Indian Overseas Bank Car Loan Interest Rate

Indian Overseas Bank (IOB) provides car loans for new and used vehicles at interest rates ranging from 9.8% to 11.8% per annum. The proposed interest rate is determined by elements such as income, credit score, loan amount, loan tenure, and so on.

Here is the table of the IOB car loan interest rate 2024-

• Age range: 21 to 60 years.
• Permanent personnel of the state/central government, public sector undertakings, corporations, private sector firms, and reputable establishments.
• Professionals, self-employed individuals, and those who are income tax assessees, as well as individuals engaged in agriculture and related activities.

You will have to carry the following documents along while applying for the car loan from Indian Overseas Bank-

• The applicant's most recent photograph.
• Age verification- HSC, SSC, and degree courses mark sheets or pass certificates (it is Optional).
• ID proof (any kind of the following): voter's ID, PAN card, driver's license, passport.
• KYC (Know Your Customer) paperwork.
• Voter ID, PAN card, driving license, passport, utility bill, telephone bill, or ration card are all acceptable forms of address proof.
• Income proof (anyone): most recent pay stub, prior year's Form 16, bank statement for the last six months.
• Bank statement or the bank passbook with entries from the previous six months.

IOB car loan interest rate 2024 is determined by a variety of factors. The following are some of the elements and how they affect the rate-

• When authorizing a loan, the IOB considers the individual's income. This is because of the bank's need to ensure that the person has enough disposable income to repay the loan on schedule. A higher income range may translate into a lower interest rate.
• The model of the car is a crucial factor to consider because it serves as collateral for the loan. If the applicant does not return the loan, the bank will repossess the vehicle. Banks typically examine car models to ensure they will have a high resale value in the future. As a result, banks may charge a high-interest rate on a car with a low resale value and a low-interest rate on a car with a high resale value.
• IOB has varying interest rates for new and secondhand autos. Rates are higher for new autos that require loans in excess of Rs.10 lakh.
• When it comes to applying for a loan, credit ratings have become extremely important. Your loan approval is strongly connected to your credit score. If your credit score is good and you have a solid relationship with the bank, they may offer you a low-interest rate.