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    IndusInd Used Car Loan Reviews

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    IndusInd Used Car Loan is Rated as "Great!" by 94 Users

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    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 – May 2016

    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, 2016 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.

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