If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • loading

    We found 34 Mumbai Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.1% - 15% Floating
    0
    20K - 10L
    1-5 Years
    Response Time : Within 30 minutes
    Ad Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.10% - 15% Fixed
    Up to ₹ 6,153 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.90% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.50% - 11% Fixed
    2,500 One time fee
    1L Min
    1-5 Years Tenure
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.5% - 10% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    12.5% - 14.5% Floating
    2% One time fee
    1.5L - 25L
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free 100% financing on car value
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.75% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12% - 15.5% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12% - 14% Fixed
    2,500 One time fee
    1L Min
    1-3 Years Tenure
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.80% Floating
    ₹500 to ₹7000 + applicable tax
    1Cr Max
    7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
     Loading your search... Loading your search...
  • Mumbai Car Loan Reviews

    • Axis Bank Car Loan
      "Should be more cusotmer oriented"
      0.5 3.0/5 "Satisfactory"
      I have postponed the plan of taking the car loan with AXIS Bank post GST, in short I have not availed their services. There were some difficulties in understanding their terms also their approach was not good. It would be great if they are more customer oriented in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 21, 2017
    • Axis Bank Car Loan
      "Needs improvement when it comes to prepayment"
      0.5 1.0/5 "Really Bad"
      Among st several lenders AXIS Bank is by far the best for the car loan as it is financing for commercial vehicles. Axis Bank charges 5% as a prepayment charge which is too high , I would rather prefer nationalized banks for the same as the prepayment charges are low. Total interest rate charged by AXIS bank is 11% however the prepayment interest is 5% which cannot be accepted at all.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "Should source Commerical vehicle"
      0.5 3.0/5 "Satisfactory"
      HDFC was unable to finance for commercial vehicle which is T- PERMIT and that was the reason why I did not avail the loan from HDFC thereby my application got closed. I am searching elsewhere for the same. As far as HDFC Bank is concerned the interest rate and processing fees were okay.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 21, 2017
    • Bank Bazaar Car Loan
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      It was my very first experience from bank bazaar and it was really good and it It was an good service from bank bazaar .Customer service executives provided me with valid information's ,even use to get regular update and followups from their executives which was very helped me a lot during my loan process even there website is user friendly and understandable
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 21, 2017
    • Sundaram Finance Car Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      I am not at all satisfied with Sundaram finance on my car loan application there was no response They never contacted me nor provided the proper information about my loan application. Even, they had not considered my application properly if i had an idea of taking the loan it would have been 7 lakhs
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 21, 2017
    • Bank Bazaar Car Loan
      "EXCELLENT SERVICE"
      0.5 4.5/5 "Excellent!"
      It was a very good service from Bankbazaar ,very helpful and friendly representatives . I also checked the same on the Bankbazaar website everything was very helpful and innovative design. I am very happy with the service of Bankbazaar overall it was a good service .
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 20, 2017
    • Capital First Car Loan
      "GOOD SERVICE"
      0.5 3.0/5 "Satisfactory"
      It was a very good service from CAPITAL FIRST ,even the documents part was also fine with very helpful and responsible representatives. But I feel the interest rate was very high with them compare to the market value,other than that everything was fine from CAPITAL FIRST.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 20, 2017
    • HDFC Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      My salary account is with the HDFC bank and I am having it from the last 10 years of time. Net banking facilities are great with them like they are having the IMPS transaction and the user friendly interface is very amicable. Customer service is great with them based on the salary account they have offered me loans as well.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 19, 2017
    • Bank Bazaar Car Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      It was a good service from bank bazaar ,customer support and other representative were very helpful. Also I use to get regular calls regarding the offers ,loans etc., I even had used their website application which was also user friendly ,I can say the overall service of Bank Bazaar was excellent.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 19, 2017
    • HDFC Bank Car Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have postponed my plan of getting a car at present. I will be looking for car loan may be in future. So that was the reason I have the closed my car loan application with hdfc bank. The rate of interest with HDFC was not discussed. The customer service and the response is good with HDFC bank. Overall I can say, it was a good service
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 19, 2017
    • Bank Bazaar Car Loan
      "Website is good & prompt response"
      0.5 5.0/5 "Blown Away!"
      I liked the process at Bankbazaar where I did not have to visit the bank and I could get details and offers with just a click away. The customer services is doing great and they are very much responsive. The whole process was on time and there were follow up calls as well.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 18, 2017
    • ICICI Bank Car Loan
      "Overall good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from ICICI Bank and the process was fine. I got the loan on time and the document process was also hassle free. The interest rate was reasonable and the processing charges was around 3K to 4K for stamp duty and other loan charges.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 18, 2017
    • Capital First Car Loan
      "Good one"
      0.5 4.0/5 "Great!"
      I had received a call from Captial first for the car loan they acknowledged my request however they were unable to process the loan because of low credit score. Otherwise I am very much happy with the service provided by them .I did not go to an extent of discussing further about the rates with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 18, 2017
    • Capital First Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have not taken the car loan with the Capital first limited because I have opted for different option.I would like to say that the response is okay with them and rate of interest was not much huge one. In future, I would like to go ahead with them in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 15, 2017
    • Bank Bazaar Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I would say bank bazaar gives good service to the customers. The customer service of bank bazaar is outstanding, they gave a call back within a short span of time once after I gave my requirement in the bank bazaar website. The bank bazaar website is easy to use and user friendly, The customer support is very good with bank bazaar.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 14, 2017
    • Sundaram Finance Car Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      I am not at all satisfied with Sundaram finance on my car loan application no response from them they never contacted me nor provided the proper information about my loan application. Even, they had not considered my application properly after some days when they contacted me for my car loan application I had informed then Iam no more interested in your loan, so I have postponed from my side
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 14, 2017
    • Bank Bazaar Car Loan
      "User friendly"
      0.5 4.0/5 "Great!"
      I have come across bank bazaar through portal its a good site providing different banks at one place at one site. The comparison part is very good, I was able to find list of rates where a customer can choose the best
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 11, 2017
    • ICICI Bank Car Loan
      "Worst experience"
      0.5 1.0/5 "Really Bad"
      I have stopped using ICICI banking services because their services are bad and even worse they have charged more with out any intimation .At first they told nothing will be deducted regarding the transaction but later they have charged every month without any reason.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 11, 2017
    • review Car Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      My home loan process just took a month time in regards with the Thane Janata sahakari bank, The customer service gave prompt response. The rate of interest is nominal with TJSB.. This home loan has the tenure of 7 Years. The part payment and the foreclosure options are available here but they don't charge for it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 11, 2017
    • Bank Bazaar Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It was an timely response from the representatives and very good service from Bankbazaar from the date I applied for my loan through Bank bazaar I feel Bankbazaar have complete bank information's in their website ,so it was very helpful for me during my loan process
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 09, 2017
    Common Loader Icon
    Mumbai Car Loan is Rated as "Great!" by 1999 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Mumbai Car Loan

    Mumbai a cosmopolitan metropolis, earlier known as Bombay, is the largest city in India and the capital of Maharashtra state. Mumbai was originally a conglomeration of seven islands on the Konkan coastline which over time were joined to form the island city of Bombay.Mumbai is undoubtedly the commercial capital of India and is one of the predominant port cities in the country.

    About Car Finance: Personal Car Finance is a complete subsector of personal finance, with numerous different products available. These include a straightforward car loan, hire purchase, personal contract hire (car leasing) and Personal Contract Purchase. Therefore car finance includes but is not limited to vehicle leasing. These different types of car finance are possible because of the high residual value of cars and the second hand car market, which enables other forms of financing beyond pure unsecured loans.


    You’re probably eligible for an Mumbai Car Loan if you are

    01
    02
    03
    04
    Mumbai Car Loan Minimum Age

    At least 21 years old

    Mumbai Car Loan Maximum Age

    Less than 67 years old

    Mumbai Car Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Mumbai Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Mumbai Car Loan amount eligibility is based on these factors

    01
    02
    03
    Mumbai Car Loan Minimum Salary

    Minimum income required Rs.2,40,000 per annum

    Mumbai Car Loan Maximum Loan to Value

    Loan capped @
    85% Ex-Showroom price

    Mumbai Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Mumbai Car Loan amount by these steps

    01
    02
    Mumbai Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Mumbai Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an Mumbai Car Loan

    • 1. Photo ID and age proof
    • 2. Signed application form with photograph
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Mumbai Car Loan Interest RatesUpdated on 26 Sep 2017

    Mumbai Car Loan Details
    Interest Rate (Monthly reducing balance) 10.5% - 12.75%
    Processing Fees Rs. 500 to Rs, 5,000
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% to 4% on outstanding loan amount
    Guarantor Requirement No guarantor required

    Car Loans in Mumbai

    Mumbai enjoys the distinction of being the most populated city in India and the fourth most populated city worldwide. Hence, transport is something which automatically figures on every city dweller’s list of problems. While the city is well connected with a network of buses, local trains, taxis, auto rickshaws and ferries, they aren’t everyone’s cup of tea. Change in bus timings or route, discomfort while traveling, exposure to dust and pollution, added discomfort and difficulty getting a taxi or auto rickshaw during the monsoon are just some of the woes faced by Mumbai’s public transport commuters. Given these difficulties, owning a motor vehicle in Mumbai is comparable to gold. As a result, car loans in Mumbai are a hot selling commodity.

    In today’s fast paced life, cars have become a necessity. They make transport extremely convenient, time saving and easy. Over the recent past years, the automobile market in India has boomed. Car manufacturers have introduced new models to fit different budgets and requirements. In order to better serve the needs of the customers, the Mumbai car loan market has kept pace with the change in trends when it comes to purchasing vehicles. In order to attract the maximum number of customers, the competition is on, based on which bank can offer car loans at the lowest interest rate while providing money saving benefits like minimum processing fee, quick loan processing and so on.

    Some Points to Consider Before Applying

    While the process of applying for a car loan has been simplified, one needs to consider a few things before applying for one. Banks and financial assistance websites have introduced many virtual devices like car loan EMI calculators and car loan eligibility calculators to help individuals make an informed decision about the car loan they wish to take. Here are few things one must consider before taking a car loan:

    1. Applicants must ensure they have a healthy credit history when taking a loan.
    2. Don’t hurry. Take time to research and compare the different car loans available along with the benefits they offer short term and long term like down payment, premium payable, terms and conditions, etc. before settling on one.
    3. Before settling on a loan, applicants must decide how much they can pay towards the car loan repayment each month.
    4. Clearly understand the terms and conditions of the loan to find out the amount payable immediately and consequently.

    Documents Required

    Once the customer has decided which loan they wish to go for, the next step is to put together the necessary paperwork to apply for the loan. Here is a checklist of the documents which residents of Mumbai need to furnish in order to apply for a car loan.

    • Identity Proof: Accepted documents include Passport, PAN card, Voters ID card, Driving License
    • Proof Of Income: Accepted documents include
      1. Latest salary slip with From 16/ audited balance sheet
      2. Profit & Loss account for the past two years/ minimum turnover per annum must not less than Rs 4,50,000 / audited balance sheet.
      3. Latest 2 years Income Tax returns and Profit & Loss account
    • Proof of Residence: Accepted documents include Driving License, Passport, Telephone bill, Electricity bill, PAN card, Life Insurance policy, Ration card, Voter’s ID card
    • Last 6 months bank statement

    Banks Offering Car Loans in Mumbai

    The Mumbai car loan market is brimming with different banks trying to one up each other by offering car loans at the lowest interest rates and many added benefits. For quick reference, here is a list of some of the top banks that customers can choose from for taking car loan.

    SBI

    With over 100 branches across Mumbai, SBI offers the ‘New Car Loan Scheme’ offering an interest rate as low as 10.45% (for Men) and 10.40% (for Women) for purchase of a new vehicle

    Bank of Baroda

    The Baroda Car Loan is designed while not only keeping the customer’s needs in mind but also the environment. Available with a low interest rate of 10.50%, this car loan gives customers the option to attach an add-on with their plan for installing a CNG/LPG gas kit.

    Corporation Bank

    Corp Vehicle is the auto loan offered by Corporation Bank which is available at an interest rate of 10.65% for vehicles up to Rs 50 lakhs and 10.75% for vehicles above Rs 50 lakhs.

    Bank of India

    Headquartered in Mumbai, Bank of India offers the Star Vehicle Loan, which can be availed by salaried individuals, self-employed individuals, NRIs and corporate organizations to purchase a new vehicle at a competitive interest rate of 10.65%.

    Canara Bank

    With convenient repayment options for a term of up to 84 months, the Canara Mobile Vehicle loan offers multiple money-saving benefits, one of which includes low interest rate of 10.70%.

    ICICI

    One of India’s leading banks, ICICI offers car loans at interest rates ranging from as low as 10.75% to 15.00%. Interest rates applicable depend on the tenure of the loan and the segment of the vehicle.

    Bank of Maharashtra

    The Special Car Loan Scheme by Bank of Maharashtra offers 4-wheeler car loans at an interest rate of 11% and an easy repayment term for a maximum of 84 months.

    HDFC

    With features like 100% finance, quick loan processing, low interest rates and a flexible repayment tenure, the HDFC Bank New Car Loan is a good choice to opt for. The interest rate applicable on this loan ranges from 11.50% to 13.75% and depends on the segment of the vehicle.

    Axis Bank

    For those looking to purchase a new vehicle, the Axis Bank car loan offers multiple attractive features on their car loans like a low interest rate of 11.50% and minimum loan processing fee.

    Magma Fincorp

    Kolkata based Magma Fincorp has introduced the Magma Car Loan which offers benefits like flexible repayment options and quick loan processing for purchase of personal, commercial and utility vehicles. Additionally, the interest rates applicable on this loan range from 12% to 16%.

    Check For Latest: Gold Rate in Mumbai Or Silver Rate in Mumbai
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.