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  • IndusInd Used Car Loan

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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 (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.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    IndusInd Used Car Loan Reviews

    • IndusInd Bank Car Loan
      "Good Car Loan"
      0.5 5.0/5 "Blown Away!"
      Recently i have purchased the car loan from Indusind bank and my EMI is going to start and the first month amount is getting on 21st hence i have to put a balance in that. They have approved the loan immediately and the interest rates are fine and comfortable on that. They have charged me a processing fee which is a nominal. I just want a instant approval thats the reason i have chosen the Indusind bank.
      Was this review helpful? 6
      , secunderabad
      Reviewed on Sep 12, 2019
    • IndusInd Bank
      IndusInd Bank Car Loan
      "Rate of interst should be reduced"
      0.5 3.0/5 "Satisfactory"
      I felt Indusind bank car loan interest is huge, I availed Rs. 11 lakhs to purchase breeza vehicle, the on road price was Rs. 17,000 but I paid the some payment to the dealer with higher interest. The loan process was also hassle free then I paid all the emi and I got the NOC.
      Was this review helpful? 6
      , bangalore
      Reviewed on Sep 12, 2019
    • IndusInd Bank Car Loan
      "Best Experience"
      0.5 5.0/5 "Blown Away!"
      Two years back I was having Indusind car loan, they are customer friendly. I took Rs. 5.8 lakhs I purchased 2012 mahindra vehicle. The processing fee was minimal, personally I approached them within 5 days they sanctioned on road price.
      Was this review helpful? 1
      , lucknow
      Reviewed on Aug 01, 2019
    • IndusInd Bank Car Loan
      "Better Loan experience"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from indusind bank. When i went for purchasing the car, in the showroom Indusind bank executive has met me and they have processed the loan. I took the loan amount of rs. 4.70 lakhs and the interest rate is equal to other banks. They have provided me a interest rate of 15% because its a commercial vehicle. I am paying the EMI of Rs. 16800 for 34 months.
      Was this review helpful? 0
      , rewari
      Reviewed on Jul 05, 2019
    • IndusInd Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with INDUISND BANK . The tenuity period is fine , my application was taken care by INDUISND and they processed it keeping my documents . Rate of interest if i see its reasonable compare to market value. I am happy with Overall services. The loan amount is 680000
      Was this review helpful? 0
      , jaipur
      Reviewed on Jul 02, 2019
    • IndusInd Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with Indusind bank two years ago, The loan amount was sufficient, they have given me up to 3,19,000 for 4 years of tenure period, the rate of interest they have charged me was nominal, i directly went and applied for car loan, the processing fee they have charged me was nominal. now i have successfully closed this loan.
      Was this review helpful? 1
      , noida
      Reviewed on Jun 14, 2019
    • IndusInd Bank Car Loan
      "Hidden charges and response should be improved"
      0.5 1.0/5 "Really Bad"
      Long back I took car loan from Indusind bank, at the time I didn't check the interest, I took the car through showroom the documentation was good. But they are taking lots of charging and emi extra, then I several complain finally they resolve but they reduced my credit score.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 12, 2019
    • IndusInd Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      i have been using holding car loan with INDUSIND bank , i have taken model Hyundai grand i10 car . i am directly approach this bank , the loan amount which they have given to me was sufficient, loan amount is 4.5 lakhs and 2 years tenure.on time received loan amount good services. Customer service is very excellent.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 24, 2019
    • IndusInd Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got auto loan with INDUSIND BANK , i completed this loan . I am very happy with the services because i paid on time so that they refund my last EMI this was the best part . Their interest rate was also nominal and i got fair loan amount whatever i needed .
      Was this review helpful? 1
      , noida
      Reviewed on Apr 19, 2019
    • IndusInd Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken the Car loan through Indusind Bank agent and it was for the 2yrs tenure and the loan amount was 3.75lakhs.The loan amount was sufficient as well .The agent clearly explained the process and i have not faced any issues on submitting the documents as well .once closed the loan i have got the submitted documents from the bank and it was couried to my email address.I have taken the car name is Scorpio .The Overall Service is Excellent and Convenient .
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 06, 2019
    • IndusInd Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan almost seven years back and the process in getting this loan was pretty much easy. The loan amount has been good and the interest rate with them has been nominal as well. There has not been any additional charges made by them and there was a help from their customer support team as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2019
    • IndusInd Bank Car Loan
      "Very Convenient"
      0.5 5.0/5 "Blown Away!"
      MY friend is working with Indusind he have coordinated for the car loan product, they sanctioned on price of the car. I purchases swift dezire car and it has tenure period of five years. The interest rate is attractive but I am satisfied with loan process.
      Was this review helpful? 1
      , erode
      Reviewed on Mar 05, 2019
    • IndusInd Bank Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I do have a car loan in Induslnd Bank. The interest rate is nominal. The customer service is not up to the mark which has to be improved. They have charged a processing fee which was bit high compared to others. The loan duration is 5 years. I made down payment of 3.5L and took 7L to purchase i20 car.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Feb 28, 2019
    • IndusInd Bank Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      Recently I took car loan from Indusind bank, they gave me good interest as compared to others . I have purchased Swift dezire, the loan process was good. On time the car was delivered, the processing fee was nominal. I took the loan for 5 years of duration.
      Was this review helpful? 2
      , chennai
      Reviewed on Feb 26, 2019
    • IndusInd Bank Car Loan
      "Looking for less interest rate"
      0.5 4.0/5 "Great!"
      My car loan experience was good with Indusind bank and it was closed few days back. The loan amount was sufficient and the rate of interest was little high when compared to others. I preclosed this loan after 1 year and there were no preclosure charges.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 20, 2019
    • IndusInd Bank Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I closed my Indusind bank car loan, I took this to purchase the ALTO car, the loan interest was okay at the time. I submitted my papers and taken loan through showroom, the bank customer care is good and coordinated well with me on my loan process.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 18, 2019
    • IndusInd Bank Car Loan
      "No issues in the car loan"
      0.5 4.0/5 "Great!"
      I have purchased my car loan by using the indusind. Since showroom people has suggested me about the indusind bank, i have selected them. The documentation process is the minimal. The sanctioned letter has given on the same day. Processing fee was there and interest rate was convenient.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 03, 2019
    • IndusInd Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have purchased a car loan from indusind bank, because they have provided me a good interest rate ,they have charged me rate of interest up to 14% which was nominal,and the loan amount they have given me was sufficient. and they have charged me processing fee which was nominal, now i have closed this loan by pay pre-closure.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 31, 2019
    • IndusInd Bank Car Loan
      "Good Car Loan"
      0.5 3.0/5 "Satisfactory"
      I have purchased a car loan from indusind because they have provided me a good interest rate offers. I have got the loan amount of Rs. 3 lakhs and they have sanctioned the loan on the same day. The documentation process was normal. There is no processing fee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 24, 2019
    • IndusInd Bank Car Loan
      "High Interest Charges"
      0.5 4.0/5 "Great!"
      My brother has taken a car loan with Indusind Bank and i was a co-applicant. The interest rates which they have for this loan is pretty much hire. It would be good if the interest rates comes down . At the time of applying there was a bit delay as things did not go well and later when i joined as co applicant things were taken care.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 19, 2018
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