Indian Bank provides its clients with miscellaneous financial services and products. Car loans are one of the most well-liked services offered by the bank.
The bank provides auto loans to assist you in financing your ideal vehicle. However, it's crucial to ascertain your eligibility before applying for a car loan. Indian Bank provides an online eligibility checker for car loans to simplify the procedure.
You may determine if you qualify for a car loan from the bank using the Indian Bank Car Loan Eligibility Calculator, an online implement. If applicable, you must enter primary data to utilise the calculator, such as age, work status, income, loan amount, and EMI.
When you enter this data, the calculator will calculate if you satisfy the bank's conditions for a car loan. We have included a table below to assist you in understanding the requirements for a car loan from Indian Bank:
Eligibility Criteria
| Eligibility Criteria | Salaried | Self Employed |
|---|---|---|
| Age | 21-65 | 21-65 |
| Employment Type | Permanent or contract worker for a reputable company, PSU, or government | Self-employed professionals |
| Income | INR 2.40 Lakhs | INR 2.40 Lakhs |
| Loan Amount | 85% of on-road price | 85% of on-road price |
| EMI | Up to 50% | Up to 50% |
Your age, employment status, income, loan amount, and any relevant EMIs are just a few variables determining whether you qualify for an auto loan from Indian Bank.
Your credit score, credit history, and other elements like your work stability and the price of the car you want to buy may also be taken into account by the bank.
You must submit the following paperwork if you want to apply for a car loan with Indian Bank:
Properly completed application form and two passport-sized photos
Identity documentation (driver's license, PAN card, passport, Aadhaar card, or voter ID card)
Address verification (utility bills, Aadhaar cards, voter ID cards, etc.)
Income documentation (pay stubs, tax returns, Form 16s, or bank statements)
Evidence of employment (Offer letter, employment contract, or appointment letter)
Proforma invoice or a quote from the auto dealer
Indian Bank offers auto loans up to 85% of the vehicle's on-road price, with a cap of INR 1 crore.
Car loans from Indian Bank are available for up to 84 months.
Professionals who work for themselves can qualify for an Indian Bank car loan.
A guarantor is not required for an Indian Bank Car Loan, no.
Indian Bank processes loan applications two to three business days after receiving the necessary paperwork.