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Know About the IndusInd Bank Car Loan
The interest rates offered by IndusInd Bank are of the lowest and most favorable in the industry, thus making them favorable and attractive for the consumers. Some of the main features of a car loan from IndusInd Bank are:
Interest rate: 9.65% onwards
Minimum and transparent documentation
Repayment tenure limit can be from 1 year to 4 years for new cars and up to 3 years for used cars
No guarantor or collateral required
Car loans from IndusInd Bank are popular because of the post sales service and customer-friendly policies. Owing to low-interest rates and hassle-free application process, owning a dream car has become a reality for the common man. The processing of the loan can be done in a simple manner by visiting a nearby branch or through the customer service desk. The bank charges minimal closure charges making it more attractive. The bank has about 573 branches all over the country, thus, making it easily accessible for a loan. The bank’s website gives all the adequate Information about payments and accounts and a customer can avail of many convenient services alone without paying any extra amount.
Car loan from IndusInd Bank can be availed for a car for commercial or personal use. The bank does not impose any such restrictions. A loan can be availed if the car is a passenger car, small commercial vehicle, light commercial vehicle, multi-utility vehicle, medium and heavy commercial vehicles and tractors. The bank also extends the loan for pre-owned cars. The rate of interest that the bank will charge on the loan depends on the type and make of car and loan tenure.
Benefits of Car Loan from IndusInd Bank
There are many benefits of taking a loan from IndusInd Bank. Some of the main features are:
The bank requires basic documents, such as payslips and address proof. Further, the bank designates an agent to help you with the door-step loan application process.
The applicant is informed of all the fees, rates and charges at the time of application and there are no hidden costs of which the customer should be wary of.
Applications at IndusInd Bank for a car loan are processed quickly as the bank respects the time of a consumer. A customer can fast-track his application for the loan and can expect a reply from the bank within 48 hours. The status of the application is communicated within 2 days. This saves a lot of time and effort for the applicant.
IndusInd Bank finances up to 90% of the ex-showroom price of the car which reduces the applicant’s stress. The lesser the amount the bank finances, the more is the down payment that the applicant will need to make which can be a burden for him. As a result, IndusInd Bank’s move to finance up to 90% of the vehicle’s price makes it easier for an applicant to own a car.
Special Rates for Existing Customers
For all the existing account holders in the Bank, IndusInd Bank offers special rates of interest. For corporate customers and salary account holders, the bank offers special schemes which make the loans more affordable.
For any individual to take a car loan from IndusInd Bank, there are several eligibility criteria that he needs to meet. Some of these are:
Applicant should be at least 21 years old and up to 60 (65 years old if self-employed)
The minimum income per annum should be Rs.2.5 lakhs for salaried and Rs 2 lakhs for self-employed applicants
In the case of self-employed applicants, CIBIL score of 600 is a bare minimum. The bank also requires a good CIBIL score to check the credibility of the applicant. While this score is not mandatory for salaried, a good credit score is still an important consideration.
Salaried applicants should have a total work experience of 3 years, of which 1 year should be with the current employer.
Apart from these criteria, your existing liabilities, such as past loan EMIs and pending credit card payments, can also impact your IndusInd Bank car loan application. At the time of loan application, ensure that you have repaid all your pending dues and that your credit history is in good shape. The bank also looks into an applicant’s financial stability to gauge whether the applicant will be able to pay the EMIs regularly without fail. Loan repayment is a very critical aspect based on which the bank decides whether to approve a car loan application or not.
With the help of our loan EMI calculator
, an applicant can easily compute the amount of EMI they will need to pay every month. With this figure, the applicant can take a decision if they can afford the EMI without straining their monthly budget. It’s important to know this so as to avoid defaulting on a loan, which can have an adverse impact on the CIBIL score.
To use the calculator, the applicant needs to know the rate of interest the bank will charge, the loan amount and the processing fee. The applicant can only calculate the EMI when all these figures are available. The loan EMI calculator has sliders using which the amounts of loan and the tenure of the loan gets frozen. For the convenience of the applicants, the selected outputs are shown at the end of the sliders.
After the sliders, the rate of processing fee and interest rates need to be given. With all these inputs the EMI can be calculated easily by clicking on the calculate button.
Tracking Car Loan Application
It is very simple to track the status of the car loan application. The facility is available on the website of the bank in the personal banking page. There is an option of ‘Vehicle/MSME Loan’ and the applicant is redirected to a new page after clicking on it from where the application status is known.
The car loan from IndusInd Bank is a feature rich car loan with many benefits for the individual taking the loan. With simple processing, the loan is a preferred choice for many.
Established in 1994, the IndusInd Bank is a new generation private sector bank with its headquarters in Mumbai. The bank provides financial and banking services to consumers on a pan India basis. The Bank has a vast network of ATMs and branches across the country. It boasts of its international presence and with branches in Dubai and London. It has a large customer base with customers from different sectors and backgrounds and offers a comprehensive range of financial products.
The bank is a part of Hinduja group and started its operations in 1994 with a capital of Rs.100 million. Since then, it has grown by leaps and bounds and now is considered to be one of the leading banks in the country. It is a powerful and popular banking brand in the country and is a preferred choice for many.
The bank offers various services like deposits, accounts, insurance, loans, investment services, cards and foreign exchange. The services are technologically advanced and this makes them innovative with respect to the products and services offered. Today’s youth understand the convenience and advantages of taking a car on loan, and with a feature rich car loan, the IndusInd Bank is a preferred choice for many.