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Car Loan

About the Bank
 

IDBI Bank Limited is a financial service company headquartered in Mumbai, and is one of the 26 commercial banks owned by the Government of India. Their experience in India’s financial markets helps them cope with challenges effectively and capitalize on any emerging opportunities. Currently,as of March 2016, in terms of reach,  IDBI Bank is the 10th largest development bank of the world with its 3350 ATMs, 1853 branches. It also has one overseas branch at Dubai, and 1382 centers.


IDBI Bank car Loan: Overview


Among several banking solutions and financial services, IDBI Bank has attractive car loan offers for its customers. Known for easy and quick processing in comparison to other leading car loan providers, IDBI Bank car loans are much acclaimed by the borrowers. IDBI Bank aims to fund maximum loan amount a borrower is eligible for. IDBI car loans  are offered for all types, makes & models of cars  with competitive interest rates and repayment options that are flexible in nature.


Features of IDBI bank car loan
 

  • Flexible loan tenures of up to 7 years
  • EMIs for a car loan are calculated on a daily reducing basis, and can be paid back in a number of ways
  • Low processing fees with waivers applicable during festive seasons
  • After a period of 6 months, pre-payment or part foreclosure is allowed. A fee of 1% is applicable on the outstanding balance if the foreclosure is done before the stipulated tenure of 6 months.
  • A penalty of 3% per month is applicable for  late or irregular payments
  • Loan documentation charges are applicable.

Types of Bank Car Loan from IDBI Bank

IDBI Bank has a car loan plan for every individual who wishes to buy a car but for whom finance is a concern. IDBI Bank offers car loan schemes to buy a new car as well as to buy a pre used car. Thus, the two types of car loans provided by IDBI Bank are new car loan as well as pre used car loan.
 

  • IDBI Bank Loan for a New Car

IDBI Bank New Car Loan is a term plan to help the individuals own a car, which is no less than a basic necessity today. For new car Loans from IDBI Bank, one can get financed for purchasing a new passenger cars, jeeps, Multi Utility Vehicles (MUVs) and SUVs.
 

  • IDBI Bank Pre-Owned Car Loan

IDBI Bank offers Pre-Used car loans at special terms and conditions. The car loan from the IDBI Bank for purchasing a pre-owned car is a benefit for several individuals who want to buy an old or pre used car, but are postponing their needs due to financial crunch. The Used Car Loan plan by IDBI Bank is offered for buying passenger cars, Multi Utility Vehicles (MUVs) or SUVs.

IDBI Car loan Eligibility Criteria

IDBI Car loan Eligibility Criteria for Salaried individuals
 

  • Criteria for Minimum & Maximum Age:
     
    • Minimum age required: 18 years
    • Maximum age of the borrower: 70 years or the retirement age at the time of the maturity
       
  • Criteria for Income: Minimum annual income should be Rs. 1,80,000
  • Criteria for Employment: Should have been employed with the present company for a minimum of 1 year
  • Criteria for Nationality: The car loan borrower must be a resident of India, or should have relevant documents to prove NRI status.

IDBI Car loan Eligibility Criteria for Self-employed individuals
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  • Criteria for Minimum & Maximum Age:
  • Minimum age required: 18 years
  • Maximum age of the borrower: 70 years or the retirement age at the time of the maturity
  • Criteria for Employment: Applicant should have been in the present field of business for a minimum of two years
  • Criteria for Income: Minimum annual income should be Rs 1,80,000
  • Criteria for Nationality: The car loan borrower must be a resident of India, or should have relevant documents to prove NRI status.

Check your eligibility


Steps to check eligibility for IDBI Bank Car loan at PaisaBazaar
 

To use IDBI car loan eligibility calculator at PaisaBazaar is a simple affair. You would need just few minutes and car loan details to calculate if you are eligible for an IDBI bank car loan. Here is what you need to do!


Step 1: Finding the tool: Click on IDBI Bank Car Loan eligibility calculator to reach at the page of the online eligibility calculator tool.


Step 2: The tool would automatically calculate your IDBI car loan eligibility when you would answer few basic questions like the type of car you wish to buy; the residential place, car’s make or model, time for buying the car, loan amount, tenure for a car loan, employment status, etc.


Step 3: As soon as you enter all the essential details for calculating IDBI Car loan eligibility, the tool would automatically display the results from which you can get to know about your car loan eligibility status.


Benefits of using IDBI Car Loan eligibility calculator at Paisa Bazaar
 

There are a lot of reasons to use IDBI bank Car Loan, some of which are:
 

  1. You can save your crucial time: With Paisa Bazaar’s IDBI Bank Car Loan eligibility calculator tool, anyone can instantly check his eligibility while sitting at his place in just few minutes and can take decision accordingly.
  2. It does not demand efforts: With this online calculator, one gets to see all the suggestions for all the other alternative loan products that you can consider while availing car loan.
  3. It makes it easy to compare: You can easily make a comparison for different deals on car loans to find the most suited car loan plan. It is through this comparison that you can find best car loan schemes in India.

Applicable IDBI Car loan Interest Rate

IDBI car loan interest rates are of fixed type, and are said to be competitive based on theMCLR. IDBI car loan interest rate is charged 0.65% above theMCLR, which is currently 9.30% per annum.
 

  • Current IDBI car loan Interest rates for car loans are 9.95% (fixed)

Processing fee for IDBI Bank Car loan:
 

  • Processing fee: 0%

Documents required for applying for an IDBI Bank car loan

An interested IDBI Bank car loan borrower is expected to submit list of documents while applying for the Car loan. The documents for IDBI Car Loan that are required to be submitted to IDBI Bank are:
 

  • Filled-in application form
  • A passport size photo attached.
  • Identity Proof, which can be any of the following:
  • Voter’s ID
  • PAN Card
  • Driving License
  • Passport
  • Proof of Age, which can be any of the following:
     
    • School Leaving Certificate
    • Passport
    • Driving License
    • Election ID Card
    • Birth Certificate
    • LIC Policy
    • PAN Card
       
  • Proof of Residence, which can be any of the following:
  • Electricity Bill
  • Telephone Bill
  • Passport
  • Property Tax Receipt
  • Voter’s ID
  • Proof of business address (for businessmen and industrialists)
  • Proof of Employment.
  • Salary Certificate
  • Proof of any other sources of income
  • Balance sheet for the previous 2 financial years (for self-employed businessmen and professionals)
  • Past 2 years’ income tax returns
  • Past 2 years’ income tax returns (if applicable)
  • Bank statements for past 2 years
  • Driving License
  • Quotation from the authorized dealership for the vehicle

Apply for the IDBI Bank Car Loan at PaisaBazaar

Paisabazaar.com is a one stop destination where an intended car loan borrower cannot just avail car loan but can also easily know about the eligibility status and EMI details. With several online tools and calculators at PaisaBazaar, it is very convenient and quick to apply for pre used car loan as well as new car loan.


At PaisaBazaar.com, the intended IDBI car loan borrowers can use eligibility calculator, to know whether they are eligible to apply for IDBI car loan plans or not. Since this is the first step of loan applying process, PaisaBazaar.com allows the borrowers to know about their eligibility easily within minutes by using IDBI car loan eligibility calculator. The next step of the car loan borrowing process is to look for deals on car loans. You can also use car loan EMI calculator to know about the most suitable plans and ideal loan tenure as per your budget or financial capability to repay the loan. At PaisaBazaar.com, you can easily find the best car finance plans and then accordingly apply for the best car loans in India.

Steps to Calculate IDBI Bank Car Loan EMI

PaisaBazaar offers online car loan EMI calculator to check EMI on IDBI Bank pre used car loan as well as IDBI Bank New Car loan. Car loan EMI or equated monthly installment can be easily calculated using Paisa Bazaar’s online tool for car loan EMI calculations, for which you need:
 

  • Details of exact amount of car loan to be borrowed,
  • Offered rate of interest on car loan by IDBI Bank, and
  • Details of car loan tenure for which you intend to borrow the money.

Step 1: Using the slider, fill the details about principal amount of the IDBI Bank car loan that you wish to apply for.


Step 2: In the step 2, you need to fill the details about interest rate for the car loan that has been offered to you by the bank. To fill this, you can either use the slider or directly enter the figure in the box.


Step 3: The following part is about the loan tenure. Using the slider or by directly mentioning the figure, you have to mention the total number of years (in months or in years) for which you would like to take the loan.


Step 4: As soon as you enter the details in the 3 required columns, you would get the results for monthly EMI to be paid in the right side of the calculator.


Another aspect of this EMI calculator is that you can simply change any or all the values in the three sections and view the changed EMI immediately.

FAQs

1. What are the IDBI car loan prepayment charges?


A. IDBI charges a prepayment fee of 1% if a car loan is pre closed within 6 months from disbursement. Prepayment should be done from own sources only. If the loan is foreclosed after the six month waiting period, no prepayment penalties are applicable.


2. What are the basic documents that are required for an IDBI car loan?


A. Though the particulars will vary, the basic documents that one needs to submit for applying for an IDBI car loan are:

  • Loan application form
  • Proof of identity
  • Age proof
  • Proof of residence
  • Proof of income

3. For what time period can one avail an IDBI car loan?


A. Car loans from IDBI are available for a minimum of 1 year and a maximum tenure of 7 years.


4. What is the collateral that is required as security for an IDBI car loan?


A. The only collateral that is required by IDBI as security for approving a car loan is the hypothecation of the vehicle that is to be purchased with the loan.


5. What documents are included in the proof of income section?


A. The documents that are required to be submitted as income proof for an IDBI car loan include:
 

For salaried applicants:
 

  • Salary – slips for the previous 3 months
  • Income Tax Returns or Form 16
  • Bank Statement (reflecting salary credits for at least 4 months)

For self-employed applicants:
 

  • Income Tax Returns with income computation for previous 3 years
  • Balance Sheet for previous 3 years
  • Profit & Loss Accounts for previous 3 years
  • Computation of Income for last 2 years
  • Bank Statement for 6 months

6. Can I get IDBI car loan application form online?


A. Yes, you can easily get car loan application forms online at IDBI official website. You can easily download IDBI car loan application form from the website and proceed to apply for IDBI car loans. You can either submit an online application or download the requisite ‘Auto Loan’ form. You can find the form in the ‘Apply Now’ section of the website.


7. Can I keep track of IDBI car loan status online and get online statement?


A. Via IDBI online banking portal, you can easily get your IDBI car loan statements online.


8. I need to reach IDBI customer care executive to know some doubts about IDBI Car Loans. How can I reach them via phone?


A. For any queries regarding IDBI car loans, you can contact IDBI customer care executives or visit the branch.


9. Does IDBI Bank provide car loan for SUVs?


A. IDBI Bank offers car loan for a wide type and make of cars which includes SUVs.


10. I am 21 years old. Can I apply for a IDBI car loan?


A. Since the minimum age requirement to apply for an IDBI Bank car loan is 18 years, and you have attained that age, you can easily apply for a IDBI bank car loan.


11. My father will be 65 years in few months. What should he consider while applying for the IDBI Bank Car loan?


A. At the time of maturity, the maximum age of the borrower can be 70 years. Since he is 65, he would get 5 years to repay the IDBI bank car loan. To enhance his car loan amount eligibility, he can include a co-applicant, who also has a regular source of income.


12. For a self – employed individual, how much old should his business be to avail IDBI Bank car loan?


A. As per the eligibility requirements for IDBI car loan, a self – employed individual should have at least 2 years old business at the time of availing car loans offered by IDBI Bank.


13. What are the car loan interest rates offered by IDBI Bank?


A. IDBI Bank car loan interest rates are charged 0.65% above the MCLR.


14. Are IDBI Bank car loan interest rates calculated on reducing balance?


A. Yes, IDBI car loan interest rates are computed on the basis of reducing balance.


15. Will my CIBIL score influence the car loan application with IDBI Bank?


A. CIBIL scores is a crucial deciding factor, whether the loan of an applicant should be approved or not. If applicants have high CIBIL score, banks easily approve their loan and even offer them pre-approved car loans, as their capability and probability of repaying loan within committed time is higher.


16. Which all documents can I submit as address proof to avail a car loan provided by IDBI Bank?


A. You would need to submit the list of below mentioned documents as address proof while applying for a car loan provided by IDBI Bank:
 

  • Passport
  • Driving License
  • Voters ID card
  • Electricity Bill or Telephone Bill
  • Rental Agreement or Title Deed of Property
  • Letter from Employer
  • Sales Tax ITR or RC or Form 18

17. Which all documents can I submit as age proof while applying for an IDBI Bank car loan?


A. You would need to submit the list of below mentioned documents while applying for a car loan from IDBI Bank –
 

  • School Leaving Certificate
  • Passport
  • Driving License
  • LIC Policy
  • Voters ID Card
  • Birth Certificate
  • PAN Card

18. Which all documents can I submit as identity proof to avail IDBI car loan?


A. You would need to submit the list of below mentioned documents as identity proof when you apply for a car loan from IDBI Bank –
 

  • PAN Card
  • Voters ID Card
  • Passport
  • Credit Card with Photo
  • Driving License
  • Employer’s ID Card

19. Can I apply for IDBI car loan online?


A. Yes, you can apply for a IDBI car loan online. To apply for a car loan online, you can visit PaisaBazaar.com, calculate your eligibility and then choose IDBI bank car loan.


20. Does IDBI Bank charge documentation or processing fee for car loans?


A. Yes, IDBI Bank charges documentation and processing fee for car loans.


21. I have a car loan with IDBI Bank. Can I foreclose it?


A. Yes, you can foreclose your loan after 6 months of loan disbursal without paying any penalty.


22. Does IDBI Bank charge penalty upon foreclosing car loan within 6 months?


A. If a car loan is foreclosed within 6 months from the date of car loan disbursal, then IDBI Bank charges a penalty of 1 percent on the outstanding balance apart from other applicable charges.


23. Is penalty against foreclosing Car loan account with IDBI Bank also charged after 6 months of car loan disbursals?


A. No, if a car loan account is foreclosed after 6 months of loan disbursal, then IDBI Bank does not charge any penalty.


24. How can I calculate EMI for IDBI Bank car loans?


A. To calculate EMI for IDBI Bank car loan, a borrower can either use the EMI calculator on the IDBI Bank website or IDBI Car loan EMI Calculator at Paisa Bazaar.


25. How do I need to repay the IDBI Bank car loan to the bank?


A. IDBI Bank asks for loan repayments in the form of Equated Monthly Installments (EMI). The monthly car loan payments include the principal amount as well as the interest amount. If you have an IDBI Bank account, you can suggest the bank to charge EMI directly through your bank account or you can also repay the loan amount via the ECS facility.


26. Is it important to have IDBI Bank account for applying for the IDBI Bank car loan?


A. No, since bank offers ECS facility it is not important to hold bank account with IDBI bank. Through ECS facility you can allow IDBI Bank to charge your car loan EMI automatically from your bank account other than IDBI bank.


27. What if I forget to pay my car loan EMI?


A. If you forget to pay IDBI Bank your car loan EMI, then you would be charged for late payment fee.


28. How much penal interest does IDBI Bank charge from car loan borrowers?


A. IDBI Bank car loan borrowers need to pay 2% penal interest per month on the overdue amount and the duration for which the amount has been overdue.


29. What verification process does IDBI Bank follows while offering car loan?


A. IDBI Bank follows similar verification process to disburse car loans as followed by the most of the Indian banks. First, IDBI bank reviews car loan applicant’s application to check his eligibility for IDBI Car loan, followed by verifying documents provided along with the application form. If bank representatives find everything fine, then they approve car loans.


30. How much time does IDBI Bank take to approve and process borrower’s car loan applications?


A. IDBI Bank takes little time for approving and processing car loan applications. If an applicant passes the verification process, the bank approves the loan amount and disburses it quickly.


31. How can I check in advance my eligibility to apply for a IDBI Bank car loan?


A. You can pre-check your car loan amount eligibility for IDBI car loan using PaisaBazaar’s Eligibility Calculator, which is free, quick, and easy to use.


32. Whom shall I contact to know more information about IDBI Bank car loan details?


A. You can easily contact customer care representative of IDBI Bank to get details. You can reach customer care, via toll free phone call or by visiting the nearest IDBI Bank branch office.


33. Are their some important things to remember while applying for car loan?


A. Since a car loan is a long term repayment commitment, there are certain factors every car loan borrower must consider. Some of those factors include:
 

  • Interest Rate applicable on IDBI Bank car loan
  • Car loan EMI
  • Tenure for a car loan
  • Processing Fees charged by IDBI Bank for car loan
  • Prepayment Charges on IDBI Bank Car loan
  • Down Payment charges