Best Indian Bank Car Loan India:Apply Now
For fulfillment of dream of having New / Used car one can use the Indian bank car loan however used car should have certification by reputed automobile engineer / valuer and should not be old more than 3 years
Eligibility For Best Indian Bank Car Loan
Applicant should have minimum Gross monthly income of Rs.20,000/- p.m. to avail car loan.
Amount of loan For Indian Bank Car Loan
- For Salaried borrowers: [Gross monthly Salary * 20] but Net Take Home Pay after deducting proposed Loan EMI, must be atleast 40% of Gross Pay.
- For professionals and Businessmen borrowers: Monthly Income*20 Note: Monthly income is to be calculated average of income earned in the last 2 years and Capacity / ability to repay the loan.
Note: (Income of spouse may also be clubbed).
Target borrowers of Indian Bank Car Loan
- Salaried class
- Self employed persons
- our Staff
- Employees of other banks after taking NOC from employer bank concerned having minimum 3 years of service / experience.
Amount of Indian Bank Car Loan
Maximum loan ceiling: Four Wheelers: Rs. 200 Lakhs
- For New Vehicle - 15%
- For used vehicle - 40%
Processing fee on Indian Bank Car Loan
- 0.229% on loan amount or
Whichever is lower.
Loan Repayment Period
Repayment period of loan can be made in maximum 84 EMIs (No holiday period)
Security on Indian Bank Car Loan
Vehicle purchased is to be hypothecated as security for car loan with Indian Bank
Additional Security on Indian Bank Car Loan
In case loan amount is greater than Rs. 10 lacs then Fixed Deposit Receipts / NSCs / LIC Policy (with surrender value equivalent to the security to be provided) / Mortgage of immovable property is to be provided as additional security. The amount of additional security should be equivalent to amount exceeding Rs. 10 lacs.
Documents required for the Indian Bank Car Loan application
- Completed Application Form having passport size photograph attached thereto.
- Identity proof in form of PAN Card / Voter’s ID/Passport/Driving License.
- Address Proof in form of Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
- Proof of business address in respect of businessmen / industrialists.
- Employment proof.
- Salary Certificate.
- Proof of other income like rent, interest on investment, if any.
- Audited financial for the last 3 years, if the applicant is Professionals, Businessmen & Self employed.
- Last 3 years Income Tax / Wealth Tax (if applicable) Returns.
- Invoice of authorized dealer for Vehicle to be purchased.