Car Loan Interest Rates 11.5% IndusInd Bank

Car Loan  Updated date : December 29, 2017 26

Get attractive loans for your next car purchase from IndusInd Bank. Visit any of our nearest branch or apply online. Key features of our car loans are

  • Easy online application
  • Faster loan processing
  • Speedy disbursement of the loan amount
  • Loans available for broad range of vehicles and customer segments
  • Attractive interest rates

Car loan personal use eligibility criteria

Now your dream car can be within your reach with IndusInd Car Loans. Get the following documents to our branch or apply online to check your eligibility.

For Salaried Employees

Eligibility criteria:

  • Age Limit – Minimum 21 years at the time of application upto maximum 60 yrs
  • Income Limit – Minimum income must be Rs. 2,50,000/- per annum.
  • Work Experience – A minimum of 3 years of total experience, and must have completed 1 year of service with the current employer immediately prior to application.
  • Residence stability : 3 years in the city and 1 year in the current residence or should be residing the own house

Documentation Required

All customers are requested to provide originals for one-time verification.

VerificationValid proof
Borrower Identity1 Passport size photo
Proof of IdentitySelf-attested photocopy of any one of the following:
Driving License
Passport
Voters ID
Aadhaar Card
PAN Card
Proof of ResidenceSelf-attested photocopy of any one of the following
Driving License
Passport
Voters ID
Aadhaar Card.
Utility bills
Bank statement for 6 months immediately prior to date of application
Income proofSelf-attested photocopy of any one of the following
Latest 2 yrs IT returns with computation
Salary slips of 3 months immediately prior to the date of application

Eligibility criteria for Self-Employed – Income based

  • Age Limit – Minimum 21 years at the time of application upto maximum 65 yrs
  • Income Limit – A minimum net profit of Rs. 2,00,000/- per annum.
  • Business Experience – 3 years of minimum business stability mitigated with proof.
  • Residence stability : 3 years in the city and 1 year in the current residence or should be residing the own house
  • Should have a CIBIL score of above 600 and above. Should not be from a Negative or Caution profile.

Documentation Required

All customers are requested to provide originals for one-time verification.

VerificationValid proof
Borrower Identity1 Passport size photo
Proof of IdentitySelf-attested photocopy of any one of the following:
Driving License
Passport
Voters ID
Aadhaar Card
PAN Card 
Proof of ResidenceSelf-attested photocopy of any one of the following
Driving License
Passport
Voters ID
Aadhaar Card.
Utility bills 
Bank statement for 6 months immediately prior to date of application
Business proofSelf-attested photocopy of any one of the following
CST Certificate/ labour act
Proof of ownership of entity
Shop establishment act /ssi certificate
Rental deed/ utility deed in the name of the company
Income ProofLatest 2 yrs IT returns with computation

Eligibility criteria for Self-employed – Non income based

  • Age Limit – Minimum 21 years at the time of application upto maximum 65 yrs
  • Business Experience – 3years of minimum business stability mitigated with business ownership proof.
  • Residence stability : 3 years in the city and 1 year in the current residence or should be residing the own house
  • Should have a CIBIL score of above 600 and above. Should not be from a Negative or Caution profile.

Documentation Required

All customers are requested to provide originals for one-time verification.

VerificationValid proof
Borrower Identity1 Passport size photo
Proof of IdentitySelf-attested photocopy of any one of the following:
Driving License
Passport
Voters ID
Aadhaar Card
PAN Card
Proof of ResidenceSelf-attested photocopy of any one of the following
Driving License
Passport
Voters ID
Aadhaar Card.
Utility bills
Bank statement for 6 months immediately prior to date of application
Business proofSelf-attested photocopy of any one of the following
CST Certificate/ labour act
Proof of ownership of entity
Shop establishment act /ssi certificate
Rental deed/ utility deed in the name of the company

Car loan commercial use eligibility criteria

Buying your first taxi or planning to grow your fleet of taxis, IndusInd Car Loans for taxis is the best solution for you to build your taxi business. Walk into our branch or apply online for a car loan which is specially designed keeping your requirements into consideration.

Eligibility criteria for a single Taxi

  • Age Limit – Minimum 25 years at the time of application upto maximum 65 yrs
  • Business Experience –Valid driving license with badge for atleast 3 yrs
  • Residence stability : 3 years in the city and 1 year in the current residence
  • Own House ownership : Mandatory own residence in the name of applicant or co applicant
  • Guarantor : COMPULSORY GURANTOR WITH ATLEAST 12 MONTHS OF COMMERCIAL EXPERIENCE validated with a Repayment track/RC copy/ License badge
  • Should have a CIBIL score of above 600 and above. Should not be from a Negative or Caution profile.

Eligibility criteria for fleet size of more than 1

  • Age Limit – Minimum 25 years at the time of application. You can serve the entire loan tenure up to a maximum of 65 years of age.
  • Fleet ownership : Atleast 1 vehicles to be owned
  • Business Experience –Ownership of 1 vehicles and above validated with RC copy
  • Residence stability : 3 years in the city and 1 year in the current residence
  • Own house  ownership : Optional  residence in the name of applicant or co applicant
  • Guarantor :Not mandatory
  • Repayment track : At least one repayment track to be documented with 12 months seasoning
  • EXPERIENCE validated with a Repayment track/RC copy/ License badge
  • Should have a CIBIL score of above 600 and above. Should not be from a Negative or Caution profile.

Documentation Required

All customers are requested to provide originals for one-time verification.

VerificationValid proof
Borrower Identity1 Passport size photo
Proof of IdentitySelf-attested photocopy of any one of the following:
Driving License
Passport
Voters ID
Aadhaar Card
PAN Card
Proof of ResidenceSelf-attested photocopy of any one of the following
Driving License
Passport
Voters ID
Aadhaar Card.
Utility bills
Bank statement for 6 months immediately prior to date of application
Driver experience proofDriving license with badge
Guarantor experience proofOwnership of taxi vehicle – RC copy
Driving license with badge

Other vehicle loan interest rates

For any requirements for finance to purchase plant & Machinery for your business unit or buying a vehicle for commercial application or personal use, let INDUSIND be your one stop shop. We finance the entire gamut of vehicles brands and also extend loans for purchase of machinery for your MSME units.

Avail of finance at attractive terms with add-ons of

  • Quick and easy processing with simple hassle free documentation
  • Transparency with no hidden costs
  • Flexible repayment options: 12 to 60 months schemes tailor made to suit customer requirements
  • Fast track loan processing

Vehicle Loan Interest Rates

LOANS TO INDIVIDUAL BORROWERS 
 INTEREST RATE RANGE
ModelMinMaxMean
SMALL COMMERCIAL VEHICLES12.0028.0022.00
PASSENGER CARS10.6515.5013.30
CONSTRUCTION EQUIPMENT10.6015.0012.00
LIGHT COMMERCIAL VEHICLES10.6516.0013.45
MEDIUM AND HEAVY COMMERCIAL VEHICLES10.6015.0012.00
MULTI UTILITY VEHICLES(JEEP)10.6016.0013.00
TRACTOR13.7023.5016.65
TWO WHEELERS12.0029.0023.60
USED/PREOWNED VEHICLES14.0021.0016.75
* Please refer our schedule of charges for details on the fees/charges applicableat the time of loan processing
* Indicative interest rates basis Jan-Mar16 data, actual interest rates would be basis the profile of the customer

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