Indian Overseas Bank (IOB) is a major public sector bank in India headquartered at Chennai, Tamil Nadu. Established in the year 1937, the Bank is known for its wide range of banking and financial services covering the personal, corporate, NRI and agricultural sectors. Indian Overseas Bank offers banking products and services and has about over 3700 domestic branches and more than 3300 ATMs spread all over the country.
The Indian Overseas car loan just happens to be one of the most sought financing products for cars. It comes with attractive benefits like easy loan sanction, competitive interest rates and a long repayment time period.
Features of Indian Overseas Bank car loan
The car loan provided by Indian Overseas Bank is better known as the Pushpaka car loan scheme, and it comes with a number of repayment options including easy payments and other benefits. The Indian Overseas Bank charges lower interest rates than most of its competition. IOB also offers to finance relatively huge portions of the total car cost.
- Get your car financed up to a loan amount of 90% of the cost of a new car and 75% of the market value of a used car.
- For the car loan offered by Indian Overseas Bank, customers can easily pay back the loan amount through EMIs during the long repayment tenure options of up to 7 years
- The repayment tenure is flexible and there are no foreclosure charges for IOB car loan.
- The Indian Overseas Bank requires the car loan applicants to submit a security or collateral with the bank, against which the car loan is provided. In case of a new vehicle, the vehicle needs to be hypothecated to the bank by mentioning the name of Indian Overseas Bank in the vehicle’s registration certificate book.
- A small processing fee is charged with the car loan from Indian Overseas Bank depending on the total loan amount that has been borrowed.