Indian Bank Car Loan Rate, Eligibility Calculator, Apply Online

Indian Bank Car Loan Offer Feb 2017

Last Updated 27th Feb 2017
Features and Eligibility Indian Bank New Car Loan Scheme Indian Bank Used Car Loan Scheme
Interest Rates 9.95% Floating Check Special Offer 12.90% Floating
Maximum Loan Amount Eligibility 85.00% of on-road price 60.00% of market value
Maximum Loan Tenure (years) 7 years 5 years
Lowest EMI per Rs. One Lakh Loan Amount (Rs.) Rs. 1,658 Rs. 2,122
Processing Fee 0.22% Max Rs. 10000 0.22% Min Rs. 0 Max Rs. 10000
Prepayment Charges Not allowed Not allowed
Interest Calculation Monthly reducing balance Monthly reducing balance
Age (years) Between 21 years and 65 years Between 21 years and 65 years
Apply Car Loan Online @9.25%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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Eligibility Condition for Indian Bank Car Loan

Indian Bank New Car Loan Scheme Indian Bank Used Car Loan Scheme
Minimum Net Annual Income (Rs. lakh)
--Salaried 2.4 2.4
--Self employed professionals 2.4 2.4
--Self employed businessmen 2.4 2.4
  • 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 car 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 car loan tenure here and check the EMI amount using the car 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 car loan agent.

  • New Car Loan Schemes of All Banks

  • Used Car Loan Schemes of All Banks

Frequently Asked Questions on Indian Bank Car Loan

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

Indian Bank offers an interest of 9.95% on car loan.

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

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

What is the maximum tenure of Indian Bank car loan?

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

How much car loan I can borrow from Indian Bank?

Indian Bank offers you 85.00% of of on-road price of car as loan.

How much processing fee is charged by Indian Bank on car loan?

Indian Bank charge a processing fee of 0.22% with applicable service tax.

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

Yes, age is an important eligibility factor to get Indian Bank car loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on Indian Bank car loan?

You can take car loan from Indian Bank with Not allowed prepayment charges.

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

You can combine your income with the income of your spouse to increase your loan eligibility and to get higher loan amount.
Indian Bank Car Loan Calculator News - Feb 2017
*My Finance Care Advisors Pvt. Ltd., or is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.