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  • Indian Overseas Bank Used Car Loan

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  • Indian Overseas Bank Used Car Loans

    Being one of the top nationalized banks in India, Indian Overseas Bank is a customer centric financial institution committed to delivering innovative banking products by leveraging the latest technology. IOB aims to provide cost effective solutions to its large clientele across several states in India. True to its motto about touching hearts and spreading smiles, Indian Overseas Bank advocates the practice of “Green Banking”, as a contributor towards protecting our environment and the world we live in. Aiming to be globally recognized as the preferred banking partner, IOB functions according to its code of ethics offering an extensive array of products. IOB’s product portfolio comprises of personal banking, corporate banking, NRI banking, fund management and agricultural banking. Under its retail banking umbrella, IOB’s key product is the Indian Overseas Bank car loan available for the purchase of both new and used cars.

    Features of an Indian Overseas Bank Used Car Loan

    • Indian Overseas Bank offers car financing for used cars aged not more than 5 years at low interest rates.
    • IOB approves up to 75% of the market value of the used vehicle financed.
    • Indian Overseas Bank used car loans come with flexible repayment options up to a maximum tenure of 84 months, depending on the age of the vehicle.
    • The bank requires security for the used car loan in the form of hypothecation of the vehicle and the bank’s lien should be recorded in the RC book of the vehicle financed. Additionally the used vehicle should be insured for the full value along with the bank clause.
    • Indian Overseas Bank levies a processing charge as follows depending on the loan amount sanctioned.

      Loan Amount Processing Fees
    Rural Areas Up to Rs 2 lakhs Rs 134/-
      Above Rs 2 lakhs Rs. 134/- for every lakh
    Urban Areas Up to Rs 2 lakhs Rs 168/-
      Above Rs 2 lakhs Rs. 168/- for every lakh

    Eligibility criteria for an Indian Overseas Bank Used Car Loan

    To qualify for an Indian Overseas Bank used car loan, applicants need to be permanent employees in Government offices, PSU or private enterprises. Self-employed professionals can also apply for a used car loan in the name of the company or the firm. Non-resident Indians can also procure an Indian Overseas Bank used car loan with a guarantee from a local resident Indian.

    Income eligibility

    Applicants are required to have a take home pay of more than 50% of their gross salary after the deduction of provident fund and insurance. The total monthly family income of the applicant should not be less that Rs 8000/- to meet the eligibility criteria for an IOB used car loan.

    Documents required

    1. Fully filled-in application form
    2. Salary certificate
    3. Income Tax Returns
    4. Income Proof - Assessment Order
    5. Valuation certificate from two auto dealers

    Indian Overseas Bank Used Car Loan Interest Rates

    IOB’s Pushpaka Loan can be used to finance a used/pre-owned car, with the interest depending on the sanction date of a loan. New customers will be automatically moved to the MCLR based platform, while existing borrowers have an option between MCLR and Base Rate.

    Indian Overseas Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    Recent RBI guidelines have made it mandatory for banks to move their interest to an MCLR based platform, primarily to ensure that the rates reflect current trends. The table below indicates the current MCLR benchmark rates at IOB.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.50%
    1 month 9.55%
    3 months 9.60%
    6 months 9.65%
    1 year 9.70%
    2 years 9.80%
    3 years 9.90%

    Used car loan interest rates – May 2016

    IOB charges an interest equivalent to 10.20% per annum on its Pushpaka loan for used cars.

    IOB Base and Prime Lending Rates (For existing borrowers)

    Base Rate 9.70% per annum (from 15/10/2015)
    Prime Lending Rate 15.50% per annum (from 05/12/2011)

    Indian Overseas Bank interest rate for used cars (Based on Base Rate)

    Existing customers who wish to continue with their old system of interest will pay interest as per the current base rate. IOB can charge an additional percentage over and above the base rate, depending on provisions like the tenure and loan amount.

    Note: Interest rates mentioned here are applicable as of June 7, 2016. IOB holds the right to change these rates at its own discretion, without prior intimation. Eligible borrowers should check rates prevailing at the time of loan sanction.

    EMI calculator for Indian Overseas Bank Used Car Loans

    EMI calculators are efficient tools to calculate the expenditure you will be incurring on an Indian Overseas Bank used car loan. BankBazaar’s used car loan EMI calculators give a comprehensive report of how much you would be spending on a used car loan, with respect to the interest rates and the loan tenure selected. Present under the “Finance Tools” menu on the BankBazaar homepage, these EMI calculators are designed to produce a detailed forecast based on certain inputs like loan tenure, loan amount, interest rates and processing fees. Customers have the option of selecting any loan amount or tenure using the ruler scales provided on the calculator page. The repayment schedule calculated includes the EMI amount and the total interests that a borrower would be paying to IOB when he avails an Indian Overseas Bank used car loan.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Indian Overseas Bank Used 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? 3
      , 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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