• Indian Overseas Bank Car Loan

    Indian Overseas Bank offers loans for new cars at an interest rate of 9.15% p.a. and for used cars at rates from 10.15% p.a. to 11.15% p.a.
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    Indian Overseas Bank offers loans for new cars at an interest rate of 9.15% p.a. and for used cars at rates from 10.15% p.a. to 11.15% p.a. You can finance up to 90% of the price of a new car and 75% of the market value of an old car with the help of this loan scheme. You can take up to 84 months to repay the car loan for your new car.

    Key Features of Indian Overseas Bank Car Loan

    • Finance up to 90% of the value of your new car
    • Loan tenure up to 84 months is available
    • Attractive car loan interest rates are offered to applicants

    Indian Overseas Bank Car Loan Fees & Charges

    Category New car loan/Used car loan
    Processing fee
    • Up to Rs.5 lakh: 0.50%
    • Above Rs.5 lakh: 0.60%
    Loan documentation charges Nil – Rs.5,000
    Prepayment Nil
    Pre-closure charges Nil
    Indian Overseas Bank Car Loan

    Published On : 2020-09-23

    Indian Overseas Bank Car Loan Eligibility

    • Permanent employees of government offices, public sector undertakings, reputed private companies, self-employed individuals, and NRIs can apply for the loan.
    • The applicant should be confirmed on his/her job and should receive a take home pay more than 50% of their gross salary after insurance and PF deductions.
    • The minimum monthly income of the applicant and the spouse should be at least Rs.8,000.

    Documents Required for 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
    • Any other documents requested by the lender

    FAQs

    1. Does IOB provide car loans for used cars?
    2. Yes, IOB provides the car loan facility for used cars. However, the car cannot be more than 5 years old.

    3. What is the tenure of a used car loan offered by IOB?
    4. The tenure of the used car loan offered by IOB is 84 months.

    5. Should I provide any security or collateral to avail a car loan?
    6. The below-mentioned security must be provided when you avail a car loan:

      • Hypothecation of car that is purchased
      • The car must be insured according to the full value that is given in the bank clause
      • The bank lien must be mentioned in the RC book
    7. What is finance that is provided on a used car?
    8. Up to 75% of the car’s market value may be provided as a car loan.

    9. Can Non-Resident Indians apply for a car loan from IOB?
    10. Yes, Non-Resident Indians can apply for a car loan from IOB.

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    Indian Overseas Bank Car Loan Reviews

    • IOB
      "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? 3
      , kolkata
      Reviewed on Apr 07, 2019
    • IOB
      IOB
      "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? 4
      , mumbai
      Reviewed on Jan 27, 2019
    • IOB
      "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? 3
      , mumbai
      Reviewed on Jan 08, 2019
    • IOB
      "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? 3
      , mumbai
      Reviewed on Jan 03, 2019
    • IOB
      "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? 2
      , kolkata
      Reviewed on Jul 07, 2018
    • IOB
      "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? 2
      , new delhi
      Reviewed on Mar 06, 2018
    • IOB
      "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? 1
      , ahmedabad
      Reviewed on Nov 14, 2017
    • IOB
      "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? 2
      , panchkula
      Reviewed on Sep 28, 2017
    • IOB
      "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? 2
      , ahmedabad
      Reviewed on Sep 23, 2017
    • IOB
      "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? 1
      , kochi
      Reviewed on Sep 09, 2017
    • IOB
      "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? 2
      , coimbatore
      Reviewed on Sep 05, 2017
    • IOB
      "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
      "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
      "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? 3
      , chennai
      Reviewed on Jun 25, 2016
    • IOB
      "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
      "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
      "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? 2
      , mumbai
      Reviewed on Aug 31, 2015
    • IOB
      "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
      "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
      "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? 5
      , hosur
      Reviewed on Aug 05, 2014
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