If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • IDBI Bank Car Loan Interest Rates is Rated as "Excellent!" by 23 Users

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    IDBI Bank Car Loan Interest Rates

    Overview About IDBI Bank Car Loan

    Easy to avail loans, quick documentation and no other hassles in the process, IDBI Bank strives to provide quick and accessible loans to those looking to buy their own set of wheels. Founded in 1964 with headquarters in Mumbai, IDBI Bank is a banking and financial service company that is owned by the Government of India. IDBI was mainly started in order to provide financial support to the Indian industry which was taking its first steps back then. Auto Loans by IDBI is simple, accessible with a flexible tenure of upto 7 years. These loans can be availed against the applicant’s income and the eligibility criteria as defined by the bank.


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    IDBI Bank Car Loan Interest Rates 2017

    Car Loan interest rates vary every year based on a number of factors. Two of the main concerns for customers who apply for a loan are the interest rates and tenure offered. IDBI Bank offers a flexible loan repayment tenure of upto 7 years and a fixed interest rate of 9.95%. Loans are available for a wide variety of cars such as S.U.V’s, sedans etc. IDBI Bank has also tied up with certain manufacturers and dealers which is useful for applicants who want more information on the type of car they are leaning towards buying.

    IDBI Bank Car Loan Rates Table

    Base Rate 9.95%
    Rate of Interest(fixed) 9.95% - BR + 0.35%
    Processing Fee During festival offer period, fee is waived in full
    Loan Amount Above Rs. 1 lakh
    Loan Tenure 12 months to 60 months
    Minimum annual income required Rs 1,80,000
    Servicing of EMI would be through ECS, Standing Instruction
    Foreclosure charges Charges allowed only 6 months after the loan disbursement without penalty from own source. If within 6 months in case of disbursement or balance transfer, 1% of balance outstanding along with applicable charges is charged.
    Documentation Charges As per actual cost

    How to Calculate Interest Rate on my IDBI Bank Car Loan?

    Customers can repay their IDBI Bank car loans through Equated Monthly Installments or EMIs. Essentially an EMI consists of the principal amount along with the interest amount. During the initial term of the loan repayment tenure, a significant portion of the EMI consists of the amount paid as interest, however, there is an increase in the principal amount and a reduction in the amount of interest to be paid as the loan tenure progresses.

    The formula for calculating the EMI on a car loan is -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    Where E - Monthly EMI, P- principal amount, r - rate of interest per month, n - number of years.

    For an amount of Rs. 1,00,000 at an interest rate of 10.35% with a loan tenure of 1 year, the total payment would come up to approximately Rs. 1,04,791 with Rs. 8733 as the EMI amount.

    For example, the following will be the amortization table for a car loan of Rs. 5,00,000 for a period of 3 years at an interest rate of 10.35% from IDBI Bank.

    Year Total Payment Balance Principal Portion Interest Portion
    2015 Rs. 48,232 Rs. 4,60,013 Rs. 39,387 Rs. 8,245
    2016 Rs. 1,92,927 Rs. 3,07,603 Rs. 1,52,411 Rs. 40,516
    2017 Rs. 1,92,927 Rs. 1,38,647 Rs. 1,68,955 Rs. 23,971
    2018 Rs. 1,44,695 0 Rs. 1,38,647 Rs. 6,048

    Factors affecting IDBI Bank Car Loan Interest Rates

    There are numerous factors that have an impact on the interest rates for an IDBI Bank car loan. These in turn helps to determine the loan amount given to the prospective applicant, along with the interest amount charged. Some of these factors are given below.

    • Income - The applicant’s income is important. The criteria for eligibility differs for every category of employed individuals. For example, if the applicant is self employed then the minimum income required differs as compared to a salaried individual.
    • Loan Duration/Tenure - Another significant determinant considered is the tenure within which the customer repays his loan. Generally,it is seen that most opt for tenures that are longer as the EMI amount to be paid every month is less, however customers need to remember that with longer tenures, interest rates are also more and therefore it would be advisable to opt for a short loan tenure.
    • CIBIL Scores - The TransUnion score is given a lot of importance by bankers and financial institutions in order to understand a person’s eligibility for a certain loan. This score is given by the Credit Information Report and scores more than 750 are preferred by those providing loans.
    • A previously established relationship with the bank is an added benefit. IDBI Bank has various offers and benefits for customers who have a prior working relationship with IDBI Bank.
    • Down Payment is a factor which has an impact on the interest rate provided by the bank.Customers who pay a higher down payment stand a greater chance of availing low interest rates.

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    How CIBIL scores affect IDBI Car Loan Interest rates

    Credit Information Bureau India Limited or CIBIL summarizes and maintains a person’s credit history and also information related to his/her loan payments and from this, a score is generated known as the CIBIL TransUnion Score. This is a 3 digit score that varies from 300 to 900. This is a significant factor taken into consideration by banks and financial institutions while determining the eligibility of the applicant and accepting the loan request. The higher the scores, greater are the chances of receiving loans at a reasonable interest rate. Those with high CIBIL scores are also considered to be less risky in terms of loan repayment and can therefore procure loans easily compared to those with low CIBIL scores.

    FAQ’s about IDBI Car Loan Interest Rates

    • How can one apply for an IDBI Bank Car loan?

      Customers can apply for an IDBI Bank car loan in various ways. They can either visit the closest IDBI Bank or call the phone banking numbers, post which an IDBI representative will revert back.

    • What are the documents required while applying for a car loan from IDBI Bank?

      There are various documents needed for the loan application -

      ~Age Proof - Passport,School Leaving certificate, Election ID Card, Driving License, Birth Certificate, PAN Card, LIC Policy.

      ~Address Proof - Election ID Card, Passport, Driving License, Form 18/Sales Tax RC/ITR, Electricity Bill/ Telephone Bill, Employers Letter, Title Deed of Property/Rental Agreement.

      ~Identity Proof - Passport, Election ID Card, PAN Card, Employer’s ID Card, Photo Credit Card

      ~Income Proof - Latest 2 months salary slips, Bank Statement reflecting salary credits for 4 months, Form 16/ITR for previous 2 years,

      ~Bank Statement - Balance Statement and ITR for previous 2 years, Income statement, Bank statement for 6 months

    • What is the minimum annual income that is required for a customer to procure a IDBI Bank Car Loan?

      A minimum annual income of Rs. 1,80,000 is necessary.

    • What kind of vehicles does IDBI Bank provide loans for?

      IDBI Bank offers loans for most type of passenger and sports-utility vehicles.

    • Does IDBI Bank have tie-ups with any manufacturers?

      Yes, IDBI Bank has tie-ups with certain dealers and manufacturers of vehicles to ensure a smooth deal.

    Car Loan Reviews

    • IDBI Car Loan
      "Too high when it comes to charges"
      0.5 2.0/5 "Expected more"
      In short, I would IDBI rules and regulations are very strict when it comes to car loan. The disclaimer was I need to complete one year to get the car loan from them. Interest rate offered by them was too high also they were too good in responding. When I approached them they simply told that they were unable to provide the loan and closed the deal.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2017
    • IDBI Car Loan
      "Good Process"
      0.5 4.0/5 "Great!"
      I had taken car loan from IDBI bank. I am very much comfortable with the bank during the loan process. And everything was so convenient for me to take the loan from them. There is no interest for the loan which I took and I only paid the processing fee because I have the account which is tied up with LIC. The customer service is good.
      Was this review helpful? 0
      , jamshedpur
      Reviewed on Jul 01, 2017
    • IDBI Car Loan
      "Better service"
      0.5 4.0/5 "Great!"
      IDBI bank process was very good and smooth, because it gave the better interest rate with my car loan applications. Got IDBI car loan with the help of idbi kissan credit card. The rate of interest, fee and charges are very low with IDBI, when compared with OBC. They provided the best service for my car loan.
      Was this review helpful? 0
      , bhopal
      Reviewed on Apr 05, 2017
    • IDBI Car Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      My car loan was taken from IDBI Bank. It is an good experience but I am happy that the process was smooth.Now its gonna be a year .Total 5 years and the EMI is 16835/- rate of interest is 11.25 was quit high and the processing fee is 9500/- One of my referred me to opt car loan from IDBI,customer service people are really friendly they help in all the manners.
      Was this review helpful? 0
      , thane
      Reviewed on Feb 06, 2017
    • IDBI Car Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I choose IDBI bank to get the car loan because am already having the housing loan. Interest rate was a good one when compare with other banks. Stamp duties and the processing charges are a nominal one according to the market. Within a day of time the loan amount got disbursed to the car dealer.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 23, 2016
    • IDBI Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I am very much happy to hold the IDBI Car loan. Rate of interest charged by them was very low. They are giving a discount to the Corporate employees. This car loan is already settled. The term of the loan is 5 years and the loan got closed automatically. I got the closure letter within a month's time.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 18, 2016
    • IDBI Car Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I have got the car loan with the IDBI bank and the interest rate was around 11.25%. The loan amount got disbursed to the account within two to three days of time. Customer service is good with them and the processing charges were nominal with them.
      Was this review helpful? 0
      , faridabad
      Reviewed on Feb 05, 2016
    • IDBI Car Loan
      "Quick process!"
      0.5 5.0/5 "Blown Away!"
      Car loan process was pretty good as the loan was disbursed within an hour. Even the documentation was done in the respected time by the IDBI bank. Verification was done after the delivery of the vehicle. 9.95% is the interest rate, which is pretty low for the car loan.
      Was this review helpful? 0
      , raipur
      Reviewed on Jan 28, 2016
    • IDBI Car Loan
      "Average!!"
      0.5 1.5/5 "Bad"
      Last year I availed my car loan with Idbi . Everything was done through my car dealer. However I found their customer service is not that good. I had to visi the branch often , since I was given a maximum tenure I opted with this bank. They should improve their customer service. They should be more customer centric. Other than they were competitive as like Sbi in terms of interest rate.
      Was this review helpful? 3
      , pune
      Reviewed on Nov 27, 2015
    • IDBI Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      I took the car loan with idbi bank with the interest rate of 10.75% and there was no processing fee. I visited three branches to get the loan and the customer service is was not good as they took 3 week of the loan process. They were forcing me to take the insurance on the loan and not giving the information prior.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 03, 2015
    • IDBI Car Loan
      "Excellent !!!!!"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from IDBI Bank with the interest rate of 11% which should reduce but they did not charge any processing fee. They took only three days for the disbursement after submitting the documents. The representative came and collected all the documents related to the vehicle.They guided me very well throughout the process.
      Was this review helpful? 2
      , ambala
      Reviewed on Sep 14, 2015
    • IDBI Car Loan
      "My Bank..."
      0.5 4.0/5 "Great!"
      I availed a car loan from IDBI bank. I approached the bank directly and they informed me the necessary documents. They collected the documents, checked my credit score and said that everything is genuine and provided me the loan within 4 days. They transfered the amount to the dealer directly. They did not charge any processing fees.
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 17, 2015
    • IDBI Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      The executive of the IDBI bank were cooperative and also it was a good service by the bank for the Car loan. The executive of the bank had come to my door step and he also had good knowledge about the loan. The bank was very transparent in their loan requirements and also they were flexible in changing the tenure period. They had given the appropriate information and they were also good in their extra features.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 23, 2015
    • IDBI Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I would like to give 5stars for IDBI. It is very good for me, everything was in place. They came to my place for documents collections and it was only once I have been to their branch to sign the documents. In fact my account was dormant they have activated it. Responsiveness is good.
      Was this review helpful? 0
      , hubli
      Reviewed on Jun 27, 2015
    • IDBI Car Loan
      "Satisfied!!!"
      0.5 4.0/5 "Great!"
      There is no processing charge in IDBI bank for car loan thus I opted. Actually I was in favor of floating rate of interest however IDBI only offered fixed rate of interest rate. Even though it was fixed I ended deal with IDBI. The car loan process was too long as the executive who handled my case was slow in process. Overall the process took a week to ten days thus bit dissatisfied. Interest rate was 10.5%. Nil pre closure charge and closing period of post six months. IDBI should speed up the loan process, which is my suggestion.
      Was this review helpful? 3
      , new delhi
      Reviewed on Jan 19, 2015
    • IDBI Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I am holding a car loan with IDBI. The value of the car is 7 lakhs and I have borrowed 5 lakhs . There is no additional cost on that. I would say this Bank is better than HDFC in all the ways and means. Its an ongoing loan and this was taken last year and no issues with them.
      Was this review helpful? 3
      , raipur
      Reviewed on Jan 05, 2015
    • IDBI Car Loan
      "Fastest process!!"
      0.5 4.5/5 "Excellent!"
      Within 24 hours all details were collected from my end and IDBI processed loan as soon as possible. Hardly they took 2 days they provided cheque. And by paying down payment of 50,000 I took the car from the dealer. Each and every month I am getting alerts regarding current status. Processing fee is nominal for car loan where they just collected Rs.1000 and interest rate is competitive.
      Was this review helpful? 2
      , aurangabad
      Reviewed on Dec 31, 2014
    • IDBI Car Loan
      "Feel at home services with IDBI"
      0.5 5.0/5 "Blown Away!"
      The car loan from which I availed from IDBI bank is very good. The experience was great. The processing was so fast as I applied and got the loan approved on the same day. The loan amount was Rs. 500000 and the interest rate is 10.25% for 7 years.
      Was this review helpful? 2
      , nagpur
      Reviewed on Nov 27, 2014
    • IDBI Car Loan
      "Good approach"
      0.5 5.0/5 "Blown Away!"
      IDBI approached me for a Car Loan . I can rate them as 5 for their rate of interest as its can very competitive and this is the only Bank which provides the loan for 7 years and all the other Banks are providing at 5 years however as I have taken a loan with ICICI nothing much to comment about them
      Was this review helpful? 2
      , gurgaon
      Reviewed on Aug 21, 2014
    • IDBI Car Loan
      "Wonderful experience"
      0.5 5.0/5 "Blown Away!"
      It was a wonderful experience of availing a car loan from IDBI bank. I think I haven't had any problem in availing the loan. Actually I contacted the customer care executive of IDBI bank for a car loan. On the very next day a person from the bank came to my place and collected all the documents. Within 4 to 5 days they disbursed the loan. Rate of interest was 10.65%. Best part is they did not charge any processing fee.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Jul 28, 2014
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