Indusind Bank Car Loan
|Every Indian middle class Indian family dreams and aspires to have a car. The Indusind Bank Car Loan helps an individual to convert his or her dream of having a car into reality. The loan is offered at competitive rate of interest with a very simple and hassle free documentation process. There are no hidden costs attached to this loan and moreover the loan is processed within 48 hours of applying. All the Indusind Bank customers can get the loan at low rates and enjoy special schemes. The loan can be taken for a maximum tenure of four years with out submitting any type of collateral security for the loan.
How to Apply for Indusind Bank Car Loan
Before applying for the Indusind Bank Car Loan one should qualify all the eligibility requirements for the loan that is mentioned in the below mentioned table
|Salaried Individual||Self Employed|
|minimum work experience of two years with a net salary of Rs 1,50,000 per annum.||One should be in the business for a minimum of three years.|
|Age of the loan borrower must be with 23 to 60 years, whichever is less at the end of the loan period.||Gross income should be Rs 1.5 lakhs per annum.|
|One should reside at the current address for a minimum of one year in case of rural area and a maximum of three years in case of urban area.||The loan to income ratio must be two times.|
Once the car loan borrower qualifies all the eligibility criteria he or she can at anytime download the Indusind Bank Car Loan application form from here, fill it up with all the important information and submit it to the nearest bank branch. One can also apply online for the car loan by visiting the bank’s website and check the application status or review their application.
Indusind Bank Car Loan Documents Required
|The following documents are required to be submitted for getting the Indusind Bank Car Loan.
- Salary slips for the last two months in case of salaried individuals and a copy of balance sheet attested by a chartered accountant for the last two years.
- Last six months bank statements.
- Form 16 for salaried individuals and copies of Income Tax return.
- Driving License, copy of passport and PAN card.
Indusind Bank Car Loan Interest Rates
The Indusind Bank Car Loan interest rate is 15% for new vehicles and 18% for used vehicles. The rate of interest on the car loan is calculated on a monthly reducing balance method. Apart from this, there are some other charges that are applied by the bank on its car loan. They are given as follows:
|Type of Charges||Amount of Charges|
|Loan Processing Charges||up to 1% of the loan amount|
|Documentation Charges||Rs.1500 per vehicle|
|Loan Handling Charges||5% of the loan amount|
|Loan Cancellation Charges||Rs 1500 per case|
|Overdue Interest||up to 36% per annum compounded monthly|
|Loan Preclosure charges||5% of the outstanding amount of the loan|
Indusind Bank Car Loan EMI Calculator
The Indusind Bank Car Loan EMI Calculator enables the car loan borrower to quickly calculate the amount installment that he or she has to make towards the car loan. This calculator is present in the website of the bank and is easy to use as one is required to enter some important information such as amount of car loan taken, tenure and the interest rate of the loan.
Indusind Bank Car Loan Customer Care
For any sort of queries related to Indusind Bank Car Loan one can dial the below mentioned phone numbers.
For BSNL & MTNL subscribers the tollfree number is: 1800 22 0061
Other subscribers: 1800 209 0061 or 022 44066666
In addition to this, one can also send an email to email@example.com.