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 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.
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.
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.
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.