IDBI Bank Car Loan

IDBI Bank Car Loan Key Features-Jan 21

IDBI Bank Car Loan Interest Rate [sc name=”clinterest”]
Min Loan Amount ₹ 1,00,000
Max Loan Amount
(Loan to Value)
Loan up to 80% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure Up to 7 Years
Lowest EMI / Lac ₹ 1,624
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 2,00,000
Age Criteria Salaried: 18 years to 65 years
Self Employed: 18 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
IDBI Bank Car Loan Processing Fee Starting from Rs.3,500
Foreclosure Charges Up to 5%
Basic Documentation Car quotation, Salary Slip, ID Proof, Address Proof, and Bank Statement

About IDBI Bank Car Loan

Industrial Development Bank of India was established in 1964 by an Act to implement credit and other commercial facilities for the enlargement of the fledgling Indian industry. The Industrial Development Bank of India (IDBI) was approved under an Act of Parliament as a wholly-owned subsidiary of the Reserve Bank of India.

IDBI Bank provides Car loans to its consumers for achieving their dream of buying their car with a moderate Rates of Interest.

Advantages of IDBI Bank Car Loan

IDBI Bank Car Loan

IDBI Bank Car Loan Eligibility

Salaried Individual
  • Age – 18-65 years of age
  • Employment Duration – More than one year
  • Income Eligibility – Present Form 16 and Salary Slip
  • Net Monthly Income – should be a minimum ₹ 20,000
Self-Employed Individuals
  • Age – 18-65 years of age
  • Minimum ITR  – Rs. 2 Lakh or more depending on the car variant.
  • Employment Duration – >3 years
  • Income Eligibility – Based on ITR
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs.2 Lakhs
  • Employment Duration – A Minimum of 3 years
  • ITR and Audited Documents of Previous 2 Financial Years.
Priority Customers
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last two quarters
  • Average Quarterly Balance – Minimum Rs.1 lakh for the last two quarters

IDBI Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
IDBI Bank Car Loan Interest Rate   [sc name=”clinterest”]     14.80% p.a. to 16.80% p.a.
Processing fee Rs.3,500 to Rs.8,500 From Rs. 8500
Issuance of Duplicate Repayment Schedule Charges From Rs.550 From Rs.550
Foreclosure Charges 5% of the principal outstanding 5% of the principal outstanding
Penal Interest Not applicable Not applicable
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge From Rs.550 From Rs.550
Documentation Charge From Rs.550 + GST From Rs.550 + GST
Issuance of Duplicate No Dues Certificate Charges From Rs.450 From Rs.450
Registration Certification Collection Charge From Rs.450 From Rs.450
Cheque Bounce/Instrument Return Charges From Rs.550 From Rs.550
Issuance of Duplicate Statement Charges From Rs.550 From Rs.550
Loan Cancellation/Re-booking Charges 5% + GST 5% + GST
Issuance of Credit Report From Rs.100 From Rs.100

IDBI Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Voter ID
PAN Card
Aadhar Card
Passport
Address Proof

(Any 1)

Electricity Bill
Aadhar Card
Driving License
Date of Birth Proof

(Any 1)

Birth Certificate
Aadhar card
High School Marksheet
Signature Proof

(Any 1)

Banker’s Verification
Passport
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last three months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Aadhar card
PAN Card
Passport
Address Proof (Any 1) Electricity Bill
Rent Agreement
Utility Bill
Driving License
Date of Birth Proof (Any 1) Birth Certificate
Passport
High school Mark Sheet
Driving Licence
Signature Proof (Any 1) Bankers Verification
PAN
Income Proof Form 16 and Salary Slips
Bank Statement Bank statement of the previous three months
Employment Continuity Proof Current Account Statement
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Shop & Establishment Act Certificate
Telephone Bill/Electricity Bill
SSI or MSME Registration Certificate
Registered Lease Document and utility bills of the same

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) PAN Card
Aadhar Card
Passport
Address Proof (Any 1) Passport
Driving License
Electricity Bill
Income Proof P&L Account and ITR for at least last 2 Years
Balance Sheet Audited
Bank Statement Bank statement of the previous two months at least
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous two years
Bank Statement Bank statement of last three months
Business Continuity Proof SSI or MSME Registration Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Current Account Statement
Additional documents
PAN Card
List of Directors and Shareholding Partners
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

IDBI Bank Car Loan EMI Calculator

Know your EMI even before being approved for the loan by using EMI Calculator given below:

Car Loan EMI Calculator

[sc name=”emi_calc” ]

IDBI Bank Car Loan Types

IDBI Bank gives an extended range of loans to choose from depending on your requirements; some of them are:

  1. New Car Loan –  Provides credit to the applicant who is ready to buy a brand new car and gives the tenure of as lengthy as seven years.
  2. Used Car Loan – You can buy any used car with all required documents using IDBI Bank used car loan with a tenure of 5 years.
  3. Loan Against Car – Use your car as warranty and get a loan against it for quickly allocating essential supplies.

IDBI Bank Car Loan Pre Calculated EMI

[sc name=”Car_Loan_Pre_Calculated_EMI”]

How to Apply for IDBI Bank Car Loan?

  1. Go on to Truthsawer and fill the application with your specifications.
  2. Get free administration from our well-trained Relationship Manager towards your loan.
  3. Get to choose from different options available in the market.
  4. Truthsawer gives the best deal on Car Loans based on your personal demands.

IDBI Bank Car Loan for Top Selling Cars

[sc name=”Car_Loan_for_Top_Selling_Cars”]

Other Available Products from IDBI Bank

IDBI Bank Personal Loan IDBI Bank Gold Loan IDBI Bank Home Loan
IDBI Bank LAP IDBI Bank TWL IDBI Bank Business Loan

FAQs for IDBI Bank Car Loan

✅ What is IDBI Bank Car Loan?

IDBI Bank Car Loan is a commercial product of IDBI Bank which provides Loan to the consumers for purchasing a Car.

✅ How can I get a Car Loan from IDBI Bank?

You can apply for a Car Loan with IDBI Bank by directly reaching the branch or apply with Truthsawer for exciting offers on Car Loan.

✅ How does IDBI Bank Car Loan work?

IDBI Bank provides Loans to candidates willing to purchase a new car and the car is the single collateral involved in the process. Monthly EMIs are solidified with interest rates being imposed on it.

✅ What is the Car Loan Interest Rate in IDBI Bank?

[sc name=”clinterest”] is the Minimum Rate of Interest imposed by the Bank against the loan.

✅ How to Check Car Loan status in IDBI Bank?

You can check your Car Loan status by quickly entering your Loan details in the “Loan Status” address on IDBI Bank official website. Or contact your IDBI Bank’s Loan Department.

✅ How to Calculate Car Loan Interest in IDBI Bank?

You can easily estimate Interest as well as EMI of your Loan by using Truthsawer’s EMI Calculator.

✅ What is the maximum loan amount I can avail of on Car Loan from IDBI Bank?

The maximum Loan depends upon the Profile of the applicant and the Price/variant of the car. Whereas, you can get a loan up to 100% value of the ex-showroom cost.

✅ What is the loan tenure of IDBI Bank Car Loan?

The tenure of IDBI Bank car Loan can go up to 7 Years.

✅ Can I get a 100% Car Loan from IDBI Bank?

Yes, you can avail 100% Car Loan on the ex-showroom value of the car.

✅How much Processing Fee is applicable to IDBI Bank Car Loan?

Rs.3500 is the basic Processing Fee imposed by IDBI Bank on Car Loans.

✅What are the EMI options available on the IDBI Bank car loan?

Step-Up EMI and Balloon EMI.

✅What are the charges for Prepayment in IDBI Bank Car Loan?

Up to 5% of the leading amount can be charged as Foreclosure Charges on Prepayment of the loan.

✅Can I get a top-up loan on my existing IDBI Bank car loan?

Yes, IDBI Bank presents an option of Top-up Loan on IDBI Bank Car Loan for existing customers.

✅Do I need to provide a guarantor to avail a car loan from IDBI Bank?

No, IDBI Bank Car Loan Doesn’t need any guarantor.

✅How to get the IDBI Bank Car Loan Statement?

Get your Car Loan Statement from the IDBI Bank Car Loan portal by logging in to it. Or Get it straight from the branch.

✅How to Pay IDBI Bank Car Loan Interest Online?

Pay your IDBI Bank car Loan online by using Net Banking on IDBI Bank recognized website.

✅What if I can’t pay the interest on IDBI Bank Car Loan for three months?

The Bank imposes around Rs.100 + GST for each EMI not paid on time.

✅How can I apply for EMI Moratorium on IDBI Bank Car Loan?

You can practice for EMI Moratorium by the direct link provided by the Bank through SMS or By attending the IDBI Bank Official Website.

✅What is the number for IDBI Bank Car Loan agent?

Truthsawer is the most dependable Car Loan agent of IDBI Bank so Call us at 7876737599.

✅ Can I close the IDBI Bank car loan online?

You can initiate the Loan Closure method online but have to visit the branch to finish it.

✅ What is IDBI Bank Car Loan Customer Care Number?

Ring us at 7876737599 for any of your issues.

✅ How can I get NOC from IDBI Bank for a car loan?

Follow the subsequent steps to get your NOC online:
> Log in to IDBI Bank’s website with your credentials

-> Customer Service

-> Service Request

-> Product

-> Request for NOC.
OR
Visit the nearest IDBI Bank Branch.

What is the IDBI Bank Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the IDBI Bank Car Loan account.
  • Pay the pre-closure charges as per IDBI Bank Car Loan.

✅ What are the IDBI Bank Car Loan preclosure charges?

IDBI Bank Car Loan preclosure charges are up to 6%+ GST.

✅ What is the IDBI Bank Car Loan maximum tenure?

The IDBI Bank Car Loan maximum tenure is 7 years.

✅ What is the IDBI Bank Car Loan minimum tenure?

The IDBI Bank Car Loan minimum tenure is 1 year.

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