Indian Overseas Bank Car Loan
Indian Overseas Bank offers loans for new cars at an interest rate ranging between 7.55% p.a. and 8.80% p.a. You can take up to 84 months to repay the car loan for your new car.
You can take up to 84 months to repay the car loan for your new car.
Key Features of Indian Overseas Bank Car Loan
- Finance up to 90% of the value of your new car
- Loan tenure up to 84 months is available
- Attractive car loan interest rates are offered to applicants
Indian Overseas Bank Car Loan Fees & Charges
Category | New car loan/Used car loan |
Processing fee |
|
Prepayment | Nil |
Pre-closure charges | Nil |
Indian Overseas Bank Car Loan Eligibility
- Permanent employees of government offices, public sector undertakings, reputed private companies, self-employed individuals, and NRIs can apply for the loan.
- The applicant should be confirmed on his/her job and should receive a take home pay more than 50% of their gross salary after insurance and PF deductions.
- The minimum monthly income of the applicant and the spouse should be at least Rs.8,000.
Documents Required for Overseas Bank Car Loan
Individuals who wish to avail a car loan from Indian Overseas Bank should submit the following documents:
- A duly-filled and signed car loan application form which is available on the bank website
- Salary certificate
- IT return or assessment order for proof of income
- Proforma invoice or quotation for new cars
- Valuation certificate from a reputed automobile dealer
- Any other documents requested by the lender
FAQs on Indian Overseas Bank Car Loan
- Does IOB provide car loans for used cars?
Yes, IOB provides the car loan facility for used cars. However, the car cannot be more than 5 years old.
- What is the tenure of a used car loan offered by IOB?
The tenure of the used car loan offered by IOB is 84 months.
- Should I provide any security or collateral to avail a car loan?
The below-mentioned security must be provided when you avail a car loan:
- Hypothecation of car that is purchased
- The car must be insured according to the full value that is given in the bank clause
- The bank lien must be mentioned in the RC book
- What is finance that is provided on a used car?
Up to 75% of the car's market value may be provided as a car loan.
- Can Non-Resident Indians apply for a car loan from IOB?
Yes, Non-Resident Indians can apply for a car loan from IOB.
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