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Features

Car loan features

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 Search and ComparisonStart your search now

To assist in your search for the next car and help you make informed decision, IndusInd Bank provides an innovative platform to fulfill all your requirements. With

  • Car Research: Search and compare various cars and utilize customer reviews to finalize your next purchase
  • New Launches: Keep updated on the latest and upcoming car launches in the country
  • News and Offers: Keep abreast of the latest happenings in the automobile world, and specialized offers from our partners
  • Used Cars Buy and Sell: Search from listing of thousands of used cars and buy the one that suits your needs
  • Apply for Car Loans: Apply online for the car loan to help take home your dream car

Car Loans - Personal Use

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.

Verification Valid proof
Borrower Identity 1 Passport size photo
Proof of Identity Self-attested photocopy of any one of the following:
Driving License
Passport
Voters ID
Aadhaar Card
PAN Card
Proof of Residence Self-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 proof Self-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.

Verification Valid proof
Borrower Identity 1 Passport size photo
Proof of Identity Self-attested photocopy of any one of the following:
Driving License
Passport
Voters ID
Aadhaar Card
PAN Card

 

Proof of Residence Self-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 proof Self-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 Proof Latest 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.

Verification

Valid proof
Borrower Identity 1 Passport size photo
Proof of Identity Self-attested photocopy of any one of the following:
Driving License
Passport
Voters ID
Aadhaar Card
PAN Card
Proof of Residence Self-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 proof Self-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 Loans - Commercial Use

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.

Verification Valid proof
Borrower Identity 1 Passport size photo
Proof of Identity Self-attested photocopy of any one of the following:
Driving License
Passport
Voters ID
Aadhaar Card
PAN Card
Proof of Residence Self-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 proof Driving license with badge
Guarantor experience proof Ownership of taxi vehicle – RC copy
Driving license with badge

Other Vehicles

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
Model Min Max Mean
SMALL COMMERCIAL VEHICLES 12.00 28.00 22.00
PASSENGER CARS 10.65 15.50 13.30
CONSTRUCTION EQUIPMENT 10.60 15.00 12.00
LIGHT COMMERCIAL VEHICLES 10.65 16.00 13.45
MEDIUM AND HEAVY COMMERCIAL VEHICLES 10.60 15.00 12.00
MULTI UTILITY VEHICLES(JEEP) 10.60 16.00 13.00
TRACTOR 13.70 23.50 16.65
TWO WHEELERS 12.00 29.00 23.60
USED/PREOWNED VEHICLES 14.00 21.00 16.75
* 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

FAQs

Car loan 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 relationship 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 up to 85% of the ex-showroom price of the vehicle which varies depending on the model. Loan quantum is also dependent on the profile and income of the customer.

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 authorized 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. or SI from IndusInd Bank with security PDCs OR ECS from any other banker. Our sales team would help you out on this.

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. Used car loans offered by IndusInd Bank are flexible in nature, with funding of used cars up to the maturity age of 8 or 10 years depending on the customer profile.

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