Indiabulls Car Loan

Indiabulls Car Loan Key Features-

About Indiabulls Car Loan

The Indiabulls Group is an Indian conglomerate headquartered in Gurgaon, India. Its chief businesses are housing finance, consumer finance, and wealth management. The Group also has a presence in real estate and pharmaceuticals.

Indiabulls provides Car Loans at attractive rates of interest to the consumer for buying their dream car whether new or second-hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.

Advantages of Indiabulls Car Loan

⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges

Indiabulls Car Loan Eligibility

Eligibility criteria for a car loan are discussed in the below contents.

Indiabulls Car Loan Interest Rate, Fees, and Charges

Details on car loan interest rate and other charges are given below:

How to Increase Your Eligibility for Indiabulls Car Loan

• Opt for a shorter tenure – When you opt for a short tenure instead of a long one, to repay the money, the EMI that is to be paid by you each month will be higher. This will prove that you have a higher capability to repay the loan amount which will automatically build a sense of confidence in you. So, if you wish to increase your eligibility for a car loan, you can opt for a shorter repayment tenure.
• Keep your credit score in check – If you wish to increase your eligibility for an Indiabulls car loan, you have to ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check your credit score. Checking your credit score regularly will let you take corrective measures to improve it in case your score is low.
• Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you can balance between your earnings and your spendings. Before any bank decides to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you have to check that you maintain a low debt-to-income ratio.
• Apply for a loan for a lower amount – By applying for a loan of a lower amount, you can increase your eligibility for an Indiabulls car loan. A lower loan amount will mean that the loan will be repaid faster. This gives the bank all the confidence it needs.

Factors Affecting Indiabulls Car Loan Eligibility

The eligibility for availing of an Indiabulls car loan will depend on the below-given factors:

• Income – If your income is on the higher side, there is a good chance that your eligibility for an Indiabulls car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an Indiabulls car loan, your yearly income should be at least Rs.3 lakh.
• Loan amount – Your eligibility for a car loan from Indiabulls will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
• Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
• Credit score – This is an important factor that every bank, including Indiabulls, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
• Relationship with the bank – As stated earlier, Indiabulls offers instant car loans to their existing customers through the ZipDrive feature which allows Indiabulls customers to can avail themselves of loans instantly, at their convenience, with very few documents required. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Indiabulls Car Loan Documents Required

Documents required for the car loan and other eligibility are discussed below.

Salaried Individual

Self-Employed Individuals

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

2. Private Limited/Limited Companies

Indiabulls Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

Indiabulls Car Loan Types

Indiabulls offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

1. New Car Loan –  Those who wish to buy a new car, this is the scheme for you. You can take Indiabulls Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
2. Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
3. Loan Against Car – You can opt for this scheme if you require urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

Indiabulls Car Loan Pre Calculated EMI

How to Apply for Indiabulls Car Loan?

1. Visit Dialabank and fill a form.
2. Wait for a call from our Relationship Manager who will guide you throughout the process.
3. You can compare different offers from banks and NBFCs and choose the one which suits your needs.
4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.

Tips to decide the right amount of EMI

• Ascertain the amount you need to borrow: You have to inform the bank about the amount of loan you need to borrow before you actually apply for it. You should limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
• Review your current obligations: Before taking a loan, it is advisable to check your expenses first, including any EMI obligations that you have on your current loans. This will let you estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
• Calculate your Indiabulls car loan eligibility: Your eligibility is an assessment of your repayment capacity that is based on your monthly income. Indiabulls provides an LTV up to 100 % of the ex-showroom price. They also expect the borrower to fund the remaining value of the property by own money.
• Multiplier-based loan amount eligibility – Indiabulls also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating a loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
• FOIR based loan amount eligibility – Indiabulls will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Indiabulls’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

The car loan EMI – EMI changes in case of prepayment

In case you prepay your vehicle loan, the bank will issue a small penalty. Prepayment in Indiabulls is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Indiabulls gives you two options:

• Reduce your loan tenure and keep EMI on your car loan unchanged
• Reduce the amount of EMI and keep your loan tenure the same

How to Calculate EMI on Indiabulls Car Loan

Before you avail of a car loan from Indiabulls, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly installments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can also calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Indiabulls Car Loan for Top Selling Cars

Other Available Products from Indiabulls

Compare Indiabulls Car Loan With Other Banks In India

FAQs for Indiabulls Car Loan

✅ What is the Indiabulls Car Loan?

Indiabulls car loan is the loan amount given to its clients by the company for a new or used automobile.

✅ How can I get a Car Loan from Indiabulls?

1. Visit Dialabank and fill a form.
2. Wait for a call from our Contact Manager who will guide you throughout the process.
3. You can compare different offers from banks and other companies and choose the one which suits your needs.
4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best proposals.

✅ How does Indiabulls Car Loan work?

When you will apply for a car loan, then you will get a call from our representative and then, there will a document verification process. Then, the loan amount will be charged to your account.

✅ What is the Car Loan Interest Rate in Indiabulls?

The interest rate on a car loan in the Indiabulls is 7.05% per annum only.

✅ How to Check Car Loan status in Indiabulls?

You can track your car loan status online on the Car loan status website.

✅ How to Calculate Car Loan Interest in Indiabulls?

✅ What are the charges for Prepayment in Indiabulls Car Loan?

You can prepay/foreclose your Indiabulls Car Loan with 5% as foreclosure charges.

✅ Can I get a top-up loan on my existing Indiabulls car loan?

You can get a top-up loan on your current car loan from Indiabulls for up to 150% of its value.

✅ Do I need to provide a guarantor to avail a car loan from the Indiabulls?

Generally, you don’t need a guarantor for a car loan. However, you may need a guarantor if you don’t fulfill the eligibility criteria.

✅ How to get the Indiabulls Car Loan Statement?

Get the statement in person by visiting your branch and requesting a detailed statement.

                                                       or

You can get the statement online. To do this, you should have Indiabull’s internet funding activated.

✅ How to Pay Indiabulls Car Loan Interest Online?

Simply log on to online Indiabulls payment to ‘see and pay your bills. You also get an electronic acknowledgment for every bill paid by you using e-PAY. You can also pay through Paytm.

✅ What if I can’t pay the interest on Indiabulls Car Loan for 3 months?

Indiabulls imposes 24% of the exceptional amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for 3 months.

✅ How can I apply for EMI Moratorium on Indiabulls Car Loan?

You can apply for EMI Moratorium on Indiabulls Car Loans directly from the Indiabulls website’s Loan corner.

✅ What is the number for the Indiabulls Car Loan agent?

Call Dialabank at 9878981166 as it is one of the most trusted Indiabulls Car Loan agents. Dialabank even ensures the best offers on your Car Loan.

✅ Can I close the Indiabulls car loan online?

Indiabulls car loans can be closed by visiting the nearest branch and clearing off the outstanding amount.

✅ What is the Indiabulls Car Loan Customer Care Number?

Call 9878981166 and clear any of your queries with us anytime.

✅ How can I get NOC from the Indiabulls for a Car loan?

You can get NOC directly from the branch for Indiabulls Car Loans.

✅ What is the Indiabulls Car Loan closure procedure?

• Just go to the bank with the documents.
• Write a letter for pre-closure of the Indiabulls Car Loan account.
• Pay the pre-closure charges as per Indiabulls Car Loan.

✅ What are the Indiabulls Car Loan preclosure charges?

Indiabulls Car Loan preclosure charges are up to 6%+ GST.

✅ What is the Indiabulls Car Loan overdraft scheme?

For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at Indiabulls bank is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the Indiabulls online banking portal and from there you can fill out a simple form and get an overdraft under your name.

✅ What is the Indiabulls Car Loan maximum tenure?

The Indiabulls Car Loan’s maximum tenure is 7 years.

✅ What is the Indiabulls Car Loan minimum tenure?

The Indiabulls Car Loan minimum tenure is 1 year.