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    IndusInd Bank Car Loan Reviews

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    IndusInd Bank Car Loan is Rated as "Great!" by 93 Users

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    Car Loan BYTES FROM OUR KITCHEN

    IndusInd Bank Limited is a Mumbai based Indian new generation bank, established in 1994. The bank offers commercial, transactional and electronic banking products and services. Indusind Bank is the first among the new-generation private banks in India. Generating first of kind services/innovations which further improve a customer's banking experience are key drivers towards this. The bank prides itself of having been able to understand its customer's needs and provide such solutions. When the time arrives to own your dream car, let finances not be the stumbling block. Drive home in your dream car with an Indus Car Loan. It gives quick and easy processing, flexible repayment option and also enjoy attractive interest rates. Read on to learn about the eligibility and documentation requirements for the IndusInd Bank car loan.


    You’re probably eligible for an IndusInd Bank Car Loan if you are

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    IndusInd Bank Car Loan Minimum Age

    At least 21 years old

    IndusInd Bank Car Loan Maximum Age

    Less than 60 years old

    IndusInd Bank Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    IndusInd Bank Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your IndusInd Bank Car Loan amount eligibility is based on these factors

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    IndusInd Bank Car Loan Minimum Salary

    Minimum income required Rs. 2,50,000/-
    per annum

    IndusInd Bank Car Loan Maximum Loan to Value

    Loan capped @
    80% to 90% of the ex-showroom price

    IndusInd Bank Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible IndusInd Bank Car Loan amount by these steps

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    IndusInd Bank Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    IndusInd Bank Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an IndusInd Bank Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:

      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    IndusInd Bank Car Loan Interest RatesUpdated on 25 Sep 2016

    IndusInd Bank Car Loan Details
    Interest Rate (Monthly reducing balance) 10.65% to 15.50%
    Processing Fees Up to 1% of Loan Amount
    Loan Tenure 1 year to 5 years
    Pre-closure Charges Up to 5% of principal outstanding

    IndusInd Bank Overview

    IndusInd bank is a new generation Indian bank based in Mumbai. Founded in 1994, IndusInd is a BSE listed scheduled bank providing banking and financial services across India. With a footprint of over 573 branches and 1055 ATMs spread across 392 locations in the country and representation in London & Dubai, IndusInd offers a wide range of financial products and boasts of a diverse customer base.

    IndusInd as part of the Hinduja group conglomerate, made its humble beginning with a capital base of INR 100 Million. Since then the bank has achieved many milestones creating 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 is known for using technology to provide innovative services like video branch,cash on mobile etc.

    In addition to the above, IndusInd also competes in the NRI, Business & Commercial and Corporate banking space.

    Financing car ownership is quite a trend in India. Easy access to credit coupled with sound repayment capability have made car loans a trendy channel to own cars.

    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 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, your dream to own a car can be easy. The pre closure charges are minimal and loan servicing can easily be done by calling the customer service or by visiting one of the branches in their 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.

    Fast Track Processing

    IndusInd bank respects your time and processes car loan applications quickly.Under the fast track system, loan processing is done is less than 48 hours. You can know the approval status in just under 2 days.

    Transparency

    All rates, fees and charges are communicated up front. There are no hidden charges whatsoever.

    Special Rate of Interest for Account Holders

    IndusInd offers special rate of interest on car loans for existing customers. Exclusive schemes are extended for salary account holders and corporate customers.

    Maximum Financing

    Upto 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.

    IndusInd Car Loan Interest Rates

    As per the mandate by RBI, IndusInd uses the MCLR (Marginal Cost Based Lending Rate) to determine the applicable rate of interest on all its retail loan products which includes car loans.

    The effective MCLR for various tenures have been provided below.
    Tenure MCLR
    Overnight MCLR 9.00%
    One month MCLR 9.10%
    Three month MCLR 9.35%
    Six month MCLR 9.65%
    One year MCLR 9.85%

    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 IndusInd bank.

    • Minimum age of 23 years and maximum of 60 years.
    • Regular income from salary or self employment.
    • Income should atleast be Rs. 1,50,000 per annum.
    • Job stability and company background 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 EMI’s 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 (EMI’s, house rent, credit card dues) from the net salary or income to determine monetary eligibility.

    How to calculate EMI for IndusInd Bank Car Loans?

    EMI’s can be easily determined with the help of IndusInd Bank Car Loan EMI Calculator . This tool helps applicants plan their car loan by determining monthly installment amount.

    • Before using the calculator, you need to know the car loan amount, interest rate(%) and processing fee(%) to find your Car Loan EMI amount per month.
    • After gathering the required information, use the sliders to freeze the “Loan Amount” and “Tenure” of the car loan. The selected outputs are displayed at the end of the slider scale for your convenience.
    • In the third line after the sliders, key in the interest rate and processing fee, both in percentage and click the “Calculate” button right below.

    The results are displayed instantly. The elaborate break up provides the EMI amount followed by graphical representation of the loan amount, interest payable and processing fee. Understanding this data helps in making quick decisions on availing a car loan from IndusInd bank.

    IndusInd Bank Car Loan FAQs

    1. For what purpose can I take a car loan from IndusInd Bank?

      You can take a car loan from IndusInd Bank for the purpose of buying a car for personal or commercial use.

    2. What type of cars are covered under the IndusInd Bank vehicle loan scheme?

      The type of cars that are covered under the IndusInd Bank vehicle loan scheme are - Small commercial vehicles, passenger cars, light commercial vehicles, medium and heavy commercial vehicles, multi - utility vehicles (Jeep) and Tractors.

    3. Does IndusInd Bank provide car loan for used or preowned cars?

      Yes, IndusInd Bank provides car loan for used for preowned cars.

    4. What is the interest rates on car loans offered by IndusInd Bank?

      The interest rates on car loans offered by IndusInd Bank differ based on the type of car you are taking the loan for. Please contact the bank to know the present rate of interest.

    5. Can I track my IndusInd Bank car loan application status online?

      Yes, you can track your IndusInd Bank car loan application status online. To track you have to visit the website of the bank and click on ‘Vehicle/ MSME Loan’ under ‘Loan’ in the Personal Banking tab on the homepage. On clicking, you will be redirected to another page where you will find the option for tracking your application status.

    6. Do I have to provide any documents when I apply for IndusInd Bank Vehicle Loan?

      Yes, you have to provide the KYC documents asked by the bank when you apply for IndusInd Bank Vehicle Loan.

    7. Do I have to submit my income proof to avail a car loan from IndusInd Bank?

      Yes, you have to submit your income proof to avail a car loan from IndusInd Bank.

    8. Am I allowed to apply for a car loan from IndusInd Bank online?

      Yes, you are allowed to apply for a car loan from IndusInd Bank online.

    9. How to apply for IndusInd Bank vehicle loan online?

      To apply for IndusInd Bank vehicle loan online, you have to open the bank’s website and click on ‘Vehicle/ MSME Loan’ under ‘Loan’ in the Personal Banking tab on the homepage. On clicking, you will be redirected to another page where you will find the ‘Apply Now’ option. Click on that option and fill in the required details. The bank’s executive will call you up and guide you further.

      You can also click on ‘Car Comparison’ on the vehicle loan page of the IndusInd Bank website and a new window will open, where you can apply for a car loan.

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

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

    11. What is the minimum 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 12 months.

    12. Can I pay my IndusInd Bank car loan EMI online?

      Yes, you can pay your IndusInd Bank car loan EMI online every month using the ‘Vehicle Loan Repayment’ service of the bank. You can find this option on the right hand corner of the bank’s website under ‘Other Online Services’ section.

    13. How to pay the IndusInd Bank car loan EMI online?

      To pay the IndusInd Bank car loan EMI online, you have to first register yourself for ‘Vehicle Loan Repayment’ service of the bank and link your car loan account with it. Then you have to open the bank’s website, click on ‘online loan payment’ and login using the id and password using which you registered for the service. After this, you have to enter the amount that you have to pay and click on ‘Submit’. The Bill Desk portal will open when you click on ‘Submit’ and you can choose the bank account using which you wish to make the payment. When you confirm the payment, the money will be debited from your bank account and you will receive an online confirmation. The payment will be processed in 3 working days.

    14. Can I pay the IndusInd Bank car loan EMI through cheques or ECS?

      Yes, you can pay the IndusInd Bank car loan EMI through cheques or ECS.

    15. Does IndusInd Bank allow their car loan applicants to compare cars on their website?

      Yes, IndusInd Bank allows their car loan applicants to compare car on their website.

    16. How to compare cars on IndusInd Bank website?

      To compare cars on IndusInd Bank website, you have to open the bank’s website and click on ‘Vehicle/ MSME Loan’ under ‘Loan’ in the Personal Banking tab on the homepage. On clicking, you will be redirected to another page where you will find the option for comparing cars. Click on ‘Car Comparison’ and a new window will open where you can compare the different cars.

    17. Does the website of IndusInd Bank have a car loan EMI Calculator?

      Yes, the website of IndusInd Bank has a car loan EMI calculator. Using this calculator you can calculate the amount of loan you have to repay the bank every month before applying for the car loan.

    18. What is the processing fee for car loans offered by IndusInd Bank?

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

    19. What is the documentation charge 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.

    20. Are the processing and documentation fees for car loans charged by IndusInd Bank refundable?

      No, the processing and documentation fees for car loans charged by IndusInd Bank are not refundable.

    21. How much does IndusInd Bank charge as Loan Handling Fee for cars loans?

      IndusInd Bank charges up to 5 percent of the car loan amount as Loan Handling Fee.

    22. 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.

    23. Can I prepay the car loan I took from IndusInd Bank?

      Yes, you can prepay the car loan you took from IndusInd Bank.

    24. Does IndusInd Bank charge a prepayment penalty?

      Yes, IndusInd Bank charges up to 5 percent of the Principal outstanding as prepayment penalty.

    25. I have borrowed a car loan from IndusInd Bank. Can I avail a duplicate NOC from the Bank?

      If you have borrowed a car loan from IndusInd Bank, you can avail a duplicate NOC from them. You will have to pay a fee for the same. For issuing the duplicate NOC, the bank charges Rs.500 per car.

    26. Does IndusInd Bank charge any fee for CIBIL report?

      Yes, IndusInd Bank charges Rs.50 for CIBIL Report.

    27. Does CIBIL score help borrowers get a car loan from IndusInd Bank?

      Yes, if borrowers have a high CIBIL score and a good credit history, then they have more chances of getting a car loan from IndusInd Bank.

    28. How much time will IndusInd Bank take to process my car loan applications?

      IndusInd Bank is well known for fast processing of their car loan applications.

    29. When will the bank verify and approve my car loan?

      Once you submit all the required documents and provide the necessary documents, the bank will see if you are eligible for the loan and verify the information and documents you provided to check if they are correct or not. If you pass the verification round, the bank will approve your car loan and the money will be disbursed very quickly.

    30. How can I get more details about IndusInd Bank car loan?

      You can get more details about IndusInd Bank car loan from the customer care service of the bank. To get in touch with them, please give a missed call on 1800 532 3344 from your phone and they will contact you at the earliest and provide you with all the information you need. You can also visit any branch of the bank for this purpose or speak to the bank using the video call facility online on their website.

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