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IDBI Car Loan

IDBI Bank Auto Loan- Loan for Car

Last Updated 19th Jul 2021

Features and Eligibility IDBI Bank New Car Loan Scheme
Rate of Interest 7.50% Fixed
Loan Amount Eligibility 90% of ex-showroom price
Lowest EMI per Lakh ₹ 1,534
Apply for Car Loan @ 8.65%*

IDBI Car Loan

Factors Affecting IDBI Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in IDBI Bank depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However IDBI Bank offers 90% of ex-showroom 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 car loan. So, a higher company category leads to a 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 the past will get the benefit of low IDBI Bank Car loan interest rate.
  • Loan Tenure - IDBI car 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

Eligibility of car loan in IDBI 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 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 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from IDBI Bank. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from IDBI Bank increases as the income is considered to be more stable and the bank offers low interest car 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 car loan eligibility.
  • Loan Amount: IDBI Bank gives you a car loan depending upon your income. IDBI Bank gives you 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.

How to increase IDBI Bank Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, IDBI Bank also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

IDBI Bank Car Loan EMI

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. per lakh loan amount at lowest car loan interest rate of 7.50%. 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

Documents Required for IDBI Car Loan

Car loan IDBI Bank documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - 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 payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan IDBI Bank documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - 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 payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan IDBI Bank

  • 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 car loan after paying 1 EMI’s with No prepayment allowed for 6 months; 1% foreclosure
  • Processing Fee - IDBI Bank asks for a processing fee Min. Rs. 2,500 and Max. Rs. 2,500 with applicable service tax

IDBI Bank Car Loan Top up, Balance Transfer

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

FAQs

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

IDBI car loan interest rates today are 7.50% to 8.10%.

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. 1533.83.

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 can I borrow from IDBI Bank?

IDBI Bank offers you 90% of ex-showroom price of the 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 a car loan from IDBI Bank with No prepayment allowed for 6 months; 1% foreclosure prepayment charges.

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 a higher loan amount.

Compare Car Loan Interest Rates of IDBI with other banks

IDBI Bank Car Loan in India

IDBI Bank Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-200-1947
Ahmedabad 1800-200-1947
Ambala 1800-200-1947
Anand 1800-200-1947
Aurangabad Bihar 022 2207 8732
Bangalore 080 2238 6757
Bhilai 1800-200-1947
Bhilwara 1800-200-1947
Bhiwadi 1800-200-1947
Bhopal 1800-200-1947
Bhubaneswar Cuttack 1800-200-1947
Bikaner 1800-200-1947
Chandigarh 1800-200-1947
Chennai 044 4303 6648
Cochin 1800-200-1947
Coimbatore 1800-200-1947
Dehradun 1800-200-1947
Delhi 011 2399 4348
Durg 011 2399 4348
Faridabad 011 2399 4348
Gandhinagar 022 2207 8732
Ghaziabad 0120 270 0798
Goa 0832 242 6525
Greater Noida 0120 270 0798
Gurgaon 0120 270 0798
Guwahati 1800-200-1947
Gwalior 1800-200-1947
Hyderabad 040 6690 8171
Indore 1800-200-1947
Jabalpur 1800-200-1947
Jaipur 1800-200-1947
Jalandhar 1800-200-1947
Jodhpur 1800-200-1947
Kanpur 022 2207 8732
Karnal 1800-200-1947
Kolhapur 022 2207 8732
Kolkata 033 2568 6253
Kota 1800-200-1947
Kozhikode 1800-200-1947
Lucknow 1800-200-1947
Ludhiana 1800-200-1947
Madurai 1800-200-1947
Meerut 1800-200-1947
Mehsana 1800-200-1947
Mohali Sas Nagar 1800-200-1947
Mumbai 022 2207 8732
Mussoorie 1800-200-1947
Nagpur 022 2207 8732
Nashik 022 2207 8732
Noida 0120 270 0798
Noida Extn 0120 270 0798
Panipat 1800-200-1947
Patna 1800-200-1947
Pondicherry 1800-200-1947
Pune 020 6603 0300
Raipur 1800-200-1947
Rajkot 1800-200-1947
Ranchi 1800-200-1947
Rohtak 1800-200-1947
Roorkee 1800-200-1947
Salem 044 4303 6648
Shimla 1800-200-1947
Sonipat 1800-200-1947
Surat 1800-200-1947
Trichy 1800-200-1947
Udaipur 1800-200-1947
Vadodara 1800-200-1947
Varanasi 1800-200-1947
Vijaywada 1800-200-1947
Vizag 1800-200-1947

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IDBI Car Loan News - Jul 2021
  • 2021-01-15 : IDBI Bank reported Rs 378-crore profit
    IDBI Bank posted a net profit of Rs 378 crore for the December quarter. The loans which includes home, LAP, personal, car, two-wheeler, gold, education and doctor loan along with business and mudra loans fell 7% to Rs 1.6 lakh crore (y-o-y) in December 2020. The bank’s total deposits which includes fixed and recurring deposits rose 2.85% y-o-y to Rs 2.24 lakh crore at the end of December 2020. In addition to this, CASA improved to 48.97% as on December 31, 2020.
  • 2020-07-28 : IDBI Bank reported Q1 net profit of ₹144 crore
    IDBI Bank reported Rs 144 crore net profit for June quarter on account of a reversal of Rs 1335 crore of bad loan provisioning. It is IDBI second successive net profit after 13 consecutive quarters of loss. CASA increased to ₹ 1,04,315 crore and cost of deposit which includes fixed and recurring deposits improved by 64 bps to 4.65%. In addition to this, NII bolstered by home, personal, gold, car and two-wheeler loan along with business and mudra loans stood at ₹ 1,773 crores.
  • 2018-08-13 : IDBI Bank revises MCLR for August
    IDBI Bank has revised MCLR for the month of August by upto 10 basis points. The rates continue to be in the range of 8.00% to 8.90%. The new rates for Six months MCLR is now at 8.60% and that of one year is 8.85%. The new rates are effective from August 12, 2018.
  • 2018-07-12 : IDBI Bank revises Floating Car loan rates
    IDBI Bank has revised its floating Interest Rate on Car loan. The new rate for Car loan is now 8.90%. The new rates are effective from June 18, 2018. There is no change in the processing fees.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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