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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    We found 2 HDFC Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.25% - 9% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free PAPERLESS APPROVAL OPTION AVAILABLE
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    Perks
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    Fees & Charges
    Good to Know
    13.50% - 15% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval option available
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    HDFC Car Loan Interest Rates is Rated as "Excellent!" by 6315 Users

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    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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  • Car Loan Reviews

    • HDFC Bank Car Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      I have received 80% of car loan from HDFC bank. They have disbursed my loan within 5 days of time. The response with HDFC bank is really good and they have done everything on promised time. The rate of interest is reasonable with HDFC bank. The service which given by HDFC is very good and I am satisfied.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 14, 2017
    • HDFC Bank Car Loan
      "Instant response & good experience"
      0.5 5.0/5 "Blown Away!"
      I received my car loan from HDFC Bank in five minutes. I applied for it online and the process was instant. Being an existing customer the process is really quick and the services are excellent. I have never faced any kind of inconvenience with the bank.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Aug 12, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      HDFC bank charged me Rs,18000 for some device installation, they have also charged the processing fee and the insurance amount in concern to my car loan application. I would like to suggest HDFC bank to avoid the hidden charges in car loan concern,. They have disbursed my loan within the promised time. I am happy with the service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was been a nice experience during the whole process of the loan disbursement. The response was very good with HDFC bank. They have disbursed my loan within the promised time, Instead there was delay made by my side I requested the HDFC bank to make a delay on the process and they have also cooperated . The required loan amount has disbursed and I am satisfied.
      Was this review helpful? 0
      , kota
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The car loan process was quit difficult from HDFC bank. The HDFC bank response part is not up to the mark. They took around 25 to 30 days to disburse my car loan. The process took very long time. The required loan amount was not given, they have approved low loan amount. The rate of interest was also high, when compared with others.
      Was this review helpful? 0
      , patna
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Bitter experience"
      0.5 1.0/5 "Really Bad"
      Basically I got the car loan which was approved already and ready for the disbursement from HDFC bank. They asked me to submit the documents which was done immediately . Then at the time of disbursement they were asked me to go with the insurance of Rs.30,000 , there I lost my hope and I have cancelled the loan saying that I don't need the insurance. The processing fee and the rate of interest was also high with HDFC.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      The HDFC bank response was positive when I approached for the car loan . They have taken around 4 to 5 days to disburse my car loan . The rate of interest is nominal with HDFC. The required loan amount was not given, still I am satisfied with the loan amount.
      Was this review helpful? 0
      , surat
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The HDFC bank car loan process took around a month time for the disbursement . The required loan amount has been disbursed and I am happy about it. The rate of interest is nominal with HDFC bank. The service which was given by HDFC bank is excellent.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Good response "
      0.5 5.0/5 "Blown Away!"
      I am having he car loan with the HDFC bank and am using it from the last three years of time. Response is good one with them and they have provided around 85% of the cost of the car loan, also the disbursed got happens to my account directly.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Average service"
      0.5 4.0/5 "Great!"
      It was a average experience in regards to my car loan with HDFFC bank. The customer support was fine with HDFC bank . They took around 10 days to disburse my car loan application. The required loan amount has beeen disbursed and I am satisfied with it. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      I have taken Car loan from HDFC, almost I have paid all the dues only seven months of EMI are pending. I took the car loan of Rs. 2.2 lakhs for the tenure of three years. They gave me the interest rate of 11.99% it was high compared to other competitor, it would be great if they decrease the interest rate, many customer will avail it.
      Was this review helpful? 0
      , greater noida
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      HDFC service was good, They done very fast process to disburse the amount within a weeks time . AXIS bank had offered the interest rate of between 8.75% with the processing fee of Rs.2000 it was okay EMI is around 12822 and it is tenured for 5 years .Over all the entire process of HDFC was easy and simple
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 10, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with HDFC in concern to my car loan application. The customer service was good with HDFC bank. The rate of interest is nominal with HDFC bank. They have disbursed my car loan within 3 days of time after the documentation process . I am happy with the loan amount.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 10, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      For my car loan requirement, HDFC bank supported well and they provided a very good service for the loan. I do not have any complaint with the bank at any point of time, everything went good with them. Moreover, customer service is excellent I received full loan amount.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 10, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from HDFC BANK. The service from the bank was too good. The response I got was very prompt and the whole process of the loan was really fast the loan amount I opted for five laks and the Rate of Interest they have offered me was nominal the processing fee they have charged is 2500 and tenured is for five years
      Was this review helpful? 0
      , rohtak
      Reviewed on Aug 10, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken my car loan from HDFC Bank and the process was excellent. I did not have much of paper work and the disbursement was also on time. The rate of interest was normal and the processing charges was also reasonable. Even the after loan services are good
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 10, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Applied for a car loan with HDFC bank. They took around a days time to disburse my car loan. The documentation process was went smooth and easy with Hdfc bank. Overall it was very good experience in concern to my car loan with Hdfc bank. I would also suggest this bank is meant for other customers too.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Aug 10, 2017
    • HDFC Bank Car Loan
      "Good option to buy the new car"
      0.5 4.0/5 "Great!"
      I got the car loan with the HDFC bank and the interest rate was around 9.25%. The loan amount got disbursed within four to five days of time. Processing charges were nominal one for me. They have disbursed the maximum loan amount as capital amount for the cost of car.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 10, 2017
    • HDFC Bank Car Loan
      "Good Interest Rate"
      0.5 4.0/5 "Great!"
      The entire car loan process went good with HDFC bank. Actually I approached the bank through online source. I had no issues with the bank throughout the loan process. The rate of interest is quite good and it is nominal. The customer service also fine.
      Was this review helpful? 0
      , kochi
      Reviewed on Aug 09, 2017
    • HDFC Bank Car Loan
      "Hassles"
      0.5 5.0/5 "Blown Away!"
      I took car loan from HDFC bank. First time I approached HDFC and took a car loan. At that time, the loan process went good. I do not remember the interest rate for the loan. But I am quite happy with HDFC bank for the loan which I availed. No issues.
      Was this review helpful? 0
      , hisar
      Reviewed on Aug 09, 2017
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