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IDBI Car Loan Interest Rate

Last Updated 04th Oct 2017

IDBI Bank Car Loan Calculator India Oct 2017

Features and Eligibility New Car Loan IDBI Bank Used Car Loan IDBI Bank
Interest Rates 9.95% Fixed
Check Best Offers
Not Available
Maximum Loan Tenure 7 years Not Available
Lowest EMI per Rs. One Lakh Loan Amount Rs. 1,658 Rs. 0
Maximum Loan Amount Eligibility 90% of ex-showroom price Not Available
Prepayment Charges No prepayment allowed for 6 months; 1% foreclosure Not Available
Interest Calculation Monthly reducing balance Not Available
Age Between 18 years and 70 years
Apply Car Loan @ 9.25%*
Rs.
Rs.
+91

IDBI Bank Car Loan

IDBI Bank gives car loan to borrowers who need funds to buy a new car. Benefits of taking vehicle loan from IDBI Bank are:

  • Flexible schemes
  • Attractive interest rates
  • Quick and easy processing

IDBI Bank Vehicle Loan Interest Rates

Car Loan interest rate depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. IDBI Bank offers 90% of ex-showroom price price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. IDBI Bank interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. IDBI Bank has a list of company categories of salaried individuals to which they avail vehicle loan. So, higher company category leads to low rate of interest.
  • Relationship with the Bank: IDBI Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit of low vehicle loan interest rate.
  • Loan Tenure: IDBI Bank vehicle loans are of longer repayment tenure of 7 years.
  • Repayment Capacity: Before giving loan to the borrower, IDBI Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

IDBI Bank Car Loan Eligibility

The following table depicts the various eligibility criteria for availing a car loan.

Age 18 years - 70 years
Minimum Annual Income Salaried: Rs. 1.50 Lakhs
Self Employed Professionals: Rs. 1.50 Lakhs
Self Employed Businessmen: Rs. 1.50 Lakhs
Minimum Credit Score 700 and above
Loan Tenure 7 years
Loan to Value Ratio 90% of ex-showroom price

Eligibility of car loan relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are:

Age: Age plays an important role to know your eligibility and repayment capacity. IDBI Bank offers car loan to those who are atleast 18 years old at the time of loan approval and maximum 70 years at the time of loan maturity.

Income: IDBI Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. IDBI Bank asks for net annual income of minimum Rs. 1.50 lakhs.

Job stability and Profession: Job stability is important to improve your status and eligibility for vehicle loan from IDBI Bank. If you are working with a reputed company, probability of getting car loan increases as the income is considered to be more stable and bank offers low interest vehicle loan to the employees of reputed companies.

CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your IDBI Bank car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your vehicle loan eligibility. Generally, Bank give loan at a CIBIL score of 700 and above.

Loan Amount: IDBI Bank gives you vehicle loan depending upon your income. IDBI Bank gives 90% of ex-showroom price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

IDBI Bank Car Loan EMI Calculator

Car Loan EMI of IDBI Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by IDBI Bank is Rs. 1,658 per lakh loan amount at lowest vehicle loan interest rate of 9.25%. Car Loan EMI of IDBI Bank depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI.
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh.
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount.

Features of vehicle loan EMI

  • Car loan EMI calculation varies from bank to bank depending upon the method of calculation.
  • The standard convention should be to use the EMI in arrears method on reducing balance basis – whereby you pay interest on the loan amount outstanding on a reducing basis at or after the end of the month.
  • Simply key in the loan amount, rate of interest and vehicle loan tenure here and check the EMI amount using the vehicle loan EMI calculator here. In case the EMI amount displayed is different from the one advised to you by the agent, you must check the calculation basis with your vehicle loan agent.

Illustration

You can calculate the monthly payment (EMI) yourself using the following equation

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

Where,

  • P represents the principal amount that you want to apply for.
  • r is the rate of interest per month which is calculated as rate of annual income/ (12*100)
  • n is the tenure of loan in months
  • E represents the monthly payment or EMI

Let’s say you take out a vehicle loan for Rs. 700,000 to be paid back over 5 years at an interest rate of 9.25%. Your monthly payments for this loan after applying the above formula would be Rs. 14,616 for 5 years.

Fee and Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. IDBI Bank allows prepayment of vehicle loan after paying 1 EMI with prepayment No prepayment allowed for 6 months; 1% foreclosure.

Processing Fee - IDBI Bank asks for a processing fee of 0.00% of loan amount. Max. Rs.0 with applicable service tax.

IDBI Bank Car Loan Top up, Balance Transfer

  • IDBI Bank offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria
  • You can avail additional top-up car loan from IDBI Bank, subject to your eligibility

Documents required

Salaried Employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof –Aadhaar, Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car

Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof – Aadhaar, Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months pay slip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Frequently Asked Questions on IDBI Car Loan

How much interest is charged by IDBI Bank on car loan?

IDBI car loan interest rates today are 9.95% .

What is the lowest EMI per lakh on IDBI Bank car loan?

If you apply for a car loan from IDBI Bank, your lowest EMI per lakh will be Rs. 1,658.

What is the maximum tenure of IDBI Bank car loan?

You can repay your car loan from IDBI Bank in a flexible period of 7 years.

How much car loan I can borrow from IDBI Bank?

IDBI Bank offers you 90% of ex-showroom price of car as loan.

Is age an eligibility factor to get car loan from IDBI Bank?

Yes, age is an important eligibility factor to get IDBI Bank car loan as you should be at least 18 years old at loan approval time and 70 years old at loan maturity time.

Are there any prepayment charges on IDBI Bank car loan?

You can take car loan from IDBI Bank with prepayment no prepayment allowed for 6 months; 1% foreclosure.

Can I add my spouse's income while applying for car loan from IDBI Bank?

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.

Home Loan Eligibility of All Banks

Idbi Bank Car Loan Calculator

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