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Indian Overseas Bank New Car Loan
Indian Overseas Bank is a major public sector bank based in Chennai. Indian Overseas Bank offers car loans at competitive rates of interest to consumers who want to purchase their dream car, whether new or second-hand. This is an easily available loan that can be availed by anyone--even those who have a slightly low credit/CIBIL score but are looking for better options than what other banks offer.
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Indian Overseas Bank New Car Loan
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Indian Overseas Bank New Car LoanHere are a few factors
| Location | 50Km from Branch |
| CIBIL Score | 685+ |
| Loan Amount & Tenure | 1
Lac to No Limit (12 month to 84 month) |
| Loan to Value(LTV) | Upto 90% of on Road Price |
| Type of Funded Vehicle | New Car |
| Rate of Interest & Type | 8.85% to 10.05%(Fixed) |
| Processing Fees | Nil |
| TAT | Sanction-2
Days Disbursement-3 Days |
| Foreclosure Charges | Nil |
| Applicant | Any Salaried or Self Employed Person |
| Applicant Age | 18 to 65 Year |
| Applicant Minimum Income | 1.
Salaried having monthly net Salary>8K 2. Self Employed Person having ITR>3 Lac |
| Business Vintage for Self Employed Applicant | 2 Year |
| Minimum Job Experience for Salaried Applicant | 1 Year |
| Whether Co-Applicant Mandatory | No |
| Part Payment Allowed | Yes |
| Product | 1.
Salaried Person -FOIR 50% of Gross Salary 2. Self Employed Person- 4 time of average annual Income of last 2 year |
| Negative Profile | No Negative Profile |
| USP | 1.
Funding to NRI aswell 2. Funding to Pensioner also |
Indian Overseas Bank New Car Loan EMI Calculator
Interest Type
Loan Amount
Interest Rate
Loan Tenure
| Loan Amount | ₹100,000 |
| Interest % | 8 % |
| Tenure (months) | 12 |
| Emi (monthly) | ₹ 8,699 |
| Total Interest | ₹ 4,386 |
| Loan Amount + Interest | ₹ 104,386 |
| Year | Total Principal ( A ) | Total Interest ( B ) | Balance ( A + B) | Total Payment | Loan Paid Till Date (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ₹ 24,258 | ₹ 1,839 | ₹ 26,097 | ₹ 75,742 | 24.26 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ₹ 75,744 | ₹ 2,547 | ₹ 78,291 | ₹ 0 | 100.00 % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Required Documents to Apply for Indian Overseas Bank New Car Loan
Salaried Person
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KYC of applicant
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Last 3 Month Salary Slip
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Last 12 month Bank Statement of applicant
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Last 3 year ITR with computation of income of applicant or Last 2 Year Form 16 of applicant
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26AS of last 2 year of applicant
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Quotation of Car
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Latest Utility Bill of co-borrower if Owned premises else rent agreement if rentedSanction letter of all running loan
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Latest utility Bill if owned residence or rent agreement if rented
Self Employed
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KYC of applicant & Co-Applicant
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KYC of Co-BorrowerLast 3 year ITR with computation of income of applicant & co-applicant
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Last 3 year audited balance sheet of applicant
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Last 3 year Tax audit report of applicant
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Last 12 month Bank Statement of applicant & co-applicant
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Copy of Last 12 month GST return if applicable
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Quotation of Car
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Sanction letter of all running loan
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Latest utility Bill of residence if owned or rent agreement if rented
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Latest utility Bill of Office if owned or rent agreement if rented
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List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership firm/LLP
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
FREQUENTLY ASKED QUESTIONS
The Repayment Tenure of an Indian Overseas Bank Car Loan is Upto 84 months
Yes, Although for NRIs it is subject to the condition of obtaining a suitable guarantee from Resident Indians acceptable to the Bank.
The Processing Fees of an Indian Overseas Bank Car Loan is Rs. 1500-3000
The Spouse, Son, Daughter, Father, or Mother of the applicant can be the co-applicant.
Yes, people with low CIBIL Scores can also apply for an Indian Overseas Bank Car Loan
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