Indian Bank Car Loan Overview

The IB Vehicle Loan is an affordable auto financing product which can be availed for purchasing new cars, used vehicles and new two-wheelers. Indian Bank offers car loans with higher loan amounts, flexible repayment options and to a wide range of customers. Indian Bank vehicle loans are not restricted to any particular make or model of four-wheelers and can be procured for any vehicle as per the customer’s choice. Repayment of an Indian Bank can also be done comfortably with tenures ranging up to 84 months and customers can also enjoy the advantage of paying very low processing fees at 0.228% of the loan amount, when they obtain an Indian Bank car loan.

Indian Bank Car Loan Eligibility

Indian Bank car loans can be taken by a wide variety of customers which includes salaried employees, self-employed businessmen, professionals, Indian Bank staff, NRIs, pensioners and other bank employees with a minimum work experience of three years. Individuals applying for a car loan with Indian Bank should show a minimum gross monthly income of atleast Rs 20,000/-.

Indian Bank Car Loan Eligibility Criteria for Salaried Individuals

Salaried professionals can avail car loans up to 20 times their gross monthly salary, with the inclusion of their spouse’s income. Applicants must ensure that their net take home pay should be atleast 40% of the gross pay after the deduction of the monthly installment.

Indian Bank Car Loan Eligibility Criteria for Self-employed Professionals

Self-employed businessmen can get car loans up to 20 times their monthly income. This amount is calculated by the bank based on the average income earned during the previous two years and also their capability to repay the car loan.

Factors affecting Indian Bank Car Loan Eligibility

Various factors affect the overall eligibility for an individual when an application for an Indian Bank car loan is made. Some of the key factors are -

CIBIL Score - Having a good CIBIL or credit score is very important when you avail any kind of loan. A major portion of the eligibility criteria comprises on how an applicant qualifies with regards to credit history. Banks generally do not sanction loans for individuals with low credit scores and loads of liabilities or debts. Indian Bank will approve a car loan for any individual who shows an impeccable track record with respect to payment of bills, debts and other loans. Maintaining a good credit history definitely adds to your chances of getting an Indian Bank car loan sanctioned at the earliest.

Income - An applicant’s annual income also plays a key role in contributing to the eligibility for a car loan. The main criteria here is that the applicant should have the financial capability to comfortably repay the loan with the current income earned and should not be burdened with extra liabilities. Indian Bank requires that car loan borrowers should meet a certain income criteria for the application to be further considered.

Banking Relationship - Some banks also look at the relationship that a customer has maintained with their institution. A good banking relationship always works as a catalyst when it comes to sanctioning a vehicle loan.

How do you increase your eligibility for an Indian Bank Car Loan?

• When you apply for an Indian Bank car loan, make sure that you are free from other unwanted liabilities. Pay off all your existing debts, so that your eligibility for the new loan improves and you can also repay at a convenient pace.
• Taking a co-applicant like your spouse can effectively improve the income eligibility for an Indian Bank car loan. The bank would consider the combined income of both the applicants and then sanction a relatively higher loan amount, than compared to the amount for a single applicant.
• If you can show any additional source of income or bonus while applying for a car loan, this will immensely contribute to your eligibility by working as security for a higher loan amount.

Indian Bank Car Loan Eligibility Calculators

Before applying for an Indian Bank car loan, prospective borrowers need to first check whether they are eligible to avail the loan. They can do so by using the help of a car loan eligibility calculator which is available easily on the internet. Eligibility calculators have been designed to instantly display results with regards to a customer’s car loan eligibility, with only a few inputs done on the tool. The customer needs to input certain details like name, date of birth, income, profession, make, model of the car and the on-road price. Considering all these factors the eligibility calculator immediately displays the result which shows whether the applicant qualifies for an Indian Bank car loan.