IDBI Bank Car Loan Interest Rates
Updated on: Apr 21st, 2025
|
2 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 Score | Floating ROI |
| 801 and above | 7.50% p.a. |
| 776 to 800 | 7.60% p.a. |
| 741 to 775 | 7.70% p.a. |
| 700 to 740 | 8.10% p.a. |
| -1 | 8.10% p.a. |
| Below 700 | N/A |
| Non-individual borrower | 8.10% 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 Applicants | Age 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 Professionals | Age 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 Proof | School Leaving Certificate Passport Driving License Election ID Card Birth Certificate LIC Policy PAN Card |
| Identity Proof | Passport PAN Card Election ID card Driving License Photo Credit Card Employer’s ID Card |
| Address Proof | Passport 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 Proof | Salaried 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 Charges | As per actual cost |
| Foreclosure Charges | After six months of loan disbursement: Nil Within six months: 1% of outstanding balance + applicable charges |
| Processing Fees | Rs.2,500 |
| Penal Interest Charges | 2% 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.
Clear offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. Clear serves 1.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.
Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
CAs, experts and businesses can get GST ready with Clear GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law.
Save taxes with Clear by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download Black by ClearTax App to file returns from your mobile phone.
Cleartax is a product by Defmacro Software Pvt. Ltd.
Company PolicyTerms of use
ISO 27001
Data Center
SSL Certified Site
128-bit encryption