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A few years back, owning a car was seen as a matter of prestige in our society. But over the decades the needs of the people in the country have changed a lot and having a car today is considered to be not just a luxury but even a necessity in many cases. People today can easily buy cars through many financing options available in the market. Car financing options are available at reasonable interest rates and also have flexible and comfortable repayment tenure.
IDBI Bank is among the many banks in the market that provide car loans to its retail and corporate customers. Given below are the details of the car loans offered by IDBI bank to its retail customers.
About IDBI Bank Car Loan Interest Rates
IDBI Bank provides vehicle loans or Auto Loans for purchase of new four wheelers and two wheelers. The highlights of the car loans of the bank are tabled below.
Maximum Amount of Loan
No upper limit (Decided based on the repayment capacity of the borrower)
Rate of Interest
For Individual borrowers
For Non-Individual Borrowers
Maximum 84 months (7 years)
The interest rates on any loan product are affected due to many external and internal factors. Such factors increase or reduce the interest rate that is levied on the auto loans offered by the Bank.
Some of such factors are discussed below.
The above highlights of the car loans of IDBI Bank can be discussed in depth hereunder.
Quantum of Loan to be provided
IDBI Bank aims to provide a maximum amount of loan to the borrowers for the purpose of purchasing a vehicle for personal use. The bank does not put any upper limit on the amount of loan to be sanctioned. The quantum of loan to be disbursed will depend on the repayment capacity of the applicant.
The rate of interest on auto loans of IDBI Bank is based on the floating rates of interest. These rates are dependent on the credit score of the applicant as well as on the type of the borrower. The current applicable interest rates for the auto loans of IDBI Bank are tabled below.
Credit Score of Applicant
801 and above
776 to 800
741 to 775
700 to 740
Non individual borrower
The tenure or the repayment period of the loans provided by the Bank is a maximum period of 7 years i.e. 84 months. Borrowers repay the auto loan taken from the Bank in equal monthly installments which are made up of the interest component as well as the principal amount.
The bank permits the borrowers to repay the loan in full before the completion of the tenure. This is known as foreclosure of the loan. IDBI bank levies a nominal charge on such foreclosure in case the borrower is a non-individual and the foreclosure is before completion of 6 months from the date of sanction of loan. The applicable charge in such cases is 1% of the outstanding amount (excluding applicable taxes). If such foreclosure is done after the completion of 6 months, there will be no additional charge levied on the non-individual borrower. In case of individual borrowers, there is no such condition of time limit. The Bank does not levy any charge on foreclosure of loans taken by individual borrowers irrespective of the period from the issue of loan.
Part Payment Charges
Like foreclosure, the bank also permits the borrowers to prepay the loan taken in parts higher than the EMIs. There are many conditions to be adhered to by the borrowers in respect of such part payment of loans and such part payment is also subject to a nominal charge in case of non-individual borrowers. Non-Individual Borrowers have to pay 1% of the outstanding loan amount as part payment charges and such charges are excluding the applicable taxes.
The conditions that have to be taken care of while making the part payment are,
IDBI bank levies a nominal charge on every loan processed. The minimum amount charged as processing fees by the bank is Rs. 1,500. The processing fees are collected by the bank at the time of sanction of loan.
IDBI Bank also charges a penalty on borrowers that have defaulted in the timely payment of the EMIs (Equated Monthly Installments). This penalty charge is levied at the rate of 2% per annum on the overdue amount and overdue period.
IDBI bank has an EMI calculator on its website that can be used by the potential borrowers to calculate the estimated EMI expense that is payable by such borrower each month. Borrowers can find the link to such EMI calculator below,
Home>>Personal>>Calculator>>Auto Loan EMI Calculator
The information required to calculate the estimated EMI are mentioned hereunder,
Loan AmountRate of InterestTenure/ Loan Term
After providing the above details, the applicant has to click on ‘calculate’ and they will get the EMI payable amount displayed on their screen. This feature can be used multiple times by clicking on ‘clear’ to get the best suited combination of loan term, interest rate and loan amount that is feasible for the potential borrower.
This feature will help the potential borrower to get a fair idea of the EMI to be paid by the borrower at various interest rates.
1. What are the documents needed for IDBI Car Loans?
The documents needed for IDBI Car Loans are,
Bank Statement for Past 6 months
Recent Passport Size Photographs
2. What are the eligibility criteria for IDBI Auto Loans?
The auto loans of IDBI Bank can be applied by salaried persons or self-employed persons. The eligibility criteria for the same are tabled below.
Maximum Age (At loan Maturity)
70 years / retirement age, whichever is earlier
Minimum annual Income
Minimum 2 years in profession
3. How can a person apply for the auto loans of IDBI Bank?
A person can apply for the auto loans of IDBI Bank by visiting the nearest branch of the Bank or by contacting the Bank through its customer care service or phone banking service. The Bank representatives will contact the customer for further details.
4. When can a person avail the auto loans of IDBI Bank for purchasing high end bikes?
Yes. Auto loans of IDBI Bank can be availed for purchasing high end bikes costing over Rs. 1,20,000.
5. What is the maximum rate of interest levied on the auto loans of IDBI Bank?
The maximum rate of interest charged on auto loans of IDBI Bank is 8.10% per annum on high risk individual borrowers and Non-individual borrowers.
6. Are Auto loans of IDBI Bank based on floating rates or fixed rates?
IDBI Auto loans are based on floating rates of interest.
7. What is the minimum rate of interest levied on IDBI Auto Loans?
The minimum rate of interest on auto loans of IDBI Bank is 7.50% per annum.
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