Looking for a business loan


Thank you for your interest, our team will get back to you shortly

Please Fill the Details to download

Thank you for your response

Get Expert Assistance

Thank you for your response

Our representative will get in touch with you shortly.

IDBI Bank Car Loan Interest Rates

Updated on :  

08 min read.

IDBI Bank offers express auto loans for you to realise your dream of owning a car even quicker. You can book the car of your dreams, and the bank will take care of the financing part. The bank provides loans and decides on the interest rate applicable based on your credit score. Therefore, check your credit score before applying for a car loan with IDBI Bank to know if you can take advantage of your high credit score.

Here are all the details you must know regarding IDBI Bank car loans.

Types of car loan schemes of IDBI Bank

IDBI Bank Auto Loan Advantage

Get a higher loan amount sanctioned for purchasing your car or SUV at easy EMIs with a repayment tenure of up to seven years.

Interest rates of IDBI Bank car loans

Credit ScoreFloating ROI
801 and above7.50% p.a.
776 to 8007.60% p.a.
741 to 7757.70% p.a.
700 to 7408.10% p.a.
-18.10% p.a.
Below 700N/A
Non-individual borrower8.10% p.a.

Features and benefits of IDBI Bank car loans

  • Get financing to purchase a car or an SUV.
  • The bank offers a higher loan amount to fund your dream vehicle.
  • Easy EMI options are available with a loan repayment tenure of up to seven years.
  • Get the financing at attractive interest rates.
  • The bank has tie-ups with dealers and manufacturers to get you the best deal.

Eligibility for IDBI Bank car loans

Salaried ApplicantsAge Criteria

Minimum: 18 years

Maximum: 70 years or retirement age, whichever is earlier (on loan maturity)

Minimum Annual Income: Rs.2,40,000
Self-Employed ProfessionalsAge Criteria

Minimum: 18 years

Maximum: 70 years at loan maturity

Experience: Minimum of two years in the profession

Minimum Annual Income: Rs.2,40,000

Documents required for IDBI Bank car loans

Age ProofSchool Leaving Certificate


Driving License

Election ID Card

Birth Certificate

LIC Policy

PAN Card
Identity ProofPassport

PAN Card

Election ID card

Driving License

Photo Credit Card

Employer’s ID Card
Address ProofPassport

Driving license

Election Id card

Telephone Bill/Electricity Bill

Title Deed of Property/Rental Agreement

Employer’s Letter

Sales Tax RC/ITR/Form 18
Income ProofSalaried Applicants:

Last two months’ salary slip

Last two years’ Form 16/ ITR

Bank statement showing salary credit

Self-Employed Professionals:

Last two years’ income statement

Balance Sheet

Profit & Loss statement

Last 6 months’ bank statement

IDBI Bank car loan fees and charges

Documentation ChargesAs per actual cost
Foreclosure ChargesAfter six months of loan disbursement: Nil
Within six months: 1% of outstanding balance + applicable charges
Processing FeesRs.2,500
Penal Interest Charges2% per annum for the overdue amount and overdue period

How to calculate EMI on IDBI Bank car loans

ClearTax’s car loan calculator helps you figure out the monthly instalments you must pay for a specific loan amount to finance your dream car.

Frequently Asked Questions

How do I apply for an IDBI Bank car loan?

You can either call on the IDBI Phone Banking numbers or visit the nearest IDBI Bank branch to understand the procedure and apply for a car loan.

How do I make repayments to the loan?

You can make repayments in the form of equated monthly instalments (EMI) where you contribute towards both principal and interest in every instalment you pay. You can pay EMI by setting standing instructions on your savings account or through an electronic clearing system (ECS).

Can I change the dealer or vehicle after the sanction of the loan?

You may change the dealer or vehicle after the sanction of the loan. However, an additional processing fee of Rs.1,000 plus applicable taxes will be collected before disbursing the loan in this case.

inline CTA
Invest in Direct Mutual Funds
Save taxes upto Rs 46,800, 0% commission