About IndusInd Bank

IndusInd Bank Limited is a Mumbai based Indian new generation bank founded in 1994. The bank offers commercial, transactional and electronic banking products and services. It was incorporated in April 1994 by Dr. Manmohan Singh, former Union Finance Minister. The Bank is the first among the new-generation private banks in India. Furthermore, It has 441 branches, and 796 ATMs spread across 303 geographic locations of the country.

Why IndusInd Bank Car Loan?

There are many people who wish to buy a vehicle but do not have sufficient funds for it. Are you one of them? If Yes! Then you have an option of car loan that can help you to acquire finance for your vehicle. The IndusInd  Bank Car Loan is a financing option that offers you the money required for buying the vehicle. The loan helps you to convert the dream of owning a vehicle into reality.

Eligibility of IndusInd Bank Car Loan

To begin with, the eligibility for this service is slightly different for salaried and self-employed applicants:

The first factor, Age 

  1. Salaried: The applicant should be between 21 years and 60 years (at the time of loan maturity).
  2. Self Employed: The applicant should be between 25 years to 65 years (at the time of loan maturity).

Secondly, Citizenship

  1. The applicants both Salaried and Self Employed should have an Indian Citizenship

Thirdly, Income Requirements

  1. Salaried: The salary should be more than 18000 Rupees
  2. Self Employed: The turnover of the business should be a minimum of 20 Lakhs

Furthermore, Employment Tenure 

  1. Salaried: The applicant should be an employee in the same company for about a year. And, should have a total experience of 2 years.
  2. Self Employed: The business of the applicant should be continuously running for about 3 years.

Lastly, CIBIL Score

  1. Both salaried and self-employed applicants should have a CIBIL Score above 700. 

Features IndusInd Bank Car Loan from Dialabank

  1. First and Foremost, We offer extremely fast service to the customers. 
  2. Also, Loans are approved within 24 hours after the documentation process
  3. Furthermore, The minimum loan amount is Rs 1 lakh, and maximum Loan amount depends upon the price of the car, varies with the car model, profile of the customer etc
  4. Also, The maximum loan amount is up to 90-95%% of the ex-showroom price of the car
  5. Besides, LTV (Loan to value) of up to 90% of the ex-showroom price of the car
  6. Moreover, Repayment period ranges from 1 to 7 years
  7. Finally, Prepayment is allowed after 6 months from the disbursement of the loan

Documents Required for IndusInd Bank Car Loan

The following documents are mandatory for the approval of the loan, thus the applicant should have particularly from the following:

Applicant Identity Verification Documents can be any amongst the below  documents, for Both Salaried and Self Employed

  1. Passport: Valid Copy of passport both front and last page
  2. Voters ID card: Copy of Valid Voter Identity Card
  3. Aadhar card: Copy of Aadhar Card with current information

Applicant Address Verification Proof can be any amongst the below documents, for both Salaried and Self Employed

  1. Passport: Valid Copy of passport both front and last page
  2. Voters ID card: Copy of Valid Voter Identity Card.
  3. Aadhar card: Copy of Aadhar Card with current information
  4. Utility Bills on the name of the applicant.
  5. Sales Tax Certificate
  6. Rental Agreement is Mandatory

Proof of Income of the Salaried Class Applicant

  1. Firstly, Form 16 
  2. Also, Recent Salary slips for last 3 months.
  3. And, bank statement of last 6 months.

Proof of Income of the Self Employed Applicant

  1. Firstly, Audited financials for the last three years.
  2. Besides above, two passport size photographs of the applicant.

IndusInd Bank Car Loan Interest Rates

The new car loan used car loan, and loans against car are the different schemes of this loan. Thus, the interest rate of these loans are discussed below:

For New Cars

  1. Firstly, the loans on the cars of the cost up to Rs 3 Lacs are given at an average rate of 10.65% p.a.
  2. Secondly, the loans on the cars of the rate between Rs 3 Lacs and Rs 6 Lacs are given at an average rate of 10.25% p.a.
  3. Furthermore, the loans for the cars of the cost in between Rs 6 Lacs and Rs 10 Lacs are given on the average rate of 9.5% p.a.
  4. Moreover, the loans for the cars of the cost in between Rs 10 Lacs and Rs 20 Lacs are given on the average rate of 9.35% p.a.

For Used Cars and Loans against Cars:

  1. The loans for the used cars and loans against cars have equal range of 13% to 16% p.a.
  2. The loans are dependent on the condition of the car.

Features of Car Loan

Complete Funding: First and Foremost, A lot of banks provide the option of 95-100% of funding on the total value ex-showroom price of the Car.

Flexible tenure: Next, the applicant can choose the tenure of the loan from 2 years to 7 years.

Type of Car Loan: In addition, the car loan is of three types that is New Car Loan, Used Car Loan, and Loan against Car. Therefore, the applicant gets a wide range to choose from according to their need.

Option to choose Interest Rate: Furthermore, the loan seeker has a choice to choose between the fixed and floating rate of interest.

No collateral required:  Another feature, though Car Loan is a type of Secured service, still, the applicant does not have to keep any other asset as security in the bank.

Flexibility re-payment modes: Also, loan seeker has an option to pay the loan amount through post-dated cheques or can choose the auto debit facility in which the EMI is deducted automatically from the bank accounts.

Affordable Rate of Interest: Moreover, the interest rate of this service is quite low in contrast to other loans like Personal Loan.

Quick Process: Further another feature, the loan is approved within a day. Thus, making it a very quick process.

How to Apply?

Apply online on www.dialabank.com.

Leading Car Loan Providers (Click to Apply)

  1. HDFC Car Loan
  2. Kotak Mahindra Car Loan
  3. Yes Bank Car Loan
  4. ICICI Bank Car Loan
  5. Axis Bank Car Loan
  6. State Bank of India Car Loan
  7. Canara Bank Car Loan
  8. Others

Car Loan EMI Calculator

 
EMI Calculator
 

Call us on 600 11 600 (Single Number across 18 Cities) or 7707861526.

FAQ's 

Ques. Is there any pre-processing fee?
Ans No, there is no processing fee. Besides that some but it varies from bank to bank.

Ques. Do I need to submit any collateral?
Ans No collateral is needed.

Ques. Can we get a Car Loan for Commercial Vehicle?
Ans: No, Commercial Vehicles do not get a Car Loan.

Ques. Can we get a Used Car Loan for a Car with 2010 Model?
Ans: No, to avail a Used Car Loan, the model should not be older than 2013.

Ques. Can we get a Car Loan on Agriculture Land for Premium cars?
Ans: No, Loan for Premium Car is not approved only through Agriculture Land.
Ques. Can I foreclose the Car loan earlier?
Ans: No, Minimum tenure 2 years to foreclose the car loan.

Ques. What is the tenure duration for which I can get?
Ans: New car loan –  Tenure lies between minimum 2-year maximum 7 years as well as for Used car loan & Loan against the car – minimum 2year maximum 4 year.

Ques. How much time required for Car Loan approval process?
Ans: Within a day your loan gets approved and disbursed in 2 days.