A Car Loan for Educational Purpose

IndusInd Bank offers car loans to assist you with fulfilling your dream of owning a car. You need not wait indefinitely for the loan to be available for you. The bank handles the application and communicates its decision within the timeframe specified. IndusInd Bank car loan facility where up to 100 per cent of the car's ex-showroom price (depends on the model) can be financed. The interest is calculated every month, and the repayment term can be up to 60 months.

Features

• The online application procedure is simple and straightforward.

• Car loans are available for a wide variety of vehicles.

• A repayment period of up to 60 months is possible.

• Loans for personal vehicles are available up to 100% of the ex-showroom price.

• Car loan interest rates are less .

• To provide customers with convenient service, the bank has an extensive geographic network.

• Loans are processed more quickly.

Eligibility

IndusInd Bank's car loan facility is available to both salaried and self-employed individuals. The following are the eligibility criteria that must be met for both categories:

• Salaried Applicants

• Minimum annual income: R.2.5 lakhs

• Age range: 23 to 60 years

• Stability: A minimum of three years of employment stability, with at least one year in the current position.

• Residence stability: Two years in the city and one year in the current residence/no stability required if you own a house

• Self-Employed Applicants

• Income: Rs.3 lakh or more per year, according to the most recent ITR

• Age: 23 years to 65 years

• Stability: A minimum of three years of business stability

• Stability of residence – 2 years in the city and one year in the current residence/no stability required if you own a house

• Self-Employed – No Proof of Income

• Income: Rs.3 lakh or more per year, according to the most recent ITR 

• Age: 23 to 65 years

• Stability: A minimum of three years of business stability

• Stability of residence – 2 years in the city and one year in the current residence/no stability required you own a house

Fees

• Loan Processing Charges - Up to 5% of the loan amount

• Documentation Charges - Up to 5% of the loan amount

• Stamping Charges - As per the respective State’s Stamp Act

• Loan Cancellation Charges - Rs.1,500 per case

• Overdue Interest Monthly - Up to 36% per annum compounded monthly

Note: All the above charges are non-refundable

EMI @ 8.65% interest rate

• The loan amount of 1 Lakh is charged an EMI of

• ₹ 4,552 - two years

• ₹ 3,164 - three years

• ₹ 2,059 - five years

• ₹ 1,591 - seven years

• The loan amount of 3 Lakhs is charged an EMI of

• ₹ 13,657 - two years

• ₹ 9,491 - three years

• ₹ 6,177 - five years

• ₹ 4,774 - seven years

• The loan amount of 5 Lakhs is charged an EMI of

• ₹ 22,762 - two years

• ₹ 15,819 - three years

• ₹ 10,294 - five years

• ₹ 7,956 - seven years

• The loan amount of 10 Lakhs is charged an EMI of

• ₹ 45,524 - two years

• ₹ 31,637 - three years

• ₹ 20,589 - five years

• ₹ 15,912 - seven years

Use the car loan EMI calculator to determine the monthly payments required for a specific loan amount in order to finance your dream car.

Conclusion

IndusInd Bank offers car loans for both new and used or pre-owned vehicles. You do not need to have an account with IndusInd Bank to apply for a car loan. You are not required to provide security or collateral in order to obtain the loan. You can get a loan on an existing car. The car loan will only cover the cost of the vehicle. Other costs, such as registration transfer, will have to be borne by the applicant. Furthermore, you are not permitted to sell the vehicle until the loan has been fully repaid.

Keywords

1. Car Loan Interest Rate

2. Indusind Bank Car Loan

  Also Read:- Car loan EMI calculator