Own the latest model of your desired car and ride in comfort and style by applying today for a vehicle loan at IB.
For more information, please click one of the links below.
| Target Group |
Salary workers with recognized institutions. |
| Loan Purpose |
To acquire a vehicle for personal use but the vehicle should not be older than 7 years |
| Payment Source |
Repayment will be by installments from monthly salaries and other emoluments. |
| Minimum Credit |
Dependent on the value of the vehicle, as well as level of salary. |
| Maximum Credit |
Depends on salary and debt burden as well as deposit paid and security offered. |
| Deposit to be Paid |
10% of the value of the vehicle. |
| Tenor |
60 months or less |
| Security |
Charge over vehicle purchased.
Personal Guarantee of applicant.
- An undertaking from employers to channel monthly salary solely through IBL and also to advise IBL immediately of resignation and termination or relocation in his/her employment.
- An undertaking by the employer to pay IBL any entitlement due the client in case of any eventualities such as death or resignation.
- Provident Fund if any.
- Vehicle to be registered and insured in the joint names of the client/IBL, with IBLL as loss payee.
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Debt Burden |
40% Debt Burden |
| Pricing |
16% |
| Handling and |
4% of facility amount. (To be paid upfront) |
| Commitment Fees |
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| Account Relationship |
An applicant has to be an account holder of IBL and salary payments should have been channeled at least twice before disbursement would be carried out. |
| Age |
18 - 53 years |
| Minimum Employment Record |
6 months, provided the employee is confirmed
Record or at the discretion of the Credit Manager, GM, CEO |
| Repayment Methods |
Annuity. |
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Requirements list for IBL Auto Loan
Completed Vehicle Loan Application Form
Reference letter from current employer (indicating statues, annual salary and existing loan, if any) or detail description of source of repayment
Copy of office ID card, Passport (drivers’ license or National ID card are alternatives)
Pay slips for last 6 months (if applicable)
Copy of bank statements for the last 6 months (if not an IB account holder)
Up-dated resume
2 recent passport photographs
Copy of spouse’s letter of employment and or pay slips indicating salary (if applicable)
Proforma from vehicle dealer
Apply Today! |
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