Features & Benefits

• Quick & Easy processing: Very simple  & Hassle-free documentation.
• Transparency: No hidden charges.
• Flexible repayment option: 12 to 60 month scheme with structuring based on customer need.
• Fast track Loan:  processing within 48 hours.
• Attractive interest rates.
• Special scheme & rates for IndusInd bank account holder

List of recovery/Collection agents

Eligibility

Salaried Individual (SI):

• You should be employed for a minimum of 2 years
• Your minimum net salary should be Rs 1.5 lakhs per annum
• Your net monthly take-home salary should be at least 2 times of the total monthly installment including proposed and rent paid
• Your loan to income ratio to be max 2 times.
• You should be within 23 - 60 years of age(or retirement age which ever is lesser- at the end of loan period)
• You should be residing at the current address for a minimum of one year and in the city for 3 years
• You should have a landline or postpaid connection.

Professional / Partner / Proprietor/Director:

• You should be in business for a minimum of 3 years.
• Your minimum gross income should be Rs.1.5 lakhs per annum
• Your loan to income ratio to be max 2 times.
• Your Income to Annual emi of proposed loan to be minimum 2 times
• You should be self employed within 27- 65 years of age.
• Your current place of residence should be occupied for a minimum of one year and in the city for 3 years
• You should have a landline or postpaid connection

Co-borrower:

• You should provide a co-brrower who resides in the same city
• Co-borrower to give ID proof, Signature verification, Residence proof
• If necessary, Co-borrower may need to give income documents also

Documentation

Salaried individual:

• The salary slips from the latest 2 months.
• Form 16 for latest year
• 6 months Bank statements of your salary credit account
• Proof of residence.
• A signature verification from a bank or a valid driving license/Passport copy/Pan card copy and bank statements for the last six months.
• Proof of two years of employment.
• Your photograph.
• Identity proof
• Telephone number of your office/residence and postpaid or residence landline bill copy

Self-employed / Proprietor:

• The balance sheet and profit and loss account attested by a CA for the last 2 years
• Copies of Income Tax return and computation of income tax for the last 2 years.
• 6 months Bank statements of the main operative account
• Signature verification from a bank/driving license/passport copy/pan card copy and bank statements for  the last six months.
• Identity proof
• Proof of residence.
• Telephone number of your office/residence along with postpaid/landline bill copy latest.

Partner in a Firm:

• ITR, computation of income, Balance sheet and profit and loss account attested by a CA for the last 2 years.
• Bank statements for last 6 months
• Partnership deed copy.
• Letter of authority/consent letter from all partners to execute the agreement.
• Proof of residence, signature verification(Any one of above as indicated)
• Identity proof
• Telephone bill copy

Director in a company:

• IT returns, Balance sheet and profit and loss account attested by CA for the last 2 years for the company
• Bank statements for last 6 months
• Individual IT returns in case car is to be in individual name
• MOA/AOA of the company
• Board Resolution (In case the company is part of the agreement)
• Proof of residence, signature verification(Any one of above as indicated)
• Telephone bill copy.
Other Terms

• Two references to be provided for both borrower and co-borrower.
• Minimum Loan amount: Rs 1 lakh for new cars and Rs 50k for used cars.
• Minimum Tenor: 1 year, Max tenor: 5 years** for new cars and 3 years for used cars.
• Loan to Value(%) Up to 85% for new cars and up to 75% for Used Cars( Varies according to models).
• No of present owners in Used Cars: Maximum 3.
• Age of Used Car at the end of loan period: Maximum 8 years(Varies according to models).

Fees and Charges:   Please refer fees schedule .

** Conditions apply

Forms

Loan Application Form

Agreement

Most Important Document

FAQs

What are the loan tenure options?
The tenure of the loan could range from 1 to 4 years (however the tenor can be increased based on the customer’s relation ship at the discretion of the Bank) for new car and 1 to 3 years for Used Cars


What is the quantum of finance one can avail?
We fund upto 85% of the Ex-showroom price of the vehicle which varies depending on the model


What are the lending rates?
The lending rates vary on the basis of discounts, which are offered by manufacturers and dealers. IBL has a tie-up with most of the manufacturers and authorised dealers and our sales team will help you negotiate the best deal on your car loan.


How is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.


How do I approach IndusInd Bank for a Car Loan? 
You can approach us in any of the following ways


• Call us at our 24 hour Customer Care Centre
• You can just walk into any of our branches.
• Contact any of our Vehicle Finance Division offices or Personal Products Division Offices.

Who can be the co-applicants for the loan?
Any individual who has the ability to repay the loan as per the bank standards residing in the same city can be taken as co applicant. This requirement varies from case to case and our sales team would help you out.


What security/collateral do I have to provide?
No additional security/collateral has to be provided apart from the car against which the loan is granted, which should be hypothecated to IndusInd Bank.


How do I repay the loan?
The loan can be repaid through post dated cheques drawn on IndusInd Bank Ltd.

Do I need to open an account with IndusInd Bank for availing and/ or servicing the loan?
We will encourage you to start a banking relationship with us so that we will be able to offer a host of other value added services, which are complementary to the loan. However, opening an account with us is not mandatory.


If I am not able to furnish my income documents is there a special scheme for persons like me?
Yes, IndusInd Bank has tailor made schemes for persons like you. We offer funding without the income proof also.


Can I avail of a loan on my existing car?
Yes, The car should be hypothecated to IndusInd Bank after the loan sanction process before disbursement. We fund used car upto 5 years from the date of manufacture.