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  • Navi Mumbai Car Loan

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  • Are you eligible for a Navi Mumbai car loan? Do you know which bank offers the most affordable interest rates? Do you want to get approved for a loan without going to the bank? Find out and do all this and more right here at BankBazaar. Compare more than 25 banks, their interest rates, processing fees, tenure ranges, and more right here.
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    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.

    Compare the Lowest Car Loan Interest Rates in Navi Mumbai

    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

    How can I get a Car Loan with the Lowest Interest Rate in Navi Mumbai?

    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.

    • Visit a loan aggregator: An online loan aggregator can help you find the loan you’re looking for in a matter of minutes. All you need to do is to provide some of your basic details regarding your place of stay, your current income, and your age. The aggregator will base the search on these parameters and tell you all the loans you’re eligible for. This will help you find a loan that has the lowest interest rate.
    • A higher monthly income can help: Your monthly income is an aspect that can help you get a lower interest rate. Lenders normally require applicants to fulfil a minimum income criterion. But having a higher income just may get you a loan with better rates. A higher income means that you will be able to pay back the loan without a hitch. This means a lower risk percentage for the lender resulting in the benefit being passed on to you in the form of lower rates.
    • Check your debt-to-income ratio: This ratio compares your current monthly income to your current outstanding debts. As in, it tells you how much of your current income is being used to repay loans that you’ve taken. If this ratio is high, it indicates that you already have a lot of debts to pay off. Look at reducing this ratio by paying off as many loans as you can before applying for a vehicle loan. This may help you get a better interest rate.
    • Choose your tenure wisely: The tenure of your loan is one of the factors that determine your EMI. A longer tenure means a lower EMI. Some lenders may also give you a lower interest rate if you choose a longer tenure. However, this would also mean that you will remain in debt for a longer time and you might end up paying more interest in total. When you choose a tenure, make sure it is financially beneficial to you.
    • Make larger down payments: A down payment is the amount of money you bring in when you apply for a loan. Most lenders offer to finance up to 85% of the value of the car. You will have to bring the remaining 15%. Now if you increase your contribution to about 30% or 40%, then you’ll have to take only a lower amount of loan. This may get you lower interest rates since the loan amount will be smaller, presenting a lower risk to the lender.
    • Have a good credit score: Your credit score shows lenders how responsible you are when it comes to repaying loans and settling credit card bills. It also shows how responsible you are with your money and how you handle it. A good credit score is what lenders look for since this means the applicant has a low risk of loan default. So, if your credit rating doesn’t look good, focus on improving it first. This can help you get lower interest rates.
    • Negotiate with your lender: Sometimes, negotiating can help you in ways that other things can’t. For example, if you’re expecting an increase in income, you can’t put it on paper. But you can communicate this to your lender. Or if you find another lender offering better terms than the one you’re already banking with, you can negotiate with your bank for a better deal.
     

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    Eligibility Criteria for Car Loans in Navi Mumbai

    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
     

    Documents Required

    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):

    • Filled and signed application form
    • KYC documents (ID proof,age proof, address proof)
    • Photographs
    • Authorised bank statements
    • Proof of income (IT returns for the past 2 years, latest salary slips, etc.)
    • Proof of business/ownership (for self-employed individuals)
    • Partnership deed(for self-employed individuals)
    • Memorandum of Association and Board of Directors’ Resolution(for self-employed individuals)

    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.

    Frequently Asked Questions

    Can I get a loan to cover the whole cost of the car I want to buy?

    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.

    How long will it take for a lender to process my loan application?

    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.

    Should I have an existing account with the bank I want to take a vehicle loan from?

    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.

    Do I have to offer collateral to get a vehicle loan?

    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.

    How can I qualify for a higher amount of loan?

    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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