IndusInd Bank Limited is a Mumbai-based, new-generation bank in India, 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 is the key driver towards this. The bank prides itself on having been able to understand its customers' needs and provide solutions based on that. When you want to purchase your dream car, let finances not be the stumbling block. Drive home in your dream car with the IndusInd Bank Car Loan. The bank offers quick and easy processing and flexible repayment option in addition to attractive interest rates. Read on to learn about the eligibility and documentation requirements for the IndusInd Bank Car Loan.
|Loan Tenure||4 years|
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 1000 branches and more than 1800 ATMs spread far and wide across the country along with representative offices in London, Dubai, and Abu Dhabi, IndusInd offers a wide range of financial products and boasts of a diverse customer base.
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.
In addition to the above, IndusInd Bank 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.
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.
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 pre closure 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.
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 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.Simple Online Application
With the hassle-free online application process, you will be able to apply for a 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.
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 includes car loans.The interest rates for vehicle loan to individual borrowers have been provided below.
|Type of Vechicle||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:
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.
There are various eligibility factors that should be met in order to qualify for a car loan from IndusInd bank.
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.
Please note that the applicants will have to provide the original copy of the documents before submitting the loan application for verification purposes.
Equated monthly installments or EMIs 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.
The results are displayed instantly. The elaborate break up provides the EMI amount followed by a graphical representation of the loan amount, interest payable and processing fee. Understanding this data helps in making quick decisions while availing 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.
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.
Yes, IndusInd Bank provides car loan for used for preowned cars.
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.
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.
Yes, you have to provide the KYC documents asked by the bank when you apply for IndusInd Bank Vehicle Loan.
Yes, you have to submit your income proof to avail a car loan from IndusInd Bank.
Yes, you are allowed to apply for a car loan from IndusInd Bank 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.
The maximum tenure for which you can take a car loan from IndusInd Bank is 60 months.
The minimum tenure for which you can take a car loan from IndusInd Bank is 12 months.
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.
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.
Yes, you can pay the IndusInd Bank car loan EMI through cheques or ECS.
Yes, IndusInd Bank allows their car loan applicants to compare car on their 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.
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.
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.
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.
No, the processing and documentation fees for car loans charged by IndusInd Bank are not refundable.
IndusInd Bank charges up to 5 percent of the car loan amount as Loan Handling Fee.
In case of car loan cancellation, IndusInd Bank charges Rs.1500 per case.
Yes, you can prepay the car loan you took from IndusInd Bank.
Yes, IndusInd Bank charges up to 5 percent of the Principal outstanding as prepayment penalty.
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.
Yes, IndusInd Bank charges Rs.50 for CIBIL Report.
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.
IndusInd Bank is well known for fast processing of their car loan applications.
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.
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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