Indian Bank Car Loan

Indian Bank Car Loans

A car could be used for many purposes – going on a family trip, going on a long trip with friends, saving you from the rain or the hot sun when commuting to office or for those car lovers who would like to take the car for a drive just as a stress reliever. A single car could mean different things to different people. India is also a growing market for automobiles, the passenger car market has showed growth double digit growth over the years. The growth is seen across car categories which include compact car, sedan and utility leading to the breaking of a long-held belief that India is an economic and small car market place. International car manufacturers have also made their presence felt by creating cars for the Indian soil.

What Are the Advantages of Taking a Car Loan?

Buying a car requires a huge amount of money and it is often hard to pay the money at a single shot. In such circumstances, a car loan can be a great assistance to purchase a car quickly without having to wait until the entire money is saved. A car loan comes with low interest rate as it is a secured loan. You can also choose a flexible repayment period based on your comfort and convenience.

Introduction to Indian Bank Car Loan

Indian Bank, one of the leading banks in India, offers car loans to varied individuals depending on the loan requirement. The loan provided can be repaid in EMIs over a comfortable period of up to 84 months. The borrower can get low interest rates in the market.

Features of Indian Bank Car Loan

Purpose: The Indian Bank car loans are provided to purchase new and old cars.

Loan Amount: The maximum loan amount on Indian Bank car loan is INR 200 Lakhs.

Tenure: The repayment period is up to 84 months.

Margin: 15% for new vehicles and 40% for pre-owned vehicles.

Security: The car itself acts as a form of security. However, for loans above INR 10 Lakhs, the borrower may have to submit additional securities such as Fixed Deposits/LIC policy/Mortgage of immovable property etc.

Indian Bank Car Loan Eligibility

The borrower must have following eligibility criteria to get car loans for the purchase of new and used cars.

Indian Bank Car Loan Interest Rates and Other Charges

­The interest rate is fixed at the sole discretion of the bank. The base lending rate is 9.45% per annum.

Processing fees:

0.229% of the loan amount is charged as processing fee subject to maximum of INR 10191.

Who Can Get Car Loans from Indian Bank?

Indian Bank car loans are provided to all individuals who has a better a repaying ability. The car loan is offered to salaried and self-employed professionals, businessmen, bank employees, NRIs, employees from other banks with NOC from the employer.

Documents required for Indian Bank Car Loan

The following are the documents required for Indian Bank car loan

• Duly filled-in application form
• Passport size photographs
• Identity proof - PAN Card / Voter’s ID/Passport/Driving License
• Address proof - Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID
• Pay slip
• Bank statement
• IT returns for the last 3 years
• Proof of business existence
• Balance sheet for the past 3 financial years for professionals, businessmen
• Driving licence
• Quotation for vehicle to be purchased from the dealer

The above documents are only indicative. The lender may request you to submit additional documents depending on your credit profile.

Indian Bank Car Loan Eligibility Check

Before a person applies for a Indian Bank car loan it is best to do an eligibility check which is available on the Indian Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Car Loan EMI Calculator

Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the Indian Bank Car Loan EMI calculator.

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.

CreditMantri’ s Car Loan EMI Calculator and Indian Bank Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

Indian Bank Car Loan EMI Payment Methods

Your Indian Bank car loan can be repaid in following three ways.

• Standing Instruction- EMI will be automatically debited from the bank account of the customer based on the instruction
• ECS- This is also an automatic clearance for method for non-Indian bank customers
• Post-Dated Cheques – Cheques can be submitted at the nearest Indian bank for making the repayment

Indian Bank Car Loan FAQs