Store '022 6600 6022' as a phone contact.
3. Install WhatsApp, look up the saved contact, and send the word ‘help’ to view the list of available services.
4. Enter the number for the service you require, such as "1" for Loan Request.
5. Select the one that suits your requirements from the list.

Charges for Kotak Car Loan Statement:

Here's the information about the charges and how to access your Kotak Mahindra Bank car loan statement, presented in a table format:

How to read a Kotak Car Loan Statement?

Here’s the information about the key details you will find in your Kotak Car Loan statement, presented in a table:

Conclusion:

Kotak Car Loan statements make it easy to keep track of your loan. Whether it’s a ₹5,00,000 loan with ₹10,624 EMIs or Raj’s ₹6,00,000 loan at 9% interest, every detail is shown, like the 60-month loan period, ₹500 late fees, and ₹885 charges for NOC. You can check your statement through Netbanking or WhatsApp, see your payments, ₹6,000 prepayment fees, and ₹1,27,488 paid in a year, all in one easy-to-understand statement!

FAQs related to Kotak Mahindra Car Loan Statement:

Q1: What is the interest rate for a Kotak used car loan?

Kotak Mahindra Bank offers used car loans with interest rates between 7.70% and 25% per annum, depending on factors such as the applicant’s profile, product segment, and loan tenure.

Q2: How can I check the status of my car loan?

To check your car loan status, log in to your lender's online portal or mobile app. Navigate to the loan section, select your car loan, and view payment details, including pending EMIs and remaining balance.

Q3: How can I get a full statement from Kotak Mahindra Bank?

To access your full statement, log in using your Customer Relationship Number (CRN) and Mobile Personal Identification Number (MPIN). Then, navigate to the "Statement" section, usually found in the main menu or dashboard of the app.

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