Updated on: Jan 13th, 2022
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6 min read
Indian Bank, now amalgamated with Allahabad Bank, has got an increased customer base. The bank offers a dedicated vehicle loan that is available for residents and non-residents of the country. Both two-wheeler loans and four-wheeler loans are covered under this scheme.
Here is everything you need to know about Indian Bank car loans.
IB Vehicle Loan
Get up to 85% financing on the on-road price of your dream car. The bank offers to finance for both new and used cars. The repayment tenure can go up to 60 months.
The interest rates given in the table below are as applicable from 19 October 2020.
IB Vehicle Loan
Variants of the Scheme | Interest Rate for Women (% p.a.) | Interest Rate for General Public (% p.a.) |
New car | 7.9 | 8.05 |
Used car | 10.85 | 11 |
Eco Vahan
Variants of the Scheme | Interest Rate for Women (% p.a.) | Interest Rate for General Public (% p.a.) |
Salaried applicants | 7.65 | 7.8 |
Professional | 7.75 | 7.9 |
Business class | 8 | 8.15 |
Get the help of our car loan calculator to figure out the monthly instalments applicable to a specific loan amount you are looking forward to.
Yes. Indian Bank staff can avail of the benefits of the car loan scheme. In addition, staff from other banks can also avail the benefits of this scheme if they can present the NOC from their bank.
Yes. The bank specifies that the used car be aged not more than three years. That is the repayment period + the age of the vehicle should not exceed 84 months.
Yes. The bank has set rules on the repayment period based on the age of the used car. Refer to the below table for more information.
Age of Used Car | Repayment Period |
Up to 2 years | 60 months |
Above 2 years up to 3 years | 48 months |
Applicant Type | Eligible Loan Amount |
Salaried applicants | Up to 48 times of gross monthly salary |
Pensioners | Up to 36 times of gross monthly pension |
Self-employed professionals/businessmen | Up to three times of average net annual income for the last two years as per ITR |
Firms and companies | Up to three times of average net annual income for the last two years as per ITR |
NRIs | Up to 48 times of gross monthly salary |
Indian Bank amalgamated with Allahabad Bank, offering vehicle loans for residents/non-residents. Get up to 85% financing on cars with a repayment period up to 84 months. Interest rates start from 7.65%. Eligibility criteria include minimum income requirements and specific documents. Bank staff can avail benefits. Restrictions on used cars and repayment period based on car age are in place. Eligible loan amounts are correlated to gross income and applicant type.