Indian Overseas Bank is a major bank based in Chennai (Madras), with about 3350 domestic branches, 3 extension counters and six branches overseas. Indian Overseas Bank has an ISO certified in-house Information Technology department, which has developed the software that 3257 branches use to provide online banking to customers; the bank has achieved 100% networking status as well as 100% CBS status for its 3350 branches. All you have to do is to follow some simple steps to get attractive deals.
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
50% of the gross salary
Loan capped @
90% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Processing Fees||Upto Rs.25,000/- - Nil,
Above Rs.25,000 upoto Rs. 2,00,000 - Rs.525/- ,
Above Rs.2,00,000 - Rs.395 per lac or part thereof
|Loan Tenure||1 year to 7 years|
‘Touching hearts and spreading smiles’ as the Indian Overseas Bank’s motto asserts, is the driving factor for IOB to deliver the best banking products that are innovative, contemporary and cost effective. IOB is a customer centric bank operating with financial prudence, a well-organized workforce and integrity. The bank aims to be among the top nationalized banks in India, providing far reaching banking services across India. Indian Overseas Bank is also a contributor to ‘Green Banking’, coming up with new and efficient ways to banks without causing much damage to our eco system. IOB is governed by its code of ethics and the bank aims at being recognized globally as the preferred banking partner, constantly adding value to its clientele. Indian Overseas Bank has adopted the internet and mobile ways of banking with state of the art technology and IOB customers can conveniently manage their accounts using the IOB web portal. IOB offers an extensive range of banking products comprising of personal banking, deposits, fund management, corporate banking, NRI banking, and agricultural banking. IOB’s banking services are very popular amongst Indian customers, with IOB car loan being a sought out auto financing product.
‘Pushpaka’ - Indian Overseas Bank’s car loan scheme comes with flexible repayment options, easy monthly payments and additional benefits. IOB customers can take car loans with the bank financing a relatively huge portion of the new car value when compared to its competitors.
Customers looking for auto financing with flexible options and easy repayments should avail the Indian Overseas Bank car loan scheme – Pushpaka.
BankBazaar offers Indian Overseas Bank customers a quick four step application process with instant e-approvals.
As per the latest guidelines from RBI, the interest rates offered IOB is linked to MCLR (Marginal Cost Based Lending Rate). Please refer to the table below for further information.IOB Marginal Cost Based Lending Rate (MCLR) for New Borrowers
|Benchmark MCLR rate||9.70%|
|Rate of interest||10.05%|
Note: The interest rate is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.
Applicants need to qualify based on the mentioned employment and income criteria to be eligible to avail an IOB car loan.
Indian Overseas Bank requires that the applicant should be a permanent employee with any of the following employers - Government offices, private enterprises or public sector undertakings. Self-employed businessmen are also eligible to apply for an Indian Overseas Bank car loan. The loan needs to be applied under the name of the firm or the self-owned company.
Non Resident Indians are also eligible for a Pushpaka car loan from IOB. All NRIs are required to obtain a suitable resident Indian guarantor for an IOB car loan to be sanctioned.
Another IOB car loan income criteria that an individual needs to meet is that the total monthly income of applicant along with his spouse and all other incomes should be more that Rs 8000/-.
EMI calculators play an important role in the car loan decision making process. Customers tend to worry about how much they will paying to a bank in the form of EMIs and interest rates while taking a car loan. BankBazaar’s EMI calculators help customers get a clear picture of how their car loan payments will fan out across the opted loan tenure. BankBazaar’s car loan EMI calculators, specifically provide detailed information on how much EMI and interest rates a customer will be paying if he avails an IOB car loan. The ‘’Finance Tools” menu has the car loan EMI calculator and customers need to input certain details like loan amount, loan tenure, processing fees and interest rates for an IOB car loan to get a consolidated EMI forecast.
If any issues or problems are encountered by customers while navigating through these pages, they are requested to contact our friendly customer care team available at xxxxxxxxxx.
IOB customers can manage their bank accounts, make payments, get IOB IFSC codes, place requests for banking instruments, and transfer funds online.
IOB customers can get their IOB car loan status by logging into their respective bank accounts using IOB’s net banking services.
Yes, customers can use the IOB car loan application form available on the IOB web portal to avail car loans.
Yes, IOB has provisions on its web portal for customers to access and view their IOB car loan statements.
IOB levies zero charges on prepayments of IOB car loans for all its customers.
Our customer care officials are ever ready to help out with any questions regarding IOB car loans and can be easily contacted at xxxxxxxxx.
The application form is available on the website of Indian Overseas Bank. You can also visit the nearest IOB branch to get a car loan application form.
You can check the status of loan application online at IOB’s web portal. You need to be a registered internet banking user and log on using the login ID and password. After logging in, you will be able to view the status of your application.
Yes, Indian Overseas Bank Car Loan is offered for the purchase of a new car or an used car which is not more than 5 years old.
The following class of customers can apply for a Indian Overseas Bank Car Loan.
Also, this loan can be applied by a firm or a company in its name.
Yes, NRIs can also apply for Indian Overseas Bank Car Loan subject to a condition that the NRI must obtain a suitable guarantee from a Resident Indian.
The applicant must be in a confirmed service with a take home pay of more than 50% of the gross salary after insurance and PF deductions.
For the purchase of a new car, Indian Overseas Bank offers up to 90% of the cost of car as loan.
For used car, Indian Overseas Bank offers up to 75% of the market value of the car as loan.
For car loans up to Rs. 2 lakh, the processing charges are Rs. 134 in rural areas and Rs. 168 in other locations.
For car loans of value greater than Rs. 2 lakh, Rs. 134 per Rs. 1 lakh or part thereof is charged in rural areas and Rs. 168 per Rs. 1 lakh or part thereof is charged as processing fee in other locations.
You will have to submit a valuation certificate from at least two reputed auto dealers if you are looking to purchase an used four wheeler through IOB car loans.
The following will be treated as security.
Indian Overseas Bank Pushpaka scheme is a vehicle loan scheme that is offered for the purchase of two wheelers and four wheelers.
At present, the interest rate for Indian Overseas Bank Pushpaka car loan scheme is 10. 40% per annum which is floating rate.
The applicant’s total monthly income including that of other income and spouse’s income must not be less than Rs. 8,000 for the purchase of a car.
The maximum repayment tenure, in case of purchase of a new car using Indian Overseas Bank Car Loan is 84 EMIs.
In case of used vehicle, the flexi repayment tenure shall be fixed at a maximum of 84 EMIs. The maximum tenure should also be less than the age of vehicle.
You will have to provide the following information about employment and income criteria in the application form.
A salaried applicant must submit the following documents as IT proof.
You will have to submit a proforma invoice or quotation about the price of car from an authorized dealer to apply for Indian Overseas Bank Car Loan.
No prepayment charges are levied if you opt to closed your car loan in advance of the proposed tenure.
EMI is the amount that you will have to pay monthly towards your car loan principal and interest. The EMI amount is based on several factors like type of interest rate, principal amount, tenure and the rate of interest. You can use an car loan EMI calculator to find out the monthly EMI and amortization schedule.
Yes, all registered internet banking users will be able to view the car loan statement online at IOB’s web portal.
If you have any queries or doubts regarding the car loan application process, all you have to do is contact the IOB customer care. You can also visit the nearest IOB bank branch to get your doubts cleared.
You will have to submit the following documents to apply for Indian Overseas Bank Car Loan.
You can apply for a Indian Overseas Bank Car Loan using any of the methods given below.
CIBIL score might not be asked for unless necessary as car loan is a type of secured loan. But, having a good CIBIL score will help you to secure a car loan faster and the approval will also be quick. Usually, banks prefer a CIBIL score of over 750.
Indian Overseas Bank Car Loan EMI can be paid using Post Dated Cheques (PDCs), direct debits from any operative bank accounts, using ECS and by setting up a standing instruction.
No, third party guarantee is not required while applying for Indian Overseas Bank Car Loan. NRIs must secure a suitable guarantee from an Indian resident to be able to apply for Indian Overseas Bank Car Loan.
You will have to secure the following documents first in order to remove the hypothecation condition.
You will have to submit the following documents to the RTO and get the hypothecation condition on the vehicle removed.