If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Indian Overseas Bank Car Loan is Rated as "Blown Away!" by 20 Users

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    Indian Overseas Bank Car Loan

    Indian Overseas Bank offers a car loan that prospective borrowers can avail if they wish to purchase a new car or a pre-owned car that is not older than 5 years. The lender offers interest rates that start at 9.20% p.a. Those taking a new car loan can avail up to 90% of the value of the car as the loan amount, while those applying for a used car loan can get up to 75% of the market value of the car as the loan amount. Read on to know more about the car loan from Indian Overseas Bank.

    Particulars of the Indian Overseas Bank Car Loan 2019

    Car Loan Type Interest Rate Loan Amount Processing Fee
    Vehicle Loans – Pushpaka
    • New vehicle: 9.20% p.a. onwards
    • Used vehicle: 10.20% p.a. onwards
    • New car: Up to 84 months
    • Used car: Up to 84 months
    • 0.50% for loans under Rs.5 lakh
    • 0.60% for loans over Rs.5 lakh

    Why You Need to Opt for Indian Overseas Bank Car Loans?

    ‘Pushpaka’ - Indian Overseas Bank’s?car loan scheme?comes with flexible repayment options, easy monthly payments, and a number of other additional benefits. IOB customers can approach Indian Overseas Bank for car loans, given that the bank finances a relatively large portion of the value of a car. Here are a few reasons why you should consider availing a car loan from Indian Overseas Bank:

    • If you are purchasing a new car, Indian Overseas Bank finances up to 90% of the value of the car.
    • IOB customers can repay their car loans with monthly EMIs for loan tenures of up to 84 months.
    • Non Resident Indians or NRIs can also avail this loan.
    • The lender charges a reasonable interest rate for car loans.
    • Loans are disbursed in a timely manner.
    • Funding is offered for both new and pre-owned cars.
    • Minimal documents are required to apply for a car loan from Indian Overseas Bank.

    Eligibility Criteria for Indian Overseas Bank Car Loan

    You can apply for a car loan from Indian Overseas Bank provided that you meet the lender’s eligibility criteria, which is as follows:

    • Permanent employees who are employed in public sector undertakings, government offices, reputed private-sector enterprises, and self-employed professionals can apply for this loan.
    • NRIs who have a guarantee from a resident Indian can apply for this loan.
    • The applicant’s take home pay should be over 50% of the gross salary, after insurance and PF deductions.
    • The applicant’s net monthly income should not be lesser than Rs.8,000.

    Documents Required to Apply for an Indian Overseas Bank Car Loan

    Individuals who wish to avail a car loan from Indian Overseas Bank should submit the following documents:

    • A duly-filled and signed car loan application form which is available on the bank website.
    • Salary certificate
    • IT return or assessment order for proof of income
    • Proforma invoice or quotation for new cars
    • Valuation certificate from a reputed automobile dealer (applicable in the case of pre-owned cars)
    • Any other documents requested by the lender

    You can avail a car loan from Indian Overseas Bank to purchase either a new or a pre-owned car. Ensure that you check your eligibility before applying for a loan to increase the chances of your loan application getting approved. It is also advisable to calculate your monthly payable EMI before applying for a loan to know whether the EMI payments are within your budget.

    IOB Car Loan FAQs

    1. 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.

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

      Yes, Indian Overseas Bank Car Loan is offered for the purchase of a new car or a used car which is not more than 5 years old.

    3. What are 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.

    4. 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.
    5. What details about my income and employment will I required to furnish to avail an Indian Overseas Bank Car Loan?

      You will have to provide the following information about your employment and income to the lender. The required details will have to be provided on your loan application form:

      • Name of the employer
      • The position that you hold in your current organisation
      • Number of years of service
      • Net salary
      • Gross monthly salary
      • Any deductions (if applicable)
      • Any other sources of income (if applicable)
      • Field of activity for self-employed professionals
      • Number of years of work experience
      • Average monthly income
    6. What income documents do salaried customers have to submit while applying for IOB car loan?

      Most lenders will require salaried employees to submit the following documents:

      • Latest IT return documents
      • Assessment order
      • Latest salary slips
      • Bank statements for last 3 months showing salary credit

      Any other documents that are required by the lender will have to be submitted.

    7. What are the steps involved in Indian Overseas Bank Car Loan application?

      The various steps that are usually involved when applying for a car loan are as follows:

      • Application
      • Processing of car loan application
      • Documentation
      • Loan Disbursement
    8. How do I calculate Indian Overseas Bank Car Loan EMI?

      The EMI or the Equated Monthly Installment is the amount that you will have to pay on a monthly basis to your lender once your loan amount is disbursed. You can use an online EMI calculator to calculate the monthly payable EMI.

    9. What should I do if I have doubts regarding the Indian Overseas Bank’s 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. The lender can be reached through the toll-free number (1800 425 4445).

    10. How do I apply for Indian Overseas Bank Car Loan?

      You can apply for a car loan from Indian Overseas Bank via the methods given below.

      • You can apply for a car loan by visiting the nearest IOB bank branch.
      • You can download the application form through the lender’s official website, key in the required details into the application form, and submit the application form at the nearest branch of the lender along with the required documents.
      • You may be able to apply for a car loan from Indian Overseas Bank through a third-party financial services website.
    11. 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.

    12. 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, or by setting up a standing instruction.

    13. 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.

    Perfect Car Loan Deals for you

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    Indian Overseas Bank Car Loan Reviews

    • IOB Car Loan
      "Experience is satisfactory"
      0.5 5.0/5 "Blown Away!"
      I also have a car loan with Indian overseas bank. The customer support is good and the process is easy. The process for documentation should be more easier. Else after approval the process is smooth. The interest rate and charges is nominal too.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 07, 2019
    • IOB
      IOB Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Indian overseas bank, the loan amount they have given me was sufficient, they have charged nominal rate of interest ,and They have not charged me processing fee ,it is zero processing fee, so far there service is have experience was good, they have not taken any hidden charges ,there overall service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 27, 2019
    • IOB Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Indian overseas bank, the loan amount they have given me was sufficient, they have charged nominal rate of interest they have charged me up to 9 % which was nominal and there is zero processing fee , so far there service is have experience was good, they have not taken any hidden charges ,there overall service is good.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jan 08, 2019
    • IOB Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with Indian Overseas bank, the loan amount was sufficient and the rate of interest was less when compared to other banks. It is a new car and they gave loan amount on the on-road price. Tenure period for this loan is 10 years and the customer service was good.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jan 03, 2019
    • IOB Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been very good and they had made the process simple and easy. The loan amount which they had provided had been good and the interest rate with them also had been normal compared with the market rate. There has not been any hassles faced with any of the banking services offered by them.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jul 07, 2018
    • IOB Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Car loan with Indian Over seas bank, the loan amount is three lakhs,the rate of interest is nominal as compared to others. The tenure is five years i have recently closed my EMI. I was paying it through online, I have no additional charges charged on my account till date.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 06, 2018
    • IOB Car Loan
      "Excellent"
      0.5 4.5/5 "Excellent!"
      My car loan was taken with IOB month back. I have taken 5 lakhs and the interest rate was 8.85% which was average in the market. The pre closer is after 1 year . The loan process was very easy and they have just taken 1 day for the whole process. My overall experience was excellent .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 14, 2017
    • 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
      "EXCELLENT"
      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? 1
      , 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
      "Excellent"
      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? 2
      , chennai
      Reviewed on Jun 25, 2016
    • IOB Car Loan
      "Satisfactory..."
      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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