Benefits of IDBI Bank Car Loan

• High Loan Amount: IDBI Bank offers up to 100% financing for the on-road price of new cars, including taxes, insurance, and registration. For used cars, up to 85% of the on-road price is financed, depending on the vehicle's age and condition.
• Flexible Loan Tenure: Repayment tenure is up to 84 months (7 years) for new cars and up to 60 months (5 years) for used cars. This allows for lower EMIs and easier financial planning.
• Competitive and Attractive Interest Rates: Interest rates range from approximately 8.50% to 9.75% per annum. Your rate will depend on factors such as credit score, income, and loan amount.
• Minimal Processing Fee: The processing fee is nominal, typically ranging between 0.50% and 1% of the loan amount. It is capped and helps keep your upfront loan costs low.
• No Hidden Charges: IDBI Bank ensures transparency with clearly defined terms and conditions. There are no hidden charges, and all applicable fees are communicated upfront to the borrower.

How to Apply for IDBI Bank Car Loan

1. Apply Online (Through the Bank's Official Website):
   • Visit the official IDBI Bank website: "https://www.idbibank.in" www.idbibank.in.
   • Navigate to the Car Loan section under Loans or Products.
   • Click on “Apply Online” and fill in the application form with your personal, financial, and car details.
   • Upload required documents:
     • Identity Proof (Aadhaar Card, PAN Card, etc.)
     • Address Proof (Utility Bills, Bank Statements, etc.)
     • Income Proof (Salary Slips, ITR, Bank Statements, etc.)
     • Car Details (Proforma invoice, RC book, etc.)
   • Submit the application and wait for the bank’s response.
   • Upon approval, receive the loan offer and complete final documentation for disbursement.
2. Apply Offline (At the Branch):
   • Visit your nearest IDBI Bank branch.
   • Consult with a bank executive who will guide you through the application process.
   • Fill out the loan application form and submit the required documents.
   • Wait for verification, approval, and disbursement of the loan amount.
3. Apply via Phone Banking (If Available):
   • Call IDBI Bank’s customer care and request car loan application assistance.
   • The representative will guide you through online or branch-based application steps.
4. Apply Through Car Dealerships (Partnered Dealerships):
   • Visit an IDBI Bank-approved car dealership.
   • Let the dealership assist in applying for the loan by collecting your documents and submitting your application.
   • They may assist with approval and disbursement formalities.

Eligibility Criteria for IDBI Bank Car Loan

• Age Criteria:
  • Minimum Age: 21 years (at the time of application).
  • Maximum Age: 65 years (at the time of loan maturity).
• Employment Type:
  • Salaried Individuals: Must be employed with a government organization, public sector, or reputed private company and should have a stable job and income.
  • Self-Employed Individuals: Minimum of 2 years in the same business with proof of business income (e.g., ITRs).
  • Professionals: Doctors, CAs, Lawyers, etc., with stable practice are also eligible.
• Income Criteria:
  • Salaried: Minimum monthly income of ₹25,000 (may vary by location/loan amount).
  • Self-Employed/Professionals: Sufficient income to cover EMIs, judged via ITRs and business profit.
• Credit Score:
  • Minimum credit score of 650 is typically required.
  • Higher credit scores increase chances for approval and better interest rates.
• Loan Amount and Repayment Capacity:
  • Assessed based on income, age, and existing liabilities.
  • Existing EMIs and obligations are considered in eligibility assessment.
• Minimum Employment/Business Tenure:
  • Salaried: At least 1 year with current employer.
  • Self-Employed: Minimum 2 years in the same business.
• Residential Status:
  • Must be a resident Indian.
• Vehicle Age Criteria (for Used Car Loan):
  • New Cars: Must be purchased from a recognized dealership.
  • Used Cars: Should not be more than 5 years old at time of application.