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    Indian Overseas Bank Car Loan Reviews

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    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.


    You’re probably eligible for an Indian Overseas Bank Car Loan if you are

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    Indian Overseas Bank Car Loan Minimum Age

    At least 21 years old

    Indian Overseas Bank Car Loan Maximum Age

    Less than 60 years old

    Indian Overseas Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Indian Overseas Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your Indian Overseas Bank Car Loan amount eligibility is based on these factors

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    Indian Overseas Bank Car Loan Minimum Salary

    Minimum income required
    50% of the gross salary

    Indian Overseas Bank Car Loan Maximum Loan to Value

    Loan capped @
    90% of the ex-showroom price

    Indian Overseas Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Indian Overseas Bank Car Loan amount by these steps

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    Indian Overseas Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Indian Overseas Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an Indian Overseas Bank Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Indian Overseas Bank Car Loan Interest RatesUpdated on 27 Sep 2016

    Indian Overseas Bank Car Loan Details
    Interest Rate 10.05%
    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

    Overview About Indian Overseas Bank

    ‘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.

    Why choose an Indian Overseas Bank Car Loan?

    ‘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.

    Features of an IOB Car Loan

    Customers looking for auto financing with flexible options and easy repayments should avail the Indian Overseas Bank car loan scheme – Pushpaka.

    • Indian Overseas Bank finances up to 90% of the new car value for all customers.
    • IOB customers can repay their car loans with monthly EMIs for loan tenures up to 84 months.
    • The bank requires all car loan borrowers to submit security for a new vehicle by hypothecation of the vehicle, by mentioning the bank’s name in the vehicle’s RC book as the borrower’s bank and by securing insurance for the full value of the new vehicle with the bank clause included.
    • IOB charges different processing fees depending on the loan amount taken. For loan amounts below Rs 2 lakhs, a fee of Rs 134/- is charged in rural areas and a fee of Rs 168/- in urban areas is levied by the bank. For car loan amounts above Rs 2 lakhs, a fee of Rs 134/- per lakh is charged in rural areas and a fee of Rs 168/- per lakh is charged in other areas.
    • Indian Overseas Bank does not impose any pre closure charges for customers looking to prepay their IOB car loans.

    Apply for an IOB Car Loan on BankBazaar.com

    BankBazaar offers Indian Overseas Bank customers a quick four step application process with instant e-approvals.

    1. Access the ‘’loans’’ menu, under car loans and select “IOB car loans”.
    2. The IOB car loan page presents customers with information on loan eligibility, loan amount eligibility and documents required for an IOB car loan.
    3. After the required eligibility criteria is met, a customer can easily apply for an IOB car loan using the same page and get an immediate e-approval from Bankbazaar.
    4. An IOB executive will get in touch with the applicant to discuss on further procedures involved in processing his IOB car loan application.

    IOB Car Loan Interest Rates

    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.

    IOB Car Loan Eligibility

    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.

    Income eligibility

    vIndividuals need to have a take home pay of more than 50% of the gross salary from their current employer. This income requirement should cross the 50% mark after the deduction of Provident Fund and insurance for an applicant.

    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/-.

    Documents required for an IOB Car Loan

    • Filled-in Indian Overseas Bank loan application form
    • Applicant’s salary certificate
    • Income Tax Returns
    • Assessment order as an income proof
    • Quotation or the Proforma Invoice for a new car

    Indian Overseas Bank Car Loan EMI Calculator

    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 Car Loan FAQs

    1. What are the different internet banking services that are available on the IOB net banking portal?

      IOB customers can manage their bank accounts, make payments, get IOB IFSC codes, place requests for banking instruments, and transfer funds online.

    2. Can IOB customers check their IOB car loan status using the IOB web portal?

      IOB customers can get their IOB car loan status by logging into their respective bank accounts using IOB’s net banking services.

    3. Is the IOB car loan application form available online?

      Yes, customers can use the IOB car loan application form available on the IOB web portal to avail car loans.

    4. Can a customer access his IOB car loan statement online?

      Yes, IOB has provisions on its web portal for customers to access and view their IOB car loan statements.

    5. What are the IOB car loan prepayment charges levied on a customer?

      IOB levies zero charges on prepayments of IOB car loans for all its customers.

    6. Do you have a query on IOB car loans?

      Our customer care officials are ever ready to help out with any questions regarding IOB car loans and can be easily contacted at xxxxxxxxx.

    7. Where can I get the application form for Indian Overseas Bank Car Loan?

      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.

    8. How can applicants check the status of Indian Overseas Bank Car Loan application online?

      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.

    9. Can Indian Overseas Bank Car Loan be used for the purchase of an used four-wheeler?

      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.

    10. Who can apply for a Indian Overseas Bank Car Loan?

      The following class of customers can apply for a Indian Overseas Bank Car Loan.

      • A permanent employee in a government office
      • A permanent employee in a public sector undertaking
      • Self employed professions
      • A permanent employee of a reputed private enterprise

      Also, this loan can be applied by a firm or a company in its name.

    11. Can NRIs apply for Indian Overseas Bank Car Loan?

      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.

    12. What is the income criteria to apply for Indian Overseas Bank Car Loan?

      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.

    13. What is the quantum of financing offered for purchase of a new car?

      For the purchase of a new car, Indian Overseas Bank offers up to 90% of the cost of car as loan.

    14. What is the maximum loan quantum offered for the purchase of used car?

      For used car, Indian Overseas Bank offers up to 75% of the market value of the car as loan.

    15. What are the processing charges for Indian Overseas Bank Car 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.

    16. For the purchase of used cars, what documents do I have to submit while applying for Indian Overseas Bank Car Loan?

      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.

    17. What is prescribed as security for Indian Overseas Bank Car Loan?

      The following will be treated as security.

      • Hypothecation of four-wheeler purchased using the loan.
      • The bank’s lien on the car will be marked in the RC book.
      • The vehicle must be insured for total value with bank clause.
    18. What is Indian Overseas Bank Pushpaka scheme?

      Indian Overseas Bank Pushpaka scheme is a vehicle loan scheme that is offered for the purchase of two wheelers and four wheelers.

    19. What is the prevailing interest rate for IOB Pushpaka car loan scheme?

      At present, the interest rate for Indian Overseas Bank Pushpaka car loan scheme is 10. 40% per annum which is floating rate.

    20. What is the minimum monthly income requirement to apply for Indian Overseas Bank Pushpaka scheme?

      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.

    21. What is the maximum repayment tenure for Indian Overseas Bank Car Loan?

      The maximum repayment tenure, in case of purchase of a new car using Indian Overseas Bank Car Loan is 84 EMIs.

    22. I am planning to purchase an used car using Indian Overseas Bank Car Loan. What is the maximum tenure by which I have to repay the loan?

      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.

    23. What details about income and employment will I required for furnish for Indian Overseas Bank Car Loan?

      You will have to provide the following information about employment and income criteria in the application form.

      • Net salary
      • Gross monthly salary
      • Number of years in service
      • Field of activity for self-employed professionals
      • Number of years of work experience
    24. What income documents do salaried customers have to submit while applying for IOB car loan?

      A salaried applicant must submit the following documents as IT proof.

      • Latest IT return documents
      • Assessment order
      • Latest salary slips
      • Bank statements for last 3 months showing salary credit
    25. To purchase a new car through Indian Overseas Bank Car Loan, what vehicle documents do I have to submit?

      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.

    26. What are the steps involved in Indian Overseas Bank Car Loan application?
      • Application
      • Processing of car loan application
      • Documentation
      • Loan Disbursement
    27. Will I incur any foreclosure charges if I repay IOB car loan in advance?

      No prepayment charges are levied if you opt to closed your car loan in advance of the proposed tenure.

    28. How do I calculate Indian Overseas Bank Car Loan EMI?

      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.

    29. Can a customer view the car loan statement online?

      Yes, all registered internet banking users will be able to view the car loan statement online at IOB’s web portal.

    30. What should I do if I have doubts regarding the Indian Overseas Bank Car Loan application process?

      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.

    31. What are the documents required to apply for Indian Overseas Bank Car Loan?

      You will have to submit the following documents to apply for Indian Overseas Bank Car Loan.

      • Completely filled application form with passport size photos
      • Identity proof
      • Address proof
      • Income proof documents
      • Bank statements
      • Pro Forma or quotation for the vehicle
    32. How do I apply for Indian Overseas Bank Car Loan?

      You can apply for a Indian Overseas Bank Car Loan using any of the methods given below.

      • You can fill in your personal details at “Reach Us” section on IOB’s portal to get a call from the bank representative.
      • You can get in touch with Indian Overseas Bank by contacting the customer care cell.
      • You can apply for a Indian Overseas Bank Car Loan by visiting the nearest IOB bank branch.
    33. Will I need to furnish my CIBIL score when applying for a Indian Overseas Bank Car Loan?

      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.

    34. How can a borrower pay the monthly EMI for Indian Overseas Bank Car Loan?

      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.

    35. Will I require a third party guarantee while applying for Indian Overseas Bank Car Loan?

      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.

    36. How do I remove the hypothecation condition on my four wheeler after I have paid back the loan?

      You will have to secure the following documents first in order to remove the hypothecation condition.

      • No Objection Certificate from Indian Overseas Bank.
      • No Objection Certificate from the insurance company and the RTO office where the vehicle is registered.
      • Form 35 original copy

      You will have to submit the following documents to the RTO and get the hypothecation condition on the vehicle removed.

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