Indian Overseas Bank Car Loan
Indian Overseas Bank offers loans for new cars at an interest rate of 8.60% p.a. and for used cars at rates from 11.05% p.a. to 12.05% p.a.
You can take up to 84 months to repay the car loan for your new car.
Key Features of Indian Overseas Bank Car Loan
- Finance up to 90% of the value of your new car
- Loan tenure up to 84 months is available
- Attractive car loan interest rates are offered to applicants
Indian Overseas Bank Car Loan Fees & Charges
Category | New car loan/Used car loan |
Processing fee |
|
Prepayment | Nil |
Pre-closure charges | Nil |
Indian Overseas Bank Car Loan Eligibility
- Permanent employees of government offices, public sector undertakings, reputed private companies, self-employed individuals, and NRIs can apply for the loan.
- The applicant should be confirmed on his/her job and should receive a take home pay more than 50% of their gross salary after insurance and PF deductions.
- The minimum monthly income of the applicant and the spouse should be at least Rs.8,000.
Documents Required for Overseas Bank Car Loan
Individuals who wish to avail a car loan from Indian Overseas Bank should submit the following documents:
- A duly-filled and signed car loan application form which is available on the bank website
- Salary certificate
- IT return or assessment order for proof of income
- Proforma invoice or quotation for new cars
- Valuation certificate from a reputed automobile dealer
- Any other documents requested by the lender
FAQs on Indian Overseas Bank Car Loan
- Does IOB provide car loans for used cars?
Yes, IOB provides the car loan facility for used cars. However, the car cannot be more than 5 years old.
- What is the tenure of a used car loan offered by IOB?
The tenure of the used car loan offered by IOB is 84 months.
- Should I provide any security or collateral to avail a car loan?
The below-mentioned security must be provided when you avail a car loan:
- Hypothecation of car that is purchased
- The car must be insured according to the full value that is given in the bank clause
- The bank lien must be mentioned in the RC book
- What is finance that is provided on a used car?
Up to 75% of the car's market value may be provided as a car loan.
- Can Non-Resident Indians apply for a car loan from IOB?
Yes, Non-Resident Indians can apply for a car loan from IOB.
Car Loan Articles
- Car Prices in India
- How To Transfer a Car Loan to Another Person
- How GST Affected Car Prices in India
- Car Lease Vs Car Loan
- Car Loan Foreclosure Procedure
- Vehicle Registration
- Car Loan Document Checklist
- Bad Credit Car Loan
- Car Loan Refinancing
- Zero Downpayment Car Loan
- Commercial Car Loan
- Car Loan for Nris
- Car Loan Schemes for Women
- Car Loan Preclosure
- Transfer Car Registration
- Top 10 Banks for Car Loan
- Car Loan Schemes for Government Employees
- Fuel Efficient Sedan Cars
- Automatic Cars for Women
- Chepest Cars in India
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.