The IDBI Car Loan provided by the IDBI bank has a set of features and eligibility criteria which are mentioned below:
Maximum Funding: Up to 85% of the car’s on-road value is funded by the IDBI car Loan.
Up to 60 months repayment term.
Loan application is processed within 48 hours.
Repayment through EMIs. In case of higher eligibility, only 1 co-applicant is allowed (it can be spouse, parents or children)
Eligibility for IDBI Car Loan:
For salaried people, the age must be between 22-60 years.
For self-employed or business men, the age must be between 22-65 years.
A minimum of 2 years of service is a must.
A minimum annual income of Rs 1,50,000 is a must.
Age proof: School Leaving Certificate /Driving License//Passport /Election ID Card/Birth Certificate /PAN Card/LIC Policy.
Proof of Identity: Passport/ Election Id card/ PAN Card/Driving License/Employers ID Card/Photo Credit Card.
Address proof: Passport/Election Id card/Driving license/ Electricity Bill/ Telephone Bill/Title deed of property/Employers letter/Rental Agreement/Sales Tax RC/Form 18/ITR.
Income proof: Latest 3 months salary slip and 2 years Form 16 for salaried individuals and ITR for last 2 years, P/L Account and Balance Sheet in case of Businessmen.
Bank Statement: Last 6 months bank statement for both businessmen and salaried employees.
Interest Rate and Charges:
10.5% to 13% depending on car category.
Up to 7 lakhs, the processing charge is 0.5% or Rs 2500 (whichever is lower) along with service tax.
The lower of Rs 7500 or 0.75% for the loans above 7 lakhs along with service tax.
0.2% of loan amount is taken as the documentation charge.