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Indian Bank offers a car loans that finance new as well as old cars at interest rates starting from 9.65% p.a. and going up to 12.6% p.a. The bank offers loans of up to Rs. 2 crores with tenures going up to 7 years. The margin of finance offered by the bank is 15% for new vehicles and 40% for used vehicles. The processing fee charged is 0.230% of the loan amount, subject to a maximum of Rs. 10,236.
Published On : 2021-06-18
Features | New car loan/Used car loan |
---|---|
Interest rate |
|
Loan ceiling |
Rs.2 crore |
Loan tenure |
Up to 7 years |
Processing fee |
0.23% of the loan, subject to a maximum of Rs.10,236 |
Lowest EMI per lakh |
Rs.2,108 (at 9.65% p.a. interest for a 5-year tenure) |
Documentation charges |
Nil to Rs.230 per Rs.1 lakh or part thereof |
Prepayment charges |
2.3% of the outstanding balance |
The interest rate you are ultimately offered depends on various factors. These are:
Yes, cars up to the age of 3 years can be financed under the car loan offered by Indian Bank.
Your minimum monthly income is required to be at least Rs.40,000 to avail Indian Bank’s loan scheme.
Yes, a guarantor who is a resident family member such as the spouse, son, daughter, mother, of father is required to apply for the car loan.
The vehicle for which you are applying for the loan will act as security for the loan if the loan amount requested is below Rs.25 lakh. For any amount above Rs.25 lakh, properties, LIC policies, NSCs, or fixed deposit receipts can be pledged for the loan amount portion above Rs.25 lakh.
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