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IndusInd Bank Car Loan

IndusInd Bank Auto Loan

Last Updated 24th Mar 2021

Features and Eligibility IndusInd Bank New Car Loan Scheme
Rate of Interest 8.65% Fixed
Loan Amount Eligibility 85% of ex-showroom price
Lowest EMI per Lakh ₹ 2,059
Apply for Car Loan @ 8.70%*

IndusInd Bank Car Loan

Factors Affecting IndusInd Bank Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in IndusInd Bank depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However IndusInd Bank offers 85% of ex-showroom price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. IndusInd Bank interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. IndusInd Bank has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - IndusInd Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low IndusInd Bank Car loan interest rate.
  • Loan Tenure - IndusInd Bank car loans are of longer repayment tenure of 5 years.
  • Repayment Capacity - Before giving loan to the borrower, IndusInd Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

IndusInd Bank Car Loan Eligibility

Eligibility of car loan in IndusInd Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. IndusInd Bank offers car loan to those who are atleast 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Income: IndusInd Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. IndusInd Bank asks for net annual income of minimum Rs. 1.50 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from IndusInd Bank. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from IndusInd Bank increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your IndusInd Bank car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: IndusInd Bank gives you a car loan depending upon your income. IndusInd Bank gives you 85% of ex-showroom price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase IndusInd Bank Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, IndusInd Bank also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

IndusInd Bank Car Loan EMI

Car Loan EMI of IndusInd Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by IndusInd Bank is Rs. 2,059 per lakh loan amount at lowest car loan interest rate of 8.65%. Car Loan EMI of IndusInd Bank depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for IndusInd Bank Car Loan

Car loan IndusInd Bank documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan IndusInd Bank documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan IndusInd Bank

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. IndusInd Bank allows prepayment of car loan after paying 1 EMI’s with 3%
  • Processing Fee - IndusInd Bank asks for a processing fee of 5.00% of loan amount with applicable service tax

IndusInd Bank Car Loan Top up, Balance Transfer

  • IndusInd Bank offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of IndusInd Bank
  • You can avail additional top-up car loan from IndusInd Bank, subject to your eligibility

FAQs

How much interest is charged by IndusInd Bank on car loan?

IndusInd Bank car loan interest rates today are 8.65% to 16.00%.

What is the lowest EMI per lakh on IndusInd Bank car loan?

If you apply for a car loan from IndusInd Bank, your lowest EMI per lakh will be Rs. 2058.89.

What is the maximum tenure of IndusInd Bank car loan?

You can repay your car loan from IndusInd Bank in a flexible period of 5 years.

How much car loan can I borrow from IndusInd Bank?

IndusInd Bank offers you 85% of ex-showroom price of the car as loan.

How much processing fee is charged by IndusInd Bank on car loan?

IndusInd Bank charges a processing fee of 5.00% of loan amount with applicable service tax.

Is age an eligibility factor to get car loan from IndusInd Bank?

Yes, age is an important eligibility factor to get IndusInd Bank car loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.

Are there any prepayment charges on IndusInd Bank car loan?

You can take a car loan from IndusInd Bank with 3% prepayment charges.

Can I add my spouse's income while applying for car loan from IndusInd Bank ?

You can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

Compare Car Loan Interest Rates of IndusInd Bank with other banks

IndusInd Bank Car Loan in India

IndusInd Bank Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1860-267-7777
Ahmedabad 1860-267-7777
Ambala 1860-267-7777
Anand 1860-267-7777
Aurangabad Bihar 1860-267-7777
Bangalore 1860-267-7777
Bhilai 1860-267-7777
Bhilwara 1860-267-7777
Bhiwadi 1860-267-7777
Bhopal 1860-267-7777
Bhubaneswar Cuttack 1860-267-7777
Bikaner 1860-267-7777
Chandigarh 1860-267-7777
Chennai 1860-267-7777
Cochin 1860-267-7777
Coimbatore 1860-267-7777
Dehradun 1860-267-7777
Delhi 1860-267-7777
Durg 1860-267-7777
Faridabad 1860-267-7777
Gandhinagar 1860-267-7777
Ghaziabad 1860-267-7777
Goa 1860-267-7777
Greater Noida 1860-267-7777
Gurgaon 1860-267-7777
Guwahati 1860-267-7777
Gwalior 1860-267-7777
Hyderabad 1860-267-7777
Indore 1860-267-7777
Jabalpur 1860-267-7777
Jaipur 1860-267-7777
Jalandhar 1860-267-7777
Jodhpur 1860-267-7777
Kanpur 1860-267-7777
Karnal 1860-267-7777
Kolhapur 1860-267-7777
Kolkata 1860-267-7777
Kota 1860-267-7777
Kozhikode 1860-267-7777
Lucknow 1860-267-7777
Ludhiana 1860-267-7777
Madurai 1860-267-7777
Meerut 1860-267-7777
Mehsana 1860-267-7777
Mohali Sas Nagar 1860-267-7777
Mumbai 1860-267-7777
Mussoorie 1860-267-7777
Nagpur 1860-267-7777
Nashik 1860-267-7777
Noida 1860-267-7777
Noida Extn 1860-267-7777
Panipat 1860-267-7777
Patna 1860-267-7777
Pondicherry 1860-267-7777
Pune 1860-267-7777
Raipur 1860-267-7777
Rajkot 1860-267-7777
Ranchi 1860-267-7777
Rohtak 1860-267-7777
Roorkee 1860-267-7777
Salem 1860-267-7777
Shimla 1860-267-7777
Sonipat 1860-267-7777
Surat 1860-267-7777
Trichy 1860-267-7777
Udaipur 1860-267-7777
Vadodara 1860-267-7777
Varanasi 1860-267-7777
Vijaywada 1860-267-7777
Vizag 1860-267-7777

IndusInd Bank Car Loan Reviews 4/5  by 1 customers
MyLoanCare Service
4/5.0
Banks Service
4/5.0
Ravina Malik, Karnal
Reviewed on 08th Apr 2017
4 / 5 stars
IndusInd Bank Car Loan Availed in Mar-18

Their approach is very pleasing. Satisfactory loan experienceRead more...

IndusInd Bank Car Loan News - Apr 2021
  • 2021-02-26 : IndusInd Bank to grow loan book by 15-18%
    IndusInd Bank is expecting to grow its loan portfolio by 15-18% year-on-year for the next two financial years under its fifth planning cycle.The Bank’s year-on-year growth in advances which include home, personal, LAP, two-wheeler car and gold loan along with business and mudra loan was flat at Rs 2.07 trillion until December 2020. Its deposits which include fixed and recurring deposits, grew by 10% to Rs 2.39 trillion.
  • 2021-01-08 : IndusInd Bank reported 11% growth in Q3 deposits
    IndusInd Bank posted a 3.2% quarter-on-quarter growth in the net advances which include home, personal, car, two-wheeler, gold and education loan along with business and mudra loans in the December quarter. Further, the bank also posted a 5% quarterly growth in deposits which includes fixed and recurring deposits.
  • 2020-07-29 : IndusInd Bank reported a Q1 profit before tax of Rs 602.45 crore
    IndusInd Bank registered a 67.8% fall in Q1FY21 net profit on the back of a five-fold increase in provisions for bad loans. Net interest income backed by a home, personal, gold, car and two-wheeler loans along with business and mudra loans grew by 16.4% year-on-year to Rs 3,309.2 crore in the quarter ended June 2020. Further, the gross bad asset ratio spiked to 2.53 per cent from 2.45 per cent in the March quarter and 2.15 per cent in the June quarter last year.
  • 2020-06-09 : IndusInd Bank profits dip
    IndusInd Bank reported profits of ₹301.84 crores for the three months to March, down 16% on a year-on-year (y-o-y) basis, owing to rise in provisions. Its net interest income stood at ₹3,231.19 crores which were aided by a home, personal, gold, car and two-wheeler loans along with business and mudra loans grew by 44.74% from the same period last year.
  • 2019-07-18 : IndusInd Bank witness growth in vehicle loans and CASA deposits
    Private sector lender, IndusInd Bank has posted a 38 percent rise in its net profit to Rs. 1,433 crores for the June quarter, primarily on account of an increase in total income. Also, it has received a significant growth across its vehicle loans, corporate loans, fixed deposits, and savings bank account, which grew by 25% this year.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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