Indian Bank offers a car loan, known as IB Vehicle Loan, to its customers with interest rates starting from 8.45% p.a. (new cars) and a repayment tenure of up to 84 months. The interest rate for used car loans starts from 11.40% p.a.
|Processing Fee||0.230% of the loan amount (Maximum of Rs.10,236)|
The below-mentioned individuals are eligible to apply for the car loan provided by Indian Bank:
In the case of NRIs, a car loan will be provided only if the below-mentioned conditions are met:
The below-mentioned factors may determine the interest rates of the IB Vehicle Loan:
You can use BankBazaar’s car loan EMI calculator in order to calculate the monthly payments. The calculator is simple is use and saves time. Some of the details that must be entered to calculate the EMI are the tenure, loan amount, interest rate, and processing fee.
The two different methods by which you can apply for an IB Vehicle Loan are mentioned below:
You can visit the nearest Indian Bank branch and submit the relevant documents to apply for a car loan.
The list of documents that must be submitted when you apply for the car loan is mentioned below:
In case the value of the car is less than Rs.25 lakh, collateral or security need not be provided. However, if the value of the car is more than Rs.25 lakh, security must be provided.
No, you cannot sell the car before the loan is repaid. An NOC is required to sell the car, and banks provide one only once the loan is paid.
Yes, it is possible to foreclose the car loan. However, banks may levy a foreclosure charge.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.