If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • HDFC Car Loan Interest Rates 2019 is Rated as "Excellent!" by 7906 Users

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    HDFC Car Loan Interest Rates 2019

    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.

    Particular Charges
    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

    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.

    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.

    Car Loan Reviews

    • HDFC Bank Car Loan
      "There is so much hidden charges which they need to reduce "
      0.5 1.0/5 "Really Bad"
      My car loan was taken with HDFC BANK . I am not happy with services and there is no hidden charges with this bank . I applied for 4.3 lakh but i just got 396000 this is very disappointing i do not know where the rest of money they deduct , when i ask to customer support i did not got reply from them .
      Was this review helpful? 0
      , agra
      Reviewed on Mar 25, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had taken HDFC BANK car loan . I applied for 7.2 lakh but i just got 6.6 lakh and i am fine with this loan amount . There were no hidden charges with this bank . They charge for GPS also . The rate of interest is 9.35% and it is very nominal . The tenure period is 7 year .
      Was this review helpful? 0
      , bilaspur
      Reviewed on Mar 25, 2019
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for HDFC Bank Car Loan.The rate of interest was nominal and the processing fee was also nominal . I have not faced any issiues on submitting the documents .The loan amt was sufficient and i have received loan amt on time .I ahve choosed HDFC Bank Car Loan since i am a Regular customer of HDFC Bank .The Overall Service is Good.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on Mar 25, 2019
    • HDFC Bank Car Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have applied for HDFC Bank Car Loan .I have not yet faced any issues .The only issue was i have not received any calls frequently .Not yet received any proper information related to car loan .The rate of interest was nominal and the processing fee was also nominal .The loan amount got sanctioned on time and the loan amount was sufficient as well .The overall service is good.
      Was this review helpful? 0
      , greater noida
      Reviewed on Mar 25, 2019
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have choosed HDFC Bank Car Loan since got only HDFC Bank offer .The rate of interest and processing fee was nominal .I have not faced any issues till now .The loan amount got on time and the loan amount was sufficient as well .The agent clealry explained the process of the loan as well .The Overall Service was Good and satisfactory as well.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Mar 25, 2019
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with HDFC bank previously,they gave me loan amount based on the vehicle price,and the rate of interest they have charged me was nominal,and even they have charged me processing fee which was okay,now i have closed this loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 23, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The loan amount was satisfactory, I pay an EMI on time. The tenure period is for good . Overall it was a very good loan experience e with the HDFC .It was a super fast loan experience. I took a car Loan from the HDFC BANK . The whole loan process was easy and super fast.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 23, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my car loan with HDFC bank for an while,The loan amount which they have given me was sufficient,they have given me loan on basis of my requirement,and the rate of interest they have charged me nominal, and the processing fee they have charged or not i have no idea,still this loan is running.
      Was this review helpful? 2
      , chennai
      Reviewed on Mar 15, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this Car loan a long time back and the experience i had with them was quite good. The loan amount was sufficient and the interest rate with them has been nominal as well. There has not been any extra charges which they had made and the customer support team of them has been helpful.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Mar 14, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a long time back and the process in getting this loan was pretty good. The loan amount which they had provided was sufficient and the interest rate with them has been quite nominal as well. Even their customer support team has been pretty much helpful.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 12, 2019
    • HDFC Bank Car Loan
      "easy disbursement"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from Hdfc Bank. The loan amount was Rs. 4 lakhs. They have provided door step service for the documentation collection its really good. They Have disbursed the loan amount to the dealer on committed on time.I am happy with the rate of interest 9.40%. I have taken a car model Tata Tigior xt.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Mar 11, 2019
    • HDFC Bank Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this loan a long time and it was offered through my company. The process in getting the loan was pretty easy and the loan amount which they had provided was sufficient. The interest rate and the charges with them has been as per the market rate and they had not taken any extra charges.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 11, 2019
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with HDFC bank.The loan amount which they have charged me was sufficient,and the rate of interest they have charged me was nominal , like they have charged me which was nominal, and they have charged me processing fee or not i do not remember now.
      Was this review helpful? 0
      , guwahati
      Reviewed on Mar 11, 2019
    • HDFC Bank Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have previously taken the car loan with the HDFC BANK but the documentations was too much and the process of getting the car loan was good. They have provided the loan amount which was nominal added on that the rate of interest was nominal with this loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 10, 2019
    • HDFC Bank Car Loan
      "Good comfortable loan"
      0.5 4.0/5 "Great!"
      I find it a big Communication gap between me and HDFC customer care people .When i applied for a car loan in HDFC. They took a little extra days rather than normal time for sanctioning . I purchased the HYUNDAI EON 2017 model .Rate Of Interest is very comfortable,
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 09, 2019
    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      my experience was good with HDFC four wheeler insurance. I opened last 6 month my four wheeler and no claim just now i am not aware the premium amount for this insurance there is no claim experience so for and i am happy with hdfc insurance for my four wheeler.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Mar 08, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this loan was quite good and the process did not took much time as well. The loan amount which they had provided has been sufficient and the interest rate with them has been nominal when compared with the other banks. There has not been any sort of extra charges which they had made as well.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 08, 2019
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had previously taken my car loan with HDFC bank ,now i have done top up with other bank, The loan which they have given me was sufficient, and the rate of interest they have charged me was nominal, and the processing fee they have charged me was nominal.Their service was good.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 08, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I was in a need of car loan and I had applied with HDFC Bank. The application was processed on a quick note. Earlier there was a delay as I have submitted the documents. The bank had sanctioned my loan in few days. The rate of interest is fine and compare to other banks its reasonable.
      Was this review helpful? 0
      , sibsagar
      Reviewed on Mar 07, 2019
    • HDFC Bank Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan in HDFC BANK and it was preclosed. They are charged 3% on the outstanding principal amount and the process was simple. The charges are good and nominal. I have purchased a Datsun Goplus and made some down payment remaining 90% was provided by the bank. The document procedure was simple.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 07, 2019
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