If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    We found 34 Mumbai Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.40% - 10.35% 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
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    Good to Know
    8.90% Floating
    0
    1Cr Max
    7 Years
    Response Time : Within 30 minutes
    Paperless approval available
    What you'll love
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    Think about
    Good to Know
    Eligibility Criteria
    13.1% - 15% Floating
    999 + applicable tax
    20K - 10L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.80% Floating
    0
    1Cr Max
    7 Years
    Response Time : Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
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    Eligibility Criteria
    8.60% - 11.50% Fixed
    Up to ₹5,500
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
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    Perks
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    Good to Know
    Eligibility Criteria
    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
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    Perks
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    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
    11.40% Floating
    0
    35K - 25L
    5 Years
    Response Time : Within 30 minutes
    What you'll love
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    Eligibility Criteria
    9.50% - 11% Fixed
    2,500 One time fee
    1L Min
    1-5 Years Tenure
    Response Time : Within 30 minutes
    What you'll love
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    Fees & Charges
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    Eligibility Criteria
    12% - 14% Fixed
    2,500 One time fee
    1L Min
    1-3 Years Tenure
    Response Time : Within 30 minutes
    What you'll love
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    Perks
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    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
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    Perks
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    Good to Know
    Eligibility Criteria
    12% - 13% Fixed
    1% One time fee
    50K - 10L
    1-4 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
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    Fees & Charges
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  • Mumbai Car Loan is Rated as "Great!" by 2204 Users

    Fees & Charges

    Promised Interest Rate

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    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
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    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 12 Dec 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

    Mumbai Car Loan Reviews

    • HDFC Bank Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with HDFC bank and it was overall a good loan experience. The loan amount was for Rs 8 lakhs with the rate of interest which is nominal when compared to other banks. The process was very quick, it took 2-3 days for the loan amount to get approved. Customer service was good, they provided door step service to collect the documents. My car loan was based on ex-showroom price and it was a good service from HDFC.
      Was this review helpful? 3
      , mumbai
      Reviewed on Dec 09, 2017
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with SBI, the loan amount was for Rs 6 lakhs with the rate of interest which is nominal when compared to other private banks. The process was very smooth, it took 3 days for the loan amount to get approved. Customer service was good, they provided door step service to collect the documents and there was a good coordination. My loan amount was approved based on Ex-showroom price and there is no charges on foreclosure and part payment.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 06, 2017
    • Bank Bazaar Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      For quite some time I had been using the services of Bankbazaar.com ,I applied on this Bankbazaar.com website the site is easy for navigation with lot of good options and the customer support was good with Bankbazaar.com,it was a good experience that I had with bankbazaar.com overall.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 06, 2017
    • ICICI Bank Car Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      I dont interacted much with icici staffs regarding my car loan service ,but the customer support was good with icici compare to other banks in the market and the rate of interest they offered me was 9 % which was high for me. I had placed my loan request on hold temporarily for my personal reasons it was a average service that I received from ICICI Bank car loan services.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 06, 2017
    • ICICI Bank Car Loan
      "Car not fixed"
      0.5 4.0/5 "Great!"
      I have planned to take a car loan with ICICI bank. At that time i have not fixed with the car so i could not able to process the loan with the bank and it got closed. I have already purchase the car were i hold my salary account.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 02, 2017
    • Bank Bazaar Car Loan
      "Good website"
      0.5 4.0/5 "Great!"
      I got good response at the time of submitting my application from bankbazaar.com. I would suggest them to provide more options for a particular product.The website is easy to handle. To summarize I would say that the best site to deal with..
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 01, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I am having the car loan with the HDFC bank and the customer service is great one. They have approved the loan amount in fifteen days of time. Everything is perfect one with them till now. I am happy with the HDFC bank customer service.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 29, 2017
    • ICICI Bank Car Loan
      "No requirement for now"
      0.5 5.0/5 "Blown Away!"
      I have no requirement for any car loan for now and in future if i am planning to take a car loan then i can definitely consider ICICI bank. Regarding my application the executive have contacted me and it was a good experience. Service is also fine.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 25, 2017
    • Bank Bazaar Car Loan
      "Comparision with other banks"
      0.5 5.0/5 "Blown Away!"
      The website with bankbazaar is perfectly fine. I am using the mobile application with bankbazaar. I have applied with bankbazaar for a car loan and i got immediate response from them. Comparison with the bank is possible. The offers with the bank can be compared.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 25, 2017
    • Bank Bazaar Car Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      I applied via Bankbazaar.com application which has lot of good options and it was very easy to use very user friendly the customer service of Bankbazaar.com was good it was totally a good experience with Bankazaar.com for my car loan service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 24, 2017
    • HDFC Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was my personal reason I was unable to process further with my loan process the service was good. The customer service was prompt compare to others in the market, the interest rate they offered me was fine it was a good experience with hdfc car loan service.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 24, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for the car loan from ICICI bank, my loan application was closed because there was no follow up done after the documents were submitted. Customer service part was good but they did not respond on time. The rate of interest is nominal when compared to all other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 21, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am a privilege customer of HDFC Bank. I am maintaining all my transactions with HDFC so they provide a good service and offered loans with the good interest rate. My car loan was taken 5 years back. There was no delay, it was a faster service. I am happy with the interest rate. I pay around 12,800 through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 21, 2017
    • Bank Bazaar Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I had a very good experience with bankbazaar so far, they provide good services when compared to all other banking websites. I know bankbazaar.com from last 2-3 months. The customer service was good and their response was prompt. I am using the website, it is easy to navigate and is user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from Axis bank, my loan application was closed because the rate of interest was way high when compared to all other banks. When it comes to customer service, it was good, they responded on time and gave all the correct information. There was also regular follow ups done.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 20, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the car loan from Axis bank, my loan application was closed because i do not require car loan as of now. The customer service part was good and they responded on time. Regular follow ups were done and there was no delay. The rate of interest is nominal when compared to other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2017
    • Capital First Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I had a consumer durable loan from CAPITAL FIRST and I have taken my smart phone through that they asked for the documents of my pan and id proof with a 0 % interest rate and the payments where generally through ecs it was a average service from CAPITAL FIRST for my consumer durable loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 20, 2017
    • HDFC Bank Car Loan
      "Approachable service"
      0.5 4.0/5 "Great!"
      The rate of interest with the bank is 9.1 %. As the rate of interest was high i thought not to take the loan for now from HDFC Bank. The service executive gave me good response at the time of the application. The follow up was also good and comfortable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2017
    • Bank Bazaar Car Loan
      "Good website"
      0.5 5.0/5 "Blown Away!"
      I hope bank bazaar need more oral communication as the customer need any follow ups or any clarification then they have to in touch with the executives. More than sending the notification they have to call the customers.The website is really user friendly and helpful.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2017
    • Bank Bazaar Car Loan
      "Great platform for finacial need"
      0.5 5.0/5 "Blown Away!"
      Well it was really a good service. I receive good response from there end. There were regular follow up calls and Bankbazaar provided me with the best options based on my choice. Its a basic platform for all financial services.The website is also customer friendly and easy to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2017
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