IndusInd Bank Car Loan | Eligibility | Interest Rates | Documents | Information

IndusInd bank Car Loan – Compare Features, benefits, Documents, Interest Rates and Eligibility for Indusind car loan. Apply online for Indusind bank car loan.

features and benefits of Indusind bank car loan-
Quick & Easy processing: Very simple & Hassle-free documentation.
Transparency: No hidden charges.
Flexible repayment option: 12 to 60 month scheme with structuring based on customer need.
Fast track Loan: processing within 48 hours.
Attractive interest rates.
Special scheme & rates for IndusInd bank account holder

Eligibility required –
Salaried Individual (SI):

• You should be employed for a minimum of 2 years
• Your minimum net salary should be Rs 1.5 lakhs per annum
• Your net monthly take-home salary should be at least 2 times of the total monthly installment including proposed and rent paid
• Your loan to income ratio to be max 2 times.
• You should be within 23 – 60 years of age(or retirement age which ever is lesser- at the end of loan period)
• You should be residing at the current address for a minimum of one year and in the city for 3 years
• You should have a landline or postpaid connection.

Professional / Partner / Proprietor/Director:

• You should be in business for a minimum of 3 years.
• Your minimum gross income should be Rs.1.5 lakhs per annum
• Your loan to income ratio to be max 2 times.
• Your Income to Annual emi of proposed loan to be minimum 2 times
• You should be self employed within 27- 65 years of age.
• Your current place of residence should be occupied for a minimum of one year and in the city for 3 years
• You should have a landline or postpaid connection

Co-borrower:

• You should provide a co-brrower who resides in the same city
• Co-borrower to give ID proof, Signature verification, Residence proof
• If necessary, Co-borrower may need to give income documents also

Documents required for Indusind bank car loan-
Salaried individual:

1. The salary slips from the latest 2 months.
2. Form 16 for latest year
3. 6 months Bank statements of your salary credit account
4. Proof of residence.
5. A signature verification from a bank or a valid driving license/Passport copy/Pan card copy and bank statements for the last six months.
6. Proof of two years of employment.
7. Your photograph.
8. Identity proof
9. Telephone number of your office/residence and postpaid or residence landline bill copy

Self-employed / Proprietor:

1. The balance sheet and profit and loss account attested by a CA for the last 2 years
2. Copies of Income Tax return and computation of income tax for the last 2 years.
3. 6 months Bank statements of the main operative account
4. Signature verification from a bank/driving license/passport copy/pan card copy and bank statements for the last six months.
5. Identity proof
6. Proof of residence.
7. Telephone number of your office/residence along with postpaid/landline bill copy latest.

Partner in a Firm:

1. ITR, computation of income, Balance sheet and profit and loss account attested by a CA for the last 2 years.
2. Bank statements for last 6 months
3. Partnership deed copy.
4. Letter of authority/consent letter from all partners to execute the agreement.
5. Proof of residence, signature verification(Any one of above as indicated)
6. Identity proof
7. Telephone bill copy

Director in a company:

1. IT returns, Balance sheet and profit and loss account attested by CA for the last 2 years for the company
2. Bank statements for last 6 months
3. Individual IT returns in case car is to be in individual name
4. MOA/AOA of the company
5. Board Resolution (In case the company is part of the agreement)
6. Proof of residence, signature verification(Any one of above as indicated)
7. Telephone bill copy.

Other Terms

Two references to be provided for both borrower and co-borrower.
Minimum Loan amount: Rs 1 lakh for new cars and Rs 50k for used cars.
Minimum Tenor: 1 year, Max tenor: 5 years** for new cars and 3 years for used cars.
Loan to Value(%) Up to 85% for new cars and up to 75% for Used Cars( Varies according to models).
No of present owners in Used Cars: Maximum 3.
Age of Used Car at the end of loan period: Maximum 8 years(Varies according to models).