IndusInd Bank Car Loan EMI Calculator

The IndusInd Bank Car Loan EMI Calculator is an easy-to-use and effective tool that helps you estimate your monthly car loan EMIs. By entering basic details like the loan amount, interest rate, and tenure, you can easily estimate your repayments and plan your budget effectively, ensuring a smooth car loan experience.

How to Use Wishfin IndusInd Bank Car Loan EMI Calculator?

To use the Wishfin IndusInd Bank Car Loan EMI Calculator, just go to the Wishfin website and fill in the loan amount, interest rate, and loan tenure. The calculator will instantly provide an estimate of your monthly EMI, helping you plan your car loan repayments effectively. It’s a quick and easy tool to get a clear understanding of your loan obligations.

Example of IndusInd Bank Car Loan EMI Calculator

Let’s say you want to buy a car and need a loan of ₹4,00,000 from IndusInd Bank. You choose a loan tenure of 5 years, and the interest rate starts from 8.0% p.a.

By entering these details into the IndusInd Bank Car Loan EMI Calculator, you can instantly see how much your monthly EMI will be, making it easier to plan your repayments.

Formula for Calculating IndusInd Bank Car Loan EMI

Below is the formula used to compute the EMI for an IndusInd Bank Car Loan.

EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1] ​

Where:

• P = Loan amount (Principal)
• r represents the monthly interest rate, which is calculated by dividing the annual interest rate by 12.
• n = Loan tenure (in months)

Let’s say:

• Loan amount (P) = ₹4,00,000
• Annual Interest Rate = 8.0% (Monthly rate = 8.0% / 12 = 0.00667)
• Tenure (n) = 5 years (or 60 months)

Now, applying the formula, that will give you the EMI amount that you need to pay each month which will be  approximately ₹8,110.56 per month.

The Minimum EMI Available on an IndusInd Bank Car Loan

Eligibility Criteria for New IndusInd Bank Car Loan

We bring your dream car closer with minimal eligibility criteria for a new car loan, making it easier for you to hit the road in style!

Salaried Individuals

• Income: Minimum ₹2.5 Lakhs per annum
• Age: Between 23 and 60 years
• Employment Stability: At least 3 years of total employment stability, with a minimum of 1 year in your current job
• Residence Stability: 2 years in the city and 1 year at the current residence; no stability requirement if you own your house

Self-Employed Eligibility

• Income: Minimum ₹3 Lakhs per annum (as per latest ITR)
• Age: Between 23 and 65 years
• Business Stability: At least 3 years in business
• Residence Stability: 2 years in the city and 1 year at the current residence; no stability required if owning a house

Self-Employed Eligibility (No Income Proof)

• Business Stability: Minimum 3 years in business
• Age: Between 23 and 65 years
• Residence Stability: Own residence with no additional stability requirement

Self-Employed (Commercial Use) – Eligibility Criteria

• Driving License: Minimum 3 years of a valid driving license with a badge
• Age: Between 25 and 60 years
• Guarantor: Mandatory guarantor with at least 12 months of commercial experience, valid repayment track, RC copy, and license with a badge
• Residence Stability: 2 years in the city and 1 year at the current residence; no stability required if owning a house
• Property Requirement: Own house or own house guarantor

Document Details For IndusInd Bank New Car Loan

Income Proof For Salaried Individuals

• Latest Form 16 or Income Tax Returns
• Last 3 months' salary slips
• Bank statements for the last 3 months

Self-Employed Individuals

• Income Proof: Latest 2 years' Income Tax Returns with IT computations
• Bank Statements: Last 3 months
• Business Proof: Business Incorporation Certificate or relevant business documentation

Self-Employed - No income proof

• No Income Proof (General): 6 months' bank statements, Business incorporation certificate or proof of business continuity for the last 3 years, Proof of owning a house

• No Income Proof (Agricultural): Form J or 'Patta' copy for a minimum of 3 acres, 6 months' bank statements

• Proof of ownership of a house
• Self-Employed (Commercial Use)

• Proof of Identity: Driving license with badge
• Proof of ownership of a house

Fee/Charges on IndusInd Bank Car Loan

IndusInd Bank Car Loan Features and Benefits

At IndusInd Bank, they don't just offer exceptional car loans, they also assist you in researching and finding the perfect car.

• Attractive Interest Rates - Enjoy competitive and affordable interest rates that fit comfortably within your budget.
  
• Flexible Repayment Options – Select from a variety of convenient repayment tenures, extending up to 60 months.

• Simple Loan Processing and Documentation - Experience quick and hassle-free documentation with the added convenience of doorstep assistance.
  
• Comprehensive Loan Offering - Get up to 100%* financing on new car loans with smooth, pocket-friendly EMI options.

Conclusion

The IndusInd Bank Car Loan EMI Calculator is a valuable tool that simplifies the process of estimating your monthly EMI for a car loan. Simply input the loan amount, interest rate, and tenure to instantly estimate your monthly EMI. This allows you to plan your finances better, ensuring you choose a loan that fits your budget. With easy access and accurate results, the calculator helps you make informed decisions and move closer to owning your dream car with confidence.