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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    Good to Know
    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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    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
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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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    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
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    Perks
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    Good to Know
    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
    What you'll love
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    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time : Within 30 minutes
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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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    Fees & Charges
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  • Mumbai Car Loan is Rated as "Great!" by 2180 Users

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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
    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 20 Nov 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
      "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
    • HDFC Bank Car Loan
      "Appochable for car loan "
      0.5 4.5/5 "Excellent!"
      Due to my personal reasons i was unable to go with HDFC bank. Infact HDFC bank is a good bank indeed. In future depending upon the rate of interest, I might apply for the loan with the same bank. They gave good response and good follow ups too . So this bank is very much recommendable to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      My car loan process got approved and disbursed within 2 days of time. The customer support was prompt with HDFC bank, I never faced any hassle with HDFC bank car loan service. The required loan amount was been disbursed and I as satisfied with it. The rate of interest and thew charges are nominal with HDFC bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 17, 2017
    • Bank Bazaar Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar car loan service is good and I never faced any hassled with bank bazaar team. I came to about bank bazaar through TV advertisement and I know about it for past 2 years. The customer support is good with bank bazaar , they gave me prompt response. I used bank bazaar website , it was easy to use and user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 17, 2017
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I haven't got the car loan with ICICI bank because I got the loan from the other bank. The customer support is good with ICICI bank. The rate of interest which is offered by ICICI bank was low and same when compared with others. I would say it was good service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 17, 2017
    • Bank Bazaar Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am the first time user of bank bazaar.I got an immediate response form the bank bazaar team. They help us in the right time to approve the product as per eligibility.The website is easy to understand and navigate,for my future requirement i will choose bank bazaar.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2017
    • Capital First Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have request for a car loan.The loan amount is 4.5 lakhs.Rate of interest is 11.5% very high compared to others.I have closed the application because I have postponded my plan to next year.The website is easy to understand and got immediate response from the bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2017
    • Bank Bazaar Car Loan
      "Good website"
      0.5 3.5/5 "Pretty good"
      My overall experience with Bank bazaar is really good. Their customer service and responsiveness were excellent . I have tried using the tools like EMI calculator and credit score option which was user ful. The web portal's accuracy and speed is also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2017
    • Axis Bank Car Loan
      "Not bad"
      0.5 3.0/5 "Satisfactory"
      I have approached AXIS Bank for my car loan . The rate of interest was 10% which was very high than other banks. The customer service ad responses was up to the mark. My overall experience was not bad and I would like to recommend to my friends and others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2017
    • Bank Bazaar Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has done a good job and the experience was overall nice. I did not have to go to the bank in person and I could get details on the website as well. It is informative and easy to understand and to navigate through. There were follow up calls as well.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 11, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The whole process was good with HDFC Bank for the car loan. They contacted me on time and the collection of documents is also on time. There was no delay in the disbursement as well. The interest rate and processing charges is also normal and the after loan services are smooth.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 11, 2017
    • Bank Bazaar Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com website was very easy to use compare to others and the customer service was very good I use to get regular followups regarding the loan process it was totally a wonderful experience with Bankbazaar.com for my car loan service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 11, 2017
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had a wonderful experience with ICICI for my car loan service the rate of interest quoted for me was fine compare to others the process was very smooth and clear service with ICICI for my car loan service ,I am very much happy about the service of ICICI for my car loan service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 11, 2017
    • Bank Bazaar Car Loan
      "Good financial advisor"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar gave me excellent experience, the follow up level is good. The executive are very prompt and they keep on updating the information on time related to the car loan, from the day one they are supportive on car purchase. The website is also good and easy to compare the benefits.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 10, 2017
    • Axis Bank Car Loan
      "Customer's Friendly and hassle free"
      0.5 5.0/5 "Blown Away!"
      I am satisfied with AXIS bank, they gave me good service and offers. The executive who handled my car loan procedure they were very coordinative and gave me clear information. They fulfilled my need on time to purchase Wagon R car, I am happy about the interest rate of car loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 10, 2017
    • Bank Bazaar Car Loan
      "Customized option for all"
      0.5 5.0/5 "Blown Away!"
      I applied for a Car Loan with Bankbazaar and found their ways to be pretty innovative. They showed me a customized option for the Car Loan and found many Banks to be fitting my criteria. I was also able to check my Credit limit myself pretty easily.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 09, 2017
    • ICICI Bank Car Loan
      "Delayed the process a little"
      0.5 3.0/5 "Satisfactory"
      I got one call from ICICI and was informed that they would come and collect the documents. But unfortunately no one turned up to collect the documents. The rate of interest promised to me was pretty good though. As they delayed their process I took the Loan from some place else.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 09, 2017
    • Bank Bazaar Car Loan
      "Good option for all the fiance sector"
      0.5 4.0/5 "Great!"
      The website with bankbazaar is good and comfortable.The credit score checking option with bankbazaar website is really helping. At the time of my application i got good response and follow ups regarding my personal loan application. They have lot of bank either.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 09, 2017
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