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

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INDIAN BANK CAR LOAN 

ABOUT INDIAN BANK CAR LOAN :

Indian Bank established on 15 August 1907 and their headquarters in Chennai, India. Indian Bank provides attractive interest rates on car loans starting from 8.45 percent onwards. This  car loan is offered for both salaried and self employed professionals. The maximum tenure of indian bank car loan is 84 months. It is the most preferred bank by all kinds of people for any financial service regarding cars.

Most people love to buy or we can say have a dream to buy a certain expensive car but they can’t, the only reason is budget.  People get upset and lose hope for that car and compromise with the choice then they purchase a low budget car. To overcome this issue Indian Bank came with an exciting opportunity i.e.Indian bank car loan.

To start with, it is important to understand the multiple cost factors involved for a car loan with regards to the bank's funding and your down payment. Indian Bank provides different interest rates for the various categories from 9.35%.

 BENEFITS OF INDIAN BANK CAR LOAN :

1. Attractive interest rates :

Car loans are offered at attractive interest rates. The minimum interest rate of Indian Bank car loans starts from 8.45%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a car loan at an attractive and lower interest rate.

2. Flexible repayment tenure :

Flexible repayment tenure of up to 84 months. In the case of used cars, depending on the age of the car, the repayment tenure may be up to 60 months.

4. Maximum loan amount :

Maximum loan of up to Rs.2 crore may be provided by Indian Bank car loan and  85 % on road price of the car 

4. No foreclosure charges are allowed :

Indian bank car loans do not apply any foreclosure charges and prepayment penalties for a car loan.

DOCUMENTS REQUIRED FOR INDIAN BANK CAR LOAN : 

1. Id proof : Aadhar card, pan card, passport, voter id

2. Address proof : Electricity bill, registry, rental agreement, voter id, Aadhar card

3. Passport size photograph

4. Fully filled application form 

5. Last 3 years Income Tax Return 

6. Last 6 month bank statement

7. Business address proof 

8. Salary certificate

9. Last 3 years balance sheet in case of professionals, businessmen and self employed.

10. Copy of your driving license

11. Employment proof

12. Income proof such as interest on investment

13. Quotation of the vehicle that you want to purchase.

FEES AND CHARGES OF INDIAN BANK CAR LOAN :

 

TYPE 

CHARGES

Processing Fee

0.230% of the loan amount (Maximum of Rs.10236)

Charges

No charges

ELIGIBILITY CRITERIA FOR INDIAN BANK CAR LOAN :

ELIGIBLE

Salaried employees, self employed person, professionals, businessmen, NRIs, pensioners

AGE

21 years to 65 years

INCOME 

Minimum monthly income Rs.40000

3 year service experience in current job

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 INDIAN BANK :

  1. Indian Bank Business Loan

  2. Indian Bank Car Loan

  3. Indian Bank Home Loan 

  4. Indian Bank EMI Calculator

HOW TO CALCULATE EMI OF INDIAN BANK CAR LOAN :

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

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

Where, 

P is the principal amount, 

R is the interest rate on a monthly basis, and 

N is the number of instalments.

HOW TO APPLY FOR INDIAN BANK CAR LOAN :

There are two ways to get a car loan with INDIAN BANK i.e.

  1. Offline Method : By visiting the nearest bank branch of Indian Bank.

  2. Online Method :

  • Initially visit Indian bank official website

  • At home page click on “PRODUCTS” section

  • Now go to on “Loan ” and then click on “Personal/Individual” 

  • Select the “IB vehicle 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

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 :

1. What is the minimum and maximum tenure of a car loan in Indian Bank?

You can repay your car loan in a flexible tenure period of minimum 12 months to maximum 84 months.

2. How much interest is charged by Indian Bank on a car loan?

The interest rate charged by Indian Bank car loans starts from 8.45%.

3. How much processing fee is charged by Indian Bank on car loan?

 Indian Bank charges a processing fee of 0.230% of loan amount (Max Rs.10236)

4. Is age an eligibility factor to get a car loan from Indian Bank?

 Yes, age is an important eligibility factor to get a car loan as you should be at least 21 years and 65 years.          

Last Updated on : 27/Jul/2020

Know More About

Indian Bank Car Loan

You're eligible for a Indian 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

Indian Bank Car Loan Interest Rates

Updated on 25 Nov 2017

Indian Bank Car Loan Details
Interest Rate (Monthly reducing balance) 8.45% - 0%
Processing Fees 0.23% of the loan amount (Maximum Rs.10236)
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