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Indian Bank Car Loan

Indian Bank Auto Loan

Last Updated 09th Feb 2021

Features and Eligibility Indian Bank New Car Loan Scheme Indian Bank Used Car Loan Scheme
Rate of Interest 9.65% Floating 12.25% Floating
Loan Amount Eligibility 85% of on-road price 60% of market value
Lowest EMI per Lakh ₹ 1,642 ₹ 2,237
Apply for Car Loan @ 8.70%*

Indian Bank Car Loan

Factors Affecting Indian Bank Car Loan Interest Rates

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

  • Loan amount: Generally banks offer lower interest rates for higher amount. However Indian Bank offers 85% of on-road price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. Indian 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. Indian 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 - Indian 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 Indian Bank Car loan interest rate.
  • Loan Tenure - Indian Bank car loans are of longer repayment tenure of 7 years.
  • Repayment Capacity - Before giving loan to the borrower, Indian 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.

Indian Bank Car Loan Eligibility

Eligibility of car loan in Indian Bank 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. Indian Bank offers car loan to those who are atleast 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Income: Indian Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. Indian Bank asks for net annual income of minimum Rs. 2.40 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from Indian 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 Indian 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 Indian 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: Indian Bank gives you a car loan depending upon your income. Indian Bank gives you 85% of on-road 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 Indian 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, Indian 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.

Indian Bank Car Loan EMI

Car Loan EMI of Indian 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 Indian Bank is Rs. 1,642 per lakh loan amount at lowest car loan interest rate of 9.65%. Car Loan EMI of Indian 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 Indian Bank Car Loan

Car loan Indian 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 Indian 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 Indian 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. Indian Bank allows prepayment of car loan after paying 1 EMI’s with Not allowed
  • Processing Fee - Indian Bank asks for a processing fee of 0.22% of loan amount Max. Rs. 10,191 with applicable service tax

Indian Bank Car Loan Top up, Balance Transfer

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

FAQs

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

Indian Bank car loan interest rates today are 9.65%.

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. 1642.09.

What is the maximum tenure of Indian Bank car loan?

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

How much car loan can I borrow from Indian Bank?

Indian Bank offers you 85% of on-road price of the car as loan.

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

Indian Bank charges a processing fee of 0.22% of loan amount Max. ₹ 10,191 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 a 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 a higher loan amount.

Compare Car Loan Interest Rates of Indian Bank with other banks

Indian Bank Car Loan in India

Indian Bank Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Noida 011-27411133
Nashik 022-28955858
Mumbai 022-28955858
Mussoorie 1800-425-00-000
Nagpur 022-28955858
Meerut 1800-425-00-000
Mehsana 1800-425-00-000
Mohali Sas Nagar 1800-425-00-000
Ludhiana 1800-425-00-000
Kozhikode 1800-425-00-000
Madurai 044-24413430
Lucknow 1800-425-00-000
Kolhapur 022-28955858
Kolkata 033-25736571
Kota 1800-425-00-000
Jalandhar 1800-425-00-000
Jodhpur 1800-425-00-000
Karnal 1800-425-00-000
Jaipur 1800-425-00-000
Kanpur 1800-425-00-000
Indore 1800-425-00-000
Jabalpur 1800-425-00-000
Hyderabad 040-23323089
Gurgaon 011-27411133
Guwahati 1800-425-00-000
Gwalior 1800-425-00-000
Gandhinagar 1800-425-00-000
Greater Noida 011-27411133
Goa 1800-425-00-000
Ghaziabad 011-27411133
Dehradun 1800-425-00-000
Delhi 011-27411133
Durg 1800-425-00-000
Faridabad 011-27411133
Chandigarh 1800-425-00-000
Coimbatore 044-24413430
Cochin 1800-425-00-000
Chennai 044-24413430
Bhopal 1800-425-00-000
Bhubaneswar Cuttack 1800-425-00-000
Bikaner 1800-425-00-000
Bangalore 080-22958809
Bhilai 1800-425-00-000
Bhilwara 1800-425-00-000
Bhiwadi 022-28955858
Ambala 1800-425-00-000
Aurangabad Bihar 022-28955858
Anand 1800-425-00-000
Ahmedabad 1800-425-00-000
Agra 1800-425-00-000
Noida Extn 011-27411133
Panipat 1800-425-00-000
Patna 1800-425-00-000
Pondicherry 1800-425-00-000
Pune 022-28955858
Raipur 1800-425-00-000
Rajkot 1800-425-00-000
Ranchi 1800-425-00-000
Rohtak 1800-425-00-000
Roorkee 1800-425-00-000
Salem 044-24413430
Shimla 1800-425-00-000
Sonipat 1800-425-00-000
Surat 1800-425-00-000
Trichy 044-24413430
Udaipur 1800-425-00-000
Vadodara 1800-425-00-000
Varanasi 1800-425-00-000
Vijaywada 040-23323089
Vizag 040-23323089

Indian Bank Car Loan News - Apr 2021
  • 2020-10-16 : Indian Bank sets up a portal to restructure retail loans
    Indian Bank launched a digital platform for restructuring all retail loan including home, personal, car, two-wheeler, and gold loans. The portal will allow the borrowers to submit recast requests on the portal and check eligibility criteria.
  • 2020-08-17 : Indian Bank Q1FY21 PAT at Rs. 369.26 crore
    Indian Bank has posted a net profit of Rs.369.26 crores for the period ended June 30, 2020, as against a net profit of Rs. 217.73 crores for the period ended March 31, 2020. In addition to this, the Bank reported a total income of Rs.11446.71 crores aided by retail loans like home, personal, car, two-wheeler.
  • 2020-06-23 : Indian bank reported an increase of 134% net profit
    Public sector lender Indian Bank reported an increase in a net loss in the 4th quarter of FY20 however, its net profit zoomed 134% for the full year on the back of the personal, home, car, two-wheeler, business, mudra, gold, education loans. The bank also reported an improvement in its asset quality.
  • 2019-10-30 : Indian Bank plans to provide easy unsecured loans
    Indian Bank is set to launch a digital platform that could provide customers with personal and vehicle loans. The platform will enable online loan sanctioning and disbursement. Through the platform, salaried individuals can opt for a loan for a tenure of 12-24 months. The bank plans to collaborate with fin-techs that could enhance the mobile platforms and digitalized services of the bank.
  • 2019-08-16 : Indian Bank car loans has become cheaper
    Post RBI’s initiative to reduce its repo rates by 35 basis points, Indian Bank has also announced to link its car loans with repo rate. This will enable a cheaper car loan availability for its customers.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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