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  • IndusInd Used Car Loan is Rated as "Great!" by 129 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 (2018)

    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 Jan, 2018 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
      "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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , bangalore
      Reviewed on Jan 27, 2018
    • IndusInd Bank Car Loan
      "Recommedable car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from INDUSIND BANK. The approved loan amount was 3 lakhs 20 thousand. The monthly EMI is 13500 for 3 years. The documentation process done well. i have already started paying my EMI. The interest rate is 11.5% with no processing fee.
      Was this review helpful? 4
      , bangalore
      Reviewed on Dec 19, 2017
    • 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
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