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
    13.1% - 15% Floating
    0
    20K - 10L
    1-5 Years
    Response Time Within 30 minutes
    Ad Rs.2,500 Amazon voucher free Paperless approval option available
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    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
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.00% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 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
    Rs.2,500 Amazon voucher free
    What you'll love
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    Good to Know
    Eligibility Criteria
    9.15% - 11.6% Fixed
    Up to ₹5,150 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free PAPERLESS APPROVAL OPTION AVAILABLE
    What you'll love
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    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
    8.75% - 11.50% Fixed
    Up to ₹5500
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free
    What you'll love
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    Eligibility Criteria
    12.25% - 13.99% Fixed
    Up to ₹4000 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval option 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
    Rs.2,500 Amazon voucher free
    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
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.90% Floating
    ₹500 to ₹7000 + S.T.
    1Cr Max
    7 Years
    Response Time Within 30 minutes
    SPECIAL OFFER FOR WOMEN
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
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  • Mumbai Car Loan Reviews

    • Bank Bazaar Customer Support
      "Professional services"
      0.5 5.0/5 "Blown Away!"
      The services rendered by Bankbazaar has been excellent. It is a nice experience and the team is very professional in communicating the details. The website is also perfect and user friendly. The details are clear and the process is smooth to register and compare.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Dena Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      Dena Bank has been good in the process for the car loan. The customer services and response has been good and I got the disbursement on time. The interest rate was around 11.15% and there was a minimal fee of Rs.500. The after loan services are smooth.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had received a good response from bankbazaar with respect to my car loan application. The bank is very prompt in calling and updating the status of the application. There are no suggestion for bankbazaar but, if they have chatting option with the customers it would more helpful as they are doing well. Their website is very much easy to handle too.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • ICICI Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      It was a good service with ICICI bank for the car loan process. I applied for the loan but I could not proceed further from banking end I have no problem even loan got processed but the main issue is with the dealer they have said the car will be available after 6 months, I cancelled the plan since I need the loan on an urgent basis.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Good Website"
      0.5 5.0/5 "Blown Away!"
      I had received good response from bankbazaar with respect to my car loan application. The bank is very prompt in calling and updating the status of the application. There are no suggestion for bankbazaar from my side as they are doing well. Their website is very much easy to handle.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Axis Bank Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      Axis bank promptly contacted me when I applied for the car loan. But, simultaneously I was trying for home loan top up. Hence I had received home loan top up so I just closed the car loan process. But the bank was good in responding and there were no issues as such with the bank.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Good Response"
      0.5 4.0/5 "Great!"
      Bankbazaar provided a good service when I contacted them to process my loan application. They are good in response and they forwarded my application to the bank with an immediate effect. Their website is easy to handle and it is informative.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2017
    • Axis Bank Car Loan
      "Be Customer Oriented"
      0.5 1.0/5 "Really Bad"
      I approached Axis bank for the car loan through online source. When I was approaching them I was informed that the loan will be sanctioned but after which the bank informed me that the credit score is not sufficient to provide the loan. Also there is no proper response from Axis bank, they made me to hold the line for 35 to 40 minutes, then they said they cannot provide the loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Car loan process went good with HDFC bank.Disbursement happened on time The documentation process was very smooth and easy. The rate of interest is competitively low with Hdfc bank. The response and the follow up part was perfect with Hdfc bank. Over all I can say it was an excellent service by Hdfc.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Dena Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Dena bank service and follow up is really good, they called me and spoke about the loan process. I got the car loan but Dena bank helped me out and this was my very first car loan and I was very much satisfied and this happened long time back during the year 2002. At that time the rate of interest was 13% and it was for a period of three years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      HDFC bank just took around a days to disburse my car loan. The documentation process was very smooth and easy. The rate of interest is 8.40% competitively low with Hdfc bank. The response and the follow up part was perfect with Hdfc bank. Over all I can say it was an excellent service rendered by HDFC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been good and it is a simple registration for me to do when I applied for a loan. The website is good and very much easy to navigate through when I applied then I have downloaded the mobile app. That is also good The information on it is very useful for everyone the response was good from bank bazaar once after applying.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Axis Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Happy that I had got a very good response from Axis bank with respect to my car loan application. Recently, I had applied for the car loan with them. Customer service is good and they promptly provided the information in regards to my car loan But I did not further proceed with that as HDFC bank has approved my car loan faster than AXIS Bank, as I do have a good track record with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      I had received a call from bank bazaar immediately, when I applied for a loan. The response was good from them and they had submitted my application to the bank They are providing a very good service. Bank bazaar was very useful to me to find the bank based on my requirement and mobile app is also really understandable and easy.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 15, 2017
    • HDFC Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I approached HDFC bank for a car loan. Actually I needed the loan for commercial purpose even bank was ready for the loan but the loan amount I have opted for 9.17 lakh bu they where ready to offer only 4 to 5 lakhs.it was very fast response from them after applied for the loan
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 15, 2017
    • Bank Bazaar Customer Support
      "Fantastic"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is good one for me and am using it from the last fifteen days of time. I would like to say that the quick response is the major factor with the Bankbazaar.com and the online portal is really easy to access. I have not found any issues with them till now.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2017
    • Axis Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Rate of interest for the car loan with the Axis bank was around 9% and the services were good one. The loan amount got disbursed to my account within eight days of time. Services are an excellent one with the Axis bank and the processing charges were around 1500 Rupees.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2017
    • Bank Bazaar Customer Support
      "Nice experience"
      0.5 4.0/5 "Great!"
      The services at Bankbazaar has been good as I received a proper response and it was on time. They clearly informed me the details and from time to time I got regular follow up calls. The website is good and is very informative for every customer.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 12, 2017
    • ICICI Bank Car Loan
      "Satisfactory services"
      0.5 4.0/5 "Great!"
      ICICI bank has been good in the services and I am happy with the experience. I did not take the car loan as I postponed my plan. The process started off promptly and in all I had no issues. The interest rate and processing charges was normal when compared to other banks.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 12, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      The services are good at Bankbazaar and as a mediator they have done well and the follow up calls in also good. The website is satisfactory and it was easy to register my details. The team was supportive till the end. In all a very good experience.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 12, 2017
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    Mumbai Car Loan is Rated as "Great!" by 1835 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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 Jun 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
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