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IndusInd Bank Car Loan

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IndusInd Bank Limited Car Loan

In today’s times, owning a car has become a status symbol. Along with that, it is really convenient to travel with family, take a small vacation or just simply go for a long drive to relax after a long day of work. Owning a car of your choice can get difficult monetarily but there are a number of bank car loan options that you can choose from.

IndusInd is a new generation private bank that understands their customers’ needs. They provide easy solutions to help you drive your dream vehicle home by offering them the IndusInd bank car loan. The bank provides seamless processing, repayment options as per your convenience at attractive interest rates.

Let’s take a look at a few features of IndusInd Bank’s car loan.

Minimum Paperwork: There is no need to carry multiple documents or carry photocopies of documents to the bank. The representatives of IndusInd bank will help you fill in the application form.

Quick Access to Funds: The loan application takes 48 hours to be processed which guarantees that you will receive the required funds with ease and in time to buy your dream car. You will get to know the status of your loan in 2 days and the funds will be transferred to your bank account.

Transparency: IndusInd Bank car loans don’t have any hidden agendas or charges; all the terms and conditions are conveyed to the person during the loan application process.

Benefit to Account Holders: If you are a customer of IndusInd Bank, a special loan interest rate is offered. Salary account holders and corporate customers are offered exclusive schemes that are hard to come by.

Apply Online: You do not need to take multiple rounds of the banks to understand if you are an eligible loan candidate, or provide documents or check for information. You can simply apply for the loan online or check for your eligibility. Once the loan gets approved, a representative of the IndusInd Bank will come home to collect your documents or take your signatures.

Loans for a Range of Cars: Finance is offered for a wide range of four wheelers.

IndusInd Bank Car Loan Eligibility

AgeMore than 21 years old and less than 60 years old
Salary requirementMinimum requirement of Rs. 2,50,000 per annum
Employment statusSalaried or self-employed with regular income
Maximum Financing 80% to 90% of the ex-showroom price – the down payment is nominal.

IndusInd Bank Car Loan Eligibility for Personal Use

Salaried:

Income Limit: Minimum income must be Rs. 2.5 lakhs per annum

Work Experience: A minimum of 3 years of total experience, and must have completed 1 year of service with the current employer immediately prior to application

Residence stability: 3 years in the city and 1 year in the current residence or should be residing in their own house

Self Employed:

Income Limit:A minimum net profit of Rs. 2 lakhs per annum

Business Experience: 3 years of minimum business stability mitigated with proof

Residence stability: 3 years in the city and 1 year in the current residence or should be residing in their own house

They should have a credit score of above 600 and above and should not have a negative or caution profile

IndusInd Bank Car Loan Eligibility for Commercial Use

Age Limit: Minimum 25 years at the time of application and a maximum of 65 years.

Business Experience: Valid driving license with badge for at least 3 years.

Residence Stability: 3 years in the city and 1 year in the current residence

Own House ownership: Mandatory own residence in the name of applicant or co-applicant

Guarantor: Compulsory guarantor with at least 12 months of commercial experience validated with a repayment track/RC copy/license badge

They should have a credit score of above 600 and above and should not have a negative or caution profile.

Documents Required for IndusInd Bank Car Loans

  • Duly filled car loan application form
  • 1 passport-sized photograph
  • Self attested copy of identity proof such as Passport, Voters’ ID, Driving license, Aadhar card, or PAN card
  • Self attested copy of proof of residence such as Passport, Driving license, Voters’ ID, Aadhar card, or utility bills.
  • Bank statements for 6 months immediately before the date of application
  • Salaried employee - Self attested copy of proof of income such as Income Tax Returns (ITR) for the last 2 years or salary slips for 3 months prior to the application date
  • Self-employed person (income based)
  • Self attested copy of business proof such as CST certificate, proof of ownership of entity, SSI certificate, rental deed, or utility deed in the name of the company
  • ITR for the past 2 years for proof of income
  • Self-employed person (non-income based) - Self attested copy of proof of business such as CST certificate, SSI certificate, proof of ownership of entity, rental deed, utility deed in the name of the company

Calculating EMI for IndusInd Bank Car Loans with CreditMantri

EMIs or Equated Monthly Instalments can be easily calculated with the help of CreditMantri car loan EMI calculator. You just need to input the monthly instalment amount and determine the car loan that you are eligible to apply for.

To use the calculator, you need to know the:

  • Car loan amount
  • Interest rate
  • Processing fee

This will help you your car loan EMI per month. The results are displayed on the screen after hitting the calculate button. Remember to only apply for a loan that has an EMI that you can comfortably pay per month.

CreditMantri provides you its platform to check if you are eligible for the car loan before approaching the bank. This would help you plan your finances. It is quick way to get various types of loans and EMIs from different lenders.

Also, when you apply through CreditMantri, your credit score will not be affected as the bank will only soft pull your credit score and compare it with other internal criteria to make sure that you are eligible to apply for the car loan.

Why Choose IndusInd Bank?

Some of the major reasons to choose IndusInd Bank car loans:

  • Customer friendly features
  • Post sales services
  • Loan interest rates
  • Hassle free loan application
  • Minimal pre-closure charges

Further, a customer can also access the car loan information online and also check and make payments on the web at no additional charges.

IndusInd Bank Car Loan – FAQ

1. Can I take a car loan from IndusInd Bank for only personal use?

No, you can take a car loan from IndusInd Bank for personal and commercial use.

2. What are the types of four wheelers that I can get a loan for from IndusInd Bank?

You can get an IndusInd Bank car loan for the following types of four wheelers: small commercial vehicles, passenger cars, light, medium and heavy commercial vehicles, multi-utility vehicles such as Jeeps and tractors.

3. Does IndusInd Bank provide car loans for used or pre-owned cars?

Yes, they provide car loans for both types of cars – new and used or pre-owned cars.

4. What is the minimum and maximum tenure for which I can take a car loan from IndusInd Bank?

The minimum tenure for which you can take a car loan from IndusInd Bank is for 12 months and the maximum tenure is 60 months.

5. What is the processing fee applied on IndusInd Bank car loans?

The processing fee for car loans offered by IndusInd Bank is 1% of the loan amount. The processing fee is 2% of the loan amount in case of tractors and small vehicles.

6. What are the documentation charges for IndusInd Bank car loans?

The documentation charge for IndusInd Bank car loans is up to Rs.5000 per vehicle. Only in case of tractors and small commercial vehicles, the documentation charge is up to Rs.3000 per vehicle.

7. What are the loan handling fee charges for IndusInd Bank car loans?

The loan handling fee for IndusInd Bank is 5 percent of the car loan amount.

8. In case of car loan cancellation, how much does IndusInd Bank charge?

In case of car loan cancellation, IndusInd Bank charges Rs.1500 per case.

9. Does IndusInd Bank charge any fee for credit report?

Yes, IndusInd Bank charges Rs.50 for getting your credit report.

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