Find details of indian overseas bank car loan through Indian Overseas Bank EMI calculator. Just enter the loan amount of car 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.
Indian Overseas Bank avails you with host of services and facilities online with which you can get car loan approval in an easier way. The customers who are dreamt of owning their desired car will turn their dream into reality via the golden opportunity provided by Indian Overseas Bank. The eligibility criteria set by the bank that any individual having minimum gross income of Rs. 1.00 lakh per annum erases the hindrance that only silver-spooned can purchase the latest available cars. The bank even churns out the repaying capacity of an individual who had applied for loan by extending the tenure up to 8 years for new car while it is 5 years for used cars. Vicky. in proves to be the powerful tool through the provision of accurate information on processing fee, documentation charges, EMI amount of such banks
Loan Eligibility Calculator
Indian Overseas Bank Car Loan eligibility, Interest Rate, documents and process
Eligibility – Permanent employment in a…
A Government Office, A public secto1r 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)
Interest Rates on Car Loans/ Two wheeler loans: 10.75%
Loan amountNew 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
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).
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