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With an interest rate of 9% p.a. and repayment tenure of up to 84 months, you can find the most suitable car loan for your needs at IOB. You can take the loan for 90% to 100% of the on-road price of the car, depending on your eligibility and other factors. Check your eligibility online and apply via CreditMantri.
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In a growing market for automobiles like India, the passenger car market has shown immense promise. This upbeat nature is also extended to other forms of the car. International car manufacturers have also made their presence felt by creating cars for the Indian soil. It is this need that Indian Overseas Bank car loans that wish to fulfill this need.
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 Indian Overseas bank can help you.
Indian Overseas Bank provides cars loans under their Pushpaka Scheme. 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 Indian Overseas Bank through equated monthly instalments or EMI(s). Indian Overseas Bank believes in providing the right applicant by providing with loans which are cost effective way to purchase a car.
The following are the documents required for Indian Overseas Bank car loan
The Indian Overseas Bank car loan approval & verification process is simple and much quicker for existing Indian Overseas 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 Indian Overseas bank. The borrower needs to either apply online or directly download the application form from the official website or visit the nearest Indian Overseas Bank branch. They can also call the Indian Overseas Bank car loan customer care to proceed with the application process.
Generally, Indian Overseas Bank’s representative will come to your place of work or your car to collect the filled in application form and all the necessary documents required for verification at any time you specify. A background check would help the lender know about the personal, professional standing of the applicant If there are any discrepancies with the information provided, the Indian Overseas Bank car loan application is likely to be denied. After passing through document verification and eligibility criteria, the approval process moves to the final level. At the final stage and after negotiations, the Indian Overseas Bank car loan interest rate and tenure are fixed and sent for your acknowledgement.
In case your car loan application was rejected you will receive Indian Overseas Bank loan rejection letter which will receive a status update on the car loan rejection. Let us know see what the eligibility or qualifying criteria are as they are called in banking parlance for a car loan.
Before a person applies for an Indian Overseas Bank car loan it is best to do an eligibility check which is available on the Indian Overseas 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.
1. Does IOB provide 100% finance for car loans?
The maximum loan amount IOB provides for a car loan is 90% of the car value.
2. What is the maximum tenure for Indian Overseas Bank car loan?
The maximum loan tenure is 7 years
3. What type of cars do IOB provide car loans for?
Indian Overseas Bank offers. Auto 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 Indian Overseas Bank car loan?
IOB 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 Indian Overseas bank?
You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Indian Overseas Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.
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.