You will truly take this as a dream come true as you apply for the car loan with IDBI bank. This great bank has accordingly named its car scheme for car loan- express auto loans. The course for processing your request for loan application is hassle-free and it just takes a few days to get the loan sanctioned. In case, you have the documents ready, you need not wait any longer and apply immediately. Let’s see the other aspects of car loans from IDBI Bank applicable for 2014 year.

Car loan from IDBI bank

What needs to be your eligibility?

  1. IDBI extends you great flexible option in filing your loan application; the lower age limit for application is fixed at 18 and you can apply till you attain the age 70.
  2. You might be a salaried person or a self-employed person, your minimum income per annum has to be Rs 1, 80,000.
  3. You need to attach your proper income proof like salary slip and income-tax assessment certificate.

Highlights of IDBI car loan

i)  IDBI Bank has not set any limit so far as the higher limit about sanction is concerned. It helps you realize the maximum sum based on your earnings.

ii)   It does not restrict the borrower from buying any expensive car or bike as it has no limit on sanctioned amount.

iii) You will be required to pay EMI on the reducing balance of the loan amount.

iv)  The rates of interest for the loan are quite competitive and it does not become a burden on the borrower.

v)  At present, the bank has different tie-ups with various manufacturers and dealers of vehicles to sell you vehicle at the most competitive rates.

What are the documents you need to submit?

You need to submit the following documents;

  1. Age proof – school leaving certificate, passport, driving license, election ID card, Birth Certificate, LIC policy or PAN card
  2. Address proof – For this Electricity or telephone bill or rental agreement would be enough etc
  3. Identity proof – Passport or pan card or even driving license will work with clear picture.
  4. Income proof – Submit salary slip of last 3 months  or income-tax assessment certificate.

How to apply for Car Loan online?

You can log on to http://www.idbi.com/apply-now.asp and apply online for the auto loan. You can download the application form to apply.

What’s the Interest Rates on Car Loan?

For all auto loans, the bank charges 10.60% (BR+0.35%) on per annual basis.