Indian Bank Car Loan Interest Rate

For many decades, Indian Bank has served the Indian people. They offer a number of financial products to a wide range of customer categories. IB-Vehicle Loan provides its applicants with special rates and other discounts. Here is a list of features of the car loan that the bank provides-

• Bank of India Automobile loans are offered to both salaried and self-employed people.
• Exclusive prices for Indian bank account holders.
• Car loans are available to those between the ages of 21 and 65.
• The loan-to-value ratio might be up to 85% of the vehicle's on-the-road price.
• The loan's total length might be up to 7 years.
• Interest rates start as low as 7.90%.

Here is the table to show you the Indian Bank car loan interest rates 2024-

There are two major ways to get a car loan from the Indian Bank, and they are-

In this method, you would have to visit the nearest Indian Bank branch, and a representative of the bank would help you complete the application process. Ensure that the required documents are carried along with them.

Step 1: You will have to visit the official portal of the Indian Bank.

Step 2: On the homepage of that website, you will have to click on the section on products.

Step 3: Now, you will have to go to loans and click on personal or individual.

Step 4: Choose the option - Indian Bank Vehicle Loan.

Step 5: You will then have to fill in the application form that is displayed on the screen.

Step 6: Then, you will have to attach all of the needed documents.

Step 7: You will then have to click on the submit option.

In a while, you will be told whether you are eligible for the loan and if your application form was approved or rejected.

Here are the details of the persons who will be eligible for the car loan from Indian Bank-

• You will have to be between the age of 21 and 65.
• The tenure of the car loan will be for seven years.
• The income of the applicants needs to be more than Rs. 2.40 lakhs.
• The value ratio of the loan will be up to 85% of the on-road price of the car.

• Form of application
• Photograph in passport size.
• ID documents such as a driver's license, passport, voter's ID, or PAN card are acceptable.
• The Balance Sheet for the past three fiscal years must be submitted in the case of self-employed individuals, businessmen, and professionals.
• Income evidence such as investment interest, rent, and so on.
• Voter ID, Property Tax Receipt, Electricity Bill, Passport, or recent Telephone Bill are all acceptable forms of address proof.
• Proof of business address
• Proof of employment
• Certificate of Salary
• Request a quote for the vehicle you want to buy.
• a copy of your driver's license
• Bank statement over the previous six months
• Income Tax Returns (ITR) from the previous three years