Indian Overseas Bank Car Loan Key Features – Nov 18 2024
| Indian Overseas Bank Car Loan Interest Rate | 7.35% per annum |
| Min Loan Amount | ₹ 100,000 |
| Max Loan Amount (Loan to Value) |
Loan up to 90% of On Road Price or 100% of Ex-showroom Price |
| Loan Tenure | 1 year to 7 years |
| Lowest EMI / Lac | ₹ 2,083 |
| Minimum Net Monthly Income | ₹ 8,000 |
| Minimum ITR for Self Employed | ₹ 96000 |
| 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 | Up to 0.40% Only |
| Foreclosure Charges | No foreclosure charges |
| Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation |
About Indian Overseas Bank Car Loan
Indian Overseas Bank (IOB) is a major public sector bank based in Chennai, India, with about 3,400 domestic branches, about 6 foreign branches, and a representative office. Founded in February 1937 by Shri. M. Ct. Chidambaram Chettiar with double intentions of specializing in foreign commerce business and overseas banking.
Indian Overseas Bank provides Car Loans at attractive rates of interest to the consumer for buying their dream car whether new or second hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.
Advantages of Indian Overseas Bank Car Loan
Indian Overseas Bank Car Loan Eligibility
| Salaried Individual |
|
| Self-Employed Individuals |
|
| Self-Employed Non-Individuals (Company/Partnership) |
|
| Priority Customers |
|
Indian Overseas Car Loan Interest Rate, Fees and Charges
| Charges | New Car Loan | Used Car Loan |
| Interest Rate7.35% p.a. to 11.30% p.a. | 7.35% per annum |
14.80% p.a. to 16.80% p.a. |
| Processing fee | 0.40% | 0.40% |
| Issuance of Duplicate Repayment Schedule Charges | Rs.500 per instance | Rs.500 per instance |
| Foreclosure Charges | 5% of the principal outstanding | 5% of the principal outstanding |
| Penal Interest | 2% per month | 2% per month |
| Part Payment charges | 5% of the paid amount | 5% of the paid amount |
| Cheque/Instrument Swap Charge | Rs.500 per instance | Rs.500 per instance |
| Documentation Charge | Rs.500 per instance | Rs.500 per instance |
| Issuance of Duplicate No Dues Certificate Charges | Rs.500 per instance | Rs.500 per instance |
| Registration Certification Collection Charge | Rs.200 per instance | Rs.200 per instance |
| Cheque Bounce/Instrument Return Charges | Rs.500 per instance | Rs.500 per instance |
| Issuance of Duplicate Statement Charges | Rs.500 per instance | Rs.500 per instance |
| Loan Cancellation/Re-booking Charges | Rs.2,500 per instance | Rs.2,500 per instance |
| Issuance of Credit Report | Rs.50 per instance | Rs.50 per instance |
How to Increase Your Eligibility for Indian Overseas 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 Overseas Bank. This will be an indication of your higher repayment capacity for the Indian Overseas 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 a Car Loan for an Indian Overseas 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 Overseas Bank Car Loan.
- Maintain a low debt-to-income ratio: A low debt-to-income ratio in Indian Overseas Bank means you have a good balance between your earnings and your spending. This is because before Indian Overseas Bank decides 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 Overseas 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 Overseas 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 Overseas Bank loan are higher.
Factors Affecting Indian Overseas Bank Car Loan Eligibility
The eligibility for availing of an Indian Overseas Bank car loan 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 Overseas Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an Indian Overseas Bank car loan, your yearly income should be at least Rs.3 lakh.
- Loan amount: Your Eligibility Criteria for Car Loan from Indian Overseas Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, Indian Overseas Bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Indian Overseas Bank Car Loan.
- Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Indian Overseas Bank. It might give an impression to the bank that you do not possess the ability to pay Your Indian Overseas Bank loan.
- Credit score: This is an important factor that every bank, including Indian Overseas 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 Overseas Bank and most lenders.
- Relationship with the bank: As stated earlier, Indian Overseas Bank offers instant car loans to their existing customers, which allows Indian Overseas Bank’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.
Indian Overseas Bank Car Loan Documents Required
Salaried Individual
| Category | Documents Required |
| Identity Proof
(Any 1) |
Driving License Aadhaar Card Passport PAN Voter ID |
| Address Proof(Any 1) | Driving License Aadhaar Card Passport PAN Voter ID |
| Date of Birth Proof(Any 1) | Birth Certificate Passport Driving License 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 License Aadhaar Card Passport PAN Voter ID |
| Address Proof (Any 1) | Driving License Aadhaar Card Passport PAN Voter ID |
| Date of Birth Proof (Any 1) | Birth Certificate Passport Driving License 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 License Aadhaar Card Passport PAN Voter ID |
| Address Proof (Any 1) | Driving License 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. |
Special Note: An individual must check the documents required for a car loan before deciding.
Indian Overseas Bank Car Loan EMI Calculator
The applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:
Indian Overseas Bank Car Loan Types
Indian Overseas Bank offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:
- New Car Loan – Those who wish to buy a new car, this is the scheme for you. You can take Indian Overseas Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
- Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
- Loan Against Car – You can opt for this scheme if you require urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.
Indian Overseas 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 Overseas Bank Car Loan?
- Visit Dialabank and fill a form.
- Wait for a call from our Relationship Manager who will guide you throughout the process.
- You can compare different offers from banks and choose the one which suits your needs.
- Thus, easily apply for a Car Loan through Dialabank and enjoy the best 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 Overseas Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Indian Overseas Bank gives you two options:
How to Calculate EMI on Indian Overseas Bank Car Loan
Before you avail of a car loan from Indian Overseas Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments 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 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 Overseas Bank Car Loan for Top Selling Cars
Other Available Products from Indian Overseas Bank
Compare Indian Overseas 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 Overseas 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 Overseas Bank Car Loan
✅ What is the Indian Overseas Bank Car Loan?
Indian Overseas Bank car loan is the loan sum provided to its customers by the bank for a new or used car.
✅ How can I get a Car Loan from Indian Overseas Bank?
- Visit Dialabank and fill a form.
- Wait for a call from our Relationship Manager who will guide you throughout the process.
- You can compare different offers from banks and choose the one which suits your needs.
- Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.
✅ How does Indian Overseas Bank Car Loan work?
When you will Apply For a Car Loan, then you will get a call from our representative and then, there will be a document verification process. Then, the loan amount will be credited to your account.
✅ What is the Car Loan Interest Rate in Indian Overseas Bank?
The car loan interest rate in Indian Overseas Bank is
7.35% per annum
only.✅ How to Check Car Loan status in Indian Overseas Bank?
You can track your car loan status online on the Car loan status website.
✅ How to Calculate Car Loan Interest in Indian Overseas Bank?
✅ What is the maximum loan amount I can avail of on a Car Loan from Indian Overseas Bank?
The maximum loan amount you can avail of on a car loan is up to 90% of the On Road Price.
✅ What is the loan tenure of the Indian Overseas Bank Car Loan?
The loan tenure of the Indian Overseas Bank Car Loan is a maximum of 7 years.
✅ Can I get a 100% Car Loan from Indian Overseas Bank?
Yes, you can get a 100% of Ex-showroom Price car loan from Indian Overseas Bank.
✅ How much Processing Fee applies to Indian Overseas Bank Car Loan?
Indian Overseas Bank charges a processing fee of 0.40% Only.
✅ What are the EMI options available on the Indian Overseas Bank Car Loan?
Indian Overseas Bank Provides two EMI options Step-up EMI and Balloon EMI.
✅ What are the charges for Prepayment in Indian Overseas Bank Car Loan?
You can prepay/foreclose your Indian Overseas Bank Car Loan with nil foreclosure charges.
✅ Do I need to provide a guarantor to avail myself of a car loan from Indian Overseas Bank?
Generally, you don’t need a guarantor for a car loan. However, you may need a guarantor if you don’t fulfil the eligibility criteria for a car loan.
✅How to get the Indian Overseas Bank Car Loan Statement?
Get the statement in person by visiting your branch and requesting a detailed statement.
or
You can get the statement online. To do this, you should have Indian Overseas Bank internet banking activated.
✅ How to Pay Indian Overseas Bank Car Loan Interest Online?
Simply log on to online Indian Overseas Bank payment to ‘see and pay’ your bills. You also get an electronic acknowledgment for every bill paid by you using e-PAY. You can also pay through Paytm.
✅ What if I can’t pay the interest on Indian Overseas Bank Car Loan for 3 months?
Indian Overseas Bank imposes 24% of the exceptional amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for 3 months.
✅ How can I apply for EMI Moratorium on Indian Overseas Bank Car Loan?
You can apply for EMI Moratorium on Indian Overseas Bank Car Loans directly from the Indian Overseas Bank website’s Loan corner.
✅ What is the number for the Indian Overseas Bank Car Loan agent?
Call Dialabank at 9878981166 as it is one of the most trusted Indian Overseas Bank Car Loan agents. Dialabank even ensures the best offers on your Car Loan.
✅ Can I close the Indian Overseas Bank car loan online?
Indian Overseas Bank car loans can be closed by visiting the nearest branch and clearing off the outstanding amount.
✅ What is Indian Overseas Bank Car Loan Customer Care Number?
Call 9878981166 and clear any of your queries with us anytime.
✅ How can I get NOC from Indian Overseas Bank for a Car loan?
You can get NOC directly from the branch for Indian Overseas Bank Car Loans.
✅ What are the Indian Overseas Bank Car Loan preclosure charges?
Indian Overseas Bank Car Loan preclosure charges are up to 6%+ GST.
✅ What is the Indian Overseas 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 Overseas Bank Car Loan account.
- Pay the pre-closure charges as per Indian Overseas Bank Car Loan.
✅ What is the Indian Overseas Bank Car Loan maximum tenure?
The Indian Overseas Bank Car Loan maximum tenure is 7 years.
✅ What is the Indian Overseas Bank Car Loan minimum tenure?
The Indian Overseas Bank Car Loan minimum tenure is 1 year.
