Loan for Purchase of Van Minibus Bus Ambulance to Institutions Firms PSU Company Hospitals
Loan for Purchase of “Van / Minibus / Bus / Ambulance” to Institutions / Firms / PSU / Company / Hospitals
| Eligibility |
|
| Purpose | Purchase of New Vehicles for own use of the entity |
| Margin | 30% of On Road price for repayment period upto 60 months
20% of On Road price for repayment period from 61 to 84 months |
| Quantum of loan | Minimum: Rs.10 Lakhs.
Maximum: Rs.5 crores (OR) extant of finance required up to 10 vehicles, whichever is lower per occasion. |
| Repayment Period | Maximum 84 months (No holiday period) |
| Interest Rate | Click here |
| Processing Fee | Click here |
| Security |
|
| Documents required |
|
Frequently Asked Questions (FAQs)
Find answers to commonly asked questions about Indian Bank Vehicle Loan.
1. What is a Vehicle Loan?
A Vehicle Loan is a financing solution that helps eligible customers purchase a new or pre-owned vehicle. Indian Bank offers Vehicle Loans with competitive interest rates and flexible repayment options.
2. Who is eligible to apply for an Indian Bank Vehicle Loan?
Indian Bank Vehicle Loans are available to eligible salaried individuals, self-employed professionals, business owners, and other applicants who meet the bank's eligibility criteria.
3. What is the interest rate for an Indian Bank Vehicle Loan?
The Vehicle Loan interest rate depends on the applicant's profile, loan amount, and the applicable loan scheme. Please refer to the latest interest rates published by Indian Bank.
4. What documents are required for a Vehicle Loan?
To apply for a Vehicle Loan, you typically need identity proof, address proof, income proof, bank statements, photographs, and vehicle-related documents as required by the bank.
5. How can I calculate my Vehicle Loan EMI?
You can use the Indian Bank Vehicle Loan EMI Calculator to estimate your monthly EMI based on the loan amount, interest rate, and repayment tenure.
6. How much Vehicle Loan can I get from Indian Bank?
The Vehicle Loan amount depends on factors such as your income, repayment capacity, credit profile, and the value of the vehicle.
7. Can I apply for an Indian Bank Vehicle Loan online?
Yes. Eligible customers can apply for a Vehicle Loan online through the Indian Bank website or visit the nearest branch for assistance.
8. What is the maximum repayment tenure for a Vehicle Loan?
The repayment tenure varies depending on the type of vehicle and the applicable loan scheme offered by Indian Bank.
9. Can I prepay or foreclose my Vehicle Loan?
Yes. Indian Bank allows Vehicle Loan prepayment or foreclosure as per the applicable terms and conditions.
10. Is collateral required for a Vehicle Loan?
The financed vehicle is generally hypothecated to Indian Bank and serves as the primary security until the loan is fully repaid.
11. How long does it take to process a Vehicle Loan application?
Vehicle Loan processing time depends on document verification, eligibility assessment, and completion of the application process.
Disclaimer
The content has been translated from the English version using indigenously developed Artificial Intelligence capabilities (Bhashini, developed by MeitY). In the event of any ambiguity or doubt, users are advised to refer to the original English content for clarification.
All information, materials, advice, suggestions, illustrations, notifications, circulars, and other items on this website are collectively referred to as the “Content.”
Indian Bank assumes no responsibility for any errors, omissions, inaccuracies, or typographical mistakes that may appear in the Content. Indian Bank does not provide any warranty or representation regarding the Content and expressly disclaims all liabilities.
Any action taken by users on the basis of such Content shall be entirely at their own risk and responsibility.
Indian Bank reserves the right to modify, correct or update any part of the Content at any time.
No portion of the Content may be displayed or printed without prior written approval of Indian Bank.
As the translated Content has been generated using AI, we encourage suggestions for improvement.
Suggestions may be submitted at:
https://bhashini.gov.in/bhashadaan/en/home