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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  • IndusInd Used Car Loan is Rated as "Great!" by 113 Users

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    IndusInd Used Car Loan

    About IndusInd Bank Used Car Loan

    IndusInd Bank provides used car loans to people who intend to purchase a vehicle not older than 5 years. IndusInd Bank is a new generation commercial bank based in Mumbai, India. It is one of the largest commercial banks in the country with more than 600 branches and 1200 ATMs spread across the country. The bank provides a wide range of banking and financial products such as car loans, home loans, credit cards, savings accounts etc. You can leave your financial worries behind and purchase the pre-owned car that you like with the help of an IndusInd Bank Used Car Loan.

    Features and Benefits of IndusInd Bank Used Car Loan

    • The loan amount can be as high as 75% of the current market value of the car (changes according to the model of the car).
    • The loan comes with a maximum tenure of 3 years.
    • The minimum amount offered through IndusInd Bank Used Car loans is Rs 50,000.
    • The used car should not have more than 3 owners at present.
    • The age of the used car should not be more than 8 years (changes according to the model of the car) when the tenure of the loan ends.

    IndusInd Bank Used Car Loan Eligibility Criteria

    • The applicant should have a net annual salary of minimum Rs 1.5 lakhs.
    • The applicant should be in the age range of 23 years - 60 years or in the age range of 27 years - 65 years if self-employed.
    • The applicant should have resided in the current address for a minimum period of 1 year.
    • The applicant should have a postpaid mobile or a landline connection.
    • The applicant should have been employed for minimum 2 years (for salaried individuals) or should have been operating a business for minimum 3 years (for self-employed individuals).

    Documents Required For IndusInd Bank Used Car Loan

    The documents required for applying for IndusInd Bank Used Car Loan are as follows:

    • Latest salary slips
    • Form 16 for the previous year
    • Proof of address
    • Proof of identity
    • Photographs
    • Income proof (for self-employed)
    • Copy of PAN card

    IndusInd Bank Used Car Loan Interest Rates

    IndusInd Bank offers used car loans to purchase vehicles of different categories, with the interest rate determined by taking factors like the repo rate, cost of operation and cash reserve ratio into account.

    IndusInd Bank Marginal Cost of Funds based Lending Rate (MCLR) (For new borrowers)

    Latest RBI guidelines have made it mandatory for banks to offer used car loans at MCLR, with the rates changing on a regular basis. The table below highlights the MCLR rates at IndusInd Bank for the month of May.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 9.15%
    1 month 9.20%
    3 months 9.40%
    6 months 9.65%
    1 year 9.95%

    Used car loan interest rates – July 2017

    Interest rates on a used car loan from IndusInd Bank depend on the current MCLR, with the final rate decided by the bank at its sole discretion.

    IndusInd Bank Base and Prime Lending Rates (For existing borrowers)

    IndusInd Bank provides existing borrowers the option to migrate to the MCLR platform or continue paying interest computed using the base rate.

    Base Rate 10.60% per annum, effective October 19, 2015
    Prime Lending Rate 20.60% per annum, effective October 19, 2015

    IndusInd Bank interest rate for used car loans (Based on Base Rate)

    The table below indicates the interest rate charged by IndusInd Bank on a used car loan. These rates are applicable only to existing/old borrowers.

    Tenure Minimum – 1 year Maximum -5 years
    Interest Rate Minimum – 14% per annum Maximum – 21% per annum

    Note: The rates mentioned here are as of May 23, 2017 and are subject to change without prior notice, at the sole discretion of IndusInd Bank. Borrowers are advised to check the rates before applying for a used car loan.

    EMI Calculation for IndusInd Bank Used Car Loan

    You can calculate the EMI for your IndusInd Bank Used Car Loan by following these 3 steps:

    Step 1: Enter the loan amount

    Step 2: Enter the interest rate

    Step 3: Enter the tenure of the loan (in years)

    After that click on ‘Calculate EMI’ to obtain the required information.

    IndusInd Used Car Loan Reviews

    • IndusInd Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It been 3 months gone and 3 emis i have paid the the car i took from the INDUSIND Bank .i was given a Full approval on the amount i asked for from the bnak .the money got Disbursed in 1 days time that was one thing i liked . the Customer service was really good from the bank side . the Rate of interest was low as compared to other banks and the Processing fee was there but minimal as compared to other banks . the Customer service is really good i received form the bank side . the bank did not provide me Pre closure option actually they did not tell about that to me .
      Was this review helpful? 1
      , una
      Reviewed on Dec 01, 2017
    • IndusInd Bank Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My car loan was taken with INDUSIND bank which was taken 2.5 years back. The loan amount was 3 lakhs and the interest rate was just 7% which was very low than other banks in the market . I am satisfied with the customer service and responsiveness also. The pre closure is after 3 months . I had a very smooth loan process so my experience was satisfactory.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 15, 2017
    • IndusInd Bank Car Loan
      "Whole Loan got approved within 2 days"
      0.5 5.0/5 "Blown Away!"
      Getting a Car has been one of my life's important to do thing, and this was made possible by the help of Indusind Bank. I got Rs.5 Lakhs from them as a Car Loan and the process involved with it is absolutely great. The whole procedure right from application submission to document collection to Loan approval was done within 2 days. The money got disbursed pretty easily too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 06, 2017
    • IndusInd Bank Car Loan
      "Poor response by customer care"
      0.5 2.5/5 "Just OK"
      I want to settle my loan when I dial customer care no for my full and final payment detail but they don't gave me details every time they gave me reference no and told me that they arrange call back but no body call me I am very disappointed.plz help
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 02, 2017
    • 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 0
      , 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.
      Was this review helpful? 1
      , 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
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