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 28 Mumbai Car Loan
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    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.40% - 11.10% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher 100% PAPERLESS APPROVAL
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    8.60% - 11.50% Fixed
    Up to ₹5,500
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
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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 100% financing on car value
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    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 100% PAPERLESS APPROVAL
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    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time : Within 30 minutes
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    12% - 13% Fixed
    1% One time fee
    50K - 10L
    1-4 Years
    Response Time : Within 30 minutes
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    8.80% - 13% Fixed
    Up to ₹ 5,000 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher
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    Eligibility Criteria
    9.15% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
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    Eligibility Criteria
    11.50% Floating
    575 One time fee
    1L Min
    1-3 Years
    Response Time : Within 30 minutes
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    Eligibility Criteria
    9.05% Floating
    575 One time fee
    1L - 2Crs
    1-7 Years
    Response Time : Within 30 minutes
    SPECIAL OFFER FOR WOMEN
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    9.55% Floating
    0.5% (min. ₹575)
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
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    12.05% - 12.25% Fixed
    0
    1L to 15L
    1-6 Years
    Response Time : Within 30 minutes
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    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 18 Nov 2018

    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 FAQs

    Here are some frequently asked questions about Mumbai car loans:

    1. What is the purpose of a car loan?

      You can fulfill your dream of owning a car of your choice with a low-interest rate car loan from a reputable bank or a non-banking financial company. New car loans can be used to purchase new cars of most makes and models in the market. Likewise, a used car loan can be used to purchase a second-hand or pre-owned car that is not more than 3 to 5 years old.<

    2. What is the eligibility criteria for a car loan?

      The applicant must be between 18 and 65 years of age, have a steady income, a stable occupation, and a good credit score of 750 or above to be eligible for a car loan. The eligibility criteria for a car loan vary from lender to lender.

    3. How to check car loan eligibility?

      Applicants can visit the bank website or a reliable third-party website to check their car loan eligibility. Lenders have free online car loan eligibility tools on their website. You can input your age, income, occupation, and few other personal details into the tool to find out if you are eligible for a car loan from a prospective lender. The tool will let you know how much loan you are eligible for and at what interest rate you can get it.

    4. What is the loan tenure of a car loan?

      The loan tenure of a car loan is the specified period of time it takes for a borrower to repay the loan with principal and interest to the lender. The loan tenure varies from lender to lender, depending on the type of loan that you choose. For a new car loan, lenders offer a longer loan tenure whereas for a used car loan, you get a shorter loan tenure. The loan tenure of a car loan usually ranges from 1 to 7 years for a new car loan and 1 to 5 years for a used car loan.

    5. What is car loan EMI?

      Car loans are repaid through Equated Monthly Installments (EMIs) which are fixed amounts that a borrower has to pay to the lender each month over a specified period of time to repay his or her car loan with principal and interest. EMI payments consist of both principal and interest.

    6. How is car loan EMI calculated?

      Car loan EMI is calculated based on the below formula:

      E = P x r x (1+r)^n/((1+r)^n -1)), where E is the Equated Monthly Installment, P is the principal or loan amount, r is the interest rate per month (the annual interest rate is divided by 12 to get the monthly interest rate), and n is the number of monthly installments or loan tenure in months.

    7. What is the use of a car loan EMI calculator?

      The official websites of banks and a few third-party websites have free online car loan EMI calculators that can be used to get instant and accurate EMI results. The tool is not only simple and easy to use but also time saving. You can use the EMI calculator to find out how much your proposed car loan will cost you on a monthly basis.

    8. How to use a car loan EMI calculator?

      Enter your proposed car loan details such as loan amount, interest rate, loan tenure, and processing fee into the tool. Click on the ‘Calculate’ button. You will get a breakdown of the EMI, principal, interest, and outstanding due after each EMI payment. You can input varying combinations of the car loan amount and tenure to get revised EMI results.

    9. What is an amortisation table?

      An amortisation table represents the periodic loan repayment schedule of your car loan. It consists of the EMI, principal, interest, and outstanding dues after each EMI payment.

    10. How to choose the right loan tenure?

      You can bring down the overall interest payments on your car loan by choosing a suitable car loan. A short loan tenure usually means higher EMI but lower interest whereas a long loan tenure means a lower EMI but higher interest. When calculating your proposed car loan EMI, enter varying combinations of loan tenures into the tool in order to choose a suitable loan tenure, which in turn, can help save car loan interest.

    11. What is car loan prepayment?

      Lenders allow borrowers to prepay a part or the whole of their car loans before the end of its loan tenure called car loan prepayment. The borrowers are charged a fee for such an allowance which is a small percentage of the prepayment amount. The prepayment fee varies depending on the time period during which a prepayment is made. Car loan prepayment is allowed only twice during the loan tenure and once a year. Most lenders allow car prepayment only after 6 to 12 successful EMI payments.

    12. What is car loan processing fee?

      Lenders levy a small percentage of the principal amount of your car loan to process the loan amount called the processing fee. Some lenders waive off the processing fee on special occasions or for special customers. The processing fee is deducted from the principal amount at the time of loan disbursal.

    13. What is car loan foreclosure?

      A car loan can be repaid in full before the end of its loan tenure called foreclosure. This is an option when a borrower has sufficient funds to repay the loan in full in one payment. Lenders levy a percentage of the outstanding due as penalty called the foreclosure fee/charge.

    14. How to get a low-interest rate car loan?

      In order to get a low-interest rate car loan, you must have a good credit score of 750 or above and meet the minimum income criteria set by the lender. Some lenders offer lower interest rates for women, government employees, and existing customers. The interest rate also depends on the loan repayment period. A short loan tenure means a higher interest rate and long loan tenure means a lower interest rate on your car loan.

    Mumbai Car Loan Reviews

    • Kotak Car Loan
      "Good car loan"
      0.5 3.5/5 "Pretty good"
      The rate of Interest could be better. Since my account was with Kotak, the documentation process was much easier. Its already been more than a year i have got my car loan with Kotak Mahindra. The process was easy. I am paying the EMI through auto deduction from the account. Based on interest rates i have to choose the car loan. Based on the terms and conditions of the loan, i have chosen the Kotak Mahindra.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 13, 2018
    • Bank Bazaar Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was good with bankbazaar so far, the services provided by bankbazaar is good when compared to others. Customer service was good and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 31, 2018
    • Capital First Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan application was approved with Capital First and the experience was good, i received my loan amount within 10 days. The rate of interest was high when compared to others. Customer service was good with Capital first and the loan amount was for Rs 4.30 lacs with 6 years tenure period.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 31, 2018
    • Bank Bazaar Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good experience so far with bankbazaar, they provide good services when compared to others. Customer service was good with bankbazaar and they responded on time. I am using the website of bankbazaar, it is easy to navigate and is user friendly to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 31, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a fine experience with HDFC bank for car loan, the process was quick and i received my loan amount within 3 days. The loan amount was for Rs 9.3 lacs with nominal interest rate when compared to others. The tenure period for this loan is 5 years and the customer service was good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 31, 2018
    • Tata Finance Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with TATA FINANCE, the process of getting loan was too fast i just got my loan in 15days and i dont have to submit document . The tenure period is 4yera and they charge high rate of interest it is 14% including insurance . They gave option of foreclose too .
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 18, 2018
    • Bank Bazaar Car Loan
      "Best Service"
      0.5 4.5/5 "Excellent!"
      The experience at Bank bazaar is good. The customer services and response is good and there are no issues to get the details for the car loan. The website is good and it is very easy to understand and informative. Thanks for the first response.
      Was this review helpful? 9
      , mumbai
      Reviewed on Sep 17, 2018
    • Punjab and Sind Bank Car Loan
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      Punjab and Sind Bank is fast in the car loan process. They have provided the loan withing two days. The rate of interest is below 9% and there was no processing charges since it was the festive season at that moment. I am happy with the excellent services.
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 29, 2018
    • L&T Finance Car Loan
      "Overall experience is good"
      0.5 3.0/5 "Satisfactory"
      L&T Finance has also done a good job for me. I have a car loan with them. The customer services and response is good. The documentation process was also quick and easy. The rate of interest and processing charges is nominal too. After loan service is good as well.
      Was this review helpful? 3
      , mumbai
      Reviewed on Aug 01, 2018
    • review Car Loan
      "Nice experience"
      0.5 3.0/5 "Satisfactory"
      Shriram City Union Finance is overall good. I have taken my car loan with them. It was a easy process to get my loan and the documentation is also normal too. I am okay with the rate of interest and processing charges. I had no issues till date with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 01, 2018
    • review Car Loan
      "Very Good bank"
      0.5 5.0/5 "Blown Away!"
      I have taken this car loan in the year of 2015. Its easy to get a loan from my account. I have applied the loan amount of Rs. 4.85 lakhs and they have offered me a interest rate of around 9%. I'm paying the EMI of Rs. 10000 every month. I have chosen the tenure period of 5 years. I will make the payment through auto deduction.
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 01, 2018
    • Axis Bank Car Loan
      "Good car loan services"
      0.5 4.0/5 "Great!"
      I have purchased a Honda car by using the Axis bank car loan. I have taken this loan 5 years back. Its easy to get a loan from Axis bank. I have taken the loan amount of Rs. 3.5 lakhs and they have sanctioned the same amount. They have offered me a interest rate of 8.75% which is a floating interest rate. They have charged something around 10000 as a processing fee. I have closed the loan before the tenure. They have not charging anything for the pre-closure. I have chosen the tenure of 5 years and i have closed around 2.5 years itself.
      Was this review helpful? 3
      , mumbai
      Reviewed on Jul 23, 2018
    • SBI Car Loan
      "Best Service"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was for Rs 2 lakhs with nominal interest rate when compared to other banks. My loan was approved on Ex-showroom price and it was a new car. There are no charges on preclosure and i have completed 50% of the tenure period. I have to pay an EMI for 4 years for this loan.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jul 13, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the HDFC bank and I closed the loan in 2007. The whole process was easy and hassle free. I got the amount when I needed it the most. Overall ti has been a hassle free loan experience with the HDFC bank. The interest rate with them also had been good.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 30, 2018
    • HDFC Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I took a car loan from the HDFC bank, the application process and the documentation was smooth. I got the loan amount pretty soon. The rate of interest was also competitive when comparing to other banks. Overall it has been a good loan experience with the HDFC bank.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 30, 2018
    • Axis Bank Car Loan
      "VERY GOOD"
      0.5 4.0/5 "Great!"
      I have closed this loan earlier what i have taken and now later before 6 months i have taken another loan. The rate of interest is 8.35% and it is a like normal. The loan amount is satisfactory that what they have provided. Documentation is fast and also the service is very good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 30, 2018
    • Bank Bazaar Car Loan
      "Need to follow up on time"
      0.5 3.0/5 "Satisfactory"
      I know bankbazaar.com from last 3-4 years, the services provided by bankbazaar is good when compared to others in the market. The only issue i found is, i did not receive the amazon gift voucher on time. Customer service was up to the mark and the website is easy to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 28, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have my car loan approved with HDFC bank and the experience was good, the loan amount was for Rs 3.48 lakhs with nominal interest rate. Customer service was good and they collected documents on time. The loan amount was disbursed in 1 week and the tenure period is for 5 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 28, 2018
    • Axis Bank Car Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      It has been an excellent experience with them and the loan amount which they had given has been satisfactory as well. The interest rate with them has been okay and the process in getting the loan has been good. There has not been any issues faced with the banking services of them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 27, 2018
    • Bank Bazaar Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 5 years, the services provided by bankbazaar is good when compared to all other banking websites. Customer service was good and they followed up on time. I am using the website of bankbazaar, it is user friendly and easy to navigate.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 26, 2018
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