IDBI Bank Car Loan EMI Calculator

Driving your dream car or high-end bike is now easier with IDBI Bank’s Express Auto Loans. To help you plan your finances better, the IDBI Bank Car Loan EMI Calculator offers a quick and hassle-free way to estimate your monthly EMIs. Whether you're eyeing a stylish new car or a premium bike worth ₹1.20 lakhs or more, this calculator lets you input the loan amount, interest rate, and tenure to get instant EMI estimates—so you can hit the road with confidence and clarity.

How to Use Wishfin IDBI Bank Car Loan EMI Calculator?

To use the Wishfin IDBI Bank Car Loan EMI Calculator, simply visit the Wishfin EMI Calculator website and enter the loan amount, interest rate, and loan tenure. The calculator will quickly generate an estimate of your monthly EMI, allowing you to plan your car loan repayments effectively. It’s a fast and convenient tool to gain a clear understanding of your loan commitments.

Example of IDBI Bank Car Loan EMI Calculator

Let’s say you want to take a car loan of ₹5,00,000 from IDBI Bank with an interest rate of 9.45% per annum for a loan tenure of 5 years (60 months).

Using the IDBI Bank Car Loan EMI Calculator, you will enter these details, and the calculator will provide an estimated monthly EMI. This helps you understand your repayment obligations and plan your finances accordingly.

Formula for Calculating IDBI Bank Car Loan EMI

To calculate the EMI for an IDBI Bank Car Loan, you can use the following formula:

EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1] ​

• Convert Annual Interest Rate to Monthly Interest Rate
• Apply the formula

Loan Details given -

• Loan Amount: ₹5,00,000
• Interest Rate: 9.45% per annum
• Loan Tenure: 5 years (60 months)

Let’s calculate the EMI.

The estimated monthly EMI for a loan would be approximately ₹10,489.

The Lowest EMI Available on an IDBI Bank Car Loan

Eligibility Criteria for IDBI Bank Car Loan

Salaried Applicant Eligibility:

• Minimum Age: 18 years
• Maximum Age at Loan Maturity: 70 years or retirement age, whichever comes first
• Minimum Annual Income: ₹2,40,000
• Income Proof: Salary slip, Form 16/ITR, or bank statement showing salary credits

Self-Employed Professionals Eligibility:

• Minimum Age: 18 years
• Maximum Age at Loan Maturity: 70 years
• Minimum Experience: 2 years in the profession
• Minimum Annual Income: ₹2,40,000
• Income Proof: Last 2 years' income with computation, certified financials, balance sheet, profit & loss account, and bank statements.

Documentation Requirements For IDBI Bank Car Loan

• Age Proof:
  • School Leaving Certificate
  • Passport
  • Driving License
  • Election ID Card
  • Birth Certificate
  • LIC Policy
  • PAN Card
    
• Address Proof:
  • Passport
  • Driving License
  • Election ID Card
  • Telephone Bill / Electricity Bill
  • Title Deed of Property / Rental Agreement
  • Employer’s Letter
  • Sales Tax RC / ITR / Form 18
    
• Identity Proof:
  • Passport
  • PAN Card
  • Election ID Card
  • Driving License
  • Photo Credit Card
  • Employer’s ID Card
    
• Income Proof:
  • Latest 2 months’ Salary Slips
  • Form 16 / ITR for the last 2 years
  • Bank Statement showing salary credits for the past 4 months
    
• Bank Statement:
  • Income Statement, Balance Sheet, and ITR for the last 2 years
  • Bank Statement for the past 6 months
    
• Documentation Charges:
  • As per the actual cost

Disclaimer: IDBI Bank reserves the right to request additional documents if necessary.

Fee/Charges on IDBI Bank Car Loan

Conclusion

The IDBI Bank Car Loan EMI Calculator is an essential tool for anyone looking to finance their car purchase. It simplifies the process by providing an instant estimate of your monthly EMI based on the loan amount, interest rate, and tenure. With this tool, you can easily plan and manage your repayments, ensuring you stay on top of your financial commitments. Whether you're buying a new car or a used one, the calculator helps you understand your loan obligations clearly, making the decision process quicker and more confident.