Indian Bank provides Car loans with repayment tenure of up to 7 years with interest rates starting from 8.45%(for new cars) and 11.40%(for used cars).
The EMI for Indian Bank Car Loan can be as low as Rs. 1,642 per lakh, making it more comfortable and affordable for the customers to meet their car needs.
Indian Bank Car Loan is provided to both salaried and self-employed professionals.
Here is the list of certain fees and charges that you should be aware of while applying for Indian Bank Car Loan:
| TYPE | CHARGES |
| Processing fee | 0.230% of the loan amount (Maximum Rs.10,236) plus tax |
| Charges | No Charges |
| Margin |
|
For applying to Indian Bank Car Loan you must be up to the eligibility criteria put up by the bank.
Following is the list:
| ELIGIBLE | Salaried employees, self-employed person, professionals, businessmen, NRIs, pensioners |
| AGE | 21 years to 65 years |
| INCOME |
|
Here is the list of documents that are required to apply for the 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.
| BANKS | INTEREST RATE |
| AXIS Bank New Car Loan | 9.05% to 11.30% |
| SBI New Car Loan Scheme | 8.00% to 10.75% |
| HDFC Bank New Car Loan | 8.80% to 10.50% |
| 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% |
There are two ways to get a car loan with Indian Bank i.e.
The following formula is used to calculate the EMI of Indian Bank car loan :
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
Where,
Other Loans Offered by the India Bank
FAQs on Indian Bank Car Loan
You can repay the loan by providing post-dated cheques or via ECS.
No, you cannot sell the car before the loan is repaid. A NOC is required to sell the car, and banks provide one only once the loan is paid.
Yes, it is possible to foreclose the car loan. However, banks may levy a foreclosure charge.
In case the value of the car is less than Rs.25 lakh, collateral or security need not be provided. However, if the value of the car is more than Rs.25 lakh, security must be provided.
You can repay your car loan in a flexible tenure period of a minimum of 12 months to a maximum of 84 months.
The interest rate charged by Indian Bank car loans starts from 8.45%.
Indian Bank charges a processing fee of 0.230% of loan amount (Max Rs.10236)
You can repay your car loan in a flexible tenure period of minimum 12 months to maximum 84 months.
Last Updated on : 18/Mar/2021Know More About
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
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