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.
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.
|
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 |
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.
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 |
|
BANKS |
INTEREST RATE |
|
9.05% to 11.30% |
|
|
14.80% to 16.80% |
|
|
13.99% |
|
|
15.00% |
|
|
8.00% to 10.75% |
|
|
8.70% to 9.20% |
|
|
9.75% |
|
|
8.70% to 9.5% |
|
|
8.80% to 10.50% |
|
|
12.75% to 15.30% |
|
|
13.75% to 16% |
|
|
8.00% to 24% |
|
|
9.25% |
|
|
9.30% to 12.85% |
|
|
9.30% to 9.90% |
|
|
12% to 14% |
|
|
10.65% to 15.50% |
|
|
8.85% |
|
|
8.95% |
|
|
7.75% to 10.30% |
|
|
8.45% |
|
|
8.9% to 9.35% |
2. Indusind Bank Personal loan
4. Indusind Bank EMI Calculator
There are two ways to get a car loan with Indusind Bank i.e.
Offline Method : By visiting near Indusind Bank branch.
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
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.
|
|||||||
The loan amount for Indusind Bank car loan is 85% of the ex showroom of the car.
The interest rate is charged by Indusind Bank personal loan is 10.65% to 15.50%.
The minimum and maximum repayment tenure of Indusind Bank car loans is 1 to 4 years
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.
By directly visiting the nearest branch or can apply online at their website.
Last Updated on : 27/Jul/2020Know More About
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
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