Indian Bank Car Loan details

Contact Information(Head Office)

Address: PB No.1384, 66, Rajaji Salai, Chennai 600 001, Tamil Nadu

Phone Nos: 044-25233231/25231253/25231254

Fax No: 044-25231278

E-mail: indianbank@vsnl.com and indbank@vsnl.com

Website: www.indianbank.in

Target Group

Salaried class, Professionals, Businessmen and Self-employed persons

Eligible Amount

Maximum Amount: Two wheelers    :  Rs.50,000 Four wheelers    :  Rs.7,50,000 Minimum gross monthly income/salary for availing loan for purchase of car should be Rs.20,000/- Salaried class: 20 times the gross monthly income (income of spouse also can be included with personal guarantee of spouse) Professionals/Businessmen:  Based on their income earned and capacity/ability to repay the loan. Pensioners and Bank Employees are not eligible for the loan.

Repayment

Repayment in 60 equated monthly instalments (on Equated Monthly Instalment basis).  For non-salaried class, post-dated cheques for twelve months to be given.

Security

Hypothecation of vehicle purchased out of the loan amount

Response Time

Sanction in 48 hours in all focus branches, if the application is complete in all respects.

Purpose

For purchasing new/second hand two/four wheelers.  Age of second-hand vehicle should not be more than 3 years and vehicle to be certified by Automobile Association of India/reputed Automobile Engineer/Valuer acceptable to the Bank as to the market value.

Margin

New vehicle               : 10% Second hand vehicles  : 40%

Interest rate

10.50% fixed - irrespective of the tenor not exceeding 60 EMIs.  (EMI Rs 214.77 per Rs 10,000- for 60 M) For 4 Wheelers only - 9% (fixed) upto 36 months  (EMI Rs 317.98 per Rs 10,000- for 36 M) 9.5% (fixed) beyond 36 months (EMI Rs 209.96 per Rs 10,000- for 60 M)

Service charges

Front end fee of Rs.250/- per lakh or part thereof with a minimum of Rs.250/-

Insurance

Insurance of vehicle with Bank clause at borrower's cost,to be renewed annually