About IDBI Bank Car Loan
Fulfilling your dream of car has become easier with Express Auto Loan of IDBI Bank Ltd., a major semi-government bank of India. The simple and fast processing of the loan makes it easier for you to get your dream car. The bank provides auto loan for a wide range of cars, sports utility vehicles, etc. But you need to check your financial feasibility for the loan by studying aspects like interest rate, EMI, charges like processing fee & others before you opt for IDBI Bank. Please see below the details regarding the same.
IDBI Bank Car Loan Interest Rate Detail
The existing interest rate offered on car loan by IDBI Bank is 7.50% Onwards per annum for exisitng customers of atleast 3 months of relationship.
IDBI Bank Car Loan Details
|Maximum Loan Amount||Upto 85% of the ex-showroom price|
|Interest Rate||7.50% Onwards|
|Maximum Repayment Period||7 years|
|Prepayment Charges||Within 6 months of disbursement or by way of balance transfer 1% of balance outstanding plus applicable charges would be charged|
IDBI Bank Car Loan EMI Calculator
Don’t forget to look at the EMI calculator before applying for a car loan. The calculator works on the basis of interest rate, loan amount and the tenure of the loan. So, put all that and let the calculator does the rest for you.
IDBI Car Loan Eligibility Criteria
Any salaried or self employed can be eligible for a car loan from IDBI Bank if he/she satisfies the conditions stated below.
- The minimum age at the time of application should be 18 years
- The maximum age accepted at the maturity of loan must not be over 70 years of the borrower
- You should have a minimum annual income of Rs. 1.8 lakhs per annum
- While salaried must have an overall work experience of 2 years with a minimum of 1 year with the existing employer, self-employed needs to be in the same line of business for atleast 2 years
|Age Proof||Passport Copy/ PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent , legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate||Passport Copy/ PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent , legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate|
|Identity Proof||PAN Card/ Voter ID/Passport/Driving License, photograph||PAN Card/ Voter ID/Passport/Driving License, photograph|
|Income Proof||Latest 2 months salary slips, Form 16/ ITR for last 2 years, Bank Statement reflecting salary credits for 4 months||Income Statement for last 2 years with computation of income / certified financials, Balance Sheet, P & L A/c, Bank statement|
|Address Proof||Passport/Driving License/Voter ID Card/Telephone Bill/Electricity Bill/Title Deed of Property/Rental Agreement/Employer Letter||Passport/Driving License/Voter ID Card/Telephone Bill/Electricity Bill/Title Deed of Property/Rental Agreement/Sales Tax/RC/ITR/Form 18|
IDBI Car Loan Application Form
Now you are ready to apply for IDBI Bank Car Loan, right! If it is the case, then you can visit the website of the bank and click ‘Apply Now’ button. Upon clicking the button, a page will appear with ‘Apply Online’ showing at the left end. Under the head, you can find the link of ‘Auto Loan’, which you have to click. A click will let you open the application form, which you have to fill in and submit it along with the scanned copy of the photographs and documents to the bank desk. Afer a thorough check, IDBI Bank will approve & disburse the loan.
IDBI Car Loan Statement
In the course of your car loan journey, you would want to check the repayment track, charges deducted on your loan account, if any. You can check the same using the car loan statement, which can be easily accessed at the bank branch upon your request. The statement can be accessed whenever you would want to.