- Permanent employment in a...
- A Government Office
- A public sector undertaking
- A reputed private enterprise or
- A self-employed professional
- The loan can be applied for in the name of the firm or company
- Non Resident Indian can also apply. (For NRIs subject to condition of obtaining a suitable guarantee from Resident Indian acceptable to the Bank)
- Income eligibility
- In confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductions
- The total monthly income of the applicant including that of spouse and other income should be not less than Rs.8000/- in the case of loan for purchase of car and Rs.5000 in the case of loan for purchase of 2-wheeler.
- For buying a new or used car (not more than 5 years old) or new two-wheeler.
- Loan amount
- New car - Upto 90% of the cost of the car.
- Used car - Upto 75% of the market value of the car.
- New two-wheeler - 90% of the cost of the vehicle or 10 times the gross monthly income or Rs.60,000/- whichever is lower.
- New car - repayable in 84 equated monthly installments
- Used car - Flexi repayment shall be fixed with a maxiumum of 84 months, less age of the vehicle.
- New Two-wheeler - repayable in 72 equated monthly installments
- Hypothecation of the vehicle purchased
- The Banks lien on the vehicle should be marked in the R.C. book
- Vehicle should be insured for the full value with the bank clause
- Processing charges
- For loan upto Rs. 2 lakh, Rs. 134/- in rural areas and Rs. 168/- in other areas as processing charges (subject to change).
- For loan above Rs. 2 lakh, Rs. 134/- per Rs. 1 lakh or part thereof, in rural areas and Rs. 168/- per Rs. 1 lakh or part thereof, in other areas as processing charges (subject to change).
- An application form
- Salary certificate, IT return or assessment order as a proof of income
- Quotation/proforma invoice - for a new car/ new two-wheeler
- Valuation certificate from two reputed auto dealers - for used car
Find details of indian overseas bank bike loan through Indian Overseas Bank EMI calculator. Just enter the loan amount of bike you want to get financed and rate of interest. Indian Overseas Bank EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.
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