IDBI Bank Car Loan

Getting access to your own car makes it easier to commute and be independent. Whether you are planning to buy a small car, a big car or a premium car, getting finance to achieve that dream is nowadays just a click away. Thanks to car loan offerings by leading financial banks, owning a car is much easier than it was a decade ago. IDBI Bank Car Loans are widely sought after. IDBI bank is a government owned financial body that is headquartered in Mumbai, India. Currently listed as the 10th largest development bank in the world, it boasts of being one of the 27 commercial banks owned by the Indian government. IDBI bank has a wide network of ATMs, branches in India and has an overseas network too.

IDBI bank is also one of the few Indian banks that have a number of disabled employees, which makes it not only a very customer friendly bank but also a great employer choice. IDBI offers attractive car loan schemes for both salaried and self-employed professionals.

In 2014, IDBI Bank was awarded for ‘Best Corporate Social Responsibility Practices’ award in the banking category. The bank has been diligent with its CSR practices to uplift rural areas of India. They are also one of the few banks that have participated in the Swacch Bharat Vidyalaya Toilet program to ensure all government schools have people toilets developed inside the school premises.

Overview Of IDBI Bank Car Loan

IDBI Bank offers Express Auto Loan services to help you get the car of your dreams. Easy and swift documentation, lower EMI cost, attractive interest rates and superior customer service are some of the advantages of availing a car loan from IDBI bank.IDBI bank car loans provide the maximum funding for your preferred car, repayment is relatively easy with EMIs on reducing balance method. The bank also has tie-ups with car dealers and manufacturers to get you the best deal.

Why Pick IDBI Bank Car Loan?

IDBI is a preferred choice for many car loan seekers for a variety of reasons:

  • Broad Loan Sanction - IDBI bank provides its consumers with a higher loan sanction that makes it possible for you to get your dream car.
  • Plenty of Car Choices – IDBI bank offers a wide range of car available for finance, whether it’s a hatchback or an SUV.
  • Longer tenure period of upto 7 years that makes the EMI lower.
  • Collaboration with car dealers and makers to get you the most reasonable rate.
  • Processing fee is waived if you avail IDBI bank car loan during the festive season.

Features of IDBI Bank Car Loan

IDBI bank car loan features are:

  • Loan tenure can be extended upto 7 years.
  • Reduced Interest Rates that ensure a smooth payback.
  • Easy and swift documentation process.
  • Close tie-ups with car manufacturers and car dealers for attractive discounts and offers on car loan.
  • There is no processing fee if you apply for a car loan during the festive season.

Benefits of Applying IDBI Bank Car Loan on Letzbank

There are a lot of benefits of applying IDBI bank car loan on Letzbank:

  • Wide search options of different car loan offered by banks.
  • Ability to make comparisons between different banks and their car loan offerings.
  • Instant Quotes available from different banks at the click of a button.
  • Simple online form filling process to apply for a loan via Letzbank.
  • Letzbank offers all its services to users for free.

IDBI Bank Car Loan Eligibility

In general, the eligibility for any type of loan depends on your credit rating, your income and spending habits. However, each bank has its specific bank eligibility that every users needs to meet:

For Salaried Individuals

Eligibility

  • A minimum age criterion is 18 years and maximum age limit is set at 70 years.
  • Should earn a minimum of Rs. 1.8 lakhs per annum.
  • Income proof required showing salary credits.

Documents Required

  • Age Proof –Birth Certificate, School-leaving certificate, passport, driving license, LIC policy, PAN Card, Voter ID card.
  • Identity Proof – Passport, Credit Card with photograph, Employer ID, PAN Card, Driving License, election ID card.
  • Address Proof – Telephone or electricity bill, Rent agreement or property deed, address confirmation from current employer, driving license, Voter ID card, passport, Sales Tax RC/ITR/Form 18.

For Self-Employed Individuals

Eligibility

  • A minimum Age criterion is 18 years and maximum age is 70 years.
  • Should earn a minimum of Rs. 1.8 lakhs per annum.
  • Must be in the profession for at least two years.
  • Must produce income proof for the last two years such as balance sheets, bank statements, etc.

Documents Required

  • Age Proof – Birth Certificate, School-leaving certificate, passport, driving license, LIC policy, PAN Card, Voter ID card.
  • Identity Proof – Passport, Credit Card with photograph, Employer ID, PAN Card, Driving License, election ID card.
  • Address Proof – Telephone or electricity bill, Rent agreement or property deed, address confirmation from current employer, driving license, Voter ID card, passport, Sales Tax RC/ITR/Form 18.
  • Last six months bank statement, income statement, balance sheet and Income tax return.

IDBI Bank Car Loan Interest Rates

IDBI bank car loan interest rates are set at 9.95% per annum.

IDBI Bank Car Loan EMI Calculator

You can determine your monthly EMI for the car loan by using Letzbank.com EMI calculator. Simply enter the loan amount, the duration of the car loan you want and the rate of interest and our EMI calculator will be able to calculate your monthly EMI.