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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  • Car Loan Reviews

    • HDFC Bank Car Loan
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      The customer services has been great overall with HDFC Bank. I have taken a car loan and the process was on time from the on start till the disbursement. The after loan services are also good. The interest rate and processing charges is normal.
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      , chennai
      Reviewed on Sep 22, 2017
    • HDFC Bank Car Loan
      "HDFC Bank car loan"
      0.5 4.0/5 "Great!"
      My choice was HDFC Bank because, this bank provided the best rate in the industy plus i got the maximum loan amount. Prepayment charges were not that high it was reasonable. The number of days taken to provide the loan was 5 days to 8 days
      Was this review helpful? 0
      , pune
      Reviewed on Sep 22, 2017
    • HDFC Bank Car Loan
      "Good loan"
      0.5 4.0/5 "Great!"
      Previously, I had taken a car loan from HDFC Bank. The interest rate offered by HDFC Bank was 8.6% which is very much reasonable and the processing fee charged by them was also reasonable. I am allowed to make prepayments in between.
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      , bangalore
      Reviewed on Sep 22, 2017
    • HDFC Bank Car Loan
      "Very helpful"
      0.5 5.0/5 "Blown Away!"
      I purchased the car through the direct channel therefore I am very much happy with them. Their staff were very much co operative interest rate and processing fee charged by HDFC bank was okay. No prepayment option is available with HDFC . They took around 1 day to provide the car loan.
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      , indore
      Reviewed on Sep 22, 2017
    • HDFC Bank Car Loan
      "Very great"
      0.5 5.0/5 "Blown Away!"
      I myself a bank employee therefore, I did avail the services of HDFC Bank through the direct channel. I had taken this car loan, I am very much happy with that experience. I was confirmed that the bank would take 2 days through online channel. However as I approached the bank directly the bank took hardly a day's time to provide the loan.
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      , ahmednagar
      Reviewed on Sep 22, 2017
    • HDFC Bank Car Loan
      "Very good car loan"
      0.5 4.0/5 "Great!"
      HDFC car loan services were absolutely fine, HDFC interest rate was slightly on the higher side when compared to AXIS. Also I had some personal reasons, I was not ready myself to purchase a new car by the end of the year or by the beginning of the next year I might opt for their service. Car model MARUTI SUZUKI BALENO SIGMA 1.2.
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      , ghaziabad
      Reviewed on Sep 22, 2017
    • HDFC Bank Car Loan
      "Very good car loan"
      0.5 5.0/5 "Blown Away!"
      I have 2 on going loans with Bank of India and that is why I prefer taking their services. Otherwise I am very much happy with the service provided by HDFC. Interest rate and other factors were fine. Even I am not sure about the prepayment options. The car model which I have shortlisted was MARUTI SUZUKI IGNIS ZETA 1.2 AT
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2017
    • HDFC Bank Car Loan
      "Better service"
      0.5 4.0/5 "Great!"
      Within 7dyas of time the HDFC bank has disbursed my car loan amount. The rate of interest is High with HDFC car loan when compared with others. The customer service gave prompt response in regards to my car loan application. The service which was given by HDFC bank was satisfied me.
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      , kottayam
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I hold salary account with HDFC Bank for TWENTY years.I have received offers from the bank till date. They have approached me for car loan. I use the net banking application regularly, it is quite good and user friendly over all it really a good bank form my end.
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      , ahmedabad
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "Good bank"
      0.5 5.0/5 "Blown Away!"
      HDFC bank it s a good bank the bank was able to sponsor 100% of the ex show room price. Interest rate offered by HDFC Bank was okay and processing fee was not that great.Foreclosure fee is there it is not that much. HYUNDAI ELITE I20 ASTA PETROL is the car model which I had shorlisted.
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      , kolkata
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "Good. ROI could have been lesser"
      0.5 5.0/5 "Blown Away!"
      It was pretty much a satisfactory experience with HDFC Bank for the car loan. I got the loan on time and the process was also very convenient. The interest rate was around 8.75% which was on the higher side. There were other banks offering me a lesser rate which I later realized. The processing charges was normal.
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      , chandrapur
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "Should source Commerical vehicle"
      0.5 3.0/5 "Satisfactory"
      HDFC was unable to finance for commercial vehicle which is T- PERMIT and that was the reason why I did not avail the loan from HDFC thereby my application got closed. I am searching elsewhere for the same. As far as HDFC Bank is concerned the interest rate and processing fees were okay.
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      , mumbai
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "EXCELLENT"
      0.5 4.5/5 "Excellent!"
      HDFC car loan process went in a smooth manner. I postponed the plan of taking the loan iam having some financial issues. I did not discuss about the rate of interest and processing fee with them. No clue about the foreclosure and part payment because we have not discussed anything
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      , nagpur
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "Very easy process"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has processed my car loan on time. I got 75% of the car value. The rate of interest was of 8.5% and the processing charges was of 1%. The customer services are good and they were very much responding on time right through the process. The after loan services are also good.
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      , agra
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I got prompt service from HDFC bank in regards to my car loan process I had applied the loan through showroom executive and they suggested that hdfc executive where outside the showroom they have processed the loan, so I have taken the plan with the HDFC bank for car loan and I had taken the loan is amount of 3.8 laksh.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "Very easy process"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank offered me a 100% amount for a car loan. The customer services was good and they were on time to inform me the details and collected my papers on time and processed my loan. The interest rate and processing charges is good and pretty reasonable. It was around 9%.
      Was this review helpful? 0
      , greater noida
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      Actually,I had dropped the plan of taking the car loan that is why I had not taken the car loan from HDFC they have offered me rate of interest high that is why I had stopped the process as of now. Actually the customer service was good, they were ready to clarify what ever doubts we had .
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      , bangalore
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      My car loan is with HDFC Bank and the process is on time. I got the loan within three to four days. The customer services was good and they are very responsive. The interest rate was of 9% and I am also comfortable with the processing charges. A fantastic process overall.
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      , new delhi
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      " No proper response"
      0.5 1.0/5 "Really Bad"
      No proper response from the bank. Also the executive did not come to my place to collect the documents. I had got a call from KOLKATA office they were asking about my company details which is unfair. More than all, they were treating as a staff of AXIS and not as a customer of HDFC.
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      , siliguri
      Reviewed on Sep 21, 2017
    • HDFC Bank Car Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      I did not find any issue with the service of HDFC BANK when i applied for my car loan ,everything was comfortable for me ,I had some personal reasons so it was the reason i have postponed it ,Totally i was comfortable with their service ,Representatives were also responsible and draw back is that there was no response on time from them.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 21, 2017
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    HDFC Car Loan Interest Rates is Rated as "Excellent!" by 6539 Users

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    Car Loan BYTES FROM OUR KITCHEN

    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.

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