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Indian Overseas Bank Car Loan

Apply Indian Overseas Bank Car Loan

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Indian Overseas Bank Car Loans

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.

What is Indian Overseas Bank Car Loan?

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.

Indian Overseas Bank Car Loan Eligibility

AgeMinimum age for salaried people to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 60 years.
Minimum age for self-employed individuals to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 65 years.
Salary requirementThe total monthly income of the applicant including that of spouse and other income should be not less than Rs.8000/- in the case of loan for purchase of car
Employment statusSalaried: Must have continuous employment of at least 1 years
Self-employed: Minimum 1 years of employment in the same line of business
Tenure7 years
Loan amount90% of the car value
Interest rate9% per annum
Processing feeUp to Rs.5,00,000 the processing fee is 0.50 % (min.₹.500/-)
Above Rs.5.00.000 the processing fee is 0.60 % (max.₹10,000/-)
Prepayment chargesAs per bank norms

Documents required for Indian Overseas Bank Car Loan

The following are the documents required for Indian Overseas Bank car loan

Salaried Individuals:

  • Any of the following identity proof documents:
    • Aadhar Card
    • Passport
    • PAN Card
    • Voters ID Card
    • Driving License (recent, legible, laminated)
  • Latest salary slip and Form 16 as income proof
  • 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 Indian Overseas Bank

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.

Indian Overseas Bank Car Loan Eligibility Check

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.

Indian Overseas Bank Car Loan – FAQ

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.

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