Indian Bank Car Loan Interest Rate

Indian Bank, which has recently merged with Allahabad Bank, has a larger customer base. The bank provides a specific automobile loan to both inhabitants and non-residents of the country. This scheme applies to both two-wheeler and four-wheeler loans.

Indian Bank provides its customers with a car loan known as IB Vehicle Loan, with interest rates starting at 7.90% p.a. (new cars) and repayment terms of up to 84 months. The interest rate on used auto loans begins at 10.85% per annum.

Characteristics of the Indian Bank Car Loan

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%.

Indian Bank Car Loan Interest Rate 2022

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

IB Vehicle Loan

Type

Indian Bank Car Loan Interest Rates for General Customers

New car

8.05%

Used car

11%

Indian Bank Car Loan Rate of Interest for Eco Vahan

Type of Loan

Interest Rate

Business class

8% - 8.15%

Salaried applicants

7.65% - 7.8%

Professional

7.75% - 7.9%

How to Apply for the Indian Bank Car Loan Schemes?

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

1) Offline Method

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.

2) Online Method

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.

Who is Eligible for the Indian Bank Vehicle Loan?

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.

The Documents Required for the Indian Bank Car Loan

  • 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
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