When you need to buy something as grand as a car, buying a car loan becomes a necessity. So if you are looking for car finance, IOB is here to provide you with the most suitable car loans, adjusting to your needs with the interest rates starting from as low as 7.20% p.a., And a repayment duration of up to 7 years and more. For the ease of the customers, they can take a loan for 90 or even 100% of the on-road price of the car from IOB.
Banks Offering Premium Car Loan Interest Rates 2021
|Bank Name||Car Loan Interest Rates||Processing Fee|
|Bank of Baroda Car Loan||From 7.00% p.a.||Rs.1,500 (plus GST)|
|Canara Bank Car Loan||From 7.30% p.a.||0.25% of the loan amount, ranging from a minimum of Rs.1,000 to a maximum of Rs.5,000|
|Axis Bank Car Loan||From 7.45% p.a.||Ranging from Rs.3,500 to Rs.7,000|
|Federal Bank Car Loan||From 8.50% p.a.||Contact the bank|
|SBI Car Loan||From 7.20% p.a.||New Car: Nil (offer valid until 31 January 2022)|
|ICICI Bank Car Loan||From 7.90% p.a.||0.5% of the loan amount|
IOB Car Loan Eligibility Criteria
- A minimum gross monthly income of Rs. 25,000 is required for a salaried person by Indian Overseas Bank
- An IT assessee is a must for a businessman or a self-employed person.
- For retired individuals to take a car loan <bank-name> Bank, they must have a monthly pension of Rs. 15,000 and above.
- A company or organization should have been in profit for the past 2 years and the net profit and cash flow should be enough to repay the Indian Overseas Bank car loan.
- The applicant should be a permanent employee, and the Indian Overseas Bank car loan must be paid off at least three months before the applicant's retirement date.
- Firms and organizations should have been in existence for at least 2 years.
Documents Required For IOB Car Loan Application
- Photo ID and Age Proof
- Signed Application Form With Photograph
- Residence Proof
- Previous 6 Month Bank Statement
Know More About Documents Required for a Car Loan
Documentation for Salaried People:
- Previous 3 Months’ Salary Slip
- Form 16 or Income Tax Returns
Documentation for Self-Employed Applicants:
- Previous 3 years Income Tax Returns with computation of Income
- Previous 3 years CA Certified/Audited balance sheet and Profit and Loss Account
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