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  • IndusInd Car Loan Interest Rates is Rated as "Great!" by 133 Users

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    IndusInd Car Loan Interest Rates

    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.


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    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 2018

    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.

    Car Loan Reviews

    • IndusInd Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been using my car loan with Indusind bank a long back, i have took this loan from my native and there service was up to the mark and they have charged nominal rate of interest to me and through showroom only i got this car loan and there customer support team is good they are very co-operative with me and i have closed this loan .
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2018
    • IndusInd Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience was good with Indusind bank, the loan amount was for Rs 6.5 lacs with nominal interest rate. The process was smooth and i received my loan amount on time. Customer service was good and they responded on time. The tenure period for this loan is 3.5 years.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Oct 09, 2018
    • IndusInd Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've taken a Used Car loan from the IndusInd bank for 3 lacs, interest rate was high. The whole application process was easy and hassle free. It has been a good experience with the Car loan from IndusInd bank.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Aug 23, 2018
    • IndusInd Bank Car Loan
      "Process is good"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan for a commercial vehicle from Indusind bank. The process is good and I received the loan on time. The rate of interest and processing charges is normal. The after loan services is also good. In all there has been no hassles.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Aug 17, 2018
    • IndusInd Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      Got my car loan from Indusind bank , where the rate of interest is nominal one . They took 5 days for approval and documentation. Where i use to pay monthly through ecs for 5 years . And there is no processing fees.Overall am satisfied with personal loan from hdfc.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 25, 2018
    • IndusInd Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I got car loan from Indusind bank , their rate of interest is nominal one based on the market price and am satisfied with it For documentation and approval their customer service took 10-15 days for whole thing. Making the payments through ecs and there is no charges for transaction. I have chosen tenure period of 30 months .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 17, 2018
    • IndusInd Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have four wheeler loan with the Indusind bank and the interest rate is around 9%. The processing charges were not really good. The loan amount got disbursed within four days of time. Everything is good one with the Indusind bank and there are no issues on it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • IndusInd Bank Car Loan
      "Easy to get loan from indusind"
      0.5 4.0/5 "Great!"
      I have bought a swift desire car by using the car loan from Indusind bank. They have offered me a car loan around 5 lakhs. For that they offered me interest of 8.5%. I used to make the EMI of 14000. Through Auto debit i used to make the payment. I have bought the loan for 2 years back. Overall, i'm satisfied with the car loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 22, 2018
    • IndusInd Bank Car Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I took a car loan from the IndusInd Bank for 6 Lac, I got the loan amount with in 1 week. I applied at the branch. The whole application process was easy and hassle free. The interest rate is nominal when comparing to other banks in the market. So far it has been a very good experience with the bank and their services.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 14, 2018
    • IndusInd Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from IndusInd bank and my experience was good, the loan amount was based on my requirement and the rate of interest was comparatively low. Customer service was good with this bank and the tenure for this loan is 3 years. My payment is auto deducted through ECS.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 13, 2018
    • IndusInd Bank Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The Indus ind bank has approved my car loan within 8 days of time and they disbursed the loan amount within the time period. The customer support service is good with the Indus ind bank . The rate of interest and the charges are average with the Indus ind bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2018
    • IndusInd Bank Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Indusind Bank. The customer services are good and they are responsive. They completed the process on time and the best was they offered a lower rate of interest. I got a rate around 13% and the processing charges are normal.
      Was this review helpful? 0
      , shimoga
      Reviewed on Mar 08, 2018
    • IndusInd Bank Car Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have taken a Car loan with IndusInd bank and my loan experience was very good. The loan amount was for Rs 10.5 lakhs with the rate of interest of 11% which is nominal when compared to all other banks. Customer service was good and they collected documents on time. My loan amount was based on the on-road price. The tenure of this loan is 5 years and they charge 2.5% on preclosure and part payment.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 26, 2018
    • IndusInd Bank Car Loan
      "Smooth process"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Indusind Bank and it was a smooth process. The customer services was good, my documentation was collected on time and the process was also convenient. The rate of interest and processing charges is also normal. Overall good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 23, 2018
    • IndusInd Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Indusind bank. It was a good process to get the loan. The rate of interest looked decent at that moment so I went ahead for the loan. I had been paying my EMI correctly every month for the last four years so I did not have any issues in between.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 19, 2018
    • IndusInd Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The interest rate offer by Indusind car loan department was 14 % ,I feel it is little high compared to others. But the loan disbursement was on time and they offer me with 5.98 lakhs as a loan amount for my Hyundai Xcent car. It was a average service from Indusind car loan team.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 09, 2018
    • IndusInd Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The bank approach is excellent with the Indus ind bank. The explanation of the product is excellent from the Indus ind bank. The customer support and the response is good here and they have supported me a lot to avail a car loan from them. The rate of interest and the charges are average with the Indus ind bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 07, 2018
    • IndusInd Bank Car Loan
      "Car loan from INDUSIND BANK"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from INDUSIND BANK . the approved loan amount was 5 lakhs . The rate of interest with the bank is 9 %. The total tenure was for 36 months with an EMI of 18000. The customer service and response during the application was good. The documentation part was really done well.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 01, 2018
    • IndusInd Bank Car Loan
      "Car loan with INDUSIND BANK LTD"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from INDUSIND BANK . the approved loan amount was 20 lakhs . The rate of interest with the bank is 9 %. The total tenure was for 36 months with an EMI of 50000. The customer service and response during the application was good. The documentation gone well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 01, 2018
    • IndusInd Bank Car Loan
      "Faster approval"
      0.5 5.0/5 "Blown Away!"
      I took my car loan with Indusind Bank before 3 years and it was closed. I have purchased Swift car, they offered me 6L. The loan process was immediate. The rate of interest and charges are normal like other banks. It was easy to foreclosing my car loan. The documents are collected by the executive at doorstep.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 27, 2018
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