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