IDBI Bank Car Loan Interest Rate

IDBI Bank Limited is a financial services firm based in Mumbai, India. In terms of government ownership, IDBI Bank ranks alongside nationalized banks and the SBI Group. It is one of the Government of India's 26 commercial banks.

Their knowledge of financial markets will enable them to deal successfully with obstacles and capitalize on new possibilities by actively engaging in our country's growth process. Getting to drive your dream car may make everything seem so much better. IDBI Bank provides Express Auto Loans for your dream car.

Characteristics of the IDBI Bank Car Loan

  • Prepayment or partial foreclosure of an IDBI car loan is permitted after six months of loan disbursement. The pre-closure work should be done from personal funds and will be completed without penalty. IDBI bank will charge a fee of 1% of the outstanding balance plus additional relevant charges if the car loan is ended before the mandatory six-month term or a balance transfer is requested.
  • IDBI Bank also charges clients a 2% monthly penalty for late or irregular EMI payments.
  • In addition, loan documentation fees are assessed when an IDBI car loan is processed.
  • IDBI car loans are offered with loan terms of up to 7 years.
  • Customers can conveniently pay their monthly EMIs for IDBI car loans via standing instructions or ECS debits. An automobile loan's monthly EMIs are computed on a daily lowering basis.
  • IDBI has minimal processing fees on car loans, with waivers available throughout the holiday season.

IDBI Car Loan Interest Rate 2022

The IDBI car loan interest rates are shown in the table below-

CIBIL Score

IDBI Bank Car Loan Interest Rate

-1

700 - 740

741 - 775

776 - 800

801 and more

8.10%

8.10%

7.70%

7.60%

7.50%

Other Charges of the IDBI Bank Car Loan

These are the charges, other than the IDBI Bank car loan interest-

1) Processing Fees - Rs.2,500

2) Foreclosure Charges - 1% of outstanding balance + applicable charges.

3) Penal Interest Charges - 2% per annum for the overdue

Who is Eligible for the IDBI Bank Car Loan?

Any salaried or self-employed individual who meets the qualifications outlined below may be eligible for an IDBI Bank car loan.

  • The applicant needs to be a minimum of 18 years old at the time of application.
  • The borrower's maximum age at loan maturity cannot be more than 70 years old.
  • You will need to have a minimum annual income of Rs. 1.8 lakhs.
  • While salaried employees must have a total work experience of two years, with a minimum of one year with the current company, self-employed employees must have been in the same area of business for at least two years.

Documents Required for the IDBI Bank Car Loans

Following are the documents required for the IDBI Bank car loans-

- Proof of Age

  • Birth Certificate
  • Election ID Card
  • LIC Policy
  • PAN Card
  • School Leaving Certificate
  • Passport
  • Driving License

- Proof of Address

  • Sales Tax RC/ITR/Form 18
  • Telephone Bill/Electricity Bill
  • Passport
  • Driving license
  • Election Id card
  • Title Deed of Property/Rental Agreement
  • Employer's Letter

- ID Proof

  • Driving License
  • Photo Credit Card
  • Passport
  • Election ID card
  • PAN Card
  • Employer's ID Card

- Proof of Income

  • Salary slip for the previous two months
  • Form 16/ITR for the previous two years.
  • Salary credit is seen on a bank statement.
  • The balance sheet
  • Statement of Profit and Loss
  • Bank statement over the previous six months.

How to Apply for the IDBI Bank Car Loan?

With the advancement of technology, it is now possible to apply for a car loan online. Download the car loan application form from the IDBI Bank website. Submit the completed and signed application form to the bank, together with the required documents such as identity evidence, age proof, residence proof, and income proof. The form and documentation can be uploaded to the bank's website or submitted to the website of the nearest IDBI Bank branch.

To upload the application form to the bank's website, simply input the application number and your date of birth (DOB) in the 'Update Application form. You can upload the completed and signed form to the website after selecting the 'Update Application' option.

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