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 7255 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 SERVICE"
      0.5 4.0/5 "Great!"
      It was my personal reason I was unable to process further with my loan process the service was good. The customer service was prompt compare to others in the market, the interest rate they offered me was fine it was a good experience with hdfc car loan service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 24, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      The rate of interest offered by hdfc for my car loan service was higher compare to other banks in the market also the customer service was prompt but I have some personal reasons for cancelling my loan process further it was totally a good experience with hdfc car loan service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 24, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The interest rate offered by hdfc for my car loan service was good ,the documents part was very simple they collected all my documents from my door step also the customer service was good with hdfc it was a smooth process from hdfc car loan service.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 24, 2017
    • HDFC Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I approached hdfc for my car loan service several times but the response I get from hdfc was below average, so I decided not to go with hdfc again the interest rate was fine. The customer service was prompt it was a average experience with hdfc for my car loan service.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Nov 24, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      HDFC car loan service was good but I have some difficulty in submitting the documents which they asked for processing my loan process the interest rate they offered me was 12% which was fine compare to others also I am very happy about the customer service of hdfc it was awesome experience with hdfc for my car loan service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with HDFC bank was good, i have taken loan for Rs 5 lakhs with the rate of interest of 11.25% which is nominal when compared to other banks. This was pre approved loan so no much documents were required. Customer service was good and they followed up on time. The loan amount was approved based on the ex-showroom price.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 23, 2017
    • HDFC Bank Car Loan
      "Car loan"
      0.5 5.0/5 "Blown Away!"
      It was a kind of pre approved car loan, hence the process was entirely different with HDFC Bank when it comes to car loan. The bank was not in need of any documents, the bank took hardly 3 minutes and immediately the amount was transferred to my account the next minute. Interest rate was 11.25% though I am not happy i am in need of money and therefore I had accepted the same. Foreclosure is allowed after one year and I guess the charge applicable was rs 2000 and they have deducted 1% as the charge.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 22, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      My car loan experience with HDFC bank was good, the process was quite long as the document verification took long time and my loan amount was approved after 1 month. Documents were collected door step. The loan amount was for Rs 3 lakhs with the rate of interest of 8.65% which is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 22, 2017
    • HDFC Bank Car Loan
      "Interest rate to be better"
      0.5 3.0/5 "Satisfactory"
      I had applied for a car loan with HDFC Bank through online channel. The customer service and response was good. They responded on time. The interest rate was high compared to others so I had processed with Kotak Mahindra Bank. I have purchased a new car.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Nov 22, 2017
    • HDFC Bank Car Loan
      "Unhappy with the services. "
      0.5 1.0/5 "Really Bad"
      HDFC Bank has not been up to the mark on the car loan application. They contacted me and asked for the documents. I informed them that since it is a new account I only have the last three months pay slip. They said they would send the executive to collect the same and that never happened. I also received an email later that the loan was declined.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 22, 2017
    • HDFC Bank Car Loan
      "Fantastic services"
      0.5 5.0/5 "Blown Away!"
      The process was smooth at HDFC bank for the car loan as the executive came and collected the documents and there was no need for me to go to the bank and complete the formalities. The rate of interest is really reasonable, it was of 8.5%. The only extra charges was for the GPS tacking provided by the bank. They charged me a fee of 16K for the period of five years and that part was a bit on the unreasonable side and it costs much cheaper when it is done by one self. I have taken a Tata Tiago. The vehicle is a hatchback model. It is a pretty basic car and I had all the features added to it.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 21, 2017
    • HDFC Bank Car Loan
      "Satisfied with the services"
      0.5 4.0/5 "Great!"
      My car loan is with HDFC Bank and the customer services are good and there were no hassles in the process. I got the loan on time and I am also comfortable with the rate of interest and processing charges and the after loan services are also satisfactory.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 21, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am a privilege customer of HDFC Bank. I am maintaining all my transactions with HDFC so they provide a good service and offered loans with the good interest rate. My car loan was taken 5 years back. There was no delay, it was a faster service. I am happy with the interest rate. I pay around 12,800 through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 21, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with HDFC bank was good, the loan amount was for Rs 5 lakhs with the rate of interest of 15% which is good rate according to the market. The loan amount was approved based on the ex-showroom price. The customer service was good and they responded on time, they provided door step service to collect the document. The process was very smooth and the loan amount was approved within 15 days.
      Was this review helpful? 0
      , jhajjar
      Reviewed on Nov 21, 2017
    • HDFC Bank Car Loan
      "Good bank"
      0.5 5.0/5 "Blown Away!"
      I bought a new bike by taking a two wheeler loan from Bajaj Finserve and that is why i could not to take the car loan from HDFC bank. The executives are very friendly and i told them the current scenario. In future i will definitely consider HDFC for the same car loan.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 20, 2017
    • HDFC Bank Car Loan
      "Approachable service"
      0.5 4.0/5 "Great!"
      The rate of interest with the bank is 9.1 %. As the rate of interest was high i thought not to take the loan for now from HDFC Bank. The service executive gave me good response at the time of the application. The follow up was also good and comfortable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Rate of intrest was high"
      0.5 2.0/5 "Expected more"
      The rate of interest with the bank is very high. The approved rate of interest was 9.75% which was not acceptable. The pre-closure and part payment was charging too high with HDFC.The customer service and response provided by HDFC Bank was very much satisfactory.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from HDFC bank, my loan application was closed because the loan amount which they were providing was not sufficient. They were providing loan for Rs 3 lakhs where as i require loan for 6 lakhs. Customer service part was good, they responded on time and regular follow ups was done. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , delhi
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "High on ROI and charges"
      0.5 4.0/5 "Great!"
      The process was on time at HDFC Bank for the car loan. After I applied for the same they contacted me and informed me the details. The response was also good as they came over and collected the documents and disbursed the loan on time. The interest rate and charges was high. It was around 9%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from HDFC bank, my loan application was closed because the rate of interest and processing fees were high, they also charged for individual insurance so i opted other bank to take the car loan. Customer service was good and they responded on time, they followed up correctly.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 18, 2017
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