Indian Bank Car Loan Key Features – Oct 06 2024
Indian Bank Car Loan Interest Rate | 7.35% per annum |
Min Loan Amount | NA |
Max Loan Amount (Loan to Value) |
Loan up to 85% of On Road Price |
Loan Tenure | 1 year to 7 years |
Lowest EMI / Lac | ₹ 1,642 |
Minimum Net Monthly Income | ₹ 25,000 |
Minimum ITR for Self Employed | ₹ 300,000 |
Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 65 years |
Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs). |
Processing Fee | 0.40% of the principal amount |
Foreclosure Charges | NA |
Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation |
About Indian Bank Car Loan
Indian Bank has 2500 branches all over India. Indian Bank serving financial services to fulfil your dreams.
Indian Bank offers Best Car Loan at affordable interest rates to the consumer for buying a car, it can be new or second hand. This loan can be easily availed by you if you have a good credit/CIBIL score. Minimum documents are required for getting a car loan from Indian Bank.
Advantages of Indian Bank Car Loan
Indian Bank Car Loan Eligibility
Salaried Individual |
|
Self-Employed Individuals |
|
Self-Employed Non-Individuals (Company/Partnership) |
|
Priority Customers |
|
Indian Bank Car Loan Interest Rate, Fees and Charges
Charges | New Car Loan | Used Car Loan |
Interest Rate | 7.35% per annum |
Starts@12.90% |
Processing fee | 0.40% of the principal amount | Up to 0.22% o the loan amount (Max Rs. 10,236) |
Issuance of Duplicate Repayment Schedule Charges | Rs.500 per instance | Rs.500 per instance |
Foreclosure Charges | NA | NA |
Penal Interest | NA | NA |
Part Payment charges | NA | NA |
Cheque/Instrument Swap Charge | NA | NA |
Documentation Charge | NA | NA |
Issuance of Duplicate No Dues Certificate Charges | NA | NA |
Registration Certification Collection Charge | Rs.200 per instance | Rs.200 per instance |
Cheque Bounce/Instrument Return Charges | Rs.300 per instance | Rs.300 per instance |
Issuance of Duplicate Statement Charges | Rs.500 per instance | Rs.500 per instance |
Loan Cancellation/Re-booking Charges | NA | NA |
Issuance of Credit Report | NA | NA |
How to Increase Your Eligibility for Indian Bank Car Loan
- Opt for a shorter tenure: When you opt for a shorter tenure to repay the money, the EMI you will pay each month will be higher in Indian Bank. This will be an indication of your higher repayment capacity for the Indian Bank Car Loan, which will build a sense of confidence in you.
- Keep your credit score in check: If you wish to increase your Eligibility for Car Loan for an Indian Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for Indian Bank Car Loan.
- Maintain a low debt-to-income ratio: A low debt-to-income ratio in Indian Bank means you have a good balance between your earnings and your spending. This is because before Indian Bank decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Indian Bank Car Loan.
- Apply for a loan for a lower amount: By applying for a loan for a lower amount, you can increase your eligibility for an Indian Bank car loan. In addition, a lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for an Indian Bank loan are higher.
Factors Affecting Indian Bank Car Loan Eligibility
The eligibility criteria for car loan for Indian Bank will depend on the below-given factors:
- Income: If your income is on the higher side, there is a good chance that your eligibility for an Indian Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an Indian Bank car loan, your yearly income should be at least Rs.3 lakh.
- Loan amount: Your Eligibility Criteria for Car Loan from Indian Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, Indian Bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Indian Bank Car Loan.
- Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Indian Bank. It might give an impression to the bank that you do not possess the ability to pay Your Indian Bank loan.
- Credit score: This is an important factor that every bank, including Indian Bank, considers when determining your car loan eligibility. A credit score of 750 and above is considered to be a healthy credit score by Indian banks and most lenders.
- Relationship with the bank: As stated earlier, Indian Bank offers instant car loans to their existing customers, which allow Indian Bank’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.
Indian Bank Car Loan Documents Required
Salaried Individual
Category | Documents Required |
Identity Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
Address Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
Date of Birth Proof
(Any 1) |
Birth Certificate Passport Driving Licence PAN |
Signature Proof
(Any 1) |
Passport Bankers Verification PAN |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Work Experience Certificate ITR of Form 16 Salary Slip with Joining Date Appointment Letter Letter of Relieving |
Self-Employed Individuals
Category | Documents Required |
Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Date of Birth Proof (Any 1) | Birth Certificate Passport Driving Licence PAN |
Signature Proof (Any 1) | Passport Bankers Verification PAN |
Income Proof | Latest Form 16 and Salary Slips |
Bank Statement | Bank statement of last 3 months |
Employment Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Business Proof | Current Account Statement Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
Category | Documents Required |
Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
Bank Statement | Bank statement of last 3 months |
Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Additional documents | Authority Letter/PAN cards |
2. Private Limited/Limited Companies
Category | Documents Required |
Identity Proof | Copy of Latest MOA Copy of Incorporation Copy of Latest AOA |
Address Proof (Any 1) |
Current Account Statement
Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
Bank Statement | Bank statement of last 3 months |
Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
Additional documents |
List of Directors and Shareholding Partners
PAN Card Board Resolution Certificate of Commencement of Business for Ltd. Co. |
Indian Bank Car Loan EMI Calculator
You can know your EMI’s before getting a Car Loan. You can easily check through the link below:
Indian Bank Car Loan Types
Indian Bank presents different types of car loans to its customers. You have the option of choosing the offer which suits you. The following types of Car Loans offered by Indian Bank:
- New Car Loan – If you wish to buy a new car, this scheme is for you. You can get Indian Bank Car Loan according to your loan amount.
- Used Car Loan – If you want to buy a used car, you can choose this scheme which offers a minimum tenure of 5 years.
- Loan Against Car – You can choose this scheme if you require urgent funds where you can keep your cars as a guarantee with the bank.
Indian Bank Car Loan Pre Calculated EMI
Loan Amount | 2 Years | 3 Years | 5 Years | 7 Years |
1 Lakh | ₹ 4,480 | ₹ 3,090 | ₹ 1,982 | ₹ 1,512 |
3 Lakh | ₹ 13,439 | ₹ 9,270 | ₹ 5,947 | ₹ 4,535 |
5 Lakh | ₹ 22,398 | ₹ 15,450 | ₹ 9,912 | ₹ 7,559 |
10 Lakh | ₹ 44,795 | ₹ 30,900 | ₹ 19,825 | ₹ 15,117 |
How to Apply for Indian Bank Car Loan?
- Visit Dialabank and fill a form.
- Our bank’s representative will call you and guide you throughout the process.
- You can compare divergent offers from banks and choose the best for you.
- You can easily apply for a Car Loan through Dialabank and enjoy offers.
Tips to Decide the Right Amount of EMI
The Car Loan EMI – EMI Changes in Case of Prepayment
In case you prepay your vehicle loan, the bank will issue a small penalty. Prepayment in Indian Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Indian Bank gives you two options:
How to Calculate EMI on Indian Bank Car Loan
Before availing of a car loan from Indian Bank, you should know how much amount you will be paying every month. This is simply known as EMI and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.
You can also calculate the EMI for your car loan by using the below-given formula:
E = P*r*[(1+r) ^n/((1+r) ^n-1)]
In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.
You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.
Indian Bank Car Loan for Top Selling Cars
Other Available Products from Indian Bank
Indian Bank Personal Loan | Indian Bank Gold Loan | Indian Bank Home Loan |
Indian Bank Credit Card | Indian Bank Two Wheeler Loan | Indian Bank Education Loan |
Compare Indian Bank Car Loan With Other Banks In India
Car loan Banks | Interest Rates | EMI per Rs 1 lakh for 7 Years |
Bank Of Baroda Car Loan | 8.80% – 10.55% | Rs. 1,599 – Rs. 1,689 |
Canara Bank Car Loan | 8.70% – 9.35% | Rs. 1,594 – Rs. 1,627 |
Corporation Bank Car Loan | 8.75% – 9.50% | Rs. 1,596 – Rs. 1,634 |
Indian Bank Car Loan | 8.50% – 11.25% | Rs. 1,584 – Rs. 1,725 |
Private Bank Car Loan | 8.82% – 12.75% | Rs. 1,600 – Rs. 1,806 |
Union Bank Car Loan | 8.85% – 11.85% | Rs. 1,601 – Rs. 1,757 |
SBI Car Loan | 8.65% – 9.70% | Rs. 1,609 – Rs. 1,645 |
FAQs for Indian Bank Car Loan
✅ What is Indian Bank Car Loan?
Indian Bank Car Loan is a financial product that provides funds to you for purchasing a new and used car.
✅ How can I get a Car Loan from Indian Bank?
You can get a car loan from Indian Bank by visiting the nearest branch of Indian Bank. You will get the convenience to apply from anywhere.
✅ How does Indian Bank Car Loan work?
Indian Bank provides car loans at attractive interest rates. You can avail of a car loan easily and quickly. Indian Bank provides flexible loan tenure duration.
✅ What is the Car Loan Interest Rate in Indian Bank?
The car loan interest rate charged by the Indian Bank starts at
7.35% per annum
.✅ How to Check Car Loan status in Indian Bank?
You must visit the Indian Bank branch to check your car loan status. Also, you can use the net-banking services of Indian Bank to know your car loan status.
✅ How to Calculate Car Loan interest in Indian Bank?
For the calculation of your car loan interest in an Indian bank, you must know your loan amount, rate of interest and loan tenure duration.
You can calculate car loan interest and EMI for Indian banks through EMI Calculator.
✅ What is the maximum loan amount I can avail myself on a Car Loan from Indian Bank?
You can avail a maximum loan amount for a car loan from Indian Bank is up to 85% of On Road Price.
✅ What is the loan tenure of the Indian Bank Car Loan?
The loan tenure period for a car loan from Indian Bank ranges between 1 to 7 years.
✅ Can I get a 100% Car Loan from Indian Bank?
You can get a loan up to 85% of On Road Price for a car loan from Indian Bank. To avail a 100% Car loan, you must visit the online platform of Dialabank.
✅ How much processing fee is applicable on Indian Bank Car Loan?
Indian Bank charged a processing fee is 0.40% of the principal amount for getting a car loan.
✅ What are the EMI options available on Indian Bank Car Loan?
Step-up and Balloon EMI are the EMI options available on Indian Bank Car Loan.
✅ What are the charges for Prepayment in Indian Bank Car Loan?
Indian Bank does not have prepayment charges for availing a car loan.
✅ Can I get a top-up loan on my existing Indian Bank Car Loan?
Yes, you can get a top-up loan on your existing Indian Bank car loan. Also, get a top-up car loan by visiting the online platform of Dialabank.
✅ Do I need to provide a guarantor to avail myself a car loan from Indian Bank?
No, there is no need to avail a guarantor to avail a car loan from an Indian bank.
✅ How to get Indian Bank Car Loan Statement?
For getting a car loan statement from Indian Bank, you can use Indian Bank’s mobile banking app. Also, you can visit Dialabank online and fill a simple form there and get offers.
✅ How to pay Indian Bank Car Loan interest online?
You can pay your car loan interest through the net-banking facility of Indian Bank. If you want a low-interest car loan, you must visit Dialabank online and fill a form there.
✅ What if I can’t pay the interest on Indian Bank Car Loan for 3 months?
If you can’t pay the interest on Indian Bank Car Loan for 3 months, then it will be added to the outstanding loan amount and repayment charges will redraft.
✅ How can I apply for EMI Moratorium on Indian Bank Car Loan?
You can apply for EMI Moratorium on Indian Bank by visiting the nearby branch of Indian bank or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.
✅ What is the number for the Indian Bank Car Loan agent?
The number for the Indian Bank Car Loan agent is 1800-425-00-000.
✅ Can I close the Indian Bank car loan online?
You can close your car loan by paying the outstanding loan amount. You can close your car loan from Indian Bank by using the net-banking page of Indian Bank You have to log in with your details on the net -banking page and pay your car loan.
✅ What is Indian Bank Car Loan Customer Care Number?
The customer care number of Indian Bank for car loan queries is 9878981166.
✅ How can I get NOC from Indian Bank for a car loan?
You can get a car loan NOC from Indian Bank when you have paid your loan amount.
What is the Indian Bank Car Loan closure procedure?
- Just go to the bank with the documents required for a car loan.
- Write a letter for pre-closure of the Indian Bank Car Loan account.
- Pay the pre-closure charges as per Indian Bank Car Loan.
✅ What are the Indian Bank Car Loan preclosure charges?
Indian Bank Car Loan preclosure charges are up to 6%+ GST.
✅ What is the Indian Bank Car Loan maximum tenure?
The Indian Bank Car Loan maximum tenure is 7 years.
✅ What is the Indian Bank Car Loan minimum tenure?
The Indian Bank Car Loan minimum tenure is 1 year.