The car loan facility provided by IndusInd Bank is providing finance up to 85% of the ex-showroom price (depending on the model) of the car.
This car loan facility comes with attractive interest rates which are calculated on a monthly reducing balance basis, Car Loan provided by IndusInd also gives flexible repayment options with repayment tenure up to 60 months.
|Particulars||New Car Loan||Used Car Loan|
|Lowest EMI||Rs. 2,059 per lakh||Rs. 0 per lakh|
|Loan Amount||Up to 85% of ex-showroom price||Up to 75% of the vehicle value|
|Loan Tenure||Up to 5 Years||-|
|Processing Fee||5.00% Min Rs. 2,500||% Min Rs. 0 Max Rs. 0|
1. Attractive Interest Rate : IndusInd Bank Car Loan offers the best and attractive interest rates starting from 10.65% up to 15.50%. Basically, the rate of interest will be decided by the bank according to the customer’s 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 loans customers 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 a personal loan online.
With the online method, customers can easily apply for car loans from Indusind Bank.
5. Hassle-free and simple 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.
For applying to Indusind car loan you must be up to the eligibility criteria put up by the bank.
Following is the list:
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.
Here is the list of certain fees and charges that you should be aware of while applying for Indusind Bank Car Loan:
|Interest rate||10.65% to 15.50%|
|Processing fee||1% of the loan amount (Minimum Rs.2500) plus tax|
|Prepayment charges||3% of the 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|
Here is the list of documents that are required to apply for the Indusind Bank Car Loan:
|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, last6-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, Las t3-month salary slip|
COMPARE OTHER BANKS CAR LOAN INTEREST RATE:
|AXIS Bank Car Loan||9.05% to 11.30%|
|SBI Car Loan Scheme||
8.00% to 10.75%
|HDFC Bank Car Loan||8.80% to 10.50%|
|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%|
How to Apply for an Indusind bank Car loan?
There are two ways to get a car loan with Indusind Bank i.e.
The following formula is used to calculate the EMI of Indusind Bank car loan :
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
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.
You can repay the loan by providing post-dated cheques or via ECS.
It is not mandatory for you to have an account with IndusInd Bank in order to avail a car loan.
No, you need not provide security or collateral in order to avail of the loan.
You can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.Last Updated on : 19/Mar/2021
Know 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