If you are in the lookout for purchase of your first car or planning to buy that luxury dream car, owning a vehicle has become an ease ever since car loans were offered by banks at low interest rates. Many banks offer car loans these days to its consumers and IndusInd bank is also a major car loan provider.

IndusInd bank was founded in Mumbai, Maharashtra in 1994 and has been one of the first new-generation private banks in India. With an aim to be the ‘best-in-class’ in the financial services network, the bank aims to add value to its stakeholders as well as serve its customers with utmost priority.

IndusInd Bank is also known for being a pioneer in banking innovation in India. For example, the bank introduced ‘Video Branch’ service which connects existing IndusInd Bank customers to their Branch Manager or any bank executive via a safe and secure video service. The video service is available for all Android and Apple mobile phones. Not only that the bank lets you choose your own bank account number as per your preference. IndusInd Bank also has a highly innovative phone banking service. With ‘Direct Connect’, customers can speak directly with phone banking agent and bypass the Interactive Voice Response (IVR).

Overview Of IndusInd Bank Car Loan

IndusInd bank car loan service is highly favoured amongst the retail customers, thanks to their quick loan processing, highly efficient customer service team and flexible repayment methods. Part of the Hinduja group, IndusInd Bank has been rated as the Business India Best Bank in 2015. Their operational excellence, cutting-edge use of technology and unique service offerings makes them one of the most valuable banks in India.

Why to Pick IndusInd Bank Car Loan?

Availing a car loan from IndusInd bank has many benefits:

No Hidden Costs – IndusInd bank is fairly transparent in their documentation process and all costs are mentioned upfront.

IndusInd bank is fairly transparent in their documentation process and all costs are mentioned upfront. Repayment Flexibility – IndusInd bank tailors its repayment schemes in a way that matches the customer’s needs. You can choose to spread your loan period between 1 to 5 years.

IndusInd bank tailors its repayment schemes in a way that matches the customer’s needs. You can choose to spread your loan period between 1 to 5 years. Vehicle Variety – IndusInd bank offers finance options for a variety of cars ranging from hatchbacks to sedans so that the customer has a lot of options to choose from.

IndusInd bank offers finance options for a variety of cars ranging from hatchbacks to sedans so that the customer has a lot of options to choose from. Customer–Friendly pre and post sales process – IndusInd bank offers a superior customer service across all channels of communication and their commitment to address all customer needs is highly admirable.

Features of IndusInd Bank Car Loan

IndusInd bank car loan has some attractive features that makes it a great car loan provider:

Hassle-free documentation – IndusInd bank has a quick and hassle-free documentation process and their customer service representatives help you with the process at all times.

IndusInd bank has a quick and hassle-free documentation process and their customer service representatives help you with the process at all times. Transparent Loan Structure – IndusInd bank has a highly transparent loan process and there are no hidden terms and conditions or any hidden fees.

IndusInd bank has a highly transparent loan process and there are no hidden terms and conditions or any hidden fees. Loan is processed on a fast track status – Car loans under the fast track process get reviewed within 2 days and you are made aware of the approval status instantly.

Car loans under the fast track process get reviewed within 2 days and you are made aware of the approval status instantly. Attractive Rates for Existing customers – IndusInd bank provides special interest rates to existing customers as well as attractive schemes for salary account holders.

Benefits of Applying IndusInd Bank Car Loan on Letzbank

Letzbank aims to provide assistance to car loan seekers by making the loan application process as simple as possible. You can access bank loan offerings from all top banks under one roof at Letzbank . The hassle of researching on car loans by different banks on each website is no longer required. Simply log onto Letzbank and enter your requirements to get access to all bank loans that fit your budget and individual requirements. Besides that, we also collect Car Loan Quotes from banks in just a few clicks. Just fill up our online form, free of charge and let us guide you through the entire application process.

IndusInd Bank Car Loan Eligibility and Required Documents

Each bank mostly determines the eligibility for car loans separately and IndusInd Bank has the following criteria set:

Eligibility

Minimum age should be 23 years for salaried and 27 years for self-employed.

Maximum age limit at loan maturity should be 60 years for salaried and 65 years for self-employed.

Minimum net yearly income should be Rs. 1.5 lakhs for salaried and self-employed.

Salaried individuals must be able to provide an income proof that shows monthly salary credit.

Credit score should be good with no prior defaults.

Self-employed individuals should be in the profession for the past three years.

Documents Required

Income Proof- last three months’ salary slip for salaried and last 3 years’ IT Returns for self-employed.

last three months’ salary slip for salaried and last 3 years’ IT Returns for self-employed. Latest Form 16 or ITR for salaried and last 3 years’ audited balance sheet and profit & loss account for self-employed.

Bank statement for the last six months for both salaried and self-employed.

Proof of residence.

Proof of age and photo identification.

IndusInd Bank Car Loan Interest Rates

IndusInd bank car loan interest rates are based on monthly reducing balance at 11% - 15% per annum, with a base rate of 10.60%.

IndusInd Bank Car Loan EMI Calculator

To be able to calculate your monthly EMI, you have the quick availability to use Letzbank EMI calculator that determines your monthly EMI amount within seconds. Click here to access Letzbank EMI calculator. All you need to do is enter the time duration of your car loan, the total loan amount and the rate of interest charged by the bank per annum. Once you enter these details, our EMI calculator will evaluate and let you know the monthly EMI amount in seconds.