IndusInd Bank Car Loan
Last Updated : May 20, 2017, 3:33 p.m.
About IndusInd Bank Car Loan
What do you think when you set deeper in your dream to buy a car of your choice? Is it the maximum loan amount, interest rate, the maximum tenure of loan, EMI or the charges like processing & foreclosure fee. Well, all these considerations are important to let you enjoy a hassle-free or to say bumpy-free car loan journey to put things into perspective.
IndusInd Bank is one of the leading private sector banks that offers hassle-free loan to all the eligible citizens of India to buy a car. Let’s start discussing the interest rates, charges, eligibility, documentation and other stuffs related to IndusInd Bank car loan.
IndusInd Car Loan Interest Rate
-10.90% p.a. (Fixed) for new cars
-14%-21% p.a. (Fixed) for old cars
| Maximum Loan Amount | 85% of the ex-showroom price in case of new cars 75% of the valuation amount ascertained by the valuer with respect to old cars |
|---|---|
| Repayment Period | 1-4 years for new cars (Tenure can get increased subject to bank discretion) 1-3 years for used cars |
| Processing Fee | 1% of the loan amount |
| Foreclosure Charges | Upto 5% of principal outstanding as on the date of foreclosure |
IndusInd Bank Car Loan EMI Calculator
Suppose IndusInd Bank has granted you a car loan of Rs. 5 lakhs and you are unsure of the EMIs that you have to pay until the loan term. In that case, IndusInd Bank Car Loan EMI Calculator will come to your rescue by enabling you to calculate the monthly installments on the loan. Below is the table to find the EMI along with interest and overall payment towards the said loan amount.
EMI. Interest and Total Amount Payable on a Rs. 5 Lakh Car Loan
| Loan Amount ( In Rs.) | Tenure (In years) | Interest Rate (p.a) | EMI ( In Rs.) | Total Interest ( In Rs.) | Total Amount (Principal +Interest) ( In Rs.) |
|---|---|---|---|---|---|
| 5,00,000 | 3 | 11%-15% | 16,369-17,333 | 89,297-1,23,976 | 5,89,297-6,23,976 |
| 5,00,000 | 4 | 11%-15% | 12,923-13,915 | 1,20,293-1,67,938 | 6,20,293-6,67,938 |
| 5,00,000 | 5 | 11%-15% | 10,871-11,895 | 1,52,273-2,13,698 | 6,52,273-7,13,698 |
| 5,00,000 | 6 | 11%-15% | 9,517-10,573 | 1,85,227-2,61,220 | 6,85,227-7,61,220 |
| 5,00,000 | 7 | 11%-15% | 8,561-9,648 | 2,19,142-3,10,464 | 7,19,142-8,10,464 |
IndusInd Bank Car Loan Eligibility Criteria
| Parameters | Salaried Professionals | Self-employed |
|---|---|---|
| Age | 23-60 years | 27-65 years |
| Minimum Income | Minimum net salary of Rs 1.5 lacs per annum, net monthly take home salary should be at least 2 times of the total monthly installment | Minimum gross business Income of Rs 1.5 lacs per annum |
| Employment/Business Continuity | Minimum 2 years of work experience | Been in the business for at least 3 years |
| Address | Been at the current residence for up to 1-3 years | Been at the current residence for up to 1-3 years |
| Post Paid or Landline Connection | Needed | Needed |
IndusInd Bank Car Loan Documentation
| Proofs | Salaried Professionals | Self-employed |
|---|---|---|
| Age Proof | Passport Copy/ PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent , legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport Copy/ PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent , legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Salary slips for the last 2 months, latest Form 16, bank statement of last 6 months showing credit of salary in the account, | CA-certified balance sheet for the last 2 financial years, ITR for the last 2 years, 6 months bank statement of the main account |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Signature Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |
| Telephone Number/Postapid Proof | Telephone number of your office/residence along with the latest bill copy of office/residence and postpaid or residence landline | Telephone number of your office/residence along with the latest bill copy of office/residence and postpaid or residence landline |
