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IDBI Bank Car Loan

IDBI bank car loan is offered to finance the purchase of cars. The IDBI bank offers car loans at interest rates ranging up to 9.90% for a repayment period of up to 7 years. If you are listing your options for the car loan lenders with affordable rates then IDBI bank is the one to consider.

IDBI Bank Car Loan Highlights

Loan Amount

Up to 90% of value of car

Interest Charges

Ranges from 7.50% to 9.90%

Processing Fees

Up to Rs 2500

Repayment Tenure 

Up to 7 years


Within 6 months: 1%; After 6 months: NIL

IDBI Bank Car Loan Features

Here are the notable features of IDBI bank car loan that count:

1. Purpose : IDBI bank car loans are designed to back individuals with funds for purchase of a new car. You can apply for an IDBI car loan to buy any car ranging from entry level models to premium ones. 

2. Loan Amount : IDBI bank car loan amount ranges up to 90% of the value of a car. 

3. Interest Rate : IDBI car loan interest rates range from 7.50% to 9.90%. The bank offers car loans at both floating and fixed rates. Know that the IDBI auto loan interest charges are affected by many factors such as credit score, repayment history and type and model of car. Whether or not you are an existing customer also makes a difference in IDBI bank auto loan interest rates.

4. Repayment Tenure : You get easy repayment tenure options by IDBI Bank. The IDBI car loan repayment tenure ranges up to 7 years. You can opt for the car loan tenure that suits you best. 

5. Prepayment : The bank allows you to make part payment or foreclosure of an IDBI car loan after you complete 6 months of loan disbursement. You are not charged any foreclosure penalty for making part payment of prepayment of your loan after 6 months from your own source. 

Know that the bank charges fees when you make part payment or prepayment of IDBI car loan within 6 months. A foreclosure penalty of 1%  of principal outstanding plus taxes are charged when you prepay your loan within 6 months of loan disbursement or via balance transfer. 

6. Low processing fee : IDBI Bank charges low processing fee during festive season on car loan.The processing fee is upto 2500 and plus applicable taxes.

Fee & Charges Of IDBI Bank Auto Loan



Processing charge

Rs 1000 + additional taxes

Foreclosure charges

1% foreclosure; no prepayment charge allowed for the 6 month

Overdue charges

2% per annum of overdue amount

Properties documents copy

Rs 225

Documents retrieval fee

Rs 2000

Foreclosure letter issuance

Rs 500

Duplicate statement fee

Rs 115

PO/DD re-issuance fee

Rs 115

Duplicate certificate

Rs 150

IDBI Bank Car Loan Eligibility

To avail IDBI bank car loan without any hurdles, it is must that you meet the IDBI car loan eligibility criteria. The lender takes different factors into consideration which help them determine your eligibility for the loan and also the loan amount you can be provided. Before you head to the application part, it is best that you check your eligibility for IDBI car loan.

Here is the eligibility criteria for IDBI bank car loan:

  • Salaried and self employed individuals are eligible. 
  • Applicants should be at least 18 years of age when applying for the loan. 
  • Maximum age of individuals should not be above 70 years when loan terminates. 
  • Applicants should have annual income of at least Rs 2.4 lacs.
  • Applicants should have all the IDBI car loan required documents. 

Documents Required for IDBI Bank Car Loan

Apart from eligibility criteria, you are also required to present the documents required for IDBI car loan. Since documentation is a crucial part of loan application procedure, failing to provide the required ones will result in rejection of car loan application. 

Here are the documents required for IDBI car loan application:


Salaried Applicants

Self Employed Applicants

Identity Proof

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Address Proof

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

Income Proof

Salary Slips, Bank Statements, Form 16

Balance sheet and profit and loss account, IT Returns, Business Proof

Other Documents

Passport-size Photographs, Duly Filled Application Form 

Passport-size Photographs, Duly Filled Application Form




AXIS Bank New Car Loan

9.05% to 11.30%

SBI New Car Loan Scheme

8.00% to 10.75%

HDFC Bank Car Loan

8.80% to 10.50%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan


ICICI Bank Car Loan

9.30% to 12.85%

RBL Bank Car Loan

Start at 12%

PNB Bank Car Loan

Starts at 7.55%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan


Bank of India Car Loan


Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan


IDBI Bank Car Loan EMI Calculator

The following formula is used to calculate EMI of IDBI Bank car loan :

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]


  • EMI = Equated Monthly Installment
  • P = Principal Loan Amount
  • R = Monthly Interest Rate
  • N = Number of Monthly Installments

How to Apply for IDBI Bank Car Loan?

Applying for an IDBI bank car loan is simple and it can be done online or offline. Here is how to do that:

  • Apply for IDBI car loan offline

To apply for an IDBI bank car loan offline, you can visit the nearest branch of IDBI bank with all the required documents.

  • Apply for IDBI car loan online

Here is what you need to do to apply for IDBI bank car loan online:

  • Go to the official website of IDBI bank.
  • Click on the “Apply Now” dropdown.
  • Now, click the “Apply Online” option.
  • Find and click on “Auto Loan”.
  • Select whether you are an existing or new IDBI customer.
  • After that, start entering the details required in the IDBI car loan application form. 
  • Hit the “Submit” button. 

You can contact the IDBI bank customer care for more assistance regarding the IDBI auto loan application procedure.

IDBI Bank Vehicle Loan Customer Care 

You can contact the IDBI bank customer support in case of any query or complaint regarding the IDBI bank auto loan. 

Here is the IDBI bank car loan customer care number:


FAQs On IDBI Bank Car Loan

Q.1 How can I track my IDBI car loan application status?

You can track your IDBI bank car loan application status online or offline. 

  • For online tracking, you can log into your NetBanking account and track application status.
  • You can visit the nearest IDBI bank branch or contact IDBI bank customer service to know your IDBI auto loan application status offline. 

Q.2 How can I repay my IDBI car loan?

You can use standing instructions or ECS mode of payment to repay your IDBI bank car loan amount. 

Q.3 What are the interest rates on IDBI bank car loans?

IDBI bank car loan interest rates range from 7.50% to 9.90%. 

Q.4 What are the processing fees for IDBI bank car loans?

IDBI bank car loan processing fees start from Rs 1500 and go up to the maximum of Rs 2500. 

Q.5 What is the late payment penalty for IDBI car loan?

IDBI bank charges a late payment penalty of 2% of the amount overdue. 

Last Updated on : 10/Apr/2021

Know More About

Idbi Bank Car Loan

You're eligible for a Idbi Bank Car Loan if you:

Are legally adult enough to handle it

Have still got it

Get a regular pay check

Make more than a basic buck

Your eligibility depends on:

Earn more than minimum income required

Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs

EMIs of other loans loweryour eligibility

Boost your eligibility by:

Pay off your credit card bills

Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Idbi Bank Car Loan Interest Rates

Updated on 25 Nov 2017

Idbi Bank Car Loan Details
Interest Rate (Monthly reducing balance) 9.3% - 9.9%
Processing Fees Rs.1000 plus tax
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

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