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Secured Car Loan

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8.5% R.O.I

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Minimal Documentation

How Online Car
Loan Works?

A car is no longer a luxury, it has become a necessity. Own your car with My Mudra online car loan and drive your happiness. The car loan interest rates start 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 a car loan by showing Income Proof, an Aadhaar Card, and a PAN Card. Track the status of your online car loan from the portal.


How Online Car Loan Works?

Eligibility and Documentation
For Car Loan

To get a car loan online one needs to be eligible to apply for a car loan online. Mentioned below are the eligibility criteria you must check before applying for a car loan:

1. Age: 18 years to 60 years.

2. Annual Income: The minimum annual income of the borrower for an online car loan should be Rs.3 lakh.

3. Citizenship: One should be an Indian citizen.

4. Residence Stay Duration: The duration of stay in the current residence should be a minimum of 1 year to get a car loan easily.

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


Eligibility and Documentation For Car Loan

How to Apply Online
for a Car Loan?

Apply online for a car loan through the process mentioned below.

1.) Apply for a car loan online through the portal of My Mudra.

2.) Get the documentation done online.

3.) Enjoy quick approval and disbursal of your online car loan.


How to Apply Online for a Car Loan?

Which Banks to Apply Online for a 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

HDFC Bank

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

IDBI Bank

8.75% p.a. onwards (floating)

 

9.20% p.a. onwards (fixed)

 

Car Loan EMI Calculator

Loan Amount

Tenure

MO

Interest Rate in %

%

Your Monthly loan emi Rs.23,537

Monthly amount paid to your loan provider

Interest rate in %

Total Payble Amount

Rs.5,64,882

your loan details as specified by you

Loan Amount
Rs.5,00,000
Tenure
24
M
Interest Rate
12
%

Frequently Asked Questions
On Online 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.