About IDBI:

IDBI is a universal bank having its operations that are driven by leading edge Banking IT platform. IDBI offers indigenized banking and financial solutions to its customers belonging to retail as well as corporate segment through its branches and ATMS that are spread across the country. The bank has an international presence with its office in Dubai. IDBI is a new generation bank, with a Balance sheet of size Rs.3,56,031 Crores having a total business of Rs.4,68,213 Crores as on 31st March, 2015. As on 31st March,2015 the bank had a net profit of Rs823 Crores. This article is intended to highlight key features of IDBI Car Loans.

IDBI – Car Loans:

There is nothing like driving a car you own – IDBI offers Express Car Loans to ensure that you get what you dream of. Car loans at IDBI are quick hassle free, and ensure that you get your car on roads with fast processing. You can apply for a Car loan for your budget car, a family car, or even an SUV to drive home your favorite car.  In addition to this the bank also has straight tie-ups with leading manufacturers and dealers to ensure that you can pick what you have been dreaming of.

Enlisted below are some key features of applying for car loan at IDBI:

IDBI – Loan Amount: IDBI offers maximum loan amount which depends on your eligibility to take the loan.

IDBI – Loan tenure: You can take a car loan for maximum loan tenure of 7 years as per your capacity to payback.

IDBI – Mode of repayment: You will have to pay back the loan amount through EMI through standing instruction given the bank.

IDBI – Interest Rate: Interest applicable on your loan amount is of reducing type.

IDBI – Foreclosure Charges:

Any Part payment/Foreclosure is allowed after six months of loan disbursement without imposing any penalty. However, within six months of disbursement or by means of balance transfer 1% of balance outstanding in addition to charges that are applicable will be charged.

IDBI – Eligibility Criteria:

Salaried:

  • You should be atleast 18 years of age at the time of submission of your application.
  • Maximum age of the applicant at the time of maturity should be 70 years or the age of retirement whichever is earlier.
  • Minimum annual income of the applicant should be atleast Rs. 1,80,000/-
  • If  you are a salaried individual you should have an income proof as enlisted: Salary Slip, Form 16/ ITR, Bank statement showing salary credit

Self-Employed Professional:

  • You have to be atleast 18 years of age at the time of submission of your application.
  • Maximum age of the applicant at the time of maturity should be 70 years or the age of retirement whichever is earlier.
  • Minimum annual income of the applicant should be atleast Rs. 1,80,000/-
  • You must have a minimum work experience of 2 years along with your income proof as enlisted: Last 2 years with computation of income / certified financials, Balance Sheet, P & L A/c, Bank statement.

List of Document Required:

  • Age Proofs
  • Identity Proof
  • Address Proof
  • Income Proof
  • Bank Statement

Check out and judge against more Car Loans at Letzbank!

Advertisements