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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  • Indian Overseas Bank (IOB) Car Loan Eligibility Calculator is Rated as "Excellent!" by 13 Users

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    Indian Overseas Bank (IOB) Car Loan Eligibility Calculator

    Indian Overseas Bank Car Loan Overview

    As one of the top-rated loan products in the market, Pushpaka, IOB’s vehicle loan scheme comes with competitive pricing and higher loan amounts for the convenience of customers. This loan can be availed for the purchase of new and used cars or for new two-wheelers. Indian Overseas Bank offers flexible repayment options with tenures ranging up to 84 months and a very low processing fee, depending on the geographical area of the loan procurement. Pushpaka vehicle loans can be availed with attractive interest rates of 10.40% for new cars. Customers can avail car loans with higher loan amounts up to 90% of the cost of the four-wheeler, when they opt for the IOB vehicle loan scheme.

    Indian Overseas Bank Car Loan Eligibility

    Indian Overseas Bank sanctions vehicle loans to individuals with permanent employment at Government offices, private enterprises and public sector undertakings. Non-resident Indians (NRIs) can also apply for an IOB car loan but they need to furnish a guarantee from a resident Indian.

    Indian Overseas Bank Car Loan Eligibility Criteria for Salaried Individuals

    Salaried individuals are eligible to avail an Indian Overseas Bank car loan, if they show a net take home income of more than 50% of the gross salary, after the deduction of insurance and provident fund. The bank mandates that the total monthly income of the applicant with the inclusion of the spouse’s income and other sources of income should be more than Rs 8000/-, when car loans are availed.

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    Indian Overseas Bank Car Loan Eligibility Criteria for Self-employed Professionals

    Self-employed professionals can also easily apply an IOB vehicle loan, with the application made in the name of the business or company owned by the professional.

    Factors affecting Indian Overseas Bank Car Loan Eligibility

    Indian Overseas Bank considers various factors while approving and sanctioning vehicle loans for new four-wheelers.

    Profession - Eligibility criteria also varies depending on the profession or employment of an applicant. Indian Overseas Bank requires applicants to be permanent employees at a reputed institution, with a regular source of income. Vehicle loans are approved easily for individuals with a steady income or continuous employment over a considerable period of time. The type of profession also adds significant weightage to the sanctioning of an IOB car loan.

    CIBIL Score - A good credit history and score always ensures that car loans are sanctioned without any hassles. Banks always look into loan repayment patterns, bill payments and pending liabilities to assess the CIBIL or credit score of an applicant. A good CIBIL score secures a definite sanction from Indian Overseas Bank, while low scores can be instant reasons for rejections.

    Age - The age of the applicant also plays an important role when a car loan is approved. The repayment tenure chosen should be completed before the retirement age of the applicant. The loan amount sanctioned might also be reduced when an applicant is nearing the retirement age. Young working professionals might be quickly considered and will qualify for getting an approval with regards to a vehicle loan from IOB.

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

    • When you apply for a vehicle loan from Indian Overseas Bank, make sure that you show extra sources of income to be eligible for higher loan amounts.
    • Always add your spouse as a co-applicant, as IOB will also include the income of the co-applicant for calculating the eligibility criteria for a car loan.
    • Free yourself of all other pending liabilities and debts to ensure that your credit score looks good. Banks don’t approve loans for individuals carrying huge amounts of debts. Repaying all outstanding dues will also improve your eligibility criteria while applying for an IOB car loan.

    Indian Overseas Bank Car Loan Eligibility Calculators

    Car loan eligibility calculators are the best tools which will help you understand whether you qualify for an Indian Overseas Bank vehicle loan. These tools are available easily over the internet and can be accessed by prospective borrowers to check their eligibility. Certain details like name, income, age, profession, make and model of the car and on-road price have to be entered into the tool to check eligibility. In a matter of seconds, the car loan eligibility calculator displays whether the applicant is eligible to procure a car loan with Indian Overseas Bank.

    Car Loan Reviews

    • IOB Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The INDIAN OVERSEAS BANK has approved and disbursed my car loan amount within a week time. The customer service is good with IOB. This loan has the tenure of 5year. The fore closure option is available . The rate of interest is nominal with IOB.
      Was this review helpful? 0
      , panchkula
      Reviewed on Sep 28, 2017
    • IOB Car Loan
      "Car loan "
      0.5 5.0/5 "Blown Away!"
      No documentation required, everything was done by IOB and all i had to do was just sign the car loan form and the rest was taken care by them. I had chosen this bank for the car loan because of the lower interest rate. The car dealer had a tie up this Bank and that is why it was too smooth. Prepayment options are there after 3 months .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 23, 2017
    • IOB Car Loan
      0.5 4.5/5 "Excellent!"
      I am happy with Indian overseas bank in terms of the car loan. Because my loan got approved and disbursed from IOB on time. They approved my loan in few days. The interest rate was 9%. I had taken the loan for personal purpose so the interest rate is very nominal for that loan amount I have applied for 5.5 lakhs and there was minimal processing fee charged aslo
      Was this review helpful? 0
      , kochi
      Reviewed on Sep 09, 2017
    • IOB Car Loan
      "Very Good service"
      0.5 5.0/5 "Blown Away!"
      The interest rate was low when compared with other banks. The loan amount was high when compared with other banks. The manager was very helpful in regards to my car loan disbursement and the personal assistance was given by IOB bank manager in regards to my car loan disbursement.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 05, 2017
    • IOB Car Loan
      "Happy Service"
      0.5 5.0/5 "Blown Away!"
      I am happy with Indian overseas bank in terms of the car loan. Because my loan got approved and disbursed from IOB on time. They approved my loan in few days. The interest rate was 10.25%. I had taken the loan for commercial purpose so the interest rate is very nominal for the commercial purpose vehicle.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Jun 10, 2017
    • IOB Car Loan
      "Good job done"
      0.5 4.0/5 "Great!"
      I am an existing customer of IOB bank, So I taken car loan from the same bank. It was really good there was no hidden charges with the interest rate of 10% it was nominal. Earlier I had submitted my documents they taken only one day to complete the process. I had submitted the quotation from dealer to the bank, Then IOB had realized the DD to the car dealer.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Dec 09, 2016
    • IOB Car Loan
      0.5 5.0/5 "Blown Away!"
      I moved forward to take a car loan from the Indian Overseas bank where I hold my salary account. They asked for only few major documents and their officials verified and moved my documents fast. My branch manager is so good and helped me out well.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 25, 2016
    • IOB Car Loan
      0.5 5.0/5 "Blown Away!"
      Indian overseas bank offered me a car loan. They are explained me every thing. Their loan process was good and I got my loan within a day. Loan amount was offered by them was 7.90lkhs for that they offered good rate of interest rate and processing charges also fine.
      Was this review helpful? 0
      , raipur
      Reviewed on Feb 05, 2016
    • IOB Car Loan
      "Lesser rates applied "
      0.5 4.0/5 "Great!"
      It was good experience with indian overseas bank when I applied for a car loan.They are processing the loan in a days time.They are processing the loan through the dealer itself.I dont faced any complication on the loan process.The rates applied was quite lesser.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 07, 2016
    • IOB Car Loan
      "Good In Their Processing"
      0.5 3.0/5 "Satisfactory"
      I have taken my Car Loan from INDIAN OVERSEAS BANK. Their customer service is good, the interest rate which they offered is high but since they have given my required loan amount I have taken this from them. They have charged me rupees 7000 as an processing and stamp registration fees.
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 31, 2015
    • IOB Car Loan
      "Nil processing fee and nil pre closure charge!!!"
      0.5 4.5/5 "Excellent!"
      Rate of interest is 10.75% but there are no processing and pre closure charge for car loan. Interest rate is floating rate so nil charges. Pre closure can be done post six months. They processed the loan as earlier. Indian Overseas bank as being nationalized bank they wonâ??t entertain their customers through telephone whereas they would give very good service if customer visits the branch directly. Overall, experience was good with the bank.
      Was this review helpful? 6
      , mysore
      Reviewed on Jan 19, 2015
    • IOB Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was very easy to apply my car loan with Indian overseas bank since I am an existing customer for my salary account. Interest rates was quite less compared with other banks. This was my first experience to explore . I am very much happy about the services
      Was this review helpful? 3
      , faridabad
      Reviewed on Sep 15, 2014
    • IOB Car Loan
      "Great experience"
      0.5 3.5/5 "Pretty good"
      When I approached IOB branch I was satisfied with the rate of interest offered by them. Moreover my salary account is with them for the past 10 years. They listed the documents needed. I made it ready and submitted the required documents to the manager of the bank. I am really impressed that the loan was sanctioned within a day. I had a friend working in IOB who made the process much easier and faster. Processing fees & charges are very nominal.
      Was this review helpful? 4
      , hosur
      Reviewed on Aug 05, 2014
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