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INDUSIND BANK CAR LOAN 

ABOUT INDUSIND BANK CAR LOAN :

Indusind bank established in 1994 at Pune. It offers a wide range of personal banking services including deposits loans, credit cards and insurances. Indusind Bank is the first among the new generation private banks in India.

All we want to live a comfortable life . We do lots of things and work hard to earn a good amount of money. In this process, the automobile like a car plays an important role in our life to make it comfortable. Every individual wants a car for their work or personal use. Watching daily a new different car is arriving in the market and we just got attracted to the features of the car and wish to buy it. Some of us can buy it but most people couldn’t afford to buy it. Then they go for cheap cars that fit in our budget. Now the question here is how can we buy our dream car with a low budget? To overcome this problem we have car loan facilities.

The Indusind Bank is one of the most trusted banks for the car loan. This bank provides car loans on new and pre-owned cars with attractive interest rates and features. 

BENEFITS OF INDUSIND BANK CAR LOAN :

1. Attractive interest rate :

Indusind Bank offers the best and attractive interest rate to the customers for their car. The minimum interest rate of Indusind bank car loans is 10.65% and maximum interest rate is 15.50%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. 

2. Flexible repayment tenure :

Indusind bank provides flexible repayment tenure for car loans and the minimum tenure is 1 year and maximum tenure is 4 years.The indusind bank car loans are taken to meet their sudden needs of the customers. 

3. Fast loan processing :

Indusind bank provides fast car loan processing within 48 hours. Customers don't have to wait for so many days for this processing. By providing fast processing of car loan customer should be satisfied with the services 

4. Easy to apply online :

Indusind Bank provides car loan approval in a very speedy way for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the personal loan online. With the online method customers can easily apply for car loans from Indusind Bank.

5. Very simple and hassle free documentation :

Indusind Bank provides simple and hassle free documentation for the processing of car loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form. It is not required to submit so many documents for a car loan. The process of documentation is very simple and fast.

FEE AND CHARGES OF INDUSIND BANK CAR LOAN :

TYPE

CHARGES

Interest rate

10.65% to 15.50%

Processing fee

1% of the loan amount (Minimum Rs.2500) plus tax

Prepayment charges

3% of principal outstanding amount

Payments dishonor charge

Rs 450/- + taxes

Duplicate statement charge

Rs 250

Cheque/ECS/ SI swapping charge

Rs 500

Duplicate no due certificate

Rs 250

Loan re-booking

Rs 1000

Loan cancellation charge

Rs 1000

Penal charge

Rs 150

ELIGIBILITY FOR INDUSIND BANK CAR LOAN :

If you are going for the car loan from Indusind bank must check that you come under eligibility criteria. 

  • Salaried Individuals

    • Aged between 21 years and 60 years

    • Employed for a minimum of 3 years with at least 1 year with the current employer

    • Earn at least Rs. 2.5 lakh in a year

  • Self-Employed (Income and Non income)

    • Should be in the business of trading, manufacturing, or services

    • Aged between 21 years and 65 years

    • Should have been in business for at least 3 years.

    • Minimum net profit of Rs.2 lakh in a year.

DOCUMENTS REQUIRED FOR INDUSIND BANK CAR LOAN :

While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get.

TYPE

Id Proof

Address proof

Income proof

Salaried employees

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 3 month salary slip, last 2 year Form 16 or ITR, last 6 month bank statement 

Self-employed

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card

Last 6 month bank statement, Form 16, latest ITR, business proof, Last 3 month salary slip

COMPARE OTHER BANKS CAR LOAN INTEREST RATE :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

OTHER PRODUCTS OF INDUSIND BANK :

1. Indusind Bank Car Loan

2. Indusind Bank Personal loan 

3. Indusind Bank Credit Card

4. Indusind Bank EMI Calculator

HOW TO APPLY FOR INDUSIND BANK CAR LOAN :

There are two ways to get a car loan with Indusind Bank i.e. 

  1. Offline Method : By visiting near Indusind Bank branch.

  2. Online Method :

  • Initially visit Indusind bank official website

  • At home page click on go to “Personal” section

  • Now go to on “Product” section and then click on “loans”

  • Select the “Vehicle loan”

  • Click on apply now and complete the application form carefully

  • Attached all mandatory documents with the application form and submit it

  • Now wait for few minutes and you will notify soon whether you are eligible for loan or not

HOW TO CALCULATE EMI FOR INDUSIND BANK CAR LOAN :

Following formula is used to calculate EMI of Indusind Bank car loan :

EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]

Where,

P is the principal amount, 

R is the interest rate on a monthly basis, and 

N is the number of instalments.

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

Q.1. How much loan amount limit for Indusind Bank car loan?

The loan amount for Indusind Bank car loan is 85% of the ex showroom of the car.

Q.2. How much interest rate is charged by Indusind Bank on car loan?

The interest rate is charged by Indusind Bank personal loan is 10.65% to 15.50%.

Q.3. What is the minimum and maximum tenure of car loan in Indusind Bank?

The minimum and maximum repayment tenure of Indusind Bank car loans is 1 to 4 years 

Q.4. Is age an important factor to get a car loan from Indusind Bank?

Yes, if you are salaried your age should be 21 years to 60 years and if you are self-employed your age should be 25 years to 65 years.

Q.5. How can I get an Indusind Bank car loan?

By directly visiting the nearest branch or can apply online at their website. 

Last Updated on : 27/Jul/2020

Know More About

Indusind Bank Car Loan

You're eligible for a Indusind Bank Car Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Indusind Bank Car Loan Interest Rates

Updated on 25 Nov 2017

Indusind Bank Car Loan Details
Interest Rate (Monthly reducing balance) 10.65% - 15.5%
Processing Fees 1 % of the loan amount (Mini. Rs.2500) plus tax
Loan Tenure 1 year to 4 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959