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Personal Banking

Last Updated on: 03/02/2024

Vehicle Loans

2
Repayment Period upto 84 Months
Maximum Funding upto 90%
Special Concession based on Good CIBIL Score
Lower Processing Charges
Faster Disbursement
Hassle Free Sanction

Permanent Employment in a...

  • A Government Office
  • A Public Sector Undertaking
  • A Reputed Private Enterprise or
  • A Self-employed Professional

The loan can be applied for in the name of the firm or company.

Non Resident Indian can also apply.

(For NRIs subject to condition of obtaining a suitable guarantee from Resident Indian acceptable to the Bank).

Income Eligibility

In confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductions.

The total monthly income of the applicant including that of spouse and other income should be not less than Rs. 8000/- in the case of loan for purchase of car and Rs.5000 in the case of loan for purchase of 2-wheeler.

New car/New Electric Car: 90% of the cost of the vehicle.

  • Old Cars: 75% of the market value of the vehicle without any ceiling.
  • 2 Wheelers: 90% of the cost of the vehicle. (On road price: Includes ex showroom price, Road taxes,insurance only. The cost of accessories extended warranty & any other maintenance charges are not the part of the On Road- Price).

Interest Rate: Retail Credit Interest Rates (Click here)

Repayment Period: New Car: Repayable in upto 84 equated monthly installments.

Used Car: Flexi Repayment shall be fixed with a maxiumum of 84 months, less age of the vehicle.

New Two-wheeler: Repayable in upto 72 equated monthly installments.

EMI Calculator

Purpose:

For Purchase of New/Old Car (Used car Should not be more than 5 years old).

  • For Purchase of New Two-Wheeler.
  • New Electric 2/4-Wheeler (Old Electric Vehicle Not Allowed.
  • Electric 2-Wheeler financed if the vehicle is from reputed manufacturer who are manufacturing Petrol/Diesel Vehicle at Present.

Co-applicants:

Spouse, Son, Daughter, Father, Mother (Income of Father & Mother Can be added to arrive at the loan repayment capacity).

Security:

Hypothecation of the vehicle purchased (For NRIs, a suitable guarantee from Resident Indian, acceptable to the Bank. Vehicle loan against deposit is launched, 100 % finance against deposit, no Margin).

The Banks lien on the vehicle should be marked in the R.C. book.

Vehicle should be insured for the full value with the bank clause.

Special Concession Based CIC Report:

If Either of Credit Vision/Personal/Other Credit Score is in the Following Approved Range.

CIBIL Score 750 > =799 Concession 0.25%.

CIBIL Score => 800 Concession 0.50% (Subject to Not Below RLLR).

Processing Charges: as applicable

Documents

  • An application form.
  • Salary certificate, IT return or assessment order as a proof of income.
  • Quotation/proforma invoice - for a new car/ new two-wheeler.
  • Valuation certificate from two reputed auto dealers - for used car.

Download the Application Form: (Click here)

To Apply Online: (Click here)

  • Indian Overseas Bank finances purchase of Electric Two-Wheeler and Four-Wheeler
  • Processing and documentation charges waived up to 31.03.2024