ING VYSYA Bank Car Loan

ING VYSYA Bank Car Loan Key Features – Jan 2021

Interest Rate

7% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,544
Minimum Net Monthly Income ₹ 20000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges Nil
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About ING VYSYA Bank Car Loan

ING VYSYA Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is a major government-owned commercial bank of India. The Bank’s Regional presence includes 3,078 branches and 2564 ATMs. The Near Future will see growth in the number of ATMs and Branches.

UCO Bank 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 ING VYSYA Bank Car Loan

ING Vysya Bank Car Loan

ING VYSYA Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

ING VYSYA Bank Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7% per annum

14.80% p.a. to 16.80% p.a.
Processing fee 0.40% of the principal amount 1% of the loan amount or Rs.6,000, whichever is lower
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges nil nil
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

ING VYSYA Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof(Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof(Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof(Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof(Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

ING VYSYA Bank 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

ING VYSYA Bank Car Loan Types

ING VYSYA Bank 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 ING VYSYA Bank 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 need 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.

How to Apply for ING VYSYA Bank 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 choose the one which suits your needs.
  4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.

Other Available Products from ING VYSYA Bank

ING VYSYA Bank Personal Loan ING VYSYA Bank Gold Loan ING VYSYA Bank Home Loan
ING VYSYA Bank Credit Card ING VYSYA Bank Two Wheeler Loan ING VYSYA Bank Education Loan

FAQs for ING VYSYA Bank Car Loan

✅ What is the ING VYSYA Bank Car Loan?

ING VYSYA Bank car loan is the loan sum provided to its customers by the bank for a new or used car.

✅ How can I get a Car Loan from the ING VYSYA Bank?

  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 choose the one which suits your needs.
  4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.

✅ How does ING VYSYA Bank 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 credited to your account.

✅ What is the Car Loan Interest Rate in ING VYSYA Bank?

The interest rate on a car loan in the ING VYSYA Bank is

7% per annum

.

✅ How to Check Car Loan status in ING VYSYA Bank?

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

✅ How to Calculate Car Loan Interest in ING VYSYA Bank?

Use Dialabank’s EMI calculator to find out the interest as well as the EMI on your loan.

✅ What is the maximum loan amount I can avail of on a Car Loan from the ING VYSYA Bank?

The maximum loan amount you can avail of on a car loan is up to 85% of the On Road Price.

✅ What is the loan tenure of ING VYSYA  Bank Car Loan?

The loan tenure of the ING VYSYA Bank Car Loan is a maximum of 7 years.

✅ Can I get a 100% Car Loan from the ING VYSYA Bank?

Yes, you can get a 100% Ex-showroom Price car loan from the ING VYSYA Bank.

✅ How much Processing Fee applies to the ING VYSYA Bank Car Loan?

ING VYSYA Bank charges a processing fee of 0.40% of the principal amount.

✅ What are the EMI options available on the ING VYSYA Bank Car Loan?

ING VYSYA  Bank Provides two EMI options Step-up EMI and Balloon EMI.

✅ What are the charges for Prepayment in ING VYSYA Bank Car Loan?

You can prepay/foreclose your ING VYSYA Car Loan with No foreclosure charges.

✅ Can I get a top-up loan on my existing ING VYSYA Bank car loan?

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

✅ Do I need to provide a guarantor to avail myself of a car loan from the ING VYSYA Bank?

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 ING VYSYA Bank 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 ING VYSYA internet banking activated.

✅ How to Pay ING VYSYA Bank Car Loan Interest Online?

Simply logon to online ING VYSYA 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 ING VYSYA Bank Car Loan for 3 months?

ING VYSYA 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 ING VYSYA Bank Car Loan?

You can apply for EMI Moratorium on ING VYSYA Car Loans directly from the UCO Bank website’s Loan corner.

✅ What is the number for the ING VYSYA Bank Car Loan agent?

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

✅ Can I close the ING VYSYA Bank car loan online?

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

✅ What is the ING VYSYA Bank Car Loan Customer Care Number?

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

✅ How can I get NOC from the ING VYSYA Bank for a Car loan?

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

✅ What is the ING VYSYA Bank Car Loan closure procedure?

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

✅ What is the ING VYSYA Bank Car Loan preclosure charges?

ING VYSYA Bank Car Loan preclosure charges are 2% of the principal outstanding.

✅ What is the ING VYSYA Bank Car Loan maximum tenure?

The ING VYSYA Bank Car Loan maximum tenure is 7 years.

✅ What is the ING VYSYA Bank Car Loan minimum tenure?

The ING VYSYA Car Loan minimum tenure is 1 year.

Table of Contents