Indian Bank has decreased its new car loan interest rates by 0.20%, or 20 basis points with effect from Sunday, May 07, 2017. This interest rate cut will reduce the cost of funds for those people who want to avail auto loans for buying their new cars.
Indian Bank – Current Auto Loans or Car Loans Interest Rates
New Delhi (Delhi, India), February 24, 2018
Indian Bank Cuts Auto Loan Interest Rate to 9.75% Per Annum
The Indian Bank has decreased its new car loan interest rates by 0.20 percent, or 20 basis points with effect from Sunday, May 07, 2017.
Indian Bank has revised its minimum new car loan interest rate from 9.95 percent to 9.75 percent per annum for up to 84 months loan tenure and minimum used car loan interest rate from 12.90 percent to 12.70 percent per annum for up to 60 months loan tenure.
Indian Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail auto loans for buying their new or used cars.
Indian Bank Car Finance – Current Auto Loan Interest Rates for New Cars
Indian Bank New Car Loan Interest Rate for Women: 9.75% Per Annum
Indian Bank New Car Loan Interest Rate for Men: 9.75% Per Annum
Indian Bank New Car Loan Interest Rate for HUF, Partnership Firms, Trusts, Societies and Companies: 9.75% Per Annum
Indian Bank New Car Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
Indian Bank New Car Loan Interest Amount Calculation Method Monthly reducing balance
Indian Bank New Car Loan Processing Fee: 0.229 of the Loan Amount (Minimum Rs. 1,000 plus GST Maximum Rs. 10,191 plus GST)
Indian Bank New Car Loan Documentation Charges: Rs. 300 inclusive of GST
Minimum Tenure for the Indian Bank New Car Loan: Minimum Tenure for Indian Bank New Car Loan is 12 Months
Maximum Tenure for the Indian Bank New Car Loan: Maximum Tenure for Indian Bank New Car Loan is 84 Months
Minimum Age Limit for Getting the Indian Bank New Car Loan Sanctioned: Minimum Age 21 Years for Salaried Applicants and Self-Employed Applicants at the Time of New Car Loan Commencement
Maximum Age Limit for Getting the Indian Bank New Car Loan Sanctioned: Maximum Age 65 Years for Salaried Applicants and Self-Employed Applicants at the Time of New Car Loan Maturity
Indian Bank New Car Loans Minimum Income Eligibility Criteria for Salaried Individuals: (1) Minimum Net Annual Salary of Rs. 240,000 based on Latest Salary Slip and Form 16, and (2) Minimum of 1 Year of Continuous Employment
Indian Bank New Car Loans Minimum Income Eligibility Criteria for Self-Employed Individuals: (1) Minimum Net Annual Business Income of Rs. 180,000 based on Latest 2 Years Income Tax Returns, Audited Financials and Computation of Income, and (2) Minimum 3 Years of Employment in the Same Line of Business
Indian Bank New Car Loans Minimum Borrowing Amount: Indian Bank’s Minimum New Car Loan Amount is Rs. 1,00,000
Maximum Quantum of Indian Bank New Car Loan: Up to 95% of the Ex-Showroom Value or Up to 85% of the On-Road Price of Vehicle (Maximum New Car Loan Amount is Rs. 2,00,00,000)
Different Options for Making Indian Bank New Car Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Indian Bank New Car Loan Foreclosure or Pre Closure Charges: 5% of the Principal Outstanding plus GST (After 180 Days from Date of Disbursement)
Indian Bank New Car Loan Part Payment or Prepayment Penalty: 5% of the Part Payment Amount plus GST (Minimum Amount Equal to One EMI and Maximum Amount 25% of the Balance Principal in One Year)
Charges for Indian Bank New Car Loan EMI Late Payment: Minimum 2% Per Month of the Indian Bank New Car Loan EMI Outstanding Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Indian Bank New Car Loan EMI Cheque, SI, or ECS Bounce Charges: Rs. 500 plus GST
Indian Bank New Car Loan Security Requirement: Hypothecation of New Car to be Purchased out of Loan is Compulsory
Indian Bank New Car Loan Guarantor Requirement: No Guarantor is Required
Indian Bank Car Finance – Current Auto Loan Interest Rates for Used Cars
Indian Bank Used Car Loan Interest Rate for Up to 3 Years Tenure: 12.70% Per Annum
Indian Bank Used Car Loan Interest Rate for Above 3 Years Tenure: 12.70% Per Annum
Indian Bank Certified Pre-Owned Car Loan Interest Rate for Up to 5 Years Tenure: 12.70% Per Annum
Indian Bank Used Car Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
Indian Bank Used Car Loan Interest Amount Calculation Method Monthly reducing balance
Indian Bank Used Car Loan Processing Fee: 0.229 of the Loan Amount (Minimum Rs. 1,000 plus GST Maximum Rs. 10,191 plus GST)
Indian Bank Used Car Loan Documentation Charges: Rs. 300 inclusive of GST
Minimum Tenure for the Indian Bank Used Car Loan: Minimum Tenure for Indian Bank Used Car Loan is 12 Months
Maximum Tenure for the Indian Bank Used Car Loan: Maximum Tenure for Indian Bank Used Car Loan is 60 Months
Minimum Age Limit for Getting the Indian Bank Used Car Loan Sanctioned: Minimum Age 21 Years for Salaried Applicants and Self-Employed Applicants at the Time of Used Car Loan Commencement
Maximum Age Limit for Getting the Indian Bank Used Car Loan Sanctioned: Maximum Age 65 Years for Salaried Applicants and Self-Employed Applicants at the Time of Used Car Loan Maturity
Indian Bank Used Car Loans Minimum Income Eligibility Criteria for Salaried Individuals: (1) Minimum Net Annual Salary of Rs. 240,000 based on Latest Salary Slip and Form 16, and (2) Minimum of 1 Year of Continuous Employment
Indian Bank Used Car Loans Minimum Income Eligibility Criteria for Self-Employed Individuals: (1) Minimum Net Annual Business Income of Rs. 180,000 based on Latest 2 Years Income Tax Returns, Audited Financials and Computation of Income, and (2) Minimum 3 Years of Employment in the Same Line of Business
Indian Bank Used Car Loans Minimum Borrowing Amount: Indian Bank’s Minimum Used Car Loan Amount is Rs. 1,00,000
Maximum Quantum of Indian Bank Used Car Loan: Up to 60% of the Market Value of Vehicle (Maximum Used Car Loan Amount is Rs. 2,00,00,000)
Different Options for Making Indian Bank Used Car Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Indian Bank Used Car Loan Foreclosure or Pre Closure Charges: 5% of the Principal Outstanding plus GST (After 180 Days from Date of Disbursement)
Indian Bank Used Car Loan Part Payment or Prepayment Penalty: 5% of the Part Payment Amount plus GST (Minimum Amount Equal to One EMI and Maximum Amount 25% of the Balance Principal in One Year)
Charges for Indian Bank Used Car Loan EMI Late Payment: Minimum 2% Per Month of the Indian Bank Used Car Loan EMI Outstanding Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Indian Bank Used Car Loan EMI Cheque, SI, or ECS Bounce Charges: Rs. 500 plus GST
Indian Bank Used Car Loan Security Requirement: Hypothecation of Used Car to be Purchased out of Loan is Compulsory
Indian Bank Used Car Loan Guarantor Requirement: No Guarantor is Required
Indian Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Indian Bank