Interested in financial products
Processing

IndusInd Bank Car Loan Eligibility

Many are disheartened early in the morning thinking of boarding a crowded bus or train to get to work. The dream of owning a car is most vivid at such times. While making a choice is hard enough, arranging the finance is even more difficult.

IndusInd Bank offers car loans to facilitate purchase of your own car. A car loan is an easy and efficient way of getting your own car. You can get a car loan for -
  • Car Loans for Personal Use
  • Car Loans for Commercial Use
  • Other Vehicles

IndusInd Bank Car Loan Eligibility Criteria

Indusind Bank Car Loan Eligibility
Car Loans for Personal Use

Personal use cars are owned by individuals. You can get a loan for a pre-owned (or used) car or for a brand new car. The general criteria for eligibility are -

For Salaried individuals -

  • Individuals aged 21 or more can apply for personal car loans.
  • The loan is not available to people over 60 year of age.
  • Minimum monthly income should be 2,50,000 pa.
  • The individual should have resided in the city where the car is purchased for a minimum of 3 years.
  • The individual should have lived in the given address for a minimum period of 1 year.
  • The applicant should have worked with his current employer for a minimum of 1 year.

For self-employed individuals -

  • For self-employed individuals maximum age for application is 65 years.
  • Self-employed individuals should have been in business for minimum 3 years.
  • The individual should have a credit score of 600 or more - no negative or caution profile.
  • Minimum income required should be 2,00,000.

The bank may request some additional information from applicants depending on individual circumstances.

Car Loans for Commercial Use

If you are purchasing a car purely for your business such as taxi or office car, you can take a loan for commercial usage. Here are the criteria for eligibility -

Single Commercial Vehicle

  • You must provide detailed information about your business.
  • The individual applying must be at least 25 years of age.
  • You will need to produce a badge, ID-card, or other identity proof showing your license or permit to conduct the business you need the car for.
  • The individual applying for loan must own a house or landed property in their own name or in the name of their business partner.
  • A certified guarantor with a minimum of 1 year experience in the same business is mandatory.
  • The guarantor must have a valid license / badge or other document.
  • The guarantor must have a clear repayment history.
  • A minimum credit score of 600 is mandatory with no negative or caution profile.
  • The individual should have resided in the city for a minimum of 3 years and in the current place of residence for minimum 1 year.

Commercial Vehicles - more than one

  • Applicant must have 2 or more vehicles with RC.
  • Individual must be minimum 25 years old and not above 65 years of age.
  • Must own landed property and present proof thereof.
  • No certified guarantor is required.
  • The applicant should have a credit score of 600 or above. *Not from a negative profile or caution profile.
  • Past 1 year’s re-payment track should be produced.

Documents Required for IndusInd Bank Car Loans

The following is a list of documents required for taking a car loan with IndusInd Bank -

Car Loans for Personal Use – Salaried Individuals

Verification CriteriaDocuments Required
Borrower identity 1 passport size photo
Proof of identity Self-attested photocopy of any of the following:
  • Driver’s license
  • Passport
  • Voters ID
  • Aadhaar card
  • PAN card
Proof of Residence Self-attested photo copy of any of the following:
  • Driver’s license
  • Passport
  • Voters ID
  • Aadhaar card
  • Utility bills
Proof of IncomeThe following documents are required -
  • Self-attested photocopy of any one of the following:
  • Latest 2 yrs. IT returns with computation
  • Salary slips of 3 months immediately prior to the date of application

Car Loans for Personal Use - Self Employed (Income based)

Verification CriteriaDocuments Required
Borrower identity 1 passport size photograph
Proof of identity

Self-attested photocopy of any one of the following:

  • Driver’s license
  • Passport
  • Voters ID
  • Aadhaar card
  • PAN card
Proof of Residence

Self-attested photocopy of any one of the following:

  • Driver’s license
  • Passport
  • Voters ID
  • Aadhaar card
  • Utility bills

Proof of Income

  • Bank statement for 6 months immediately prior to date of application.
  • Latest 2 yrs. IT returns with computation
Business proof

Self-attested photocopy of any one of the following

  • CST Certificate/ labor act
  • Proof of ownership of entity
  • Shop establishment act /SSI certificate
  • Rental deed/ utility deed in the name of the company.

Car Loans for Personal Use - Self Employed (Non-income based)

Verification CriteriaDocuments Required
Borrower identity 1 passport size photograph
Proof of identity

Self-attested photocopy of any one of the following:

  • Driver’s license
  • Passport
  • Voters ID
  • Aadhaar card
  • PAN card
Proof of Residence

Self-attested photocopy of any one of the following:

  • Driver’s license
  • Passport
  • Voters ID
  • Aadhaar card
  • Utility bills

Business proof

Self-attested photocopy of any one of the following

  • CST Certificate/ labor act
  • Proof of ownership of entity
  • Shop establishment act /SSI certificate
  • Rental deed/ utility deed in the name of the company.

Income Proof

Bank statement for 6 months immediately prior to date of application

Car Loans for Commercial Use

Single Commercial Vehicle (Taxi) and Multiple Commercial Vehicles
VerificationDocuments Required
Borrower identity 1 passport size photograph
Proof of identity

Self-attested photocopy of any one of the following:

  • Driver’s license
  • Passport
  • Voters ID
  • Aadhaar card
  • PAN card

Proof of Residence

Self-attested photocopy of any one of the following:

  • Driver’s license
  • Passport
  • Voters ID
  • Aadhaar card
  • Utility bills

Income Proof

Bank statement for 6 months immediately prior to date of application

Driver experience proof

Driving license with badge

Guarantor experience proof

Ownership of taxi vehicle – RC copy

Driving license with badge

IndusInd Bank Car Loan Eligibility Calculator

The following is a list of documents required for taking a car loan with IndusInd Bank -

IndusInd Bank- Car Loan Eligibility FAQs

1. What type of collateral would be required?

None. The car you purchase from the loan amount will serve as collateral against the loan.

2. Does IndusInd Bank offer schemes against, unavailable income proof?

Yes. IndusInd Bank provides special schemes for persons who can't verify certain details.

3. Do I need to have an account with IndusInd Bank to take loans?

No, you don't. Loans are granted to persons without a banking account with IndusInd Bank.

4. Who can serve as my Guarantor?

Anyone who can repay the loan in case you default can become your guarantor. However, the criteria for guarantor vary for different types of car loans.

×Thank you! Your comment will be reviewed and posted shortly.

Write a review

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.