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

    We found 2 HDFC Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.15% - 11.6% Fixed
    Up to ₹5,150 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    PAPERLESS APPROVAL OPTION AVAILABLE
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    11.25% - 13.99% Fixed
    Up to ₹2,300 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    HDFC Car Loan Interest Rates is Rated as "Excellent!" by 5930 Users

    Car Loan BYTES FROM OUR KITCHEN

    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.


    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 11.75% and 13.50% 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.

    Perfect Car Loan Deals for you

    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
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Due to my personal reason and some other issues, I did not went ahead with the HDFC bank and the customer service is good one with them and the response is an immediate one with them. In future, I would like to go ahead with them in future for my needs.
      Was this review helpful? 0
      , tirupur
      Reviewed on May 27, 2017
    • HDFC Bank Car Loan
      "Convenient banking"
      0.5 5.0/5 "Blown Away!"
      The process for the car loan was also a smooth process and I had to difficulties in the documentation. HDFC Bank has always been providing the best of services and the deal on the interest rate and processing charges is affordable and the after loan process is smooth too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 27, 2017
    • HDFC Bank Car Loan
      "Better "
      0.5 4.0/5 "Great!"
      I had made an inquiry with the HDFC bank to get the car loan and the rate of interest was good one with the HDFC bank, also the customer service worked in a better way. In future, I would like to go ahead with the HDFC bank , if I am in need of their assitance.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2017
    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      The rate of interest for the HDFC bank car loan is high like its around 13% The services are quite fine with them. My car loan .disbursement took 15 days of time documentation was really bad with them it was very lengthy process, It would be good if they reduces rate of interest for used car loans and documentation part.
      Was this review helpful? 0
      , jabalpur
      Reviewed on May 26, 2017
    • HDFC Bank Car Loan
      "Good Experience"
      0.5 4.5/5 "Excellent!"
      I remember car loan got disbursed within three to four days of time. HDFC car loan interest rate is nominal compared to other banks. Still my car loan is running but I could do the part payment option. But there is a foreclosure option after six months of loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 26, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Everything was fine with HDFC Bank. They were happy to serve for my car loan They were very quick in contacting me and informing me the details. I did proceed ahead with them Since I had some financial problem In future if required surely will contact and the rate of interest was 9.75%.
      Was this review helpful? 0
      , udaipur
      Reviewed on May 25, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I tried for a car loan with HDFC bank. During the process of the loan the support and response provided by the bank was too good but bank executive said they cannot process my loan they said they provide loan only to own purpose not for commercial purpose I said OK.
      Was this review helpful? 0
      , madurai
      Reviewed on May 25, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      When I have applied for my car loan with Hdfc bank, they gave very prompt response and they have made very good follow up in concern to my car loan application. I have postponed my plan that was the reason I haven't got the car loan with HDFC bank. Overall the service is better with HDFC bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got very prompt response from hdfc bank.I have applied for 2 laks rupees loan and the tenured for 7 years I have Pre closed it I have just used it 1.5 years Interest rate and processing fee were nominal.
      Was this review helpful? 0
      , bharuch
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I would state that the overall service provided by HDFC Bank is really good. Customer service is very good , Car loan application was postponement from my end I had planned to take it after 2 to 3 months. After applying within a weeks time I had received a call back from the bank.
      Was this review helpful? 0
      , bharuch
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan from HDFC Bank and the services was good and very quick. I got my loan within few days. It was a fast process overall with 2 days loan got approved and the rate of interest was 14.5% with was high compare to other banks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      Experience with the HDFC bank for the car loan was good, but my only cocern here is the rate of interest, as it is very high when compared with other banks its like 14.5% where other resources they give low Rate of interest and lower loan amount I had applied for a loan amount of 3.5 lakhs.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good but need some sort of improvisation"
      0.5 4.0/5 "Great!"
      The car loan got approved and disbursed with HDFC bank. The process went very smooth I had faced a hassle because at one incident they have deducted the penalty amount along with the EMI amount, through ECS mode. The Hdfc executive need to inform the customer before they deduct the penalty amount. The rate interest is nominal with HDFC bank.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 23, 2017
    • HDFC Bank Car Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I have not taken the car loan with the HDFC bank due to some personal reason. Rate of interest was around 12% to 14%. Customer service was fine one with the HDFC bank and the response was good. I have got the call from the HDFC bank the very next day it self.
      Was this review helpful? 1
      , mysore
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      I submitted my car loan application with HDFC bank through online source. But I did not take the loan from the bank as I postponed my plan. I had no issues with the bank when I approached them. In fact, I received very good response from the bank for the loan application.
      Was this review helpful? 0
      , jamnagar
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Everything was fine with HDFC Bank. They were happy to serve for my car loan They were very quick in contacting me and informing me the details. I did proceed ahead with them Since I had some financial problem In future if required surely will contact and the rate of interest was 9.75%.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Better "
      0.5 5.0/5 "Blown Away!"
      I had postponed the plan to get the car loan after some time, so I have cancelled the plan with the HDFC bank for car loan as of now. I am expecting a lower rate from them further I am also expecting them to provide 90% of value of the car as the loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Hassle free to get a loan"
      0.5 5.0/5 "Blown Away!"
      I had been a long time customer of HDFC Bank and the services from them has always been on time and the process is also smooth and easy. I am fine about the rate of interest and processing charges for the car loan as it is nominal for me when compared to what the other banks offer.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Need to be customer oriented"
      0.5 1.0/5 "Really Bad"
      When I approached HDFC bank to get a car loan they did not explain me anything about the product and they told they will be giving a call back, but no one gave a call back and still waiting for around 45 days but I haven't got the call back that was the reason I haven't got the loan from HDFC bank.
      Was this review helpful? 2
      , srinagar
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      It was good experience with HDFC bank in terms of my car loan process. The process was completed on time and it was good. I had no challenges with HDFC bank for the loan. Customer service and their responsiveness was quite good. Moreover the rate of interest is pretty normal for the car loan.
      Was this review helpful? 0
      , raipur
      Reviewed on May 22, 2017
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