National Toll Free No1800 425 00 000
National Toll Free No1800 425 00 000

IB Vehicle Loan

IB Vehicle Loan


Who can apply

Salaried class, Professionals, Businessmen, Self employed persons, our Staff, NRIs*and Pensioners. Employees of other banks with NOC from employer concerned with minimum 3 years service / experience.

*For NRIs (individuals only), loan for purchase of 4 wheeler (to be used by his / her family in India) may be permitted subject to the following conditions:

  1. Minimum monthly income should be equivalent to INR:.40000/-
  2. Guarantee of resident family member to be obtained (Spouse, Father, Mother, Son or Daughter)


For purchase of New Two Wheeler or New / Used Four Wheeler (Used four wheeler should not be more than 3 years and should be certified by reputed automobile engineer / valuer)

Quantum of Loan

Minimum Gross monthly income for purchase of a car should be Rs.20,000/- p.m.
* For Salaried Class: 20 times of Gross monthly Salary (Income of spouse may be included). Net Take Home Pay after deducting proposed Loan EMI, must be ensured at 40% of Gross Pay.
* For professionals and Businessmen: 20 Months Income – to be calculated based on their average income earned in the last 2 years and Capacity / ability to repay the loan.Maximum loan ceiling:
Two Wheelers: Rs. 10 Lakhs
Four Wheelers: Rs. 200 Lakhs
Margin * 15% for New Vehicle.
* 40% for used vehicle (Four wheeler).
Processing fee 0.230% on loan amount with a max. of Rs.10236/-
Interest Rates Please refer to the Lending Rates link on home page of our Bank`s website
Repayment * Four wheeler: Maximum 84 EMIs (No holiday period)
* For 2 wheeler: Maximum 60 EMIs (No holiday period)*Used Four wheeler: Repayment period based on the age of the vehicle subject to a maximum of 60 months (conditions apply)
Security * Hypothecation of Vehicle to be purchased out of Loan for loans upto Rs.25 lakhs.
* If the loan amount exceeds Rs. 25 lakhs, for the portion beyond Rs.25 lakhs, 100% collateral security  to be provided in the form of Equitable Mortgage of properties / pledge of Fixed Deposit Receipts / NSCs / LIC Policy (with surrender value equivalent to the security )*Personal Guarantee of Spouse / third party (in case spouse is not available / unmarried)
Documents to be submitted for processing the application 1.Completed Application Form with passport size photograph.
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.10.Statement of Bank Account or copy of Bank Passbook for 6 months11.Copy of Driving License.
12. Quotation for Vehicle to be purchased from the authorized dealer

( Last modified on Apr 08, 2019 at 02:04:24 PM )