All about Indian Bank Car Loan
About Indian Bank
Indian Bank is an Indian state-owned financial service provider firm headquartered in Chennai, India. It has 22,000 workers, 2100 branches and is one of the big public sector banks of India. Also, It has overseas branches in Colombo, Jaffna, Sri Lanka, Singapore, and 229 correspondent banks in 69 countries. Since 1969, the Government of India has owned the bank, which celebrated its centenary in 2007.
About Indian Bank Car Loan
It is always joyful to get keys of your own vehicle. Are you still waiting for this moment? If Yes, then avail the service of Car Loan and fulfill all your dreams! As the prices of vehicles are increasing at a rapid rate, it really becomes difficult for a person to fund the vehicle. Hence, Indian Bank Auto Loan is a scheme that provides money to people for buying a vehicle. Moreover, It is an offer that helps people in acquiring the old vehicle. Furthermore, This loan helps a person to pay for the vehicle in installments rather than paying it at once.
Features of Indian Bank Car Loan
- First and foremost, Affordable.
- Secondly, Simple and Hassle free.
- Next, Easy to pay back.
- Moreover, Flexibility of payment.
- Furthermore, Speedy Approval in 4 hours.
- Also, Minimum Documentation.
- Besides, Attractive Interest Rates.
Eligibility of Indian Bank Car Loan
There is a little difference in the eligibility for a salaried and self-employed loan seeker
- First of all, the applicant should be a citizen of India.
- Next, the age of the applicant should lie between 21 years and 60 years(at the time of loan maturity).
- Also, the income should not be less than 18000 rupees per month.
- In addition, the applicant should be employed in the same company for at least one year.
- Furthermore, an applicant should have total job experience of minimum 2 years.
- Most Importantly, the credit score should not be less than 700 in any case.
For Self Employed
- To begin with, the applicant should have citizenship of India.
- Secondly, the applicant’s age should lie between 30 years to 65 years. If the age is less than 30 years, the loan can be availed on the name of a co-applicant who should be above 30 years.
- Next, the applicant should be paying an ITR of 2.5-3 Lakhs
- Moreover, the business should be continuously running for a minimum tenure of 3 years.
- Finally, it is important that the credit score of the applicant should not be less than 700.
Documentation for Indian Bank Car Loan
- Identity Proof– First of all, an applicant has to verify its identity through any of the following documents: Aadhar card, PAN Card, Voters ID card, Driving License
- Income Proof– Next, the loan seeker has to provide proof for the income: For Salaried Latest salary slip of 6 months/ For Self- Employed Latest 1 year ITR.
- Address Proof– Furthermore, for obtaining a loan the address of the loan seeker is also checked by the bank through Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill etc.
- Bank Statement: Finally, Last 6 months bank statements.
Interest Rates for Indian Bank Car Loan
For New Cars
- First of all, Cost up to Rs. 3 Lakhs – ROI starts from 10.85% p.a.
- Next, Car from Rs 3 Lacs to Rs 6 Lacs – 10.00% p.a is the minimum rate of interest.
- Also, Cost from Rs 6 Lacs to Rs 10 Lacs – The rate is charged from 9.5% p.a.
- Furthermore, Car from Rs 10 Lacs to Rs 20 Lacs – Interest begins from 9.35 % p.a.
- Finally, More than Rs 20 Lacs – The interest rate is approximately 9.00% p.a.
For Used Cars
- To begin, Cars Up to Rs 3 Lakhs – 15.00 % p.a.
- Secondly, Car from Rs 3 lakhs to Rs 6 Lakhs – 14.5 % p.a.
- Next, Cost from Rs 6 Lakhs to Rs 10 Lakhs – 13.5% p.a.
- Furthermore, Car from Rs 10 Lakhs to Rs 20 Lakhs – 13% p.a.
- Finally, More than Rs 20 Lacs – 12.75% p.a.
Charges of Indian Bank Car Loan
Processing Fee for Indian Bank Car Loan
To start, The processing fee of Car loan Starts from 0 to 3 % of the amount of the total loan. Thus, the charges are quite minimal for the loan application.
Pre Closure Charges for Indian Bank Car Loan
Also, The pre-closure charges are also charged from the applicant which starts from 0% to 2.5% of the outstanding value of these loans.
Loan cancellation / Re-booking charges for Indian Bank Car Loan
Hence, if an applicant wants to cancel a loan, interest charges from disbursement date till refund of disbursement amount will be borne by the customer.
Tenure of Indian Bank Car Loan
To start, The banks and NBFCs provide different types of Car loan for a different time.
Thus, new car loans are granted for 2 to 7 years.
And, used car loan and loan against cars are granted for 2 to 4 years.
*Special Note: Banks do not provide Car Loan to bad credit holder, but one can fulfill their money requirement with Gold Loan easily.
Benefits of Indian Bank Car Loan from Dialabank.com
- To begin, We offer extremely quick service
- Secondly, Loans are approved within 24 hours after the documentation process
- Next, The minimum loan amount is Rs 1 lakh, and maximum Loan amount depends upon the price of the car, varies with the car model, profile of the customer etc
- Furthermore, The maximum loan amount is up to 90% of the ex-showroom price of the car.
- Also, LTV (Loan to value) of up to 90% of the ex-showroom price of the car.
How to Apply?
Apply online on www.dialabank.com.
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
Call us on 600 11 600 (Single Number across 18 Cities) or 7707861526.
Ques. Does Dialabank charge me for its services?
Ans: No, services come to you free of charge.
Ques. A Best online platform for availing Car Loan?
Ans: Firstly Dialabank is the best platform to get a loan through. Moreover, they provide you hassle-free process as well as the lowest interest rate in the market as compared to others.
Ques. How much processing fee for a Car Loan?
Ans Processing fee started at 0 -3%.
Ques. In Car Loan can I avail EMI facility?
Ans Yes, he /she can avail Term Loan with EMI as repayment type for the tenures of 2 years to 7 years.
Ques. Whom do I contact for more details?
Ans Call us (enter area code) 600-11-600 or 7707861526 for more details.
Ques. How much funding can I expect in terms of the car loan?
Ans Firstly this factor differs from bank to bank. Besides that, few banks offer the complete 100% funding.
Ques. When applying for the car loan, do I need a guarantor/ security?Ans Almost all car loan is known as secured loans. Most lenders in India no need any guarantors, however, if your annual income does not match up to the requirement, then you may be expected to sign-up a co-applicant and/or guarantor for availing the loan.
Table of Contents
- 1 All about Indian Bank Car Loan
- 1.1 About Indian Bank
- 1.2 About Indian Bank Car Loan
- 1.3 Features of Indian Bank Car Loan
- 1.4 Eligibility of Indian Bank Car Loan
- 1.5 Documentation for Indian Bank Car Loan
- 1.6 Interest Rates for Indian Bank Car Loan
- 1.7 Charges of Indian Bank Car Loan
- 1.8 Tenure of Indian Bank Car Loan
- 1.9 Benefits of Indian Bank Car Loan from Dialabank.com
- 1.10 How to Apply?
- 1.11 FAQ’s