IndusInd Bank Car Loan Interest Rate

IndusInd Bank is a private sector bank located in Pune that offers a variety of financial services, including new and used automobile loans. Dr Manmohan Singh, the former Union Finance Minister, opened IndusInd Bank.

IndusInd Bank provides a car loan program, which allows you to finance up to 100% of the automobile's ex-showroom price (depending on the model). The interest is calculated on a monthly lowering balance basis, and the repayment term can be up to 60 months. The IndusInd Bank car loan interest rate fluctuates between 7.5% and 15% per annum.

Characteristics of the IndusInd Bank Car Loan

The following are the key benefits of the IndusInd Car Loan-

  • The online application procedure is straightforward.
  • There are attractive interest rates available.
  • The repayment period can last up to 60 months.
  • The loan amount is swiftly disbursed.
  • The loan is processed quickly.
  • Car loans are available for a wide variety of vehicles.

IndusInd Bank Car Loan Interest Rate 2022

The table below can show the IndusInd car loan interest rate for 2022-

Type of Loan

IndusInd Car Loan Interest Rate

For a New Car

16%

For a Used Car

12% - 18%

Who is Eligible for the IndusInd Bank for Car Loans

Following is the eligibility criteria for the IndusInd Bank for Car Loans-

1) For the Salaried

  • Minimum annual income: R.2.5 lakh.
  • Age range: 23 to 60 years.
  • Stability requires at least three years of employment stability and at least one year in the same position.
  • Stability in residence: 2 years in the city and one year in the current residence/no stability necessary if owning a home.

2) For the Self-employed (Without Income Proof)

  • Income: According to the most recent ITR, you must earn at least Rs.3 lakh each year.
  • Age range: 23 to 65 years.
  • Stability: A minimum of three years of corporate stability.
  • Stability of residence - 2 years in the city and one year in the current residence/no stability necessary if owning a home.

3) For the Self-employed (With Income Proof)

  • Income: Rs.3 lakh or more per year, according to the most recent ITR Age: 23 to 65 years
  • Stability: A minimum of three years of corporate stability
  • Stability of residence - 2 years in the city and one year in the current residence/no stability necessary if owning a home

Required Documents to Apply for the Car Loan

Following are the required documents to apply for the car loan-

1) For the Salaried

  • Salary slips for the last two months
  • Form 16 for the most recent year.
  • six months' Salary credit account bank statements
  • Proof of residency is required.
  • A bank signature verification or a valid driving license/passport copy/Pan card copy, as well as bank statements for the previous six months.
  • Evidence of two years of employment
  • Your picture.
  • Identity verification.
  • The telephone number for your office/residence, as well as a copy of your postpaid or residential landline bill

2) For the Self-employed

  • A CA attested the balance sheet and profit and loss account for the previous two years.
  • Copies of income tax returns and income tax computations over the last two years.
  • six months Bank statements for the primary operating account
  • Signature verification from a bank/driving license/passport copy/pan card copy and six months of bank statements
  • Identity verification.
  • Proof of residency is required.
  • Telephone number of your office/residence, as well as a copy of your most recent postpaid/landline bill.

3) For Companies

  • CA validated the company's IT returns, balance sheet, and profit and loss account for the last two years.
  • Bank statements for the previous six months
  • Individual IT returns if the car is to be registered in the individual's MOA/AOA of the corporation.
  • Resolution of the Board (In case the company is part of the agreement).
  • Signature verification and proof of residency (Any one of the above as indicated)
  • Copies of telephone bills.

4) For a Partnership Firm

  • For the previous two years, an ITR, income computation, balance sheet, and profit and loss account were attested by a CA.
  • Bank statements for the previous six months
  • Copies of partnership agreements
  • All partners must sign a letter of authority/consent to execute the agreement.
  • Signature verification and proof of residency (Any one of the above as indicated).
  • Identity verification.
  • Copies of telephone bills

How to Apply for a Car Loan from IndusInd Bank?

The following is a step-by-step approach for applying for an IndusInd Bank Car Loan-

Step 1: Visit IndusInd Bank's official website.

Step 2: Select 'Loan' from the 'Personal' area, then 'Car Loan.'

Step 3: On the following page, click 'Apply Now.'

Step 4: Next, enter your name, mobile number, email ID, the product you're interested in, state, city, and whether you're an existing IndusInd Bank customer (Credit Card number or Customer ID must be entered if you're an existing customer), and captcha.

Step 5: After entering all of the above information, click 'Apply.'

Step 6: An IndusInd Bank representative will contact you with additional information.

Other Charges Associated with the Car Loan

Processing Fee - 5%

Documentation Fee - 5%

Cancellation Charges - Rs.1,500

Overdue IndusInd Bank car loan interest - 36% p.a.

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