Auto Loan
Overview
Getting to drive your dream vehicle can make life seem so much better. IDBI Bank offers Express Auto Loans for your dream vehicle. Our Auto loans are easy and quick to avail and we make sure you take on the roads faster with our quick processing of the loan. So, what are you waiting for? Just rush to book your dream car or bike (High end bikes costing minimum Rs. 1.20 lacs onwards) , while we take care of your loan requirement.
Advantages
- Maximum Funding : IDBI Bank will help you get a higher sanction for funding your dream Vehicle
- Wide coverage on Vehicles : Our Auto loan covers wide range of car's, suv's and high end bikes
- EMI on reducing balance : Repayment with easy EMIs and avail the loan for upto 7 years
- Attractive Interest rates : To ensure a smooth ride our Auto loans offer attractive rate of interest
- Tie-ups with Dealers and Manufacturers : We have the tie-ups with dealers and Manufactures of vehicles and we make sure you will get the best deal
Eligibility
Salaried:
- Min age of the applicant: 18 years
- Max age of the applicant (At loan Maturity): 70 years/retirement age whichever is earlier.
- Min. Annual Income of Rs.2,40,000/-
- Income proof: Salary Slip, Form 16/ ITR, Bank statement showing salary credit
Self-Employed Professionals:
- Min age of the applicant: 18 years
- Max age of the applicant: (At loan Maturity): 70 years
- Min. 2 years in profession
- Min. Annual Income of Rs.2,40,000/-
- Income proof: for Last 2 years with computation of income / certified financials, Balance Sheet, P & L A/c, Bank statement
Documentation
Age Proof
School Leaving Certificate
Passport
Driving License
Election ID Card
Birth Certificate
LIC Policy
PAN Card
Address Proof:
Passport
Driving license
Election Id card
Telephone Bill / Electricity Bill
Title deed of property / Rental Agreement
Employers letter
Sales Tax RC / ITR / Form 18
Identity Proof:
Passport
PAN Card
Election Id card
Driving License
Photo Credit Card
Employers ID Card
Income Proof:
Latest 2 months salary slips; Form 16/ ITR for last 2 years; Bank Statement reflecting salary credits for 4 months
Bank Statement:
Income Statement, Balance Sheet and ITR for last 2 years, Bank Statement for 6 months
Documentation charges:
As per actual cost
Disclaimer : IDBI Bank may ask for additional document if required.
Repayment Option
Repayment is done through Equated Monthly Installments (EMIs) comprising both principal and interest.
Standing Instruction
ECS
Part payment/Foreclosure allowed after 6 months of loan disbursement from own source without penalty. Within 6 months of disbursement or by way of balance transfer 1% of balance outstanding plus applicable charges would be charged
How To Apply
Get a Auto Loan in 3 easy steps.
01. Basic Details
Provide your basic details to help us know you better.
02. Check Eligibility
Determine your eligibility to get a Auto Loan.
03. Submit Documents
Documents such as residential proof, income and employment details.
