Indian Overseas Bank Car Loan
Last Updated : Jan. 12, 2019, 10:31 a.m.
About Indian Overseas Bank Car Loan
Not many able to fulfill the dream of owning the car. The reason being the lack of finance or the inadequate planning for the same. If you do not have the requisite finances, then make sure you cut down on dining at expensive restaurants, movie tickets and travelling exotic locations across India and the world, etc. Doing the same can help you accumulate significant savings and enable you to take a car loan from banks across India. While searching for a lender, you can avail a car loan from Indian Overseas Bank. The interest rate, processing fee and other charges of the bank are important considerations.
Indian Overseas Bank Car Loan Interest Rate
| Particulars | Details |
|---|---|
| Interest Rate | 9.15% p.a. |
| Loan Amount | Upto 90% of the ex-showroom price |
| Loan Tenure | Upto 7 years for New Cars, 5 Years for Used cars |
| Processing Fee | ₹2,825-5,000 |
| Prepayment Charges | 3%-4% of Principal Outstanding |
Indian Overseas Bank Car Loan EMI Calculator
The EMI calculator is a tool to compute the monthly installments payable towards a car loan . The installments combine both interest and principal portions of the loan. As soon as you feed the details of loan amount, interest rate and the loan tenure, the calculator will flash the indicative EMIs. The longer tenure will decrease the amount of EMI compared to a shorter loan tenure. However, it may not be a wise thing to opt for a longer tenure. You could end up paying massive interest, which you can easily save by opting for a comparatively shorter tenure.
Table showing interests and EMIs on car loan of Rs 5,00,000 for different periods at IOB
| Loan Amount ( In Rs.) | Tenure (In years) | Interest Rate (p.a) | EMI ( In Rs.) | Total Interest ( In Rs.) | Total Amount (Principal +Interest) ( In Rs.) |
|---|---|---|---|---|---|
| 5,00,000 | 3 | 10.20% | 16,181 | 82,501 | 5,82,501 |
| 5,00,000 | 4 | 10.20% | 12,729 | 1,11,010 | 6,11,010 |
| 5,00,000 | 5 | 10.20% | 10,673 | 1,40,368 | 6,40,368 |
| 5,00,000 | 6 | 10.20% | 9,313 | 1,70,567 | 6,70,567 |
| 5,00,000 | 7 | 10.20% | 8,352 | 2,01,598 | 7,01,598 |
Eligibility Criteria
| Parameters | Salaried Professionals | Self-employed |
|---|---|---|
| Age | 21-58 years | 21-65 years |
| Minimum Income | Minimum net income of Rs 1,00,000 per annum | Minimum annual net profit of Rs 60,000 for standard cars, Rs 1,00,000 for premium and mid-sized cars |
| Employment/Business Continuity | At least 1 year with current employer with overall experience of 2 years | At least remain in the business of 3 years |
Now see the documents that you need to submit for availing car loan.
Documents required for Salaried & Self-employed professionals
- Car loan application form
- Salary Certificate, IT return or assessment order
- For used cars, you need to get the valuation certificate from two reputed car dealers
- Address Proof-PAN Card, Driving License/Voter ID Card/Passport/Ration Card etc. of applicant and guarantor(s), if any
