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

Indian Bank Car Loan Interest Rates 2024

$ 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

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

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

Repayment:

• 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