If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • Car Loan Reviews

    • IndusInd Bank Car Loan
      "Approachable bank"
      0.5 5.0/5 "Blown Away!"
      From INDUSIND BANK i have taken a car loan. I started paying my EMI. The total amount approved from the bank is 3 lakh 30 thousand. I paid 70000 as down payment. With in 1 day the amount got approved. That was really very fast and quick response.
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      , thrissur
      Reviewed on Sep 22, 2017
    • IndusInd Bank Car Loan
      "Its Good"
      0.5 4.5/5 "Excellent!"
      Good experience with Indusind for the car loan, I purchased Swift dezire my loan amount was Rs. 5.5 lakhs but car value around 8.2 lakhs. I paid the down payment nearly 2.4 lakhs to the showroom dealer. Within a day Indusind have sanctioned the car loan. Rate of interest was also good.
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      , khammam
      Reviewed on Sep 21, 2017
    • IndusInd Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      It was a great experience i had with INDUSLAND BANK while my car loan process . I took a loan of 6 lakhs and i got a rate of interest of 9.23% and the monthly EMI amount was rupees 7,610 . I got a loan period of 4 years and the most amazing part was i got a super offer by the bank that they didn't charge me the processing fee at all . The INDUSIND BANK a reliable and a real good customer friendly bank .
      Was this review helpful? 0
      , surat
      Reviewed on Sep 19, 2017
    • IndusInd Bank Car Loan
      "Excellent services & process"
      0.5 5.0/5 "Blown Away!"
      I visited Indusind Bank personally and applied for a car loan. On the first day I got to understand all the details about the loan. On the second day the executive came over to my place and collected my papers and verified the same with the bank manager. The process was done in three days in all and I got the loan. It was easy and quick and the interest rate and charges is normal. I did not go to the level of communicating about the repayment.
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      , kolkata
      Reviewed on Aug 24, 2017
    • IndusInd Bank Car Loan
      "Fast Service"
      0.5 5.0/5 "Blown Away!"
      Overall time period for the car loan process is five days with Indusind bank. The bank approved my loan in short span of time and they sanctioned it promptly. I am very much happy with Indusind bank in terms of my car loan process because everything went good.
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      , mumbai
      Reviewed on Aug 24, 2017
    • IndusInd Bank Car Loan
      "Recommendable product"
      0.5 4.0/5 "Great!"
      I have purchased reused car, Indusind gave me good benefits, I have taken the loan amount of Rs.4 lakhs for tenure of 47 months, EMI is Rs.11,400 . They gave me reasonable interest rate and with low processing fee. I am very much happy about their service.
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      , coimbatore
      Reviewed on Aug 08, 2017
    • IndusInd Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      Indus ind bank had disbursed my car loan within a span of 2 to 3 days of time. The customer service and the response provided by Indus Ind bank is really good. The rate of interest is nominal with Indus ind. The requested loan amount has been approved and I am very much happy with the loan amount too.
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      , varanasi
      Reviewed on Jul 30, 2017
    • IndusInd Bank Car Loan
      "very good service"
      0.5 5.0/5 "Blown Away!"
      The Car loan got disbursed from Indus ind within 2 days of time. The rate of interest was low because I got a offer based on the company which I work. The customer service and the response was good with Indus ind bank. I am happy about the loan amount and satisfied with the service.
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      , hyderabad
      Reviewed on Jul 05, 2017
    • IndusInd Bank Car Loan
      "Better service "
      0.5 5.0/5 "Blown Away!"
      The process went smooth with INDUSIND bank car loan. They just took a week time to disburse my loan. The customer service and the response with Indusind is good. The documentation was submitted in 2 days of time. The rate of interest was high with Indusind. I am happy with the loan amount, they can still increase the loan amount in future.
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      , hyderabad
      Reviewed on Jun 07, 2017
    • IndusInd Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I got the car loan with the Indusind bank and the services were good and it went in the smooth manner. The loan amount got disbursed within a week of time. They have provided around 100% of quotation of mine as loan. Charges are nominal one with them.
      Was this review helpful? 1
      , hosur
      Reviewed on Jun 01, 2017
    • IndusInd Bank Car Loan
      "Impovement needed "
      0.5 3.0/5 "Satisfactory"
      Indusind bank interest rates are high compared with Sundaram finance. They just took around 2 days to disburse my loan. The documentation process was fine with Indusind bank. I got 3lakh as loan amount. The response need to be improved a lot with Indusind bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 08, 2017
    • IndusInd Bank Car Loan
      "Good Bank"
      0.5 4.0/5 "Great!"
      I had chosen Indusind bank for my car loan purpose because this is the only available bank at my area. I found that they are very good in the interest rate. I got the loan with 5.5% of interest rate, also they disbursed the loan amount within two weeks of time.
      Was this review helpful? 0
      , kannur
      Reviewed on Apr 18, 2017
    • IndusInd Bank Car Loan
      "Good Bank"
      0.5 3.5/5 "Pretty good"
      The loan amount got disbursed in eight days from Indusind bank as they promised. But the process was not as simple as with other bank. Documentation part is little tough. But the rate of interest quoted by them was pretty lower than the other banks.
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      , coimbatore
      Reviewed on Mar 10, 2017
    • IndusInd Bank Car Loan
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      Good experience with Indus Ind Bank on my car loan. They were providing quite efficient services for customers. Documentation process was done with ease and it is very much simple and it was processed in a smooth manner.Customer service is also good, they had taken only 3 days time for the loan disbursement.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2017
    • IndusInd Bank Car Loan
      "NEED TO IMPROVE IN BANKING"
      0.5 2.0/5 "Expected more"
      Earlier i had taken my car loan with INDUS IND Bank i have closed my car loan in four years now.And the worst part is Rate of interest is very high and EMI was 12000/- per year but i iant sure about that,They are very bad in communicating.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 06, 2017
    • IndusInd Bank Car Loan
      "Very good "
      0.5 4.0/5 "Great!"
      INDUS IND car loan process is very good. I had taken this loan on behalf of my friend as he does not have a proper proof. Now he is repaying the loan however the loan was taken on my name only. They came to my place when there is a problem with the ECS instruction later from the second month on wards everything was very smooth.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 15, 2016
    • IndusInd Bank Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I have a long time experience with Indusind Bank. The services are very good from them. This is my second renewal for my car loan. They have offered me a rate of 11%. The processing charges was very minimal. They processed my loan within one day. Never faced any hassles with them.
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      , coimbatore
      Reviewed on Jul 25, 2016
    • IndusInd Bank Car Loan
      "Awesome service "
      0.5 5.0/5 "Blown Away!"
      Brilliant service offered by INDUSIND, as they have just taken 2 days to process my car loan. The response time was very good with Indusind Bank.The service offered was good related to the car loan application which is submitted and I am overall happy with their service.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 30, 2016
    • IndusInd Bank Car Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      Induslind bank provided the car loan with interest rate of 7.25% and the processing fee was Rs.2000. They approved 90% of the loan amount. I got this offer from the showroom dealer. Within one day they completed the formalities and transferred the amount at the earliest.
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      , bhilwara
      Reviewed on Jun 29, 2016
    • IndusInd Bank Car Loan
      "Good service with higher interest rate"
      0.5 3.0/5 "Satisfactory"
      When I took the car loan form Induslind bank with the less documentation they processed the loan quick but the interest rate and processing fee was on higher side comparing with other banks as they charging 14% interest rate and processing fee nearly 3%-4%. I took used car loan. They approved the 60% on the value of the car.
      Was this review helpful? 8
      , indore
      Reviewed on Jun 08, 2016
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    IndusInd Car Loan Interest Rates is Rated as "Great!" by 109 Users

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    Car Loan BYTES FROM OUR KITCHEN

    IndusInd Car Loan Interest Rates

    Overview About IndusInd Bank Car Loan

    As one of India’s top private sector banks, IndusInd Bank offers one of the best retail product portfolios with a multitude of value-added services to customers. Leveraging the latest technology, IndusInd Bank strives to be a leader in providing world-class services to banking customers inclusive of quality products and exceptional customer service. IndusInd Bank is widely known for a host of innovative banking solutions like Account My Number, Check-on-Cheque, Choice Money ATMs, Quick Redeem Service, Cash-on-Mobile, Direct Connect and 365 Days Banking.


    Apply for Car Loan Online

    Under the retail banking umbrella, IndusInd Bank offers excellent auto financing solutions for purchasing private and commercial vehicles. With a wide range of vehicle models and brands covered, customers can use an IndusInd Bank vehicle loan to buy their favourite car or to expand their businesses by investing on commercial vehicles. Availing a car loan from IndusInd Bank is quite convenient with hassle-free documentation, easy processing and an assurance of complete transparency. Borrowers can choose to repay with flexible tenures ranging from 12 to 60 months, with custom made loan schemes offered as suitable to a particular customer.

    IndusInd Bank Car Loan Interest Rates 2017

    IndusInd bank offers affordable vehicle loans for new cars and multi-utility vehicles at competitive interest rates, depending on the model of the vehicle financed. Customers can get the best deals on car loans, based on their down payment amounts and amount financed. The interest rate offered for car loans varies depending on market fluctuations and is given out as a floating interest rate.

    Interest Rate 10.65% to 15.50% for cars and multi-utility vehicles
    Loan Processing Charges Up to 1% of the loan amount (Non-refundable)
    Documentation charges Up to Rs 5000 / vehicle (Non-refundable)
    Loan Tenure Minimum Tenure - 12 months Maximum Tenure - 60 Months
    Loan Handling Charges Up to 5% of the loan amount
    Stamping Charges As per the State’s Stamp Act (Non-refundable)
    Loan Cancellation Charges Rs 1500 per cancellation
    Overdue monthly interest Compounded monthly - Up to 36% per annum
    Swap Charges - Replacement of PDCs and repayment modes Up to Rs 500 / swap
    Foreclosure Charges 5% of the outstanding principal amount
    Duplicate NOC Issuance Charges Rs 500 / vehicle / issuance

    How do you calculate Interest Rate for an IndusInd Bank Car Loan?

    IndusInd Bank car loans can be easily repaid with equated monthly installments or EMIs by customers. An EMI is the amount that has to be paid by a borrower every month to IndusInd Bank after availing a vehicle loan. The EMI amount is inclusive of the principal amount and the interest rate. Initially, borrowers have to pay major portions of monthly installment as interest charges, with a minimum portion dedicated to the principal amount. As the loan tenure progresses, the principal amount increases, with a reduction in the interest rate.

    The EMI for an IndusInd Bank car loan can be calculated as follows -

    EMI (E) = [P x r x (1+r) ^n]/ [(1+r) ^n-1]

    Where,

    P = The Principal Loan Amount

    R = The Interest rate charged per month. IndusInd Bank charges an interest rate of up to 15% for car loans.

    N = Number of monthly installments i.e. the number of years opted for the repayment of loan.

    For a principal amount of Rs. 1, 00,000 given at an interest rate of 11% and a loan tenure of one year, an estimate of the total sum of EMIs that has to be paid by the borrower is Rs. 1, 05, 095, out of which the interest will be around Rs. 5095.

    In the following example, for a car loan amount of Rs. 4,00,000 to be repaid in 36 months at an interest rate of 11% from IndusInd Bank (Calculations based on EMIs paid in advance):

    Year EMI Amount Interest Amount Principal Amount Balance Due
    2015 Rs. 38,930 Rs. 7,009 Rs. 31,921 Rs. 3,68,079
    2016 Rs. 1,55,718 Rs. 34,498 Rs. 1,21,220 Rs. 2,46,859
    2017 Rs. 1,55,718 Rs. 20,471 Rs. 1,35,248 Rs. 1,11,611
    2018 Rs. 1,16,789 Rs. 5,178 Rs. 1,11,611 Rs. 0

    The total interest to be paid towards an IndusInd Bank Car Loan for an amount of Rs. 4, 00,000 would be Rs. 67156.

    Factors affecting IndusInd Bank Car Loan Interest Rates

    There are multiple factors that affect the interest rate of a particular car loan. These might vary based on lender requirements and also the fluctuating market conditions.

    Down Payment - Banks decide the interest rate for a customer based on the down payments done by the customer. If customers make a huge down payment then the bank will give a lower interest rate for the opted loan tenure. It is important that customers pay atleast 20% to 25% of the car price as down payment to ease out their EMIs. If the loan amount availed is lesser then lenders will not hesitate to give the best car loan deals to customers inclusive of affordable interest rates.

    Loan Amount - The availed loan amount ties in directly with the down payment given. If a customer procures a car loan for a smaller amount, then the bank will definitely give out the loan at a competitive interest rate. The larger the down payment, the better are the chances for borrowers to get car loans at low interest rates.

    Loan Tenure - Banks give lower interest rates for loans with short loan tenures. Since the customer has made a higher down payment, the obtained loan amount will be lower, which in turn shortens the loan tenure. Shorter loan tenures helps borrowers save on monthly installments in the long run as they do not have to bear the burden of paying extra interest costs.

    Income to Debt Ratio - Another factor that determines the IndusInd Bank car loan interest rate would be the income to debt ratio for a customer. Any lender surveying a loan application, will always look at the debts repaid by applicants and also the income earned by the customer. This is mainly done to check whether the customer has repaid all his debts and if he would able to bear the cost of the new car loan with the current income earned. Having a clean record with regards to debt payments will always help borrowers get low interest rates for their car loans.

    How does CIBIL score affect IndusInd Bank Car Loan Interest rates?

    A CIBIL score is one of the most important factors that will be considered by a lending institution while approving a car loan. If the applicant has a good credit score, then the bank will give the best possible deal for the new loan. A good score always ensures that the customers get the car loan at low interest rates and a bad score will create additional hassles with regards to interest rates. Before applying for an IndusInd Bank car loan it is mandatory that customers make sure that all their previous debts have been repaid and the existing ones are being efficiently managed. This will ensure holding a good credit score which in turn helps get a low car loan interest rate.

    Key Pointers to know about IndusInd Bank Car Loan Interest Rates

    • Getting a car loan from IndusInd Bank would be very easy for individuals meeting the required eligibility criteria and also carrying a good credit score.
    • IndusInd Bank car loans are tailor made to suit customer requirements and offers maximum flexibility to customers with regards to loan tenure and repayment.
    • A vehicle loan will be approved only if the applicant meets the required criteria and is completely at the disposal of IndusInd Bank.
    • Though interest rates will be given according to the customer, it also depends on the market fluctuations and other factors.
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