IDBI Bank Car Loan
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IDBI Bank Car Loans
A car could mean different things to different people. India is also a growing market for automobiles, the passenger car market showed growth double digit growth in the last year. The growth is also seen across car categories which include compact car, sedan and utility leading to the breaking of a long-held belief that India is just an economic small car market. International car manufacturers have also made their presence felt by creating cars for the Indian soil.
From a period where owning a car itself was difficult we have moved to what type of car and brand should we choose. Not everyone can choose the car they want and pay in a single check. This is where a car loan from IDBI bank can help you.
What is IDBI Bank Car Loan?
IDBI Bank provides cars loans. On discovery that many people are interested in buying a car for either comfort, safety or any other reason will not be able to buy their dream car on their own. They should either go for a car that they don’t want because it is cheaper or wait and save to buy the car which will take time and the car model might change. The borrower can pay back IDBI Bank through equated monthly instalments or EMI(s). IDBI Bank believes in providing the right applicant by providing with loans which are cost effective way to purchase a car.
IDBI Bank Car Loan Eligibility
| Age | Minimum age for salaried people to apply for a loan is 18 years while the maximum age limit at the time of completing the loan is 70 years. Minimum age for self-employed individuals to apply for a loan is 18 years while the maximum age limit at the time of completing the loan is 70 years. |
| Salary requirement | The minimum net salary required for applying a car loan is Rs.1,80,000 p.a for both salaried and self employed |
| Employment status | Salaried: Must have continuous employment of at least 2 years Self-employed: Minimum 2 years of employment in the same line of business |
| Tenure | 7 years |
| Loan amount | Based on the repayment capability of the customer |
| Interest rate | Starts from 8% per annum |
| Processing fee | As per bank policy which usually will be 0.5% to 3% of the loan amount |
| Prepayment charges | Depends on the bank policy |
Pre-Owned Car Loans
Many banks provide loans for pre-owned cars for up to 85% of the car value or in some cases insurance value. Insurance value is nothing but the value at which your car is insured for. There are some banks who do provide 100% finance for used cars but 70% to 85% is the norm.
The interest rate will be similar to the rate offered for new cars or slightly higher ranging between 0.05% to 2%. The processing fee also varies from bank to bank and is based on the bank policy.
The tenure for the used car loan will be lesser than that of the tenure for new car loans. The norm for new car loans is 7 years with it being a maximum of 5 years for used car loans.
All the other charges that come with a loan are similar to that of a new car loan.
Documents required for IDBI Bank Car Loan
The following are the documents required for IDBI Bank car loan
- Any of the following identity proof documents:
- Aadhar Card
- Passport
- PAN Card
- Voters ID Card
- Driving License (recent, legible, laminated)
- Any of the following documents as address proof:
- Aadhar Card
- Ration Card
- Driving License (recent, legible, laminated)
- Voters ID Card
- Passport Copy
- Telephone Bill
- Electricity Bill
- Life Insurance Policy
- Bank statement of the previous 6 months
How to apply for a car loan with IDBI Bank
The IDBI Bank car loan approval & verification process is simple and much quicker for existing IDBI Bank customers. They can apply online and get pre-approved offers on car loans with attractive interest rates. The loan amount is directly credited to their account instantly.
The application process is different for new customers of IDBI bank. The borrower needs to either apply online or directly download the application form from the official website or visit the nearest IDBI Bank branch. They can also call the IDBI Bank car loan customer care to proceed with the application process.
The customer also should consider looking at his/her credit score and view their credit profile with all their credit history, accounts and past payments. Based on their credit standing they would be mapped to the right loan/credit card.
IDBI Bank Car Loan Eligibility Check
Before a person applies for an IDBI Bank car loan it is best to do an eligibility check which is available on the IDBI Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.
Car Loan EMI Calculator
The importance of the Car Loan EMI Calculator is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.
IDBI Bank Car Loan FAQs
1. Does IDBI bank provide 100% finance for car loans?
The loan amount depends on the repaying capacity of the customer.
2. What is the maximum tenure for IDBI Bank car loan?
A loan tenure of seven years is provided by IDBI Bank
3. What type of cars do IDBI bank provide car loans for?
IDBI Bank offers car loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.
4. Do I have to provide any security to avail an IDBI Bank car loan?
IDBI bank car loan is a form of secured loan where your car will act as a collateral.
5. Can I sell my vehicle before I repay the entire car loan taken from IDBI bank?
You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from IDBI Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.