Indian Bank Car Loan

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Indian Bank Car Loan

Indian Bank Car Loan Key Features Jun 24 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

Indian Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 25000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

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:

Car Loan EMI Calculator

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:

  1. 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.
  2. Used Car Loan – If you want to buy a used car, you can choose this scheme which offers a minimum tenure of 5 years.
  3. 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?   

        indian bank car loan

  1. Visit Dialabank and fill a form.
  2. Our bank’s representative will call you and guide you throughout the process.
  3. You can compare divergent offers from banks and choose the best for you.
  4. You can easily apply for a Car Loan through Dialabank and enjoy offers.

Tips to Decide the Right Amount of EMI

  • Ascertain the amount you need to borrow: It is important that before approaching Indian Bank for a loan, you inform them about the amount of loan you need to borrow. Limit your Indian Bank loan amount after accounting for your own available funds.
  • Review your current obligations: Before taking an Indian Bank loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you estimate the amount of EMI you will be able to pay comfortably for the Indian Bank Loan after taking into account other obligations.
  • Calculate your Indian Bank car loan eligibility: Your Indian Bank eligibility is an assessment of your repayment capacity based on your monthly income. Indian Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility: Indian Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating Your Indian Bank loan eligibility.
  • FOIR based loan amount eligibility: Indian Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. Indian Bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations in Indian Bank or other banks to calculate your fixed obligations.

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:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

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.