Buying the auto of your dreams is unquestionably the result of a lot of hard work and tough financial decisions. This is made easier when you work with a reputable financial partner like IndusInd Bank, which helps people who want to buy an auto.
There are some decisions to be made, such as whether to purchase a new or used auto, because interest rates vary.
INTEREST RATE FOR AUTO LOAN
To begin, you must understand the various costs associated with a auto loan, both in terms of the bank's funding and your personal contribution (down payment). IndusInd Bank offers a range of interest rates, starting at 10.65% for different categories.
| IndusInd Bank | New Auto Loan |
| Interest Rate | 10.65% |
| Loan Tenure | up to five years. |
| Lowest EMI | Rs. 2,157 per lakh. |
| Loan Amount | Up to 85% of ex-showroom price. |
|
Prepayment Charges |
3% |
ELIGIBILITY CRITERIA FOR AUTO LOAN
To be eligible for an IndusInd Bank auto loan, you must meet the eligibility criteria. This becomes a critical determining factor in the amount of your loan. Instances like:
- Salaried, Self- Employed Professional or a Businessman,
- Income,
- Age,
- Qualifications,
- Number of dependents,
- Co-Applicants Income,
- Assets, Liabilities, Stability, and Continuity of Occupation of the borrower, and
- Savings History.
PENALTIES/OTHER CHARGES FOR AUTO LOAN
Aside from the interest rates, auto loans also have processing fees, foreclosure fees, registration fees, and other fees that may be applicable. Let’s discuss some charges in detail:
- Processing Fee: IndusInd Bank charges a processing fee of up to 1% of the loan amount.
- Prepayment Charges: If you want to foreclose on your auto loan or transfer it to another bank, you must send an application to IndusInd Bank and follow RBI rules.
PROCESS OF APPLYING FOR AUTO LOAN
You can apply for an IndusInd Bank auto loan by calling the bank or filling out an online application. When you get a loan through an online marketplace, you have a better chance of having the best loan rates, lowest processing fees, and special offers in the form of cash backs. When you arrive at the bank, they will gather your papers and begin the loan process, which will include checking your CIBIL score. Maintain a good Credit Score and good repayment track of past loans.
(Disclaimer-Bank keeps changing Credit Policy,Eligibility Criterion time to time .Kindly refer Bank website for updated information )