Car Loan Rates EMI 2024

Car Loan Mumbai

Car Loan Mumbai

Last Updated : May 25, 2017, 5:25 p.m.

About Mumbai

Mumbai, the capital of Maharashtra is one of the important cities in our country. The city is commercial, financial and entertainment capital of India. It houses important financial institutions like Bombay Stock Exchange, Reserve Bank and National Stock Exchange of India. The city attracts people from every part of India, who come here for better employment opportunities. Mumbai contributes a major chunk to India’s GDP and has attracted investment from all corners. With so many major industries and a large population in the city, banks and Non-Banking Financial Companies are always active all day round fulfilling the financial requirements. Leading banks like State Bank of India, Central Bank of India and Bank of India have their headquarters in the city.

About Car Loan

There are times when you feel like skipping the regular metro or bus while going to the office. Then you wish you had your own car. Keeping this into account, various banks and Non-Banking Financial Companies offer a car loan to people. A car loan is the perfect source of finance for applicants who plan to purchase an ideal car but are unable to do so due to lack of sufficient savings. It allows you to purchase your favorite car according to your repaying capacity. You need to fulfill the eligibility criteria and complete the documentation work on time in order to secure a loan. You just have to pay in advance a down payment and the rest has to be paid in installments.

Car Loan Mumbai in a nutshell

Interest Rate7.45% - 14.01%
Processing Fee₹500-₹5500; 0.25%-0.50% of the loan amount
Pre-payment/Part-payment ChargesPre-payment charges- 5% of the principal outstanding+service tax as applicable

Part-payment charges- 5% of the part payment amount+service tax as applicable
Tenure/Repayment1-7 years
Lowest EMI/Lakh₹1,594-₹2,015

Eligibility Criteria required to get a Car loan in Mumbai

ParticularsSalaried IndividualsSelf-Employed IndividualPartnership FirmPrivate/Public Ltd. Company(in existence for at least 3 years)
AgeThe applicant should be above the age of 18 years while applying for a car loan and up to 70 years of age when the loan maturesAny proprietor, partner, professional or director above 18 years but below 70 years at the time of the loan maturity.
IncomeMinimum gross annual income of at least ₹ 1,80,000/-Minimum gross annual income of at least ₹1,80,000/-Firm should have a minimum PAT (profit after tax) of ₹2.00lakhsMinimum PAT (profit after tax) of ₹2.00 lakhs
Job StabilityThe total employment stability should be for at least 2 years and current employment stability of minimum 1 yearBusiness stability should be for at least 2 years

Documentation required for a Car Loan

  • Proof of Identity : Passport copy, PAN Card, Voters Id card, driving license( Laminated, Recent, Legible)
  • Proof of Address : Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy
  • Proof of Income : Latest salary slip with form 16 / Audited balance sheet, Profit & Loss Account for latest two years/ Have a minimum turnover of ₹ 4,50,000 per annum / Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company / Latest ITR
  • Bank Statement of the last 6 months

Top Banks offering Car Loan in Mumbai

BankMain Branch AddressCar Loan Interest Rate
State Bank of India16th Floor Madam Cama Road, Mumbai, Maharashtra 400 0217.20% - 7.90%
ICICI BankICICI Bank Towers,
Bandra-Kurla Complex, Mumbai, Maharashtra 400 051.
7.90% Onwards
HDFC BankHDFC Bank Limited,
HDFC Bank House, Senapati Bapat Marg
Lower Parel (W), Mumbai - 400 013 Maharashtra
7.95% - 8.30%
Axis BankBombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400 025 Maharashtra7.45% - 14.50%
Punjab National BankMaker Tower F-Wing, 7th Floor, Cuffe Parade World Trade Centre Mumbai
6.50% Onwards
Bank Of BarodaShop No. 1 to 4, Ground Floor, Yash Residency, Plot No 6, Sector 6, Navi Mumbai, Maharashtra - 4007087% onwards
Bank Of India70/80, Mahatma Gandhi Road,Post Box No.238, Mumbai, Maharashtra6.85% onwards
IDBI Bank267, Little Angels Educational Trust, Sulochana Shetty Marg, Jain Society, Sion West, Mumbai, Maharashtra 4000227.50% Onwards
Bank Of MaharashtraDoor No. 28 A, Sunrise Building,, Main Road, Lokhandwala Complex, Andheri West, Mumbai, Maharashtra 4000586.40% onwards
Central Bank of India109, Damodhar Bhavan, Chitranjan Road, Near Parleshwar Temple, Vile Parle East, Mumbai, Maharashtra 4000577.25% - 7.70%

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