We do know that IDBI bank offers everything to the customers. From personal banking to corporate banking accounts. They are offering financial services as well as the home loan, education loan and today we are going to talk about the IDBI bank car loans. IDBI bank is not only famous but also one of the leading banks in our nation. Apart from the financial services, they are also best in providing the best interest rates on fixed deposits and savings accounts. Anyway, let’s have a look at the car loan by IDBI.
IDBI Bank car loan offers a variety of features to the customers like lower interest rates. Availability of loan tenure more than any other leading bank. The easy loan approval process. In this post, we will let you know about the interest rates, documents required for the application of car loan. Let’s start with the interest rates first.
Interest Rates on IDBI Bank Car Loan:
Interest rates are something which has been charged annually to the customers and applied by the bank. It is because the funds you acquire from the bank has interest rates as well. The same in the case of IDBI bank car loan. However, there are some factors which affect the interest rates on your car. Let me show you the same.
Read More – IDBI Bank Internet Banking Login Guide
Factors Affect Interest Rates:
- Income: There are offers of interest rates based on any individual income. For example, if the individual is self-employed, then the Income required will differ from the Income of any salaried employee.
- Loan duration: Loan duration is another thing which affects the interest rates of any particular loan.
- Cibil scores: The credit scores of you also affect the interest rates of your car loan. However, there may be difficult for you to proceed if your cibil score is less than 650.
- Relationship with the bank: The another thing is bank does provide some offers to their old customers. So somehow, It also affects the interest rates.
- Down payment: Down payment, the bank does not always proceed with 100% finance, so there is some down payment that you need to pay. The more you spend the down payment, the less the interest rates you will be charged on your tenure.
The average interest rates charged on car loans are 9.50% by IDBI Bank.
Documents Needed for IDBI Bank Car Loan Application:
- Signed application form with your original signature and two passport size photographs.
- Photo ID and age proof of yours.
- Residence proof, aka address.
- Your last six months bank statement.
- Last three months salary – slips
- Form 16 or Income Tax Returns
- Previous three years Income Tax Returns with computation of Income
- Last three years CA Certified / Audited Balance Sheet and Profit & Loss Account
These are the documents required for IDBI bank car loan and if you think to apply for the loan from IDBI bank. Then along with down payment you need to carry these documents handy with you.
Why choose an IDBI car loan?
IDBI Bank is one of the famous and leading banks of our nation. One of the main reason to chose IDBI bank for the car loan is their lower interest rates and availability of loan compared to the other leading banks of India. You only need to have a good credit score, and then you can also get exciting offers from IDBI bank for the car.
How to Apply for a Car loan from IDBI Bank?
There are two options. Either you can apply online, or you can visit the branch of yours. The third option, you can visit any car showroom and ask them for finance options. They will help you in the application for the car loan from IDBI bank. However, do not forget to ask them about currently running offers as this is the end of the year. Many car brands do offer a massive discount on the purchase of new cars.
We do know that getting a car nowadays is a need for everyone. We are tired almost for hiring the cabs and sometimes, in the emergency no one can bring us to a particular place. Even the cabs drivers refuse. However, this thing is now possible if you do carry a good relationship with IDBI bank then why not to apply for the IDBI bank car loan? And, bring the brand new car to your home this year. In this post, we have mentioned all the details like the interest rates, documents required and procedure for the application of IDBI bank car loan. Do let us know in the comments section if you need to know anything.