All about Car Loan Mumbai
Searching for a car loan …? Then this is the right time to go ahead. Car Loan is the finance you get to buy your desired vehicle. An individual receives money from the banks or NBFC’s, and after that, he/she will repay the amount in instalments. The only work an individual need to do is contact us, and then, we will help you in getting the funds at the best offers.
Eligibility Criteria for Car Loan Mumbai
Self Employed Candidates:
Firstly, the income of the candidate should be more than Rs. 30,000.
Also, his age should be more than 30.
Furthermore, if the applicant’s age is not 30, then he can have a co-applicant whose age needs to be more than 25.
Lastly, the candidate must have been in business for more than 2 years.
Salaried Candidates:
Firstly, the income of the salaried client needs to be more than Rs. 25,000.
Next, the age of the client should be more than 21.
Lastly, the salaried applicant should be working for at least 2 years with a minimum1 year with the current employer.
Eligibility for different individuals
Private Employees:
If the salary of the individual is more than Rs. 25,000, then the loan is given on a 100% ex-showroom price.
Government Employees:
If the government employee has his own house and has a good CIBIL score, then the credit is given on 100% on road price.
Internal Customer:
1oo% on road loan is given if the client is from HDFC, Yes Bank or Axis bank.
Interest rate of Car Loan Mumbai
Banks charge different interest rates, and these are:
Firstly, the interest rate charged on amount 1-3 lakhs is 10.26%.
Further, For the amount of 3-10 lakhs, the interest rate is 10%.
Also, the interest rate of 9.25% is charged by the banks on the amount of credit from 10-20 lakhs.
Lastly, for the amount above 20 lakhs, the interest rate is 9.75%.
Foreclosure charges:
If the client closes his loan before the tenure of 2 years, then the bank charges up to 4%. Also, there will be no Foreclosure charges if the applicant pays the loan after 3 years.
Documentation for Car Loan Mumbai
Following documents are needed in case the client has their own house:
Salaried Applicants
Id Proof: Pan Card, Aadhar Card, Voter ID card
Income Proof: 3 months service slip
Address Proof: Electricity Bill, Telephone Bill / Aadhar Card
Bank Statement: 6 months of bank statement
Car quotation
Self Employed
Id Proof: Pan Card, Aadhar Card, Voter ID card
Income Proof: 3 months service slip, 2 years ITR (which must be of Rs. 2.5 lakhs or more per year)
Address Proof: Electricity Bill, Telephone Bill / Aadhar Card
Bank Statement: 6 months of bank statement
Following documents are required in case the customer is living in a rented house:
Salaried
All the documents are the same as stated above, and you just need to have an additional rent agreement.
Self Employed
All the documents are same; the customer only needs to have a rent agreement as an additional document.
Benefits of Car Loan Mumbai
First of all, banks offer car loan for 5-7 years so that the client can choose the tenure as per his/her convenience.
Also, you can easily apply online for a car loan with magicloans.in.
Next, the interest rate can be negotiated if the customer has a good CIBIL score.
Moreover, the client does not need to keep any collateral with the bank. The car itself is the security for the bank.
The client can freely choose the type of interest rate, which can be floating or fixed.
Furthermore, the procedure for claiming the car loan is straightforward and simplified.
Lastly, the client can modify the car according to his/her wish and use the car without any hesitation.
Additional Information
Firstly, the applicant needs to have a CIBIL score above 700.
Also, the loan is given for tenure of 60 months to 84 months.
The minimum amount of credit that can be claimed by the client is Rs. 1 lakh.
Also, car Loan is not given to constables.
Clients having CIBIL 0, 1, -1 are good customers.
Lastly, if the instalment got bounced, then the bouncing amount charged by the bank will be doubled for that particular month.
Car Loan for the Agriculturist
The agriculturist clients need to have 3-5 acres of land for the loan amount of Rs. 1-10 lakhs and the interest rate charged on this credit amount is 65%- 75%.
If the client has more than 20 acres of land, then he can avail a loan of Rs. 10 lakh, and above and the interest rate charged by the bank will depend on the income of the client and the ITR filed by him.
About Mumbai
Mumbai is a city in the Maharashtra state of India. In 2008, it was named an alpha world city. Also, the city is home to three UNESCO World Heritage Sites, and these are, Chhatrapati Shivaji Maharaj Terminus, the Elephanta Caves, and the Victorian and Art Deco buildings.