IndusInd Bank Car Loan

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 Amount85% 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 Period1-4 years for new cars (Tenure can get increased subject to bank discretion)

1-3 years for used cars
Processing Fee1% of the loan amount
Foreclosure ChargesUpto 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.)
5,00,000 311%-15%16,369-17,33389,297-1,23,9765,89,297-6,23,976
5,00,000 411%-15%12,923-13,9151,20,293-1,67,9386,20,293-6,67,938
5,00,000 511%-15%10,871-11,8951,52,273-2,13,6986,52,273-7,13,698
5,00,000 611%-15%9,517-10,5731,85,227-2,61,2206,85,227-7,61,220
5,00,000 711%-15%8,561-9,6482,19,142-3,10,4647,19,142-8,10,464

IndusInd Bank Car Loan Eligibility Criteria

ParametersSalaried ProfessionalsSelf-employed
Age23-60 years27-65 years
Minimum IncomeMinimum 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 ContinuityMinimum 2 years of work experienceBeen in the business for at least 3 years
AddressBeen at the current residence for up to 1-3 yearsBeen at the current residence for up to 1-3 years
Post Paid or Landline ConnectionNeededNeeded

IndusInd Bank Car Loan Documentation

ProofsSalaried ProfessionalsSelf-employed
Age ProofPassport 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 CertificatePassport 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 ProofPAN Card/ Voter ID/Passport/Driving License, photographPAN Card/ Voter ID/Passport/Driving License, photograph
Income ProofSalary 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 ProofLatest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter IDLatest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
Signature Verification ProofDriving License/Passport copy/PAN CardDriving License/Passport copy/PAN Card
Telephone Number/Postapid ProofTelephone number of your office/residence along with the latest bill copy of office/residence and postpaid or residence landlineTelephone number of your office/residence along with the latest bill copy of office/residence and postpaid or residence landline

 

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EMI Calculator