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IDBI Car Loan Interest Rate

IDBI Car Loan Interest Rate Jul 2021

Last Updated 19th Jul 2021

IDBI Bank New Car Loan interest rate starts from 7.50% . These are Fixed rate loans and are one of the best car loan rates in India. Rate of interest vary by borrower occupation, loan amount and loan tenure.

Features New Car Loan Used Car Loan
Loan Tenure Upto 7 years Not Available
Lowest EMI ₹ 1,534 per lakh Not Available
Loan Amount Upto 90% of ex-showroom price Not Available
Prepayment Charges No prepayment allowed for 6 months; 1% foreclosure Not Available

Flexible schemes available in car loan

Apply for Car Loan @ 8.65%*

IDBI 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 available in car loan
  • Attractive interest rates
  • Quick and easy processing

IDBI Bank Car Loan Interest Rate

IDBI Car Loan interest rate depends upon following factors -

  • Loan amount: Generally banks offer lower interest rates for higher amount. IDBI Bank offers 90% of ex-showroom price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Car Loan interest rate IDBI 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 IDBI car loan rate.
  • 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 Car Loan Eligibility

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

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

Car loan eligibility 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 auto 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 ₹ 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 best IDBI car loan interest 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 auto loan amount depends upon your income. IDBI Bank gives 100% 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 and check your IDBI car loan status online and avial multiple benefits.

IDBI Car Loan 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 ₹ 1,534 per lakh loan amount at lowest car loan interest rate of 8.65%. 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.
IDBI EMI Car Loan Calculator
  • 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 ₹ 7,00,000 to be paid back over 5 years at an interest rate of 8.65%. Your monthly payments for this loan after applying the above formula would be ₹ 14,412 for 5 years.

IDBI Auto Loan 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.

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 for IDBI Bank Car Loan

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.

FAQs

What is car loan interest rate offered by IDBI Bank ?

As per current interest rates, IDBI car loan interest rates are in the range of 7.50%to 8.10%.

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

Lowest EMI per lakh is ₹ 1,431 for IDBI Bank for a loan availed at an interest rate of 7.50% and for a tenure of 7 years.

What is the maximum tenure of IDBI Bank car loan?

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

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

IDBI Bank charges a processing fee of Min.₹ 2,500 and Max. ₹ 2,500 with applicable service tax.

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 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.


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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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