IDBI Bank Car Loan: Interest Rate, Eligibility, Processing & Customer Care

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IDBI BANK CAR LOAN 

ABOUT IDBI BANK CAR LOAN :

The full form of IDBI Industrial Development Bank of India. IDBI Bank provides car loans for both salaried and self-employed professionals. It is one of the largest commercial banks and offers banking and financial services to their customers.

All we want to live a comfortable life. We do lots of things and work hard to earn some good amount of money. In this process the automobile like car plays an important role in our life to make it comfortable. Every individual wants a car for their work or personal use. Watching daily a new different car is arriving in the market and we just got attracted with the features of the car and wish to buy it. Some of us can buy it but most people can't afford to buy. Then they go for cheap cars that fit in our budget. Now the question here is how can we buy our dream car with a low budget? To overcome this problem we have car loan facilities.

The IDBI Bank is one of the most trusted banks for the car loan. This bank provides car loans on new and pre-owned cars with attractive interest rates and features.

BENEFITS OF IDBI BANK CAR LOAN :

Now with IDBI Bank you didn’t need to hesitate to buy your dream car. IDBI bank car loans come with most suitable features and benefits :

1. Flexible loan tenure :

IDBI Bank car loans are available with flexible loan tenures up to 7 years.The IDBI Bank car loans are taken to meet the sudden needs of the customers for their dream car. 

2. Apply foreclosure and prepayment charges :

Part foreclosure or Pre-payment of an IDBI Bank car loan is allowed after a period of six months of the loan disbursement. The pre closure should be done from own sources and will be completed without any penalty. If the car loan is closed before the required tenure of six months or a balance transfer is availed, then a fee of 1% of the outstanding balance plus other applicable charges would be levied by IDBI bank.

3. Attractive and affordable interest rate :

IDBI Bank offers an attractive and affordable interest rate to the customers for car loans. The minimum interest rate starts from 9.30% and the maximum interest rate is upto 9.90%.

4. Low processing fee :

IDBI Bank charges low processing fee during festive season on car loan.The processing fee is Rs.1000 and plus applicable taxes.

ELIGIBILITY CRITERIA FOR IDBI BANK CAR LOAN :

If you are going for the car loan from IDBI bank must check that you come under eligibility criteria. Here below we explain in detail eligibility criteria for Salaried, self-employed, and partnership firm/sole proprietorship/private limited companies

ELIGIBLE

Salaried, self-employed, and partnership firm/sole proprietorship/private limited companies

AGE

18 years to 70 years

INCOME

Annual Income Rs.180000

FEE AND CHARGES OF IDBI BANK CAR LOAN :

TYPE

CHARGES

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

DOCUMENTS REQUIRED FOR IDBI BANK CAR LOAN :

While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get. 

TYPE

DOCUMENTS 

Proof of identity

Aadhar card, pan card, driving license, passport etc.

Address proof

Aadhar card, voter id, rental agreement, registry and utility bills

Income proof

For salaried applicants : Latest 3 month salary slip, 6 month bank statement, latest Form 16 or ITR.

For self employed applicants : Latest 6 month bank statement,last 3 years ITR, last 3 years certified audited balance sheet and profit & loss account .

COMPARE OTHER BANK CAR LOAN INTEREST RATE :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

OTHER PRODUCTS OF IDBI BANK :

  1. IDBI Bank Car loan 

  2. IDBI Bank Education loan

  3. IDBI Bank Credit Cards

  4. IDBI Bank EMI Calculator

HOW TO APPLY FOR IDBI BANK CAR LOAN :

There are two ways to get a car loan with IDBI Bank i.e. 

  1. Offline Method : By visiting nearest bank IDBI Bank branch 

  2. Online Method :

  • Initially visit IDBI bank official website

  • At home page click on go to “Personal” section

  • Now go to on “Products” section and then click on “loans”

  • Select the “auto loan”

  • Click on apply now and complete the application form carefully

  • Attached all mandatory documents with the application form and submit it

  • Now wait for few minutes and you will notify soon whether you are eligible for loan or not

HOW TO CALCULATE EMI OF IDBI BANK CAR LOAN :

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]

where,

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Number of Monthly Installments

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

Q1. What is the tenure period of IDBI Bank car loan?

IDBI bank car loan tenure period can range between 1 to 7 years.

Q2.How much income is required for an IDBI Bank car loan?

The annual income required for IDBI Bank car loan is Rs.180000.

Q3. How much loan amount is required for an IDBI Bank car loan?

Upto 90% ex showroom of the car is required.for IDBI Bank loan amount car loan.

Q4. What age criteria is required for IDBI Bank car loan?

The minimum age is 18 years and maximum age is 70 years for IDBI Bank car loan.

Q5. What interest rate should be charged by IDBI Bank car loan?

The interest rate charged by IDBI Bank car loan is 9.30% to 9.90%.

Last Updated on : 27/Jul/2020

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959