Indusind Bank Car Loan

Don't wait too long to buy your Dream Car as Indusind bank offers funds whether you are a Salaried-Employee or a Self-Employed applicant. It can lend up to maximum of 85% of ex-showroom price within 48 hours of approval. The Processing Fee charged by the bank is 1% of the loan amount or minimum Rs. 2,500 and you can repay your loan amount as long as 60 months (5 years). The Interest Rate is ranging from 10.60% to up to 16% per annum. The Pre-Payment charges are 3% of the outstanding amount.

Indusind Bank is a good fit for you if?

Existing customer – If you are an existing customer of the bank then availing loan from this bank could be an advantage for you as Indusind Bank gives benefits to all its existing customers of reduce documentation and faster processing of application. You can check your offers by going through our website and apply for the loan for this hassle free process.

Minimum net annual income is Rs. 2 Lacs - whether you are a Salaried applicant, a Self-Employed applicant earning a minimum of Rs. 2 Lacs per annum then choosing Indusind bank could be a good fit for you to fulfill your desire of having your own car.

Indusind Bank Car Loan at a glance

Annual Interest Rate

10.60% - 16%

Loan Term

Up to 5 years

Loan Amount

Up to 85% of ex-showroom price

Time of Funding

Within 48 hours of approval

Pre-Payment Charges

3% of the outstanding amount

Indusind bank offers funds as high as 85% of ex-showroom price within 48 hours of approval and the tenure to repay your loan amount is up to 5 years. The interest rate charged by the bank is up to 10.60% to up to 16% per annum and the pre-payment charges are 3% of the outstanding amount.

Why Choose Indusind Bank?

No Collateral is required - No need to waste your loan on searching for a Collateral or a security as Indusind Bank does not require any security for applying car loans. So availing loan from Indusind Bank could be a good choice for you to easily get loan amount without any collateral security.

What to watch out for?

Co-applicant is mandatory - If you want to avail car loan from Indusind bank then you must know that it is mandatory to have a Co-applicant who will take the responsibility to pay your debt or who has the ability to repay your loan as per the bank standards. A co-applicant can be your family member or your friend willing to help you.

CIBIL Score of above 600 and above - Every bank checks past history of your CIBIL score before giving you loan. If you are having low CIBIL score then there is a less possibility of getting loan. If you CIBIL Score is less than 600 then, you will not be able to apply for your car loan which means you must have a credit score of 600 or above to avail loan from Indusind bank.

Compare Indusind Bank Car Loans to Other Banks

Bank Name Indusind Bank Yes Bank HDFC Bank

Typical APR

10.60% - 16%

10.25% - 12.25%

9% - 10.25%

Loan Term

Up to 5 years

Up to 7 years

12 - 84 months

Maximum Lending Amount

Up to 85% of showroom price

Up to Rs. 5 lacs

Up to Rs. 3 Crores

Processing Fee

1% of the loan amount

Minimum Rs. 2,500

Up to 1% of the loan amount

or Rs 1,000

0.4% of the loan amount

Minimum Rs. 3,000

Maximum Rs. 10,000

Time to Funding

Within 48 hours

Within 5 working days

Within 7 working days of approval

Pre-Closure

3% of the outstanding amount

6% of outstanding amount

From 7 months to 12 months

5% of outstanding amount

From 13 months to 24 months

3% to 6% of the outstanding amount

It's very important to compare the offerings, fees charged by various banks before fixing on one bank. Starting from the maximum lending amount, Indusind bank offers fund up to 85% of showroom price as compared to other banks or financial institutions which lends higher amount such as Yes Bank which can lend up to Rs. 5 crores and HDFC Bank which can lend as high as Rs. 3 Crores, so if you need higher amount of funds, you can avail loan from Yes Bank as Indusind bank offers lower amount of funds. In Indusind bank, the tenue to repay your loan up to 5 years which is quite a short period of time as compared to other banks such as Yes Bank and HDFC Bank in which you can repay your loan amount as long as 7 years. So according to the tenure, if you want longer time to pay your loan, then you can choose Yes bank or HDFC Bank as Indusind Bank have shorter span to repay your loan amount.

Now, coming to the Processing fee, Indusind Bank charges 1% of the loan amount or minimum Rs. 2,500 and Yes Bank charges up to 1% of the loan amount or Rs. 1,000 and in case of HDFC Bank, it charges 0.4% of the loan amount or minimum Rs. 3,000 to maximum Rs. 10,00, so according to the processing fee, HDFC Bank charges a low rate of interest as compared to these two. The Pre-Closure charges in case of Indusind bank is 3% of the outstanding amount while in case of Yes Bank, it charges 6% of the outstanding amount from 7 months to 12 months and 5% of the outstanding amount from 12 months to 24 months and in case of hDFC Bank, it charges 3% to up to maximum of 6% of the outstanding amount. So according to the Pre-closure charges, you can choose Indusind bank as its charges are really lower than these two which charges 6% of the outstanding amount

Am I Eligible?

For salaried Employed applicant:

  • Age of the Salaried applicant should not be less than 21 years at the time of the loan application
  • Age of the Salaried applicant should not be more than 65 years at the time of the loan application
  • Minimum annual income of the Salaried applicant should be Rs.2 Lacs per annum
  • Minimum work experience of 3 years is required for salaried applicant

For Self-Employed applicants:

  • Age of the Self-Employed applicant should not be less than 21 years at the time of the loan application
  • Age of the Self-Employed applicant should not be more than 65 years at the time of the loan application
  • Minimum annual income of the Self-Employed applicant should be Rs. 2 Lacs per annum
  • Working experience of minimum 3 years with business stability proof
  • Residence stability of 3 years in the city and 1 year in the current residence or should be residing the own house

Loan Offerings

Indusind Bank Car Loan

  • Indusind bank car loans offers funds to buy your dream car as high as 85% of ex-showroom price within 48 hours of approval. You can repay your loan within a tenure of 5 years and the interest rate charged by the bank is ranging from 10.60% to up to 16% per annum. The Pre-Payment charges are 3% of the outstanding amount. You should have a CIBIL score of 600 or above to avail this loan as every bank have some certain limit to provide loans to the applicants. The processing fee charged by the bank is 1% of the loan amount or minimum Rs. 2,500. Co-applicant is required to avail loan from this bank. Whether you are a Salaried-Employee or a Self-Employed applicant, you are required to have a minimum working experience of three years.
  • Documents required for Salaried applicants:-
    • Signed application form along with your photographs
    • Last 3 months pay slip
    • 2 passport size photographs signed by the customer
    • R.C of vehicle and insurance of Car
    • KYC Documents
    • Bank statement of last 3 months
    • Form number 16 or Income tax returns
  • Documents required for Self-Employed applicants:-
    • 2 passport size photographs signed by the customer
    • KYC Documents
    • Last 3 years income tax returns
    • Profit and loss account of last 3 years certified by chartered accountant
    • Audited balance sheet of last 3 years certified by chartered accountant

Indusind Bank Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

Indusind Bank Car Loan

10.60% - 16% per annum

How do I apply for Indusind Bank Car Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT

At Indusind Bank Branch

    • Walkin to the nearest branch of Indusind Bank along with your KYC documents. Click here to download the application form of Indusind Bank Car Loan
    • Fill in the required details and attach your important documents
    • Now, you can submit this application from at any of your nearest branch of Indusind Bank

After I Apply?

Check Loan Status

  • Through Customer Care
    • Dial 1860-500-5004 from your registered phone number.
    • For loans query Press 5
    • Press 3 for car loans
    • Now, wait for the IVR to connect your call to the customer care executive.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

1% of the loan amount

Foreclosure Charges

3% of the outstanding amount

Documentation Charges

(non refundable)

0.50% the loan amount

Or minimum Rs. 2,500

Loan cancellation charges

Up to 5% of the loan amount

Repayment dishonour charges

Rs. 500 per instance

Swap charges

Rs. 500/- swap

Duplicate NOC issuance charges

Rs. 500/- instance

The Processing fee charged by the bank is 1% of the loan amount or minimum Rs. 2,500 and the foreclosure charges are 3% of the outstanding amount. The documentation charges are 0.50% of the loan amount or minimum Rs. 2,500 which are non refundable. Indusind bank charges loan cancellation fee up to 5% of the loan amount and the repayment dishonored charges which are Rs. 500 per instance. The bank also charges swap fee which is Rs. 500 on per Swap and duplicate NOC issuance charges which are Rs. 500 per instance