IndusInd Bank Car Loan Eligibility

Personal use cars are owned by individuals. You can get a loan for a pre-owned (or used) car or for a brand new car. The general criteria for eligibility are -

For Salaried individuals -

• Individuals aged 21 or more can apply for personal car loans.
• The loan is not available to people over 60 year of age.
• Minimum monthly income should be 2,50,000 pa.
• The individual should have resided in the city where the car is purchased for a minimum of 3 years.
• The individual should have lived in the given address for a minimum period of 1 year.
• The applicant should have worked with his current employer for a minimum of 1 year.

For self-employed individuals -

• For self-employed individuals maximum age for application is 65 years.
• Self-employed individuals should have been in business for minimum 3 years.
• The individual should have a credit score of 600 or more - no negative or caution profile.
• Minimum income required should be 2,00,000.

The bank may request some additional information from applicants depending on individual circumstances.

Car Loans for Commercial Use

If you are purchasing a car purely for your business such as taxi or office car, you can take a loan for commercial usage. Here are the criteria for eligibility -

Single Commercial Vehicle

• You must provide detailed information about your business.
• The individual applying must be at least 25 years of age.
• You will need to produce a badge, ID-card, or other identity proof showing your license or permit to conduct the business you need the car for.
• The individual applying for loan must own a house or landed property in their own name or in the name of their business partner.
• A certified guarantor with a minimum of 1 year experience in the same business is mandatory.
• The guarantor must have a valid license / badge or other document.
• The guarantor must have a clear repayment history.
• A minimum credit score of 600 is mandatory with no negative or caution profile.
• The individual should have resided in the city for a minimum of 3 years and in the current place of residence for minimum 1 year.

Commercial Vehicles - more than one

• Applicant must have 2 or more vehicles with RC.
• Individual must be minimum 25 years old and not above 65 years of age.
• Must own landed property and present proof thereof.
• No certified guarantor is required.
• The applicant should have a credit score of 600 or above. *Not from a negative profile or caution profile.
• Past 1 year’s re-payment track should be produced.

Documents Required for IndusInd Bank Car Loans

The following is a list of documents required for taking a car loan with IndusInd Bank -

Car Loans for Personal Use – Salaried Individuals

Car Loans for Personal Use - Self Employed (Income based)

Car Loans for Personal Use - Self Employed (Non-income based)

Car Loans for Commercial Use

IndusInd Bank Car Loan Eligibility Calculator

The following is a list of documents required for taking a car loan with IndusInd Bank -

None. The car you purchase from the loan amount will serve as collateral against the loan.

Yes. IndusInd Bank provides special schemes for persons who can't verify certain details.

No, you don't. Loans are granted to persons without a banking account with IndusInd Bank.

Anyone who can repay the loan in case you default can become your guarantor. However, the criteria for guarantor vary for different types of car loans.