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.

Car Loan

Apply online for Car Loan

Drive home the car of your dreams with My Mudra car loan

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Secured Car Loan

8.5% R.O.I

Minimal Documentation

Quick Approval

Last Updated: 16-11-2023

Trusted Nationwide

4.5

+12%

10K

Customers

Active users

+5%

70+

Banks

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+8%

170

Branches

Nationwide

Quick Guide

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.

Benefits of Car Loan

Low Interest Rates

Car loan interest rates start at 8.5% R.O.I with minimal documentation.

Minimal Documentation

Get a car loan by showing Income Proof, an Aadhaar Card, and a PAN Card.

Online Tracking

Track the status of your online car loan from the portal easily.

Quick Processing

Bring your car home swiftly with fast approval and disbursal process.

Simple Online Process

How to Apply Online for a Car Loan?

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

Step 1

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

Step 2

Get the documentation done online.

Step 3

Enjoy quick approval and disbursal of your online car loan.

Eligibility

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:

Age

18 years to 60 years.

Annual Income

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

Citizenship

One should be an Indian citizen.

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

Documents

Identity Proof

Aadhaar Card