Indian Bank Car Loan Interest Rates 2024, Eligibility, Calculator

Indian Bank Car Loan: 8.60% Interest Rates ✓ Eligibility ✓ Processing fee ✓ Documents ✓ Loan for women, NRI, Pensioners, Used / Second hand cars at Deal4loans.

Indian Bank Car Loan Highlights

Interest Rates 8.60% to 12.90%
Repayment Period 7 Years
Maximum loan amount Upto 2 Crore
PROCESSING CHARGES 0.50% on the loan amount. (Max. ₹10000)

Indian Bank Car Loan Interest Rates 2024

Vehicle Loan
IB Vehicle Loan to Elite Customers (Rs.5 lakhs & above) 8.65% to 9.15%
IB Vehicle Loan Eco Vahan (Electric Car) to Elite Customers (Rs.5 lakhs & above) 8.60% to 9.10%
IB Vehicle Loan to General Customers 9.30% to 9.50%
IB Vehicle Loan Eco Vahan (Electric Car) ro General Customers 9.25% to 9.45%
IB Vehicle Loan for Purchase of User Car $ 10.80% to 12.90%
Vehicle Loan for Purchase of 2 Wheeler 10.15% to 11.65%
Loan for Purchase of “Van / Minibus / Bus / Ambulance” to Institutions / Firms / PSU / Company / Hospitals 10.00% to 10.65%

$ For vehicles purchased from certified pre owned cars like Authorized Dealer of Maruti True Value, Mahindra First Choice, Hyundai Promise, Toyota U Trust (supported by Quotation) discount of 0.25% is given on the applicable rates.

Eligibility for Indian Bank Car Loan

  • Net Salary of Rs.25000 for salaried, Monthly Pension of Rs.20000 for pensioner required for car loan.
  • Salaried class, Professionals, Businessmen, Self employed persons, our Staff, NRIs*and Pensioners. Employees of other banks with NOC from employer concerned with minimum 3 years service / experience.

    Amount of Loan-


    • For Salaried Class: 20 times of Gross monthly Salary (Income of spouse may be included). Net Take Home Pay after deducting proposed Loan EMI, must be ensured at 40% of Gross Pay.
    • For professionals and Businessmen: 20 Months Income – to be calculated based on their average income earned in the last 2 years and Capacity / ability to repay the loan.
    • Maximum Loan amount for purchase of Two Wheeler : Rs.10 Lakh
    • Four Wheeler: Rs. 2 Crore

    Indian Bank Car loan EMI Calculator


    Indian Bank car loan emi calculator helps you to know how much emi per month you have to pay against the loan taken for purchasing the new car. you can select or choose the right loan amount as per your financial condition and it helps you in selecting the car variant as per your paying capacity of EMI. For calculation you have to just select the right loan amount, Interest Rate and Repayment period.

    Calculate Loans EMI Online

    Loan Amount
    Interest Rate (Reducing) % Per Annum
    Loan Tenure (in Months)
    Monthly EMI
    Total Amount with Interest
    Total Interest Amount
    Yearly Interest Amount

    For an example, You can take a loan amount of Rs.5 lakh for Maruti Swift or Maruti Baleno car for 5 years repayment period at 6.90% rate of interest than your emi calculations are as follows:

    • Loan Amount = Rs. 5,00,000
    • Monthly Installment (EMI) = Rs. 9,877
    • Total Interest Amount = Rs. 92,622
    • Total Amount (Principal + Interest) = Rs. 5,92,622
    Year Principal Interest Balance Amount
    1 Rs. 86,733 Rs. 31,791 Rs. 413,267
    2 Rs. 92,911 Rs. 25,613 Rs. 320,356
    3 Rs. 99,527 Rs. 18,997 Rs. 220,829
    4 Rs. 106,618 Rs. 11,906 Rs. 114,211
    5 Rs. 114,267 Rs. 4,314 Rs. 0

    Processing fee: 0.50% on the loan amount. (Max. ₹10000)


    • Four Wheeler: Maximum 84 EMIs (No holiday period) for salaried class individuals; Maximum 60 EMIs (No holiday period) for others.
    • For 2 wheeler: Maximum 60 EMIs (No holiday period)

    Documents required for Indian Bank Car Loan

    1. Completed Application Form with passport size photograph.
    2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
    3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
    4. Proof of business address in respect of businessmen / industrialists.
    5. Proof of Employment.
    6. Salary Certificate.
    7. Proof of other income like rent, interest on investment, if any.
    8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
    9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
    10. Copy of Driving Licence.
    11. Quotation for Vehicle to be purchased from the authorized dealer


    Other Loan Products of Indian Bank

    1. Indian Bank Personal Loan
    2. Indian Bank home Loan
    3. Indian Bank Gold Loan
    4. Indian Bank Credit Card
    5. Indian Bank Education Loan
    6. Indian Bank Property Loan
    7. Indian Bank Two Wheeler Loan