IDBI Bank offers one of the best auto financing schemes in India for both four-wheeler and high-end two-wheelers costing above Rs. 1.20 lakhs. The Express Auto Loan scheme from IDBI comes with exceptional features, quick processing, and higher sanction amounts. The IDBI Bank auto loan provides financing for a wide array of vehicles ranging from cars, bikes and SUVs. The bank also offers flexible repayment options with monthly installments on reducing balance and comes with a selection of loan tenures ranging up to 7 years. IDBI ensures that customers get the best auto financing deals with attractive interest rates and tie-ups with major manufacturers and car dealers in India.
IDBI Bank offers auto loans to both salaried employees and self-employed businessmen with exclusive interest rates and hassle-free documentation process.
IDBI Bank Car Loan Eligibility Criteria for Salaried Individuals
Salaried individuals who are above the age of 18, can easily apply for an IDBI car loan. The maximum age of the applicant should be 70 years or near the retirement age at the time of maturity of the loan, whichever is earlier. Applicants have to submit their salary slips, Income Tax Returns, Form 16 and back account statements with salary credit as income proofs.
IDBI Bank Car Loan Eligibility Criteria for Self-employed Professionals
The minimum age of the applicant should be 18 years and the maximum age should be 70 years at the time of maturity of the car loan. Professionals should have been in business for atleast two years showing an annual income of Rs.1, 80,000/-. As income proofs, self-employed businessmen need to furnish balance sheets, profit & loss statements, bank statements and any other certified financial document.
Eligibility for an IDBI Bank car loan is calculated based on various factors. Here are a few which are generally considered -
Income - The applicant’s income plays a vital role in determining the eligibility for an IDBI Bank car loan. Individuals applying for this loan need to show a specific amount of income to qualify. The bank might not approve car loans for individuals and companies falling below the requisite eligibility amount.
CIBIL Score - The CIBIL score is a major criteria considered by IDBI Bank while an individual applies for a car loan. After the loan application is made, the bank will check the credit history of the applicant including the credit score. Loans for applicants with low credit scores might be declined and for applicants with higher scores, the bank will continue to process the loan further. The CIBIL score works as the first impression for an applicant with lending institutions and it is very important that applicants carry a good score to easily avail car loans.
Age - Age is a major factor when it comes to approving a car loan. IDBI Bank sanctions auto loans only for individuals aged 18 and above. If the applicant is at the retirement age or is nearing the age, the bank might not easily approve a car loan, owing to expected repayment difficulties.
An excellent way to increase your IDBI Bank car loan eligibility would be by applying for the loan along with a co-applicant. The income of the co-applicant, who could be a spouse or a family member, can be combined with the applicant’s income to improve the eligibility criteria. Applicants can also make sure that they do not have any huge outstanding debts or liabilities, and also carry a good credit history, while applying for a car loan. Additionally, the repayment capacity of the applicant will also be considered while analyzing the income eligibility criteria.
Car owners planning to avail an IDBI Bank car loan can easily check whether they qualify, by using car loan eligibility calculators. These tools which are easily available shows a prospective borrower, whether he is eligible to procure a car loan from IDBI based on certain aspects like income, age, profession, etc. IDBI Bank offers a well-designed car loan eligibility calculator where certain inputs like name, mobile number, date of birth, make and model of the car, on-road price and type of employment of the applicant have to be entered. The tool instantly displays whether the individual is eligible to avail an IDBI car loan or not.
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