HDFC Car Loan Interest Rates 21 Sep 2019

6 June 2019 – RBI reduces repo rate to 5.75% by 25 bps

HDFC Bank Car Loan interest rate for new cars begins at 10.10%. For Used Car Loans, HDFC Bank Car Loan Interest Rate begins at 10.50%.

HDFC Bank Car Loan

Other Charges

Factors Affecting HDFC Car Loan Interest Rates

HDFC Bank offers 100% financing on a few select vehicles. The interest rates offered by HDFC Bank are affordable and pocket-friendly. Some of the factors determining the rate of interest you are eligible for have been mentioned below:

1. Credit score – A credit score is basically a validation of your previous performance as a debt payer. For every payment that you have made against your former loans, points get added to your credit score. However, if you delay the payments, it can significantly affect your credit score. A credit score of 725 and above is usually considered to be healthy and can help you close the deal faster. Banks also offer lower interest rates to individuals with a high credit score.
2. Applicant’s income – If your income is on the higher side, you will be a favorable candidate for money lenders and banks. However, the interest rate varies from one person to another.
3. Healthy customer relationship – Existing customers of banks often receive certain additional privileges. If you have a good track record with the bank you are availing car loan from, you may get a discount on the interest rate offered to you.
4. Vehicle’s age and condition – With respect to a car loan, the vehicle being financed acts as a collateral against the borrowed loan. In case of any defaults, the banks can hold your vehicle to balance the outstanding/pending dues. This is the reason why the age and condition of the vehicle are often taken into consideration while determining the rate of interest.

FAQs

1. What is the minimum age for salaried individuals with respect to HDFC Bank New Car Loan?

A person should be at least 21 years old in order to avail a new car loan from HDFC Bank.

2. What is the minimum income criterion for self-employed individuals with respect to HDFC Bank New Car Loans?

Self-employed individuals should be earning at least Rs.3 lakh on a yearly basis.

3. What is the minimum income criterion for salaried individuals with respect to HDFC Bank Used Car Loan?

Salaried individuals must be earning at least Rs.2.50 lakh on a yearly basis.

4. What are the ID proofs that can be submitted by salaried individuals?

Any of the following can be used:

• Aadhaar card
• PAN card
• Passport
• Voter’s ID
• Driving license.
5. What are the address proofs that can be submitted?

Any of the following can be used:

• Passport copy
• Electricity bill
• Telephone bill
• Employer certificate
• Credit card statement with a copy