Indian Overseas Bank (IOB) offers vehicle loan which caters your requirement of driving home your dream car or bike. If are looking to purchase a new car, a used car, or a two-wheeler, IOB is the right place who have the perfect loan solution for you. The bank provides competitive interest rates, making your vehicle purchase affordable in a stress-free atmosphere. IOB has simple application process, quick approval times, and good repayment options. IOB ensures that financing your vehicle is straightforward, convenient and hassle free.
Repayment Period upto 84 Months
Maximum Funding upto 90%
Special Concession based on Good CIBIL Score
Lower Processing Charges
Faster Disbursement
Hassle Free Sanction
IOB’s vehicle loan options cater to different customer segments, ensuring that every individual finds a loan that suits their specific needs. The bank’s dedicated customer-oriented team is always available to assist with any queries, offering guidance throughout your vehicle loan journey. Additionally, IOB provides vehicle loans for purchase of New Car Loan, New Two-Wheeler Loan, EV Car and Two Wheelers and also Loan for Used Cars which tailored made to meet diverse requirements.
The bank has customer-centric approach guarantee a hassle-free experience. Applying for a vehicle loan with IOB is the first step towards owning your dream vehicle, supported by a reliable financial partner dedicated to turning your vehicle ownership dreams into reality.
Key Highlights:
- All individual (18 years of age) who are salaried, Self-employed and also to Corporates, Firms and Non individuals are eligible(company to be in the business with profit for last two years). Maximum age for individual is 70 years and loan to be repaid before attaining 75 years of age.
- Financing options for New Four-wheeler, Electric Four-wheeler and Old Four-wheeler (not more than 5 years), and Only New Two-wheeler including electric two-wheeler.
- The maximum quantum of finance is 90 % for new vehicle and 75 % for old Four-wheeler.
- Interest rate starts at just 8.85% and is linked to customers rating. For latest interest rates, please click here.
- Hassle free financing in a day with longest repayment period 7 years for New Four-wheeler, 6 years for Two-wheeler and for Old Four-wheeler age of vehicle at the time of closure should not be more than 8 years.
- Financing options for Takeover of loans, customers not knowing driving but wants to engage driver, addition of Spouse, son, daughter, mother and father in case salary of customer is not adequate and lot more features.
Q: What documents are required?
A: Adhar, Pan, DL, Salaried person to be in service for 2 years and to produce last three months salary and business person last two years IT returns.
For Detailed FAQs, please click here
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.
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)