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Published On : 2020-09-14
IDBI Bank Car Loan interest rate for new car loans ranges from 9.30% to 9.90%. The bank provides financing only for purchasing new cars. The interest rate on your IDBI Car Loan will depend on factors such as your credit score, income, down payment, loan period, and so on.
Features | Car Loan |
---|---|
Interest rate as per credit score of the applicant |
|
-1, 1 to 5 |
9.90% |
650 to 700 |
9.90% |
701 to 750 |
9.50% |
751 to 800 |
9.40% |
801 and higher |
9.30% |
Lower than 650 |
Not considered by the bank |
Non-individual applicant |
9.90% |
Loan tenure |
Up to 7 years |
Processing fee |
Rs.1,000 plus taxes |
Lowest EMI per lakh |
Rs.1,624 |
Prepayment charges |
1% |
Documentation charges |
According to the actual cost |
Penal interest charges |
2% p.a. |
There are numerous factors that have an impact on the interest rates for an IDBI Bank car loan. These, in turn, help to determine the loan amount given to the prospective applicant, along with the interest amount charged. Some of these factors are given below:
Yes, IDBI Bank has tie-ups with automobile makers and auto dealers. These tie-ups allow the bank to give you good car loan deals.
IDBI Bank requires a car loan applicant to be earning at least Rs.2,40,000. This is applicable to both salaried employees and self-employed individuals.
You can pay your car loan EMIs via ECS or Standing Instruction.
Yes, the bank allows you to part pay or foreclose your IDBI Car Loan. If you do this from your own source 6 months after your loan is disbursed, you will not have to pay any penalty. If you part pay or foreclose your loan within a period of 6 months, then you will be asked to pay 1% of the outstanding amount along with charges that are applicable.
In a year, you will be allowed to part-pay your loan only 3 times. Moreover, there will need to be a gap of 90 days between each part payment.
You can repay the IDBI Car Loan in equated monthly instalments (EMIs), which include interest as well as principal.
Maruti Suzuki India Ltd. will soon be manufacturing cars that run on alternative fuel sources such as methanol and ethanol. The company is also looking to design battery led electric vehicles and hybrid cars in the Indian automobile market. This was announced by the chairman of the company, R.C. Bhargava during the 37th annual general meeting (AGM) in New Delhi.
In order to reduce carbon emissions, the company is also planning to produce more CNG engines for its cars in the upcoming years.
Bhargava said that it is essential to develop a policy for electric mobility in the country. Electrification of small cars is a challenge as of now, as these vehicles are likely to be more expensive than the ones that operate on internal combustion engines. He also mentioned that electric vehicles may not be all that effective in controlling air pollution in the region of the national capital, as these cars will only be about 2% of the overall fleet.
24 August 2018
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