IDBI Car Loan

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IDBI Car Loan Interest Rates

Interest Rate	8.90% onwards (floating)
Loan Tenure	Upto 7 years
Processing Fee	Minimum: Rs.1,500 plus taxes Maximum: Rs.2.500 plus taxes
Pre-closure Charges	Within 6 months: 1% of the balance outstanding After 6 months: Nil

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IDBI Bank Overview

IDBI Bank is one of India's largest commercial banks offering innovative and core banking services for over 40 years now. Headquartered in Mumbai, the bank plays a key role in the development of the communities with an efficient workforce and state of the art banking technology. IDBI has a strong commitment towards being the natural choice for Indian customers, providing customised banking solutions in a structured and robust manner. IDBI offers a wide array of services including retail, corporate, SME and agricultural banking. Besides these key areas, IDBI has also made its presence felt in the Investment banking, capital market and mutual fund businesses. IDBI makes it very easy for a customer to finance and own a car of his choice with IDBI Express Auto Loans. As the moniker suggests, IDBI car loans can be availed easily and quickly with fast processing done by IDBI bank officials.

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Why choose an IDBI car loan?

IDBI has one of the fastest car loan processes, when compared to its competitors and that is the top reason for a car owner to get his new vehicle financed by IDBI. Added to that, IDBI aims at providing the maximum funding eligible for a customer while sanctioning a car loan. IDBI car loans cover all types of cars and come with flexible repayment options and attractive interest rates. To ensure that customers get the best package deals for their cars, IDBI has established tie-ups with top car dealers across India.

Features of an IDBI car loan

IDBI car loans are offered to customers with various benefits and the loan documentation process is completely hassle free for the convenience of IDBI customers.

1. IDBI car loans are available with flexible loan tenures up to 7 years.
2. Customers can pay their monthly EMIs for their IDBI car loans easily using standing instructions or ECS debits. The monthly EMIs for a car loan is calculated on a daily reducing basis.
3. IDBI charges low processing fees on car loans with waivers applicable during festive seasons.
4. Pre-payment or part foreclosure of an IDBI car loan is allowed after a period of six months of the loan disbursement. The pre closure should be done from own sources and will be completed without any penalty. If the car loan is closed before the required tenure of six months or a balance transfer is availed, then a fee of 1% of the outstanding balance plus other applicable charges would be levied by IDBI bank.
5. IDBI bank also imposes a penalty of 2% per month for late payment or irregular EMI payments on customers.
6. Additionally, loan documentation charges are also levied while processing an IDBI car loan.

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IDBI Car Loan Interest Rates

IDBI Bank is a prominent bank in India that extends a number of banking and financial services for various requirements. Are you interested in purchasing a car in your own name? You can make your dream come true by taking a reliable car loan from IDBI Bank.

The bank offers Express Auto Loans that will enable you to purchase any car that you want. The application process for these loans is very simple and quick. You can buy an automobile or a motorcycle (that costs from at least Rs.1.2 lakh) with a loan from IDBI.

Interest rates for Car Loans offered by IDBI

Check more details about  IDBI Bank Car Loan Interest Rates  

The car loan interest rates for IDBI auto loans are fixed after much research. They are economically priced in order to cater to the needs of every person.

You can repay your car loans with low equated monthly installments (EMIs). Whether you want to buy a small car, an SUV, or a high-end motorbike, you can apply for a loan from IDBI Bank to own a vehicle. The bank has partnered with vehicle manufacturers and auto and bike dealers to make certain that you have a smooth vehicle purchasing experience.

Special interest rates for central and state government employees and payroll customers

IDBI Bank offers 10 basis points (bps) discount on the applicable rate of interest on auto loan, subject to a minimum MCLR benchmark to the following customer segments (New Sanctions):

1. Permanent employees of central and state Government with a credit score of 700 and above.
2. Payroll customers with a credit score of 700 and above and whose salary is credited through a salary account maintained with IDBI Bank.

For more details about the concession, visit the nearest IDBI Bank branch in your locality.

Service Fees and Charges of IDBI Bank Car Loan

Charges	Amount
Processing fees	The minimum of Rs.1,500 plus taxes and a maximum of Rs.2,500 plus taxes will be levied. If there is a change in vehicle or dealer after sanction of auto loan, an additional sum of Rs.1,000 plus taxes will be collected before loan disbursement.
Part prepayment/Foreclosure charges	Within 6 months from disbursement or by way of balance transfer, 1% of the outstanding loan amount plus tax After 6 months of disbursement from own source, the fee is nil.
Penalty fees	2% p.a. for the overdue amount and overdue period.
Copy of property documents	Rs.225
Document retrieval charges	Rs.2,000 per instance
Foreclosure letter issuance	Rs.500 per instance
Swapping of PDCs/ECS or change of repayment mode to PDC or ECS	Rs.575
Default in EMI payment, interest payment or principal by way of cheque/ECS/standing instruction or any other payment mode, on the due date due to reasons within the control of the borrower for financial reasons such as insufficient funds, exceed arrangement, refer to drawer, not arranged for, full cover not received, effects not cleared, etc.	Rs.300
Duplicate statement charge	Rs.115
Re-issuance of PO/DD	Rs.115
Duplicate Certificate/Interest Paid Certificate	Rs.150
Copy of credit information obtained from CIBIL	Rs.50
Non-collection of original documents after 30 days from the date of loan closure	Rs.1,000

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IDBI car loan eligibility

IDBI Bank offers car loans for both salaried and self-employed professionals at affordable interest rates.

Salaried professionals

The minimum age required for a salaried applicant is 18 years with the maximum age of the borrower being 70 years or the retirement age around the time of the maturity of the loan. Salaried individuals need to have a minimum annual income of Rs.1.8 lakh to qualify for an IDBI car loan.

Self-employed businessmen

Businessmen need to be aged between 18 to 70 years with the latter mandatorily required at the time of loan maturity. They should have been in business for at least two years and are required to show a minimum annual income of Rs.1.8 lakh

IDBI Bank Car Loan Eligibility Calculator

Before applying for an auto loan, check whether you meet the eligibility criteria set by the bank so as to avoid a loan rejection. IDBI Bank has an online car loan eligibility calculator on its webpage. The tool is simple and easy to use. All you have to do is enter details such a first name, last name, mobile number, date of birth, make and model of car, on-road price of the car, and type of employment (salaried, self-employed business, and self-employed professional) into the tool. Click on the 'Get Loan Eligibility' button. If you are eligible for an auto loan from IDBI Bank, you will get a call or SMS from the bank regarding your car loan application. It is advisable to check your car loan eligibility before applying for a car loan since multiple loan rejections can have a negative impact on your credit score, which in turn, can affect your future loan prospects.

Know more about  IDBI Bank Car Loan Eligibility Calculator   for taking Car Loan

How to Apply for an IDBI Bank Car Loan?

With the advent of technology, it has become easier to apply for a car loan online these days. Visit the IDBI Bank website and download a car loan application form. Submit the duly-filled and signed application form along with the necessary documents such as identity proof, age proof, address proof, and income proof to the bank. The form and documents can be uploaded onto the bank website or submitted at the nearest IDBI Bank branch website. To upload the application form on the bank website, all you have to do is enter the application number and your date of birth (DOB) in an online form under the 'Update Application' form. After clicking the 'Update Application' button you can upload the duly-filled and signed form onto the website.

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Documents required for an IDBI car loan

The following documents mentioned under every category have to be submitted by applicants while applying for an IDBI car loan.

Age Proofs

• Valid Passport copy of the applicant
• Driving License of the applicant
• Voter's ID Card
• Birth Certificate
• Copy of LIC policies
• PAN Card
• School Leaving Certificate

Address Proofs

• Valid Passport copy of the applicant
• Driving license
• Voter's ID Card
• Telephone Bill / Electricity Bill
• Title deed of property
• Rental Agreement
• Current Employer's letter
• Sales Tax RC
• Income Tax Returns / Form 18

Identity Proofs

• Valid Passport copy of the applicant
• PAN Card
• Voter's ID Card
• Driving License
• Credit Card with photo
• Employer's ID Card

Income Proofs

Salaried employees have to submit the mentioned documents as Income proofs to IDBI for the processing of a car loan - last two months' pay slips, Form 16 and Income Tax returns for the last two years, Bank account statement showing salary credits for the last four months from the current employer.

Businessmen have to furnish the following documents to avail an IDBI car loan - Income computation statement or certified financial documents for the last two years, balance sheets and Income Tax returns for the last two years, bank account statements for the past six months and P&L account statements.

What documents do I have to submit as income proof when I apply for a car loan from IDBI Bank ?

You have to submit the following documents as income proof when you apply for a car loan from IDBI Bank -

For Salaried Employees -

1. Salary slips for recent 2 months
2. Income Tax Returns or Form 16 for the last two years
3. Bank Statement (which reflects your salary credits for 4 months)

For Self - Employed Individuals -

1. Balance Sheet
2. Profile and Loss Account
3. Bank Statement
4. Computation of Income for last 2 years

As part of Bank Statement you have to submit the following -

1. Balance Sheet
2. Income statement
3. Income Tax Returns for last 2 years
4. Bank Statement for 6 months

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How to Track an IDBI Car Loan Application Status?

You can also track your car loan application status on the IDBI Bank website under the 'Loan Tracking' tab by entering your loan application details such as URN number, PAN number, type of loan (in this case, it is auto/car loan), and mobile number. Click on the 'Submit' button and get your car loan application status. New and existing IDBI Bank customers can also request a call back by placing request on the bank website.

IDBI car loan EMI calculator

Car loan EMI is calculated based on the below formula:

E = P*r* (1+r)^n/([(1+r)^n]-1), where E is the equated monthly installment, P is the principal loan amount, r is the interest rate, and n is the loan tenure.

'Finance Tools' on the main menu of the Bankbazaar home page contains EMI calculators, which can help a customer calculate the EMI that he will be paying while availing an IDBI car loan. Our Car Loan EMI calculator is designed  efficiently calculate Car Loan EMI payment details in a matter of seconds. Customers have to follow the below given process to instantly calculate their IDBI car loan EMIs.

• Selecting the 'Finance Tools' drop down menu takes a customer to the EMI calculator option. Clicking on this link will take him to the car loan EMI calculator option specifically leading to the calculator page.
• Individual ruler scales are available on the calculator page donating the ranges of the 'loan amount' and 'tenure' that can be selected by applicants.
• Applicants need to enter a few details to calculate the EMI to be paid for an IDBI car loan. The first value that needs to be entered is the required loan amount and the tenure of the IDBI car loan that the customer is intending to take. The pre-populated values can be changed to suit the customer's details.
• The interest rate charged by IDBI for auto loans has to be entered along with the processing fee charged for IDBI car loans by the applicant. The default value is already populated in the field and can be changed as required.
• Clicking on 'calculate' will give an applicant details of his IDBI car loan EMI payments along with the breakup of the total interest that has to be paid.

In case any issues or problems surface while navigating through this page, customers can get in touch with our customer care team at 91 44 6651800 and get the issue sorted.

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A good credit score can help you secure lower interest rates on loans and credit cards.

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FAQs on IDBI car loan

• Is the IDBI car loan application form available online?

  Customers can use the IDBI loan application form available on the IDBI website to apply for IDBI auto loans.

• Is the IDBI car loan statement available online?

  Yes, customers can get their IDBI auto loan statements through the IDBI online banking portal.

• What are the IDBI car loan prepayment charges that are levied on a customer?

  IDBI charges a pre penalty fee of 1% for car loans pre closed within six months from the date of disbursement of the loan. Prepayment should be made from own sources only. For loan closures above the six month time period, no prepayment penalties are levied.

• How does a customer contact a customer care executive for more details on IDBI Car Loans?

  Customers can take the help of our friendly customer care executives available at 91 44 6651800 for any queries regarding IDBI car loans.

• What type of cars does IDBI Bank provide Auto Loan for?

  IDBI Bank provides Auto Loan for a wide range of cars which includes SUVs.

• What is the minimum age requirement for applicants to apply for a car loan from IDBI Bank?

  The minimum age requirement is 18 years for applicants to apply for a car loan from IDBI Bank.

• What should be the maximum age of a borrower at the time of maturity, if they have taken a car loan from IDBI Bank?

  The maximum age of a borrower at the time of maturity should be 70 years, if they have taken a car loan from IDBI Bank.

• I am a self - employed individual. How old should my business be for me to avail a car loan from IDBI Bank?

  If you are a self - employed individual, your business should be at least 2 years old for you to avail a car loan from IDBI Bank.

• What is the rate of interest on car loans offered by IDBI Bank?

  The rate of interest on car loans offered by IDBI Bank is Base Rate plus 0.35 percent.

• How does IDBI Bank calculate the rate of interest on car loans?

  IDBI Bank calculates the rate of interest on car loans on the basis of the reducing balance.

• Will my CIBIL score have an impact on the car loan that I apply for with IDBI Bank?

  Yes, your CIBIL score will have an impact on the car loan that I apply for with IDBI Bank. If you have a high CIBIL score, it will be easy for you to avail the car loan as banks generally trust people with a high score and prefer lending money to them.

• What should be the minimum annual income of an IDBI Bank car loan applicant?

  The minimum annual income of an IDBI Bank car loan applicant should be Rs.1, 80, 000.

• What is the maximum tenure for which I can take a car loan from IDBI Bank?

  The maximum tenure for which you can take a car loan from IDBI Bank is 7 years.

• Can I apply for a car loan from IDBI Bank online?

  Yes, you can apply for a car loan from IDBI Bank online.

• Does IDBI Bank allow their car loan applicants to track the status of their loan applications online?

  Yes, IDBI Bank allows their car loan applicants to track the status of their loan applications online. To track the status, they have to open the website of IDBI Bank and locate 'Loan Application Tracking' on the homepage.

• Where can I find the application form for IDBI Bank car loan?

  You can find the application form for IDBI Bank car loan on the website of the bank or you can collect it from any branch of the bank. On the website, you can either choose to submit an online application or download the form for 'Auto Loan'. You can find the form in the 'Apply Now' section of the website.

• How do I apply for a car loan from IDBI Bank?

  You can apply for a car loan from IDBI Bank online by visiting the website of the bank and clicking on 'Auto Loan' in the 'Apply Now' section. You can also apply for it by contacting on the Phone Banking numbers of IDBI Bank or by visiting any branch of the bank.

• Does IDBI Bank charge a fee for the documentation and processing of car loans?

  Yes, IDBI Bank charges a fee for the documentation and processing of car loans.

• What is the processing fee for auto loans offered by IDBI Bank?

  The processing fee for auto loans offered by IDBI Bank is zero for normal loans, Rs.1000 plus tax for Speed Auto Loan and Auto Loan for Nano. The bank does not charge a processing fee for Auto Loan for Aria and Safari or Storme.

• Does IDBI Bank allow people to foreclose their car loan?

  Yes, IDBI Bank allows people to foreclose their car loan after 6 months (from the date of loan disbursement).

• Will IDBI Bank charge a penalty if I foreclose my car loan within 6 months?

  If you foreclose your car loan within 6 months from the date of loan disbursement, then IDBI Bank will charge a penalty of 1 percent of the pending balance plus other applicable charges.

• Will IDBI Bank charge a penalty if I foreclose my car loan after 6 months?

  If you foreclose your car loan 6 months after the loan was disbursed, then IDBI Bank will not charge any penalty for it.

• How can I calculate the EMI for car loans offered by IDBI Bank?

  To calculate the EMI for car loans offered by IDBI Bank, you can use the EMI calculator on the website of the bank. You can find the EMI calculator on the homepage and also in the Auto Loan section of the website.

• How do I repay the car loan to IDBI Bank?

  You can repay the car loan to IDBI Bank in Equated Monthly Installments (EMI), which includes both the principal amount and the rate of interest. You can either give standing instructions to the bank to deduct the EMI from your bank account or you can repay via the ECS facility. Through the ECS facility you allow IDBI Bank to debit your car loan EMI automatically from a bank account that you hold with another bank.

• Does IDBI Bank charge a late payment fee, if their car loan borrowers forget to pay their EMI on time?

  Yes, IDBI Bank charges a late payment fee, if their car loan borrowers forget to pay their EMI on time.

• What is the penal interest charge for borrowers of IDBI Bank car loan?

  For the borrowers of IDBI Bank car loan, the penal interest charge is 2 percent per month of the amount that is overdue and the time period for which it has been overdue.

• What is the verification process for IDBI Bank car loan?

  The verification process for IDBI Bank car loan is similar to the one followed by most Indian banks. First the bank will review your application and see if you are eligible for the car loan or not. Then they will check all the documents you have provided and if everything is correct, then your loan will be approved.

• How long does it take for IDBI Bank to approve and process car loan applications?

  IDBI Bank takes very little time to approval and process car loan applications. If you pass the verification round, the bank will approve the loan and the amount will be disbursed quickly.

• Can I check in advance if I am eligible to apply for a car loan from IDBI Bank?

  Yes, you can check in advance if you are eligible to apply for a car loan from IDBI Bank by using the 'Eligibility Calculator'. You can find this calculator on the website of the bank.

• Who do I contact to get details about car loans offered by IDBI Bank?

  You can contact the customer care department of IDBI Bank to get details about their car loan schemes. To get in touch with the customer care, you can call up on the toll free number of the bank. You can also visit any branch of the bank to get the details.

About the Author

Nishit Kunal

Nishit Kunal, currently working as an Editor has been with BankBazaar for over 5 years with expertise in writing on loan, credit cards, etc. When not working, Nishit dabbles between being a cinephile, writing, and playing with his dogs.