Features & Benefits

• Easy Payment option
• Direct debit from Indusind Savings/ Current Account or Post dated cheques

Eligibility

Salaried Individual (SI):

• You should be employed for a minimum of 3 years and with the current employer for a minimum period of 1 year.
• Your minimum gross salary should be Rs.8,000/- per month
• Your net monthly take-home salary should be at least 3 times of the monthly installment.
• You should be within 60 years of age.
• You should be residing at the current address for a minimum of 2 years.

Self Employed Professional/ Non-Professional (SEP/SENP):

• You should be in business for a minimum of 3 years and in current business for a minimum period of 2 years.
• Your minimum profit should be Rs.1,00,000/- p.a.
• You should be within 60 years of age.
• Your current place of residence should be occupied for a minimum of 2 years.
  

Documentation

• Age proof
• Identity Proof.
• Proof of Residence.
• Salary slips for the last 3 months (SI) / copies of Income Tax Return and computation of Income for the last 2 years as filed (SEP/SENP) and Balance Sheet & Profit and Loss accounts duly audited.
• Form 16 for latest year
• Proof of two years of employment.
• Last 6 months’ bank statement of the salary credit account along with all/any other bank accounts held (SI) / of primary bank account (SEP/SENP).
• Proof of Business (SEP/SENP).
• Telephone bill of office & residence .
• Application Form duly filled / recent passport size photograph affixed

Any other relevant documentation that would be sought by the Bank depending upon your specific profile

COMMON NORMS (SI/SEP/SENP):


• All your existing loan and other fixed commitments would be considered in arriving at the eligibility.
• Your Bank Account track record and CIBIL data should be good.
• Your credentials would be verified with references given and independently by doing verification at your residence and place of work / business.
• Minimum Loan amount: Rs 20,000.
• Minimum Tenor: 11 months and maximum tenor 36 months.
• Loan to Value(%) Up to 85%  (on Ex Showroom / Basic Price; not on On-Road price),  LTV Varies according to models.
• Two references to be provided for both borrower and co-borrower.

Forms

Loan Application Form

Agreement

Most Important Document