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IDBI Car Loan

The IDBI Car Loan provided by the IDBI bank has a set of features and eligibility criteria which are mentioned below:

Features:

 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.

Documentation:

 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.

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