Indian Bank Car Loan – Interest Rates 2018, EMI Eligibility Calculator

Indian Bank Car Loan: 9.50% Interest Rates ✓ Eligibility Low EMI Rs.1634 ✓ Processing fee ✓ Documents ✓ Loan for women, NRI, Pensioners, Used / Second hand cars at Deal4loans.

Indian Bank Car Loan Interest Rates 2018

Interest Rates 9.50%
Repayment Period 7 Years
Lowest EMI per Lakh Rs. 1,634
Maximum loan amount Upto 2 Crore
PROCESSING CHARGES Max. of Rs.10191/-

Compare, Calculate & Save more on Interest Rates & EMIs

Professional Details
Loan Amount

Occupation

Annual Income

City

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-

compare-car-loans-apply

  • 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

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 9.00% rate of interest than your emi calculations are as follows:

  • Loan Amount = Rs. 5,00,000
  • Monthly Installment (EMI) = Rs. 10,379
  • Total Interest Amount = Rs. 1,22,751
  • Total Amount (Principal + Interest) = Rs. 6,22,751
Year Principal Interest Balance Amount
1 Rs. 82,912 Rs. 41,636 Rs. 417,088
2 Rs. 90,689 Rs. 33,859 Rs. 326,399
3 Rs. 99,198 Rs. 25,350 Rs. 227,201
4 Rs. 108,503 Rs. 16,045 Rs. 118,698
5 Rs. 118,775 Rs. 5,865 Rs. 0

Processing fee: 0.229% on loan amount with a max. of Rs.10191/-

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