If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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 7353 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
      "Better"
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC Bank through online channel. They offered a normal interest rate. The documentation process was simple and provided a doorstep service. I have purchased Royals Wagnor and I took loan of 6L. I have to pay monthly around 12,815 rupees.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      HDFC has offered a interest rate of 9.5% which was nominal. The processing fee was same as other banks. I have submitted the documents to the branch. They offered around 4.5L and I have purchased a TATA TIYAGO. The part payment and pre closure option is applicable with so many conditions which I don't like it.
      Was this review helpful? 0
      , ambala
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have my car loan with HDFC bank.The loan amount was 5.8 lakhs . The interest rate was 8.5% which was satisfactory . The customer service and responses was up to the mark. The tenure period was 5 years . They have sanctioned the loan with the committed time and the loan was approved on time. The processing fee was very low and the pre closer is allowed after one year.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have my car loan with HDFC bank.The loan amount was 5.8 lakhs . The interest rate was 8.5% which was satisfactory . The customer service and responses was up to the mark. The tenure period was 5 years . They have sanctioned the loan with the committed time and the loan was approved on time. The processing fee was very low and the pre closer is allowed after one year.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have my car loan with HDFC bank.The loan amount was 5.8 lakhs . The interest rate was 8.5% which was satisfactory . The customer service and responses was up to the mark. The tenure period was 5 years . They have sanctioned the loan within the committed time and the loan was approved on time. The processing fee was very low and the pre closing can be done after one year..
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      My car loan was taken with HDFC bank. The loan amount was 5.90 lakhs and the Interest rate was 8.65% which was average in the market. The tenure period was 5 years . The loan process was really good. I have not faced any inconvenience . I have tried using the tools like EMI calculator and credits score option which is good. My overall experience was very good.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my car loan with HDFC bank. The loan amount was 8.5 lakhs and the Interest rate was 8.45|% which was average In the market. The tenure period was 5 years. The customer service and responses was up to the mark.The loan was approved on time and the processing fee was nominal.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      The rate of interest was normal with HDFC Bank as per the market price. I compared with the government banks, here the foreclosing is not easy. They provided a doorstep service for the documentation. I have purchased TATA Nexon. The customer service and response was good.
      Was this review helpful? 0
      , indore
      Reviewed on Jan 17, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank and it was a good loan experience. The loan amount was for Rs 5 lakhs with the rate of interest of 9.5% which is nominal rate. The process was very quick and i received my loan amount within 2 days. Customer service was good and they followed up on time. My loan amount was based on the on-road price and the tenure of this loan is 5 years.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 16, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My Car loan application was approved with HDFC bank and the experience was quite good. This was preapproved loan so i got my loan amount within 7 days. The loan amount was for Rs 4.50 lakhs with the rate of interest of 8.35% which is less when compared to other banks. Customer service was good and they collected documents on time. My loan amount was approved based on the on-road price. The processing fees was nominal and the tenure of this loan is 5 years.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jan 16, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan application was approved with HDFC bank and the loan experience was good. The process was smooth and i received my loan amount within 10 days. The loan amount is for Rs 8 lakhs with the rate of interest of 8.5% which is nominal when compared to all other banks. My loan amount was based on the on-road price. They charged Rs 6000 as processing fee which is nominal. Customer service was good and they collected documents on time. The tenure of this loan is 7 years and it was overall a good service from HDFC bank.
      Was this review helpful? 0
      , indore
      Reviewed on Jan 16, 2018
    • HDFC Bank Car Loan
      "Good card"
      0.5 5.0/5 "Blown Away!"
      My credit card was taken with HDFC Bank one month ago. They offered a credit limit of 25,000 rupees which was not satisfactory. It would be great if they can increase my credit limit. I am using the card for online purchases. They don't charge annual fee.
      Was this review helpful? 0
      , rohtak
      Reviewed on Jan 16, 2018
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a car loan with HDFC Bank through online portal. The rate of interest was nominal, they offered a 8.5% interest rate. I had taken 11L and purchased a Scorpio. I have to pay monthly premium of 23,770 rupees through ECS. The customer service and response was good with HDFC.
      Was this review helpful? 0
      , rohtak
      Reviewed on Jan 16, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my car loan with HDFC bank for about 4 years back. The loan amount was 5 lakhs and the Interest rate was 10.24% which was average In the market. The loan process was very smooth and hassle free . The processing fee was 2000 and My overall experience was good and Its recommendable.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 12, 2018
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a car loan with Hdfc the rate of interest they offer me was 9.5 which is little high compared to other banks in the market. The customer support was good,the documents have been collected from my door step for my Swift Dzire vxi petrol car ,they offer me 5 lakhs as a loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 11, 2018
    • HDFC Bank Car Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with HDFC bank.The loan amount is 8 lakhs,rate of interest is nominal as compared to other banks.The tenure is for 36 months.I had closed the loan in 2015.I had submitted documents to process it was a smooth process.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 09, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with HDFC bank was good, they provided very good services and they responded on time. The loan amount was for Rs 4 lakhs with the rate of interest of 12% which is high when compared to other banks. My loan amount was based on the on-road price. There is no penalty charged for preclose and part payment. The tenure of the loan is 5 years and overall it was a good service from HDFC bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 08, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan with HDFC bank.The loan amount is four lakhs.The rate of interest is nominal as compared to other banks.Its been four years since i have taken this loan.The EMI amount is 8000 paid through an ECS payment.The process was too simple with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 08, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a car loan with HDFC bank.The loan amount is five lakhs.Rate of interest is very high as compared to other banks.I would recommend the bank.the tenure is for 15 years.i had submitted documents and pay my EMI by cash.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 06, 2018
    • HDFC Bank Car Loan
      "Good bank"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank. The approved loan amount was 9 lakhs and 72 thousand. The rate of interest is 8.45%. GST was applicable.The loan amount got approved with in 2 days. The customer service and response is good with HDFC.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 05, 2018
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