Secured Car Loan


8.5% R.O.I


Minimal Documentation

How Loan
On Car Works?

A car is no more a luxury, it has become a necessary. Own your Car with My Mudra Car Loan and drive your happiness. Interest rate for Car Loan starting at 8.5% with minimal documentation. Bring your car home swiftly with us. 

Finance your car and release the burden of financial hardship easily. Get Car Loan by showing Income Proof, Adhaar Card, PAN Card. Track the status of your Car Loan from the portal.

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How Loan On Car Works?

Eligibility and Documentation
For Car Loan

Age: 18 years to 60 years.

Annual Income: Minimum Annual Income of the borrower for Car Loan should be Rs.3 lakh

Citizenship: One  should be an Indian citizen.

Residence Stay Duration: Duration of Stay in Current Residence should be minimum of 1 year

Documents Required for Car Loan

1.) Identity Proof

2.) Address Proof

3.) Age Proof

4.) Income Proof

a.) Bank Statement

b.) Agreement for the Vehicle Loan

5) Duly Filled Application Form

6) Car Buying Agreement Papers

7) KYC Documents


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Eligibility and Documentation For Car Loan

How to apply for
Car Loan

Apply Car Loan through the process mentioned below. 

1.) Apply Car Loan online through the portal of My Mudra.

2.) Get the documentation done online.

3.) Enjoy Quick Approval and Disbursal of Car Loan.

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How to apply for Car Loan

Which banks to apply for Car Loan

Name of the Lender

Interest Rate (p.a.)

State Bank of India

8.60% p.a. onwards

Bank of Baroda

8.70% p.a. onwards 

Union Bank of India

8.8% p.a. onwards


Starting from 8.75% (Rack Interest)

Federal Bank

11.00% p.a. onwards

Axis Bank

8.55% p.a. onwards

Canara Bank

9.15% p.a. onwards


8.75% p.a. onwards (floating)


9.20% p.a. onwards (fixed)


Car Loan EMI Calculator

Loan Amount



Interest Rate in %


Your Monthly loan emi Rs:23,537

Monthly amount paid to your loan provider

Interest rate in %

Total Payble Amount


your loan details as specified by you

Loan Amount
Interest Rate

Frequently Asked Questions
On Car Loan

What is the Interest rate for Car Loan?
The interest rate for Car Loan starts from 8.50 from My Mudra.
Is car loan secured or unsecured loan?
A car loan is a secured loan because a car which you are buying is pledged as an asset to the bank.
Does the Car Loan provides full financial aid for the Car?
No, a borrower should pay some amount as down payment to purchase a car. Rest of the amount shall be paid by the lender if a borrower is opting for the Car Loan.
What are the documents required for Car Loan?
The documents required for the Car loan are: Identity Proof Income Proof Address Proof Car Purchasing Agreement and Papers.
What are the top banks to apply for the Car Loan?
A borrower should check the interest rate and loan agreement of banks before opting to any bank for the same. My Mudra is providing car Loan at 8.5% R.O.I.