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
    8.5% - 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
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    8.90% Floating
    0
    1Cr Max
    7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
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    Eligibility Criteria
    13.1% - 15% Floating
    Up to 2%
    20K - 10L
    1-5 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
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    Eligibility Criteria
    8.80% Floating
    0
    1Cr Max
    7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free SPECIAL OFFER FOR WOMEN
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    Eligibility Criteria
    8.75% - 11.50% Fixed
    Up to ₹5,500
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
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    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
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    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
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    Eligibility Criteria
    11.40% Floating
    0
    35K - 25L
    5 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free
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    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
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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
    Rs.2,500 Amazon voucher free
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    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time : Within 30 minutes
    What you'll love
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    Eligibility Criteria
    12% - 13% Fixed
    1% One time fee
    50K - 10L
    1-4 Years
    Response Time : Within 30 minutes
    What you'll love
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  • Mumbai Car Loan is Rated as "Great!" by 2085 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 19 Oct 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
      "Average service"
      0.5 2.0/5 "Expected more"
      The HDFC bank has disbursed my car loan in 1month. The customer support took longer than normal time. The rate of interest is nominal with HDFC bank , when compared with others. I am satisfied with the loan amount. I can say the HDFC bank car loan service was average.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar supported me a lot in regards to my car loan application. They helped me to choose the best partner bank market. I am with bank bazaar for past 4months and I would say there is service is excellent. I have used bank bazaar mobile application which is easy to use and user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Dena Bank Car Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The Dena bank has rejected the loan application because of the job stability . The service was good with Dena bank. I have sent the documents via E-mail . The rate of interest which the Dena bank has offered was nominal when compared with others
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Axis Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The car loan service was prompt with Axis bank. The rate of interest is low with the Axis bank when compared with others. They just took 4 days to disburse my loan amount. The customer support was prompt from Axis bank , I would say I am satisfied with the axis bank car loan services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The response part and the service was good with bank bazaar. I got the call immediately after I gave my requirement in bank bazaar website. I am a customer of bank bazaar for past 2years. The website of bank bazaar is easy to use and user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Dena Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got better option with other bank when compared with Dena so that was the I haven't processed with Dena bank car loan application. The Dena bank gave a prompt response in regards to my car loan application. The rate of interest is high with Dena bank when compared with others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Very Good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with ICICI bank 8 years back. The promised rate of interest was 11% for 5 lakhs loan which was high than other banks in the market. They have provided door step service for the documentation collection and the process was easy and hassle free. There is no delayed in issuing loan , they have sanctioned with the committed time.. Here the part payment option is really good than other bank so Its an advantage here. The experience was very good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Car Loan
      "User friendly"
      0.5 5.0/5 "Blown Away!"
      I had a very good experience with Bank bazaar. Their approach and the process is very good and easy. The website has lot of options on banks which helps to choose the best bank in the market. The customer service and responses was up to the mark so Its recommendable.There are no remarks from my side and no issues faced with their service . I am completely satisfied with bankbazaar.com.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have approached AXIS bank for my car loan since my salary account is here. The customer service and responses was excellent. I have not faced any trouble with AXIS bank's service till date. The rate of interest was 8.6% which was average for 5-7 lakhs loan amount but I have cancelled my application because the plan was postponed. My overall experience was excellent here.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      The website of Bank bazaar is very Informative and easy to navigate. I have not faced any inconvenience or issues with their service. Their responses was on time and the process is hassle free. Its highly recommendable. The opinion on banks and interest rates are really good and helpful to choose the best in the market.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      The website of Bank bazaar is very Informative and easy to navigate. I have not faced any inconvenience or issues with their service. Their responses was on time and the process is hassle free. Its highly recommendable. The opinion on banks and interest rates are really good and helpful to choose the best in the market.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • ICICI Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have approached ICICI bank for my car loan. I was looking for 4.5 lakhs and their rate of interest was 9.5% which was bit high than other banks. I have changed my plan so did not process with the loan process here. The customer service and responses was good so Its recommendable,
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Car Loan
      "Good banking service"
      0.5 3.0/5 "Satisfactory"
      My feed back for bank bazaar is phenomenal.First options is always bank bazaar for financial requirement.I get a multiple follows up regarding the loan status.best service and I liked the website so much.The website is transparent to the customers
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Capital First Car Loan
      "Good banking service"
      0.5 3.0/5 "Satisfactory"
      I requested for card loan from capital first for an amount of 3.25 lakhs with high rate of interest of 16%,is high as compared to other nationalized bank hence dropped the plan of getting from capital first,got funds from a different source.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Axis Bank Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Axis Bank and the bank is excellent in the process. They are very good in interacting with the customer and they were decent as well while I foreclosed my loan. I am not concerned about the interest rate and charges as long as I get the best of services.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Kotak Car Loan
      "High on ROI and charges and poor services"
      0.5 1.0/5 "Really Bad"
      Kotak Mahindra bank has not been good in the car loan services too. The experience is not to my expectation and in all the interest rate and charges are also high and the bank charges a lot for everything concerned. I been banking with them for long and I am not happy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • Sundaram Finance Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Customer service was real good from the Sundaram Finance side . They provided me a low rate of interest of 14% and charged me 2.1K for processing fee . The EMI amount was monthly 2K . The over all experience is really good with Sundaram finance therefore I am happy with Sundram Finance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      Customer service was good from the BANK BAZAAR end . They called me within 24 hours and explained me everything in detailed way , it was easy for me to understand . The website I must say it is really user friendly and easy to understand and search for the related information.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Capital First Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      Customer service was not up to the mark , i received from the CAPITAL First end . There was a huge delay made from their end and never ever responded on time properly . They provided me a high Rate of interest of 16.5% as compared from other banks and also the processing fee . It was a average experience and service i received .
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Bank Bazaar Car Loan
      "One stop solution for the financia needs"
      0.5 5.0/5 "Blown Away!"
      I have taken many products through Bank Bazaar, previously I have taken home loan through them, now I checked for the car loan. It a good site to check all bank quotation, its one destiny to track all the any products and their mobile app is very convenient.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
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