IndusInd Bank Car Loan Interest Rates

IndusInd Bank assists you in your venture of car purchase in the form of car loans. You don’t have to wait forever for the loan disbursement. The bank handles the application and informs its decisions within the set timeframe.
Here is everything you need to know about IndusInd Bank car loan:
 

Types of car loan schemes of IndusInd Bank

Passenger Car Loans for New Cars

Get a repayment tenure of up to 60 months at attractive interest rates on passenger car loans. The loan can be availed on up to 100% ex-showroom price for personal cars. 
 

Passenger Car Loans for Pre-Owned Cars

Get financing of up to 90% of the car value at attractive rates. You also have the option to upgrade your two-wheeler vehicle loan to a four-wheeler vehicle loan through “Do-Ka-Chaar” Loans. Existing customers can also get a top-up loan with a good repayment track.
 

Interest rates of IndusInd Bank car loans

The interest rates are calculated on a fixed ROI basis. The interest rates are effective from 1 January 2020.
 

Features and benefits of IndusInd Bank car loans

• Loans available on passenger cars of all brands and models.
• Loan available up to 100% ex-showroom price for personal cars.
• Get attractive interest rates on car loans.
• The bank has a wide geographic network to offer convenient service to customers.
• Flexible loan repayment tenure of up to 60 months.
• Quicker loan processing.

Eligibility for IndusInd Bank car loans

Salaried Applicants

• Income: Minimum R.2.5 lakh per annum
• Age: 23 years to 60 years
• Stability: Minimum 3 years’ employment stability and at least one year in the current employment
• Residence stability: 2 years in the city and 1 in the current residence/no stability required in case of own house

Self-Employed Applicants

• Income: Minimum Rs.3 lakh per annum as per latest ITR
• Age: 23 years to 65 years
• Stability: Minimum 3 years’ business stability
• Residence stability – 2 years in the city and 1 in the current residence/no stability required in case of own house

Self-Employed – No Income Proof

• Income: Minimum Rs.3 lakh per annum as per latest ITR
• Age: 23 years to 65 years
• Stability: Minimum 3 years’ business stability
• Residence stability – 2 years in the city and 1 in the current residence/no stability required in case of own house

Pre-Owned Cars
 

Documents required for IndusInd Bank car loans

Salaried Applicants

• Latest – Form 16/income tax returns
• Last 3 months’ salary slips
• Bank statements – 3 months

Self-Employed Applicants

• Latest 2 years’ income tax returns with IT computations
• 3 months bank statements
• Business Incorporation Certificate/Business Proof

Self-Employed Applicants – No Income Proof

• No Income Proof:
  • 6 months’ bank statements
  • Business incorporation certificate/business continuity proof for the last 3 years
  • Owned house proof
• Agriculture
  • Form J or ‘Patta’ copy of minimum 3 acres (land document)
  • 6 months’ bank statements
  • Owned house proof

Pre-Owned Cars
 

IndusInd Bank car loan fees and charges

How to calculate EMI on IndusInd Bank car loans

Use our car loan EMI calculator to figure out the monthly instalments you must pay for a specific loan amount to finance your dream car.

Frequently Asked Questions

What costs does the financing cover?

The car loan will only cover the price of the car. The other costs, such as the transfer of registration, etc., will have to be borne by the applicant.

Can I sell my car before the loan repayment is complete?

You cannot sell the car before completely repaying the loan. A No Objection Certificate (NOC) is to be issued by the bank before selling the car. To receive NOC, you will have to repay the loan amount completely. The party buying your car can then apply for a loan with the bank, or you can internally transfer the loan to the buying party.

Do the loan cover insurance and registration costs?

The bank will cover the insurance and registration costs as long as you satisfy the conditions laid down by the bank.

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