IndusInd Bank, as part of the Hinduja group conglomerate, made its humble beginning with a capital base of Rs.10 crore. Since then, the bank has achieved many milestones to create a niche for itself in the Indian banking industry. As a brand, it is ranked 19th amongst the Top 50 Most Valuable Indian Brands in 2014 as per the BrandZ Top 50 rankings and remains a powerful banking brand in India.
The bank offers various personal financial products such as accounts, deposits, loans, insurance, cards, investment services and forex. IndusInd Bank is known for using technology to provide innovative services like video branch, cash on mobile etc.
About IndusInd Bank Car Loan
The bank offers loans for cars at attractive interest rates and favorable terms. IndusInd Bank Car Loan interest rates are known to be competitive and one of the lowest in the market. Some of the key highlights of applying for a car loan with IndusInd Bank are listed below.
- Quick loan processing turnaround time with minimal documentation.
- Tenure of repayment ranges from 12 to 60 months.
- Transparent paperwork with no hidden costs.
- An efficient customer service team for assistance.
- No collateral/guarantor required.
Why choose IndusInd Bank Car Loan?
IndusInd Bank Cars Loans are known for their customer-friendly features and post-sales service. With low-interest rates and hassle-free application, and minimal pre-closure charges, owning your dream car has never been so easy. The preclosure charges are minimal and loan servicing can easily be done by calling the customer service or by visiting one of the branches within the bank’s ever-growing, massive network.
A customer can also access car loan information, generate statements, make payments on their web portal. These services are available to the customers at no additional charges.
Features of IndusInd Bank Car Loan
Minimal Documentation
With little paperwork, you don’t have to worry about gathering multiple documents or running around for photocopies. The designated representatives will help you manage the application procedure with ease.
Quick Access to Funds
IndusInd Bank respects your time and processes car loan applications quickly.Since the bank understands the urgency when you are planning on buying your dream car but are running short on money, your loan application will be processed within as less as 48 hours. You can learn about the status of your loan in 2 days, and the funds will be transferred to your bank account as quickly as possible.
Transparency
All rates, fees and charges are communicated up front. There are no hidden charges whatsoever.
Special Rate of Interest for Account Holders
IndusInd Bank offers a special rate of interest on car loans for existing customers. Exclusive schemes are extended for salary account holders and corporate customers.
Maximum Financing
Up to 90 % of the ex-showroom price of the car is financed by IndusInd which means less burden on you. The down payment will be nominal.
Simple Online Application
With the hassle-free online application process, you will be able to apply for an IndusInd Bank Car Loan from the comfort of your home.
Financing for a Wide Range of Cars
The bank offers financial aid to customers who are planning to buy a four-wheeler. Using this scheme, individuals can receive a car loan for a wide variety of vehicles.
IndusInd Bank Car Loan Interest Rates
As per the mandate by Reserve Bank of India (RBI), IndusInd Bank uses the MCLR (Marginal Cost Based Lending Rate)system to determine the applicable rate of interest on all its retail loan products which include car loans.
The interest rates for vehicle loan to individual borrowers have been provided below.
| Type of Vehicle | Interest Rate Range |
|---|---|
| Small commercial vehicles | 12% to 28% |
| Passenger cars | 10.65% to 15.50% |
| Construction equipment | 10.60% to 15% |
| Light commercial vehicle | 10.65% to 16% |
| Medium and heavy commercial vehicles | 10.60% to 15% |
| Multi Utility Vehicles (MUVs) and Jeeps | 10.60% to 16% |
| Tractors | 13.70% to 23.50% |
| Used/pre-owned vehicles | 14% to 21% |
The current MCLR rates effective from 17 February 2018 are mentioned below in the table:
| Tenure | MCLR |
|---|---|
| Overnight | 8.45% |
| 1 month | 8.50% |
| 3 month | 8.80% |
| 6 month | 9.05% |
| 1 year | 9.10% |
| 2 year | 9.15% |
| 3 year | 9.20% |
The interest rate for car loan is currently not available on the website. Visit the nearest branch or call the customer service to get further details.
Note: The MCLR is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.
IndusInd Bank Car Loan Eligibility
There are various eligibility factors that should be met in order to qualify for a car loan from the IndusInd bank.
- Minimum age of 21 years
- Maximum age for salaried employees is 60 years and self-employed individuals is 65 years
- Regular income from salary or self-employment
- Income should at least be Rs.2.5 lakh per annum for salaried persons
- Minimum income for self-employed individuals should be Rs.2 lakh
- In case of businesses, minimum net profit should be Rs.2 lakh every year along with business stability
- Stability of residence with 3 years in the city and at least 1 year in the current residence/permanent residence
- Job stability and work experience in case of salaried applicants
- Good credit score and no defaults on previously held loans
Other forms of personal debt such as outstanding credit card dues, loan EMIs and other liabilities can affect the car loan application. Ensuring up to date payments and a good credit history will have a positive bearing at the time of processing the car loan application.
At the time of processing the application, all dues payable per month are deducted (EMIs, house rent, credit card dues) from the net salary or income to determine monetary eligibility.
Documents Required for IndusInd Bank Car Loan
- Duly filled car loan application form
- 1 passport-sized photograph
- Self attested copy of identity proof such as Passport, Voters’ ID, Driving licence, Aadhar card, or PAN card
- Self attested copy of proof of residences 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 the 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 the entity, rental deed, utility deed in the name of the company
