Indian Bank provides financial assistance to people for buying a new two-wheeler (also new or used four wheeler) under its "IB Vehicle Loan Scheme." Owning a two-wheeler is very convenient, cost-effective, time-saving, and requires low maintenance. Whether you are buying a two-wheeler to take care of your daily commute or due to your passion for biking, you can avail the 'Indian Bank vehicle loan' at reasonable interest rates to buy your vehicle.
1. The IB loan aims to facilitate the purchase of a two-wheeler, either new or used (not more than three years old) and a new four wheeler.
2. The people who come under the ambit of the eligibility criteria of loan scheme are the salaried individuals, self-employed professionals, staff of Indian Bank, NRIs, and Pensioners.
3. The maximum amount of loan for two-wheelers is Rs. 10 lakhs.
4. The loan margin paid by the bank is 15% of the cost of a new vehicle.
5. The loan repayment period may stretch up to a maximum of 60 EMIs.
The people who come under the ambit of the eligibility criteria of loan scheme are salaried individuals, self-employed professionals, staff of Indian Bank, NRIs, and pensioners.
The applicants can also be employees of other banks, but they require a NOC from the employer, with a minimum of three years of service/experience proof.
1. Duly filled application form by the applicant.
2. Identity Proof - Voter ID/Passport/PAN card, Driver's License.
3. A passport size photograph of the applicant.
4. ITR form of the last three years in the case of Self-Employed Individual.
5. Address Proof: It includes utility bills, passport, and Voter ID card.
6. Proof of address of the business place, for businessman and self-employed.
7. Salary Slips
8. Other Income Proof: house rent or interest on investment
quotation for a vehicle for which the loan is acquired from the authorized dealer.
Q1. Does Indian Bank vehicle loan charge any processing fee?
Yes, the fee is charged at 0.228% of the loan amount or a maximum limit of Rs. 10,146.
Q2. Do I need to pledge my two-wheeler as collateral in bank records?
Yes, the two-wheeler for which the IB vehicle loan has been taken needs to be hypothecated as security to the bank.
Q3. Can 'Indian Bank Vehicle Loan' be used to purchase only two-wheelers?
No, the loan can be used to purchase a two-wheeler, either new or used and new four wheeler.
Q4. Can IB Vehicle Loan be used to purchase a second-hand two-wheeler?
Yes, this loan scheme is eligible for purchase of second-hand two-wheelers.