Kotak Mahindra Bank vs TVS Credit Used Car Loan: Which Is Better in October 2026?
60-Second Verdict
When your CIBIL score is 700 or above, Kotak Mahindra Bank is 2.25 to 3.75 percentage points cheaper—even without income proof (14.25%–16.75% vs TVS Credit's 17.00%). When your CIBIL score is below 700, TVS Credit is the better choice because it publishes explicit sub-700 rates (18.00% to 20.00%) where a bank may decline.
Kotak Mahindra Bank vs TVS Credit: Side-by-Side Comparison (October 2026)
| Parameter | Kotak Mahindra Bank | TVS Credit |
|---|---|---|
| With income proof (CIBIL 700+) | 12.00% to 15.00% | 15.25% (salaried) / 15.75% (self-employed) |
| Without income proof (CIBIL 700+) | 14.25% to 16.75% | 17.00% |
| CIBIL below 700 | Strict bank cut-off below 650–700 | 18.00% / 19.00% / 20.00% published grid |
| Older cars (10–15 yrs) | 17.50% to 20.50% | Standard NBFC age norms |
| Best for | No income proof with 700+ CIBIL & older cars | CIBIL below 700 with or without proof |
Who wins by CIBIL and documentation
What the difference costs: on a ₹5 lakh, 5-year no-income-proof loan with 700+ CIBIL, Kotak's 14.25% versus TVS Credit's 17.00% saves ₹726 a month and ₹43,560 in interest.
| Your Profile | Winner | Rate Comparison |
|---|---|---|
| Documented income, CIBIL 700+ | Kotak Mahindra Bank | 12.00%–15.00% vs 15.25%–15.75% |
| No income proof, CIBIL 700+ (₹5L+) | Kotak Mahindra Bank | 14.25%–16.25% vs 17.00% |
| CIBIL 600–699 (Salaried/Self-employed) | TVS Credit | 18.00%–19.00% published grid |
| Car 10 to 15 years old | Kotak Mahindra Bank | 17.50%–20.50% dedicated slabs |
When to pick Kotak Mahindra Bank
Choose Kotak Mahindra Bank when your repayment track record is clean (CIBIL 700+)—whether you have income proof or not—or when buying a 10 to 15 year old car.
When to pick TVS Credit
Choose TVS Credit when your CIBIL score is below 700 and you want a clear, published NBFC interest rate.
When neither Kotak nor TVS Credit is your best option — consider Hero FinCorp
Hero FinCorp bridges both worlds with a 12.00%–15.00% Platinum/Gold tier and a 15.75%–19.25% Silver tier. Read our Used car loan without income proof. You can also compare all used car loan options on our 27-lender interactive calculator.
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Frequently Asked Questions (Kotak vs TVS Credit)
Which is cheaper without income proof, Kotak or TVS Credit?+
Kotak Mahindra Bank is cheaper if your credit score is 700+: it charges 14.25% to 16.25% on ₹5 lakh+ loans (14.75%–16.75% under ₹5 lakh), whereas TVS Credit charges 17.00% for 700+ CIBIL and 20.00% below 700.
Will Kotak Mahindra Bank approve a 620 CIBIL score?+
Banks rarely approve scores below 650–700. For a 620 CIBIL score, TVS Credit (18.00%–20.00%) or another broad-eligibility NBFC on Nxcar is much more likely to approve.
How much down payment do no-income-proof loans need?+
Lenders typically cap LTV at 65% to 75% when you apply without formal income proof, so plan for a 25% to 35% down payment.