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IB Vehicle Loan

Indian Bank is offering Vehicle Loan for purchase of New Car, New Two Wheeler and Used Car at a competitive rate of interest with the following features:

Eligible Customers:

Salaried class
Professionals
Businessmen
Self-employed Professionals / Non – Professionals
NRIs
Pensioners
Employees of other banks with NOC from employer concerned

Comparison of Vehicle Loan Features – New Car, New Two Wheeler and Used Car
Features	New Car	New Two Wheeler	Used Car
Quantum of Loan	Upto Rs. 5 crores	Upto Rs.10 lakhs	Upto Rs.3 crore
Maximum Repayment Period	84 months	48 months	72 months
Margin	10%-15%	25% to 30%	20%-30%

New Vehicle: Loan amount is calculated based on On-Road Price

Used Vehicle: Loan amount is calculated based on Agreed Purchase Price or Valuation of vehicle/price quoted by authorized dealer whichever is lower.

Income Eligibility Criteria for Vehicle Loans by Occupation and Vehicle Type
Type of Occupation	New Car	New 2 Wheeler	Used Car
Salaried person	Minimum Gross monthly income of Rs.25000/- and above	Minimum monthly net salary of Rs.10000/-	Net Salary of Rs.20000
Pensioner	Drawing monthly pension of Rs.20,000/- and above	Drawing monthly pension of Rs.10000/- and above	Monthly Pension of Rs.20000
Professional & Self Employed / Businessmen	Net Annual Income of Rs. 3.00 lakhs above as per latest ITR	An IT assesse having Net Annual Income of Rs.1.50 Lakhs and above as per latest ITR	Net Annual Income of Rs. 3.00 lakhs above as per latest ITR
Firms & Companies	Should have generated Net Profit during last two years.	NA	Should have generated Net Profit during last two years.

Security:

Hypothecation of Vehicle purchased out of the loan amount
For loans above Rs.25 lakhs, for portion beyond Rs.25 lakhs, 100% collateral security in the form of immovable properties/NSC/Fixed Deposits/Surrender Value of LIC Policies
However, irrespective of loan limit, Tangible security/Guarantee may be insisted based on the risk perception of the individual proposal

Charges/Fees:
Charges/Fees	Description
Rate of Interest	Click here
Processing fee	Click here
CIBIL Charges	Individuals: Rs.30/- per person Non-Individuals: Rs.805/- per entity
Pre-payment charges	Individuals: NIL Non-individuals, 2% on the balance outstanding
EM Charges	Upto Rs.10 lakhs: NIL Above Rs.10 lakhs: Rs.300 per lakh subject to maximum of ₹30000 For Extension of EM over the same property, 50% of the applicable EM charges.

Documents Required:

Completed Application Form with passport size photograph
Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
Proof of business address in respect of businessmen / industrialists.
Proof of Employment.
Salary Certificate
Proof of other income like rent, interest on investment, if any
Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed
Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
Statement of Bank Account or copy of Bank Passbook for 6 months
Copy of Driving License
Quotation for Vehicle to be purchased from the authorized dealer