IndusInd began its operations in 1994 as a collective contribution to India’s social and economic development. Its name is derived from the Indus Valley Civilisation which inspires the bank with its culture that is known to be one of the greatest in history. IndusInd’s business operations involve innovation and fair practices. The bank continues to grow endlessly with its customer-centric products and services.
IndusInd offers car loans for personal use and commercial use. You can get finance to buy the vehicle of your choice as IndusInd covers all brands of cars.
The IndusInd Car Loan is available to salaried individuals and businessmen or professionals. You should be 21 years or above to be eligible to apply for this loan. You will need to submit documents to support your application. You will need:
To be eligible for a car loan, a number of factors come into play.
Credit score – Your credit score is determined by CIBIL, the Credit Information Bureau India Limited. It is calculated based on your credit history which they keep a record of. So any time you miss a payment on a credit card or a loan EMI, your credit score takes a hit. There’s a number of other activities that could affect this score negatively. If you have a low score, the loan quantum you’re eligible for could come down drastically. If your score is extremely bad, then you may not be eligible at all. Maintaining a good credit score enables you to secure loans easily and get the amount you are seeking.
Income – The income you are earning plays a very important role in getting a loan. Every bank has a minimum required income in order to sanction your loan. With a higher income, you will be able to secure your loan easily. Your income also needs to be steady. Banks need income proof for the simple reason that they need assurance that you can pay it back.
Current debt – If you already have existing debt in the form of credit cards, personal loans or other loans, this will affect your eligibility. Debt-to-income ratio is important for banks to determine if you will be able to handle your finances when you are repaying the loan. There is only so much a person can allot to paying off debt from the money they earn. So having prior debt will bring down your loan amount.
CIBIL score has come to play a major role in India’s banking system. Banks depend largely on CIBIL scores to determine a customer’s credibility. To maintain a good credit score, you need to have a good pattern of credit repayments and spending behaviours. Paying your dues in full and on time contributes to your score. Missed payments, late payments, paying only the minimum due, spending erratically can all have a negative effect. Banks keep a track on what credit cards you hold, what kind of credit card user you are and how you handle the card. When you close a credit card, this can bring down your available credit limit and therefore brings down your score.
Banks can approve customers with high CIBIL scores easily. The loan amount you require to purchase your car will also be sanctioned with no hassles. But when it comes to people with low scores, it’s a red flag for banks to give you a loan. For people with no scores at all, banks simply are not sure what to do with you because they don’t know your credit history.
Pay off your current debts as soon as possible. This will increase the loan amount you could get. If you know you’re going to take a car loan in the near future, don’t take out any other loan like a personal loan, because this will decrease your eligible amount. Take steps to increase your CIBIL score. You could add your spouse’s income to increase your earning capacity. Your spouse would be considered a co-applicant of the loan.
You can find out if you are eligible for a car loan by using an eligibility calculator online. BankBazaar.com has a very easy and user-friendly calculator that can help you determine if you are eligible for an IndusInd car loan. You need to provide basic details about your age, income, company, city, car you wish to purchase and so on. You will get results that provide you information about if you are eligible for an IndusInd Car Loan, your loan amount, EMI, interest rate and processing fees. Using an IndusInd Car Loan Eligibility Calculator is a wise thing to do before you apply for a loan.
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