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.
|Car Loan Type||Interest Rate||Loan Amount||Processing Fee|
|Vehicle Loans – Pushpaka||
‘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:
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:
Individuals who wish to avail a car loan from Indian Overseas Bank should submit the following documents:
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.
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.
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.
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.
The following will be treated as security:
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:
Most lenders will require salaried employees to submit the following documents:
Any other documents that are required by the lender will have to be submitted.
The various steps that are usually involved when applying for a car loan are as follows:
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.
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).
You can apply for a car loan from Indian Overseas Bank via 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, or 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.
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