Car Loan Mumbai
Last Updated : Jan. 20, 2017, 11:51 a.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
| Particulars | Details |
|---|---|
| Interest Rate | 7.45% - 14.01% |
| Processing Fee | ₹500-₹5500; 0.25%-0.50% of the loan amount |
| Pre-payment/Part-payment Charges | Pre-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/Repayment | 1-7 years |
| Lowest EMI/Lakh | ₹1,594-₹2,015 |
Eligibility Criteria required to get a Car loan in Mumbai
| Particulars | Salaried Individuals | Self-Employed Individual | Partnership Firm | Private/Public Ltd. Company(in existence for at least 3 years) |
|---|---|---|---|---|
| Age | The 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 matures | Any proprietor, partner, professional or director above 18 years but below 70 years at the time of the loan maturity. | ||
| Income | Minimum 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 ₹2.00lakhs | Minimum PAT (profit after tax) of ₹2.00 lakhs |
| Job Stability | The total employment stability should be for at least 2 years and current employment stability of minimum 1 year | Business 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
| Bank | Main Branch Address | Car Loan Interest Rate |
|---|---|---|
| State Bank of India | 16th Floor Madam Cama Road, Mumbai, Maharashtra 400 021 | 7.20% - 7.90% |
| ICICI Bank | ICICI Bank Towers, Bandra-Kurla Complex, Mumbai, Maharashtra 400 051. | 7.90% Onwards |
| HDFC Bank | HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg Lower Parel (W), Mumbai - 400 013 Maharashtra | 7.95% - 8.30% |
| Axis Bank | Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400 025 Maharashtra | 7.45% - 14.50% |
| Punjab National Bank | Maker Tower F-Wing, 7th Floor, Cuffe Parade World Trade Centre Mumbai Maharashtra | 6.50% Onwards |
| Bank Of Baroda | Shop No. 1 to 4, Ground Floor, Yash Residency, Plot No 6, Sector 6, Navi Mumbai, Maharashtra - 400708 | 7% onwards |
| Bank Of India | 70/80, Mahatma Gandhi Road,Post Box No.238, Mumbai, Maharashtra | 6.85% onwards |
| IDBI Bank | 267, Little Angels Educational Trust, Sulochana Shetty Marg, Jain Society, Sion West, Mumbai, Maharashtra 400022 | 7.50% Onwards |
| Bank Of Maharashtra | Door No. 28 A, Sunrise Building,, Main Road, Lokhandwala Complex, Andheri West, Mumbai, Maharashtra 400058 | 6.40% onwards |
| Central Bank of India | 109, Damodhar Bhavan, Chitranjan Road, Near Parleshwar Temple, Vile Parle East, Mumbai, Maharashtra 400057 | 7.25% - 7.70% |