If you’re planning to get a car in Navi Mumbai, you can take a look at all the lenders offering car loans in the city. They can help you get the car you’ve always wanted even if you yourself don’t have the required funds for it. These lenders offer loans to buy new cars as well as used ones.Some of the prominent lenders in Navi Mumbai who also offer car loans include ICICI Bank, Axis Bank, Canara Bank, Indian Overseas Bank, and HDFC Bank. Keep reading to find out more about all the lenders who offer auto loans in this city and the details of the same.
In the table below, we have listed some of the major lenders who offer car loans with the lowest interest rates in the city. The table also tells you about the processing charges and the minimum income requirements of each lender.
| Bank | Interest rates | Minimum income | Processing fee |
|---|---|---|---|
| ICICI Bank | New car – 8.95% p.a. to 13.40% p.a. Used car – 14.25% p.a. | - | For used cars - 2% of the loan amount subject to a maximum of Rs.15,000 |
| Canara Bank | 8.60% p.a. to 9.25% p.a. | Rs.25,000 p.m. | 0.25% of the loan amount subject to a minimum of Rs.1,000 and maximum of Rs.10,000 |
| Axis Bank | New car – 8.60% p.a. to 11.50% p.a. (fixed) Used car –15% p.a. to 17% p.a. | Rs.20,000 p.m. | For new car – Rs.3,500 to Rs.5,500 For used car – 1% of the loan amount or Rs.6,000, whichever is lower |
| HDFC Bank | 8.85% p.a. to 15.50% p.a. | Rs.20,833.33p.m. | New car -0.4% of the loan amount (minimum Rs.3,000 & maximum Rs.10,000) Used car - 1.5% of the loan amount(minimum Rs.2,500 & maximum Rs.5,000) |
| City Union Bank | 14.50% p.a. | Rs.12,500 p.m. | 1.25% of the loan amount subject to a minimum of Rs.700 |
| State Bank of India | 9.25% p.a. | Rs.20,833.33 p.m. | For a loan of up to Rs.6 lakh – Rs.1,000 + taxes For a loan above Rs.6 lakh – Rs.1,500 + taxes |
| SCV Co-Operative Bank | 8.90% p.a. | - | 1% of the loan amount plus taxes |
| Indian Overseas Bank | New car – 8.70% p.a. to 9.20% p.a. Used car – 8.70% p.a. to 11.20% p.a. | Rs.8,000 p.m. | For a loan of up to Rs.5 lakh – 0.50% of the loan amount subject to a minimum of Rs.500 For a loan above Rs.5 lakh – 0.60% of the loan amount subject to a maximum of Rs.10,000 |
Note: There are a few other local banks that also offer vehicle loans in Navi Mumbai. These include Navi Mumbai Bank, TJSB Sahakari Bank, NKGSB Co-op Bank, and others. However, we haven’t written about them as details are limited. You can get in touch with them directly for information on their auto loans
A low interest rate means that your loan will cost you less. Lenders all over the country charge varying interest rates on their auto loans. Comparing various lenders will help you find the lowest rates in the city.
But there are a few other things that you can do to get a car loan with the lowest rates. We’ve put together a list of tips that may be able to help you with this. Take a look at them below.
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If you want to apply for a vehicle loan in Navi Mumbai, you need to fulfil certain eligibility criteria first. While these may vary from one lender to another, meeting these criteria is very important. If not, your loan application just might be rejected. We’ve listed the eligibility requirements below:
| Criteria | Self-employed individuals | Salaried individuals |
|---|---|---|
| Age | At least 21 years old | At least 21 years old |
| Income | As the lender requires. Usually this is the same as that of salaried employees. | Minimum income – Rs.20,000/month |
| Experience | Business stability for at least 3 years | 1 year of employment |
The following are the general documents that lenders require you to furnish while applying for an auto loan in this city (may change from lender to lender):
Located in the northeastern part of Mumbai in the Thane district, Navi Mumbai is a satellite township that was built to ease the pressure on Mumbai city. It is a fully developed and self-sustained city complete with all modern amenities such as malls, theatres, amusement parks, and more. Beautiful hills, waterfalls, and ancient temples are short drives away.
Usually, no you cannot. If you’re looking to take a loan from a bank to fund your car’s purchase, don’t expect them to fund the full value of the car. Banks usually finance only up to 80% to 90% of a car’s value. The rest will have to be brought in by you. However, there may be a few NBFCs (Non-Banking Finance Company) that offer to finance the full value of the vehicle. But these may also come with certain additional conditions and requirements.
Lenders usually don’t take very long to process your vehicle loan application. If you submit all the required documents and fulfil all the required eligibility criteria, your loan can be approved and sanctioned within a week or so.
No, most lenders do not require you to have an existing account if you want to take a loan from them. Some NBFCs may require you to have one, but banks, in general, don’t. that said, it would be a better option to take a loan from the bank in which you already have an account. If you have a good relationship with a particular bank, you may get preferential treatment and may even get special privileges such as lower interest rates. So, while it’s not mandatory, it may prove to be beneficial to you.
No, you don’t have to provide the bank with collateral when applying for an auto loan. You get the car on a hypothecation basis. Meaning, the car itself serves as the collateral. In case you do not repay the loan as and when the instalments are due, the lender has the right to take back your car as compensation for the losses incurred by them.
The quantum of loan that the lender will offer you depends on your income level and credit rating. If your current income level does not qualify you for the amount of loan you’re looking to get, you can name your income-earning spouse as a co-applicant as well. This way, both your incomes are clubbed together, and the total income is considered for your loan quantum eligibility.
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