About IDBI Car Loan
IDBI Bank is a leading financial institution in the country, operating for the past 40 years. The bank was initially a financial institution and later converted into a banking institution on 1st October 2004.
The bank was specially invited to set up a stall in an event organized by the Banking Ombudsman in Goa of the RBI, in view of their quick resolution of complaints by customers. Besides, The bank provides two wheeler loan at very rational rates of interest.
Why IDBI Car Loan?
Buying your favorite car is not really a big deal if you have enough cash in hand. But if you cannot afford full cash to buy a car then you can opt for an IDBI Bank Car Loan. IDBI Bank, offers you express Auto Loans, with the single-minded aim of getting the vehicle you desire. Easy and quick, these loans make sure you avail the service of Car Loan according to their need.
- Complete Fund Provider– First of all, IDBI provides funding to the optimal level.
- Reduced EMI– Also, IDBI offers a variety of repayment options to the people.
- Variety of Loans on different Cars– Next, Wide variety of loans on all type of cars.
- Tie-ups with Dealers and Manufacturers: Furthermore, We have the tie-ups with dealers and Manufactures of vehicles.
Features of IDBI Car Loan
- First and foremost, Complete Funding is provided to the customers.
- Secondly, Covers a wide range of cars.
- Thirdly, the repayment period is up to 60 months.
- Next, the applicant can repay with easy EMIs.
- Furthermore, Hassle-free documentation.
- Moreover, Attractive Interest rates.
- Besides, Tie-ups with Dealers and Manufacturers that can help to avail better offers and deals.
IDBI Bank Car Loan Eligibility Criteria
The eligibility criteria of the applicants are different for the employed and self-employed applicants.
Firstly, age should be in between 21 and 60 years.
Secondly, the experience of the applicant should be more than 2 years and should be working in the current organization from more than 1 year.
Lastly, the minimum income required in these loans is Rs 18,000/-.
For Self Employed
Firstly, age should be in between 30 to 60 years. If the applicant is younger than 30 year then he can use a co-borrower for these loans.
Secondly, the applicant should be running his business from the last 2 years.
Lastly, the ITR of the applicant’s business should be more than Rupees 2.5 Lakhs for the last 2 years.
IDBI Car Loan Document Requirements
Identity Proof– To begin with, The applicant can get any of the proof for verifying their identity: Passport, PAN Card, Election Id card, Driving License, Photo Credit Card, Employers.
Address Proof– Next, The loan seeker can get any of the stated documents: Election Id card, Telephone Bill / Electricity Bill, Title deed of property / Rental Agreement, Employer’s letter, Sales Tax RC / ITR / Form 18
Photographs– Also, 2 Colored passport size photographs.
Income Proof– Furthermore, Latest 3 months salary slips.; Form 16/ ITR for the last 2 years.
Quotations– Lastly, Car Price Quotations from the Showroom Bank Statement- Bank Statement of the last 6 months, Balance Sheet and ITR for the last 2 years.
IDBI Car Loan Interest Rate & Charges
Firstly, Cars less than 3 Lakhs
The Rate of Interest varies between 10.25%-10.75% per annum
Secondly, Cars between 3 Lakhs-6 Lakhs
The Rate of Interest varies between 9.50%-10.25% per annum
Next, Cars between 6 Lakhs-10 Lakhs
The Rate of Interest varies between 9.25%-9.75% per year.
Finally, Cars between 10 Lakhs-20 Lakhs
The Rate of Interest varies from 9.01% to 9.65% per annum.
The Interest Rate of Car Loan starts at 13% per year. And, it can go up to 16% per year.
What are the factors on which IDBI Car Loan Depends?
- First of all, the Type of Car
- Next, the Amount of loan
- Also, the Location.
- And, Internal Customer.
IDBI Bank Car Loan Benefits
- First and Foremost, A good number of banks give 95-100% of funding on the ex-showroom price of the Car.
- Next, the loan seeker can choose the period of car loan from 2 years to 7 years.
- In addition, this service is provided in three types that are New Car Loan, Used Car Loan, and Loan against Car. Hence, there is a wide range for choosing the best-suited product.
- Furthermore, there are two types of interest rates provided to the customer. That is, floating and the fixed rate of interest. So, the applicant can avail the loan accordingly.
- Another feature, the applicant does not have to keep any collateral in the bank as it is a secured type of loan.
- Also, loan seeker has an option to pay the loan amount through post-dated cheques or can choose the auto debit facility in which the EMI is deducted automatically from the bank accounts.
- Moreover, in comparison to other services, the rate of interest is low
How to Apply?
Leading Car Loan Providers (Click to Apply)
- HDFC Car Loan
- Kotak Mahindra Car Loan
- Yes Bank Car Loan
- ICICI Bank Car Loan
- Axis Bank Car Loan
- State Bank of India Car Loan
- Canara Bank Car Loan
- IndusInd Bank Car Loan
Ques. Is there any pre-processing fee?
Ans No, there is no processing fee. Besides that some but it varies from bank to bank.
Ques. Do I need to submit any collateral?
Ans No collateral is needed.
Ques. Can we get a Car Loan for Commercial Vehicle?
Ans: No, Commercial Vehicles do not get a Car Loan.
Ques. Can we get a Used Car Loan for a Car with the 2010 Model?
Ans: No, to avail a Used Car Loan, the model should not be older than 2013.
Ques. Can we get a Car Loan on Agriculture Land for Premium cars?
Ans: No, Loan for Premium Car is not approved only through Agriculture Land.
Ques. Can I foreclose the Car loan earlier?
Ans: No, Minimum tenure 2 years to foreclose the car loan.
Ques. What is the tenure duration for which I can get?
Ans: New car loan – Tenure lies between minimum 2-year maximum 7 years as well as for Used car loan & Loan against the car – minimum 2year maximum 4 year.
Ques. How much time required for Car Loan approval process?
Ans: Within a day your loan gets approved and disbursed in 2 days.