If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • HDFC Car Loan Interest Rates is Rated as "Excellent!" by 6952 Users

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    HDFC Car Loan Interest Rates

    Overview About HDFC Car Loan

    HDFC Bank offers some of the best car loans available in the market. With competitive pricing along with quick and easy loan sanctions, HDFC Car loans are available for up to 100% of the car finance value and can be tailored to suit the needs of the customers. HDFC Car loan can be availed on the basis of the customer’s age, income, etc. among other factors, in a transparent and simple process.


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    HDFC Car Loan Interest Rates 2017

    HDFC Car loan interest rates 2017 are affordable and are targeted towards easy and hassle free repayments. These loans are available for a wide range of cars with flexible loan repayment tenures of up to 7 years and loans of up to Rs. 1.5 cr are available. Customers can procure car loans that are worth 6 times their annual income with EMI rates that are pocket friendly.

    HDFC Car Loan Rates table

    Rack Interest Rate Between 9.15% and 11.60% based on the type of car/car segment
    Loan Amount 90% of the invoice value, a minimum of Rs 1,00,000
    Loan Tenure A time period between 12 months to 84 months can be chosen
    Amortization Schedule Per schedule, Rs. 200 is charged
    CIBIL Charges (on request only) Rs. 50
    Late Payment Penalty Per month, 2% is charged
    Part Payment Charges
    • Part payment is allowed post 12 months.
    • This is only allowed only once annually and will not be more than 25% of the Principal Outstanding.
    • If part payment is within 13 to 24 months from the 1st EMI payment, then 5% is on the part payment amount.
    • In case prepayment is done after 24 months from the 1st EMI, then 3% is on the part payment amount.
    Foreclosure charges
    • Foreclosure is only allowed after 6 months of procuring the loan
    • Within a year of 7th EMI, 6% of principal outstanding for pre closures
    • Within 13-24 months from the 1st EMI, 5% of principal outstanding for pre closures
    • After 24 months from 1st EMI, 3% of principal outstanding for pre closures

    How to Calculate Interest Rate on my HDFC Bank Car Loan

    EMIs or Equated Monthly Installments refers to the amount that is to be paid back to HDFC Bank after procuring a loan from them. Each EMI consists of the principal amount as well as the amount that needs to be paid as interest. As the tenure to repay the loan gradually ends, the principal portion gradually increases and the interest amount reduces.

    The method for calculating the EMI on a car loan is -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    Where E is the Monthly EMI, r is the rate of interest per month, n is the number of years.

    For an amount of Rs. 1,00,000 at an interest rate of 12.85% with a loan tenure of 1 year, the first EMIs for the first year would total out at Rs. 44,623 out of which the interest will account for Rs. 4,504.

    For example, the following will be the amortization table for a car loan of Rs. 10,00,000 for a period of 3 years at an interest rate of 12.85% from HDFC Bank (starting from August 2015)

    Year Total Payment Balance Principal Portion Interest Portion
    2015 168109 882953 117047 51062
    2016 403461 575247 307706 95755
    2017 403461 225587 349660 53801
    2018 235352 0 225587 9766

    The principal portion increases with the tenure and the interest rate decreases until the loan is completely repaid.

    Factors affecting HDFC Car Loan Interest Rates

    HDFC Car Loan interest rates are dependent on a variety of factors which in turn decides the loan amount that is given and the EMI rates. Some of these factors include -

    • Income - For someone to be eligible for a particular loan, the amount the person receives as income is highly necessary. This determines the rate of interest and also the loan amount that the person can avail.
    • Tenure - The loan repayment tenure is another factor that is taken into consideration, based on which interest rates are determined. It is important to note that longer loan tenures usually implies a higher rate of interest.
    • CIBIL Scores - The CIBIL TransUnion Score is very important for creditors who determine a person’s eligibility for a certain loan. Creditors/lenders usually prefer providing loans to those whose scores are more than 750.
    • Prior relationship with the bank - HDFC prefers to provide loans to those who are already customers of HDFC Bank or have an account in the bank.

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    How CIBIL scores affect HDFC Car Loan Interest rates

    CIBIL or Credit Information Bureau India Limited provides and maintains information about a person’s payments regarding credit cards and loans. A CIBIL TransUnion Score is also generated which is one of the factors referred to by loan providers while deciding a potential customer’s eligibility criteria for procuring a loan. Usually scores above 750 is considered to be good by lenders and creditors. Therefore, those with CIBIL scores above 750 stand a higher chance of availing loans at a good rate of interest but those with lower stand to receive loans with higher interest rates as they are considered to be risky in terms of loan repayment capabilities.

    FAQ’s about HDFC Car Loan Interest Rates

    • Are there any special privileges for customers of HDFC Bank?

      Yes, HDFC Bank customers receive special interest rates. Apart from this, if customers have a Corporate Salary account or Preferred Account with HDFC Bank which are more than 6 months old, they can avail quick approvals on their loans along with minimum requirement in terms of documentation.

    • Are Co-applicants needed for new car loans?

      Co-applicants are not required to avail a HDFC Car Loan unless the person’s income does not meet the eligibility criteria.

    • What is the maximum amount that can be borrowed through the HDFC Car Loan?

      Through the HDFC Bank Loan, up to thrice the annual salary can be borrowed if the customer is a salaried professional and if the customer is self-employed then up to 6 times the annual income can be availed as the loan.

    • Can the entire loan amount be pre-paid?

      Customers, after paying a small amount of prepayment fee, can pre-pay the loan any time after 6 months of procuring the loan.

    • For new car loans, how long does it take to process a loan?

      It takes 48 hours of completing the documentation to process the loan.

    Car Loan Reviews

    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      When I was looking for a car loan, I have applied to HDFC Bank through online portal. Since I have postponed my plans, there is need for a loan. But the response was immediate. They have proper comm with the customers, In future I will prefer their service.
      Was this review helpful? 0
      , nagpur
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I had taken a car loan using a third party vendor that is why i had not taken the car loan. Rate of interest is very high and processing fee charges were 3k. Foreclosure charges were charged on the remaining outstanding balance i need to pay 1%, I am allowed to make a foreclosure after 3 months.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Good experience"
      0.5 3.0/5 "Satisfactory"
      Quite unsure why my car loan request was not processed . They showed interest they had discussed with me the information about all parameters even about foreclosure and part payment. I am happy with the interest rate and processing fee charged by HDFC bank. Sadly, my request is not processed by the said bank.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Needs improvment on all aspects"
      0.5 1.0/5 "Really Bad"
      HDFC Bank car loan process process is slow and sluggish, they keep collecting more and documents but the end result is ZERO .Very poor service indeed. The rate of interest is okay and it infact competitive too. I would till say that their service can be improved.
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Bank is very supportive"
      0.5 5.0/5 "Blown Away!"
      I have raised a request with HDFC Bank for the car loan , however I have invested in shares as the market is down, I had dropped the idea of taking the car loan with HDFC Bank and I would certainly say that HDFC Bank service is up to the mark.
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Earlier I was searching for a new Hyundai car so I have approached HDFC bank. The response was good and the customer service is up to the mark. Later I changed my plans for second end car. They offered me rate of interest is 9.9% and am completely satisfied.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Services are good"
      0.5 4.0/5 "Great!"
      Due to my personal reasons I have not taken the car loan from HDFC Bank. The bank contacted me on time and informed me the necessary details. There were couple of follow up as well. Not sure on the interest rate and processing fee as I have not taken the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Delayed process"
      0.5 4.0/5 "Great!"
      HDFC Bank contacted me for the car loan but they delayed to come over and collect my documents. In the mean time the dealer processed my papers and I got the loan the loan through. Not sure on the interest rate and processing charges as I did not go to that level of communication.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for a car loan with HDFC Bank, they were requested for the bank statements. Since I am hospitalized for 2 months, unable to submit the documents. Hence, my loan was rejected from the bank. The customer service and response was good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan earlier from HDFC Bank and at that moment it was a good process too. There were no hassles in the paper work and I got the loan on the date I needed it. The process was very much simple and the deal on the interest rate and processing charges was normal.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      I had applied through a online channel for a car loan with HDFC Bank. Since the car was on waiting the bank asked me to inform them once the vehicle is allocated. When I contacted the executive, I was told that he would come to collect my paper work. But later there was no response. So I went ahead with the same bank through the dealer finally. I got a rate of interest of 8.75% with a minimal processing fee.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Need to be more quick"
      0.5 2.0/5 "Expected more"
      I have approached HDFC bank for car loan. The customer service is not up to the mark and the response was not good. I would appreciate, if they improve the service and faster the process. ICICI gave me a good interest rate of 8.24% than 9%, But my credit card experience was good with HDFC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank had good options when I approached them personally for a car loan. They offered me a interest rate of 8.2% and the processing charges are normal. The process of getting the loan was smooth as I got it on time. The loan amount was also to my expectations.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Fast process"
      0.5 5.0/5 "Blown Away!"
      I am a privileged customer of HDFC Bank and the customer services are good. They have offered me a preapproved car loan and the process was completed in 24 hours. The interest rate and processing charges is normal. I am happy that the bank has been beneficial.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Good response & service"
      0.5 4.0/5 "Great!"
      I have approached HDFC Bank on the car loan. The response was good and there were no issues with the service. Since I got better interest from the other bank, I have cancelled my application. HDFC has offered me interest rate of 9% but I got it for 7.99.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The HDFC bank has disbursed my car loan in 1month. The customer support took longer than normal time. The rate of interest is nominal with HDFC bank , when compared with others. I am satisfied with the loan amount. I can say the HDFC bank car loan service was average.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have postponed the car loan plan so that was the reason I haven't got the loan from HDFC bank. The rate of interest is nominal with HDFC bank. The customer support was good with HDFC bank. The service is good with HDFC bank. The overall service was good with HDFC .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service which was given by HDFC bank was good in regards to my car loan. The rate of interest and the charges were nominal when compared with others. The customer support was good with HDFC bank . I am satisfied with the HDFC bank service...
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • HDFC Bank Car Loan
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      I also bank for a car loan with HDFC Bank and the banking services are good as always. The process is also satisfactory and quick and I got the loan as needed. The documentation is normal and I am also comfortable with the rate of interest and processing charges.
      Was this review helpful? 0
      , guntur
      Reviewed on Oct 17, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The HDFC bank car loan service was good, but I have postponed the car loan at the moment so that was the reason I haven't processed with the HDFC bank. The rate of interest is nominal with HDFC bank. I would say , I have got good service from Hdfc bank.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
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