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IDBI Bank Car Loan

Loanmani- IDBI Bank

IDBI Bank car loans are designed to provide customers with easy and hassle-free financing options for purchasing a new or used car. With IDBI Bank car loans, customers can avail loans of up to 90% of the on-road price of the car, with flexible repayment tenures ranging from 12 to 84 months. The bank also offers competitive interest rates starting at 7.90% and up to 8.90%.

Applying for a car loan from IDBI Bank is simple and can be done online through the bank's website or by visiting a branch. Customers will need to provide relevant documents such as identity proof, address proof, income proof, and details of the car they intend to purchase.

7.00 %

Advertised Rate

1 - 7 Years

Available Terms

750

Credit Score

1 L - 100 L

Loan Amount

Why Choose IDBI Bank

  • Attractive interest rates and flexible repayment options
  • Easy and hassle-free loan application process
  • Quick loan approval and disbursal
  • No prepayment charges
  • Dedicated customer support


IDBI Bank Eligibility Criteria

  • Minimum age of the applicant should be 18 years and maximum age should be 70 years
  • Should have a minimum monthly income of Rs. 25,000 for salaried individuals and Rs. 2.5 lakhs per annum for self-employed individuals
  • Should have a minimum work experience of 2 years for salaried individuals and 3 years for self-employed individuals


IDBI Bank Fees & Charges

  • Processing fee: Up to 2% of the loan amount
  • Late payment charges: 2% per month on the outstanding amount
  • Foreclosure charges: Nil


IDBI Bank Features & Benefits

  • Loan amount of up to 90% of the on-road price of the car
  • Flexible repayment tenure of up to 7 years
  • No prepayment charges
  • Quick loan approval and disbursal
  • Easy application process with minimal documentation


IDBI Bank Required Documents

  • Identity proof (Aadhaar card, passport, voter ID, etc.)
  • Address proof (electricity bill, rental agreement, etc.)
  • Income proof (salary slips, bank statements, ITR, etc.)
  • Quotation of the car to be purchased


FAQs on IDBI Bank Car Loan

1.What is the maximum loan amount I can get for a car loan from IDBI Bank?

The maximum loan amount that you can get for a car loan from IDBI Bank is up to 90% of the on-road price of the car.

2.What is the tenure for a car loan from IDBI Bank?

The tenure for a car loan from IDBI Bank can range from 12 months to 84 months (7 years).

3.What is the interest rate for a car loan from IDBI Bank?

The interest rate for a car loan from IDBI Bank can vary depending on various factors such as the type of car, loan amount, and your credit score. The interest rate typically ranges from 7.90% to 8.90%.

4.Can I prepay my car loan from IDBI Bank?

Yes, you can prepay your car loan from IDBI Bank without any penalty charges.

5.Can I apply for a car loan from IDBI Bank online?

Yes, you can apply for a car loan from IDBI Bank online through the bank's website. You will need to fill out an application form and submit the necessary documents such as identity proof, address proof, income proof, and details of the car you intend to purchase.

6.What are the documents required to apply for a car loan from IDBI Bank?

The documents required to apply for a car loan from IDBI Bank include identity proof, address proof, income proof, bank statements, and details of the car you intend to purchase.

7.Can I transfer my existing car loan from another bank to IDBI Bank?

Yes, you can transfer your existing car loan from another bank to IDBI Bank. This process is known as a balance transfer. By transferring your car loan to IDBI Bank, you can enjoy lower interest rates and better terms and conditions.

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