Indian Overseas Bank (IOB) Car Loan Eligibility Calculator

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.

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?

1. 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.
2. 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.
3. 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.

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