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Auto Loans Navi Mumbai Overview
Navi Mumbai is a planned township and considered to be the entry point to Mumbai. With its affordable housing, pollution free environment and good infrastructure, the city is a preferred place for immigrants to make it a home. As a city in the developing India, there has been an increase in the demand for the number of automobiles in the country, know all about auto loan in Navi Mumbai to get the best auto loans.
If you are looking for auto loans to get that dream vehicle be it a car for your family trips, a bike for your rides around the city or for commercial purposes to change your life in the city of Navi Mumbai then read on.
What is an auto loan?
An auto loan is one which is used to buy any type of motorized vehicle for own or commercial purposes. They are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). These auto loans can be got from any banks and NBFCs who are willing to provide the service based on their eligibility criteria.
How auto loans are classified
Two-wheeler loans – These are loans specifically for purchasing 2-wheelers like scooters, mopeds, bikes or super bikes.
Car loans – These are loans for the purchase of cars which can be hatchbacks, SUVs, Sedans etc.
Commercial vehicles loans – These are loans for the purchase of commercial vehicles, i.e. trucks, trailers etc.
Loans for new vehicles – These are loans to buy new vehicles. It can be two-wheelers, cars or commercial vehicles like trucks.
Loans for old vehicles – These are loans made available for the purchase of used vehicles.
Features: Auto loan in Navi Mumbai
1. Makes it easy to buy a car – Buying a vehicle is not easy or possible for everyone. It is a good way for people to buy a car and pay back the money as per their capability while enjoying the vehicle.
2. Loans for used cars – Many banks provide loans for used cars also. Though the loan amount will depend on the car type, make and model it still eases out the financial situation of a borrower.
3. Flexi loans – Most banks provide loans at flexible tenures which the borrower can choose making it easier for the borrower to repay the loan.
4. No collateral – auto loans are a secured loan as the vehicle purchased acts as your collateral. No additional collateral or guarantor is required in most cases.
Eligibility: auto loan in Navi Mumbai
The following are the eligibility criteria for auto loans
Two – wheeler loans
| Age | Minimum 21 years |
|---|---|
| Maximum 65 years | |
| Nationality | Indian |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed/In-business for at least 1 yr. and at least 6 months with current employer/business |
| Minimum Income | Rs. 50,000 per annum |
| Maximum Loan Amount | On an average financial institution pay up to 90% of the loan |
| Tenure | Minimum – 12 months |
| Maximum – 60 months | |
| Credit Score | Preferred 750 |
Cars loans
| Age | Minimum 21 years |
|---|---|
| Maximum 75 years | |
| Nationality | Indian |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed/In-business for at least 3 yrs. and at least 2 years with current employer/business |
| Minimum Income | Rs. 10,000 per month |
| Maximum Loan Amount | On an average financial institution pay up to 90% of the loan |
| Tenure | Minimum – 12 months |
| Maximum – 60 months | |
| Credit Score | Preferred 750 |
Commercial vehicles loans
| Age | Minimum 21 years |
|---|---|
| Maximum 60 years | |
| Nationality | Indian |
| Employment Type | Self-employed |
| Employment status | In-business for at least 2 yrs. and at least 1 years with current business |
| Minimum Income | Stable business proven through IT Returns |
| Maximum Loan Amount | On an average financial institution pay up to 90% of the loan |
| Tenure | Minimum – 12 months |
| Maximum – 60 months | |
| Credit Score | Preferred 750 |
Fees and Charges: auto loan in Navi Mumbai
| Loan processing charges | 1% to 3% of loan amount |
|---|---|
| Documentation charges | 0.5% to 3% of loan amount |
| Pre-payment charges | Will vary from bank to bank for example Fixed Prepayment charges Prepayment at any given time – 1% to 3% (or) Varying prepayment Charges based on repayment cycle
|
| No Due Certificate / No Objection Certificate (NOC) | Will vary from bank to bank mostly NIL |
| EMI Late payment penalty | 1% to 3% Per Month on the Unpaid Installment |
| Stamp duty | At actuals as levied by respective State Govt. |
| Cheque bounce / EMI return charges | Rs.100 to Rs 500/- |
| Loan cancellation charges: | Varies from bank to bank |
| Legal, repossession & incidental charges | At actuals |
| Duplicate NOC | Rs. 500/- onwards |
| PDD collection charges | Up to Rs.450/- |
| Cheque/ECS swapping charges | Rs 250/- onwards |
| Amortization schedule charges | Rs 200/- onwards |
| Special NOC charges | Rs 250/- onwards |
| Loan rebooking/reschedule charges | Rs 500/- onwards |
Documentation: Auto loan in Navi Mumbai
Important documents to be submitted while applying for auto loans in Navi Mumbai
Commercial Vehicles
- Proof of Identity - (Passport / Voter's ID / Driving License/PAN Card/Aadhar Card)
- Address Proof- (Ration card /Driving License/ Voter's ID / Utility Bill (anyone within last 3months) / Registered Rental Agreement / Passport)
- Driving license, in case of First time users
- Land holding proof, in case of Farmers
- Income Tax (ITR) and financial statements for the last two years, complete with schedules and P&L account.
- Documents to prove relevant experience, in case of First time users
- Bank statements for the last six months
- Fleet list details
- Proprietorship declaration, partnership deed, memorandum/association of article (MOA/AOA), board resolution, as applicable
Bike and car loans
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for last six months
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
How to apply for auto loan in Navi Mumbai?
There many ways one can apply for an auto loan in Navi Mumbai
1. The Dealer
Most showroom owners or auto dealers have tie ups with lots of NBFCs and Banks whose representatives you can meet at the showroom itself. They will tell you the process and the documents required to get the loan.
2. Auto manufacturer
Auto manufacturers like Hero and Bajaj have their own lending services through which they provide loans for their customers at competitive interest rates
3. Bank/NBFC website
You can go online and visit any of the banks or NBFC that provide auto loan and apply for it. You will need to fill up the necessary details asked on the website. A bank/NBFC representative will come to your home to collect the necessary documents. The loan amount will be disbursed after document verification. This the best way to get an instant eligibility check.
4. Bank/NBFC Branch
This a type of offline mode where the borrower can visit any bank or NBFCs branch in Navi Mumbai to meet with a representative who will give all the details of their auto loan scheme. You can also ask any queries you might have to get a complete understanding of what you are agreeing to in taking their loan.
5. Customer care
A potential borrower can also call a bank/NBFC customer care with whom they can get the details and apply for the auto loan. A bank/NDFC representative will come and collect the necessary documents from your home. Once the verification process is completed your loan will be disbursed.
6. Applying for an auto loan Through CreditMantri
You can check your eligibility and apply for an auto loan by signing up with CreditMantri. By creating their free credit profile on CreditMantri, the user would be matched to auto loan lenders in Navi Mumbai based on their credit profile. This eases the process of application as the user can at one place get to see the list of lenders to which they can apply and have a higher chance of auto loan approval.
CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence, the chances of your auto loan application getting approved is higher.
How to choose an auto loan in Navi Mumbai
When choosing an auto loan in Navi Mumbai, a person needs to understand their current financial situation. Next, he/she needs to check their credit score if they had taken loans before or if they own a credit card. If the credit score is low the person needs to improve it before applying for the loan to make sure they get the best offer.
Then the customer needs to zero upon the vehicle of their choice. After choosing the vehicle, you need to decide how much you are going to pay and how much loan amount you are going to take. Never take a loan beyond your means. Choose a loan and EMI which you can pay comfortably.
Which Is the Best Bank for auto loan in Navi Mumbai?
There are many leading banks and NBFCs which offer auto loans in Navi Mumbai like HDFC, ICICI, SBI etc. The best lender is one where you can get the loan amount you want at an interest rate that is comfortable for you and who can disburse the funds as early as possible. It is always better to compare the auto loans from different lenders and then look to apply for one that suits all requirements like interest rates
Auto loan EMI Calculator
To get a better understanding of your loan requirement and how much EMI you will pay, you can use the EMI calculator available on CreditMantri website and on the bank/NBFC website. By inputting the tenure, interest rate and loan amount you will get to know how much EMI you will pay. You can vary the inputs for various scenarios and know the EMI in each case. This will help you plan for the loan you want.
Auto loan in Navi Mumbai – FAQs
1. Where can I get the cheapest auto loan interest rates in Navi Mumbai?
The interest rate depends on your salary, the loan amount you require, credit score and the tenure you opt for. You can negotiate for good terms with a good credit score.
2. How to get instant e-approval on auto loans?
You need to visit the website of lenders be it banks or NBFCs and apply on their website. After inputting the details asked the bank will immediately give you an update if your loan application is approved or not.
3. Where can I find an auto loan interest calculator?
You can visit CreditMantri website or the lending bank website where you will find the option of EMI calculator. Input various interest rates to get the respective EMIs. The interest rate can be obtained by applying for the loan where you will submit basic information like salary, company and job experience details based on which interest rates will be displayed.
4. Auto loan Interest Rates in All Banks in Navi Mumbai
Auto loans consist of two-wheelers, cars and commercial vehicles. The banks that provide at least one of the are listed below
| Allahabad Bank | Indian Overseas Bank (IOB) |
| Axis Bank | Jammu & Kashmir Bank |
| Bajaj Finserv | Karur Vysya Bank |
| Bandhan Bank | L&T Finance |
| Bank of Baroda | Mahindra Finance |
| Bank of India | Muthoot Capital Services |
| Bank of Maharashtra | Nainital Bank |
| Capital First | Oriental Bank of Commerce |
| Central Bank of India | Punjab and Sind Bank |
| City Union Bank | Punjab National Bank (PNB) |
| Corporation Bank | Saraswat Bank |
| Dena Bank | State Bank of India (SBI) |
| Fullerton Bank | Shriram City Union Finance |
| HDFC Bank | Syndicate Bank |
| Hero FinCorp | Tamilnad Mercantile Bank (TMB) |
| ICICI Bank | TVS Credit |
| Indian Bank | UCO Bank |
| IndusInd Bank | United Banks |
| TATA Capital | Vijaya Bank |
The interest rate will vary from bank to bank. It will also depend on the paying capability of borrower, loan amount, salary/income, tenure and other criteria decided by the lender.