CreditMantri Finserve Private Limited
4th Floor Sudhama, 36 Vijayaraghava Road,T Nagar, Chennai, Tamil Nadu 600017
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
Car finance or car loan is an arrangement where the borrower or car aspirant get funds from banks or NBFCs for the purchase of his/her new car or pre-owned car. The funds so borrowed has to be repaid on a monthly basis, the installment is called the equated monthly installment (EMI). The EMI constitutes principal and interest. The tenure for car finance can typically range between 2 years and 7 years. The quantum of loan, tenure would determine the interest rate at which the car finance is extended.
Indian Overseas Bank (IOB) offers competent products and has significant presence in the semi-urban and rural regions of TamilNadu. The bank extends auto loan or vehicle loans under its scheme which is called ‘Pushpaka’. The interest rates are extremely competitive, and tenure is flexible. The approval on car loan is decided based on the eligibility criteria prescribed by the bank. Candidates with a sound credit profile and income level can easily get a car loan from Indian Overseas Bank.
About Indian Overseas Bank Car Loan Eligibility
Car loan from IOB is available on new cars and pre-owned cars, the disbursement of loan in semi-urban and rural regions is predominantly on pre-owned vehicles. The vehicle loan is also extended to new two – wheeler as well. The auto loan extended to pre-owned vehicles is restricted to vehicles which are not older than 5 years.
Car loan from IOB is extended to salaried or self-employed professionals, the official website lists the criteria on employment for availing car loan from IOB.
The applicant should have permanent employment in -
Non-Resident Indian can also apply.
(For NRIs subject to condition of obtaining a suitable guarantee from Resident Indian acceptable to the Bank)
The applicant should be employed in confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductions. The total monthly income of the applicant including that of spouse and other income should be not less than Rs. 8000/- p.m. in the case of loan for purchase of car and Rs.5000 in the case of loan for purchase of 2-wheeler. Among the other documentations that needs to be provided, the prospective borrower should provide for income proof (Form 16 or ITR) along with bank statement pertaining to past 6 months.
The following factors are known to affect the eligibility while availing car loan from IOB.
An applicant can undertake these initiatives to improve credit score –
The loan to price of the vehicle will differ based on whether the vehicle to be purchased is new four-wheeler, pre-owned four-wheeler or new two-wheeler
Car loan eligibility calculator provides a rough assessment of the amount that needs to be laid out as monthly installment against the quantum of loan borrowed. Basic details such as type and model of car, quantum of loan, tenure, existing debt, income, credit score are required to determine the eligibility. The EMI determined by the calculator is only indicative and does not entail the final value that may need to be committed.
The maximum tenure for which the car loan will be extended by IOB is 7 years. For a used car, the maximum tenure will reduce by the age of the vehicle.
Car loans do not call for additional guarantee or surety, there is no requirement for third party guarantor for these loans. The underlying asset which is bought will be hypothecated against the loan so borrowed. The bank will have the right to auction the underlying asset and close the loan in full in the event of non-payment or lapse in payment of installments by the borrower. The security against the loan is established in the following manner by the bank –
The type of loan and the interest rate is as mentioned in the table below. The lowest interest rates is 9.2% which is in-sync with many other bank’s offerings. The official website of the bank updates the rate of interest from time to time and hence, it is advised that the borrower checks the website before assessing the best rates and best bank for borrowing the requisite loan.
The below documents are required to be submitted by the car loan aspirant, the application will be processed based on eligibility criteria and the disbursement or sanction will be processed as required.
1. Who can apply for car loan from IOB?
Car loan from IOB can be extended to both salaried and self–employed professionals. NRIs are also allowed to apply for car loan from IOB.
2. What is the minimum interest at which car loans are extended from IOB?
The minimum interest at which car loan is extended from IOB is 9.2% p.a.
3. What is the maximum tenure for which car loans are extended from IOB?
The maximum tenure applicable for car loan against a new car is 7 years, for a used car, this maximum tenure is reduced by the age of the vehicle.
Get low interest loans & Lifetime FREE credit cards
Get customized Credit Health Report
Improve your creditworthiness
Allahabad Bank Car Loan Eligibility
Andhra Bank Car Loan Eligibility
Axis Bank Car Loan Eligibility
Bank Of India Car Loan Eligibility
Bank Of Maharashtra Car Loan Eligibility
Canara Bank Car Loan Eligibility
Catholic Syrian Bank Car Loan Eligibility
Central Bank Of India Car Loan Eligibility
City Union Bank Car Loan Eligibility
Corporation Bank Car Loan Eligibility
Dhanlaxmi Bank Car Loan Eligibility
Federal Bank Car Loan Eligibility
ICICI Bank Car Loan Eligibility
IDBI Bank Car Loan Eligibility
Indian Bank Car Loan Eligibility
Indusind Bank Car Loan Eligibility
Jammu Kashmir Bank Car Loan Eligibility
Karnataka Bank Car Loan Eligibility
Karur Vysya Bank Car Loan Eligibility
Kotak Mahindra Bank Car Loan Eligibility
Lakshmi Vilas Bank Car Loan Eligibility
Magma Fincorp Car Loan Eligibility
Nainital Bank Car Loan Eligibility
Oriental Bank Of Commerce Car Loan Eligibility
Punjab National Bank Car Loan Eligibility
Punjab Sind Bank Car Loan Eligibility
RBL Bank Car Loan Eligibility
SBI Car Loan Eligibility
South Indian Bank Car Loan Eligibility
Syndicate Bank Car Loan Eligibility
Tamilnad Mercantile Bank Car Loan Eligibility
UCO Bank Car Loan Eligibility
Union Bank Of India Car Loan Eligibility
United Bank Of India Car Loan Eligibility
YES Bank Car Loan Eligibility
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.