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  • HDFC Car Loan Interest Rates is Rated as "Excellent!" by 7764 Users

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    HDFC Car Loan Interest Rates

    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 2018

    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
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I have taken the used car loan with the HDFC BANK where the service is not that much satisfied added on that i have applied for the car loan which is for the used car. The rate of interest what they charges is 14% which is higher than others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 14, 2018
    • HDFC Bank Car Loan
      "Happy with the services"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan as well with HDFC Bank. The customer support and response is good. The loan amount is of five lakhs. The rate of interest and processing charges are normal too. The after loan services are also satisfactory. In all I am happy to bank with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 13, 2018
    • HDFC Bank Car Loan
      "Good loan services"
      0.5 5.0/5 "Blown Away!"
      Probably they are charging 18% as a interest rate, I have purchased the car loan by last year. The loan amount was more than Rs. 3 lakhs. There is some processing fee. The dealer has done all the documentation process. I have got the loan in a couple of days. I have been paying the EMI of Rs. 6100. Total tenure period of the loan is 7 years.
      Was this review helpful? 2
      , guwahati
      Reviewed on Dec 12, 2018
    • HDFC Bank Car Loan
      "Interest rate should be economical"
      0.5 5.0/5 "Blown Away!"
      I got the auto loan from HDFC for Rs 2 lakhs again I have top up the car loan for Rs. 2 lakhs but I felt interest rate is not standard its quite high compared as others, the process was quick they have disbursed the amount to the dealer they delivered my car.
      Was this review helpful? 1
      , mysore
      Reviewed on Dec 10, 2018
    • HDFC Bank Car Loan
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been holding HDFC credit card, there service is too good, they have charged me annual fee or not i have no idea, as i have not check that and i am happy with my credit limit they have given me up to 5,81,000 it is sufficient for me , they provide good offers in maximum products.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 08, 2018
    • HDFC Bank Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Even for the car loan HDFC bank is good, while I was buying Alto car, they have approved partial amt, the process was good. I approached the bank through dealer, the process was simpler but long back I taken the loan, interest rate and charges was okay for me.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 06, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan almost four or five years back and the experience has been quite good. The loan amount has been sufficient and the interest rate with them has been a bit high when compared with the market rate but it could be manageable. There has not been any sort of additional charges which has been made by them.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 06, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience was good with HDFC bank, the process was smooth and i received my loan amount on time. Loan amount was sufficient and the rate of interest was nominal for this loan. Customer service was good and the tenure period for this loan is 3 years.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 05, 2018
    • HDFC Bank Car Loan
      "Car loan fulfill my dream"
      0.5 4.0/5 "Great!"
      In 2016 i have purchased the car loan with HDFC. I bought the car loan around Rs. 7 lakhs, Every month o'm paying the EMI of Rs. 9300. I have chosen the tenure period of 7 years and I'm planning to pre-close the loan and i have to check that option is available or not. Car loan process was very good.
      Was this review helpful? 1
      , rajahmundry
      Reviewed on Dec 05, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the HDFC BANK. The agent came and collected documents got the loan with in few days.The loan amount was satisfactory. The whole process was smooth. The interest rate was normal when I took the loan. The tenure period is 5 year and i am happy with services .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 05, 2018
    • HDFC Bank Car Loan
      "Hassle free process"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank is good overall in the car loan services. The rate of interest and processing charges are normal. The customer support and response was on time and the loan was also processed on time. The after loan services are good too. No hassles in all.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 05, 2018
    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My car loan is with HDFC Bank and as always the process was smooth and easy. I got a good deal on the interest rate and charges. The after loan services are also good. The documentation was done on time and I got the loan as needed. Satisfactory overall.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 05, 2018
    • HDFC Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The process is easy to get the car loan with the HDFC BANK where i have got the loan amount within 2-3 hours. The loan amount is good they have given the amount which is sufficient also the rate of interest is of 8.8-8.9% which is nominal. Duration is for 5 years also the customer service is responsive.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 04, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 4.5/5 "Excellent!"
      My car loan experience was good with HDFC bank, the process was smooth and i received my loan amount on time. Loan amount was sufficient and the rate of interest was nominal for this loan. Customer service was good and the tenure period for this loan is 3 years.
      Was this review helpful? 1
      , pune
      Reviewed on Dec 01, 2018
    • HDFC Bank Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC Bank and it was taken 2 years back. It is on going and the loan duration is 48 months. I have purchased a Hyundai car. The loan process was faster and immediate. I am happy with the interest and charges. They do have option for foreclosure.
      Was this review helpful? 4
      , noida
      Reviewed on Nov 29, 2018
    • HDFC Bank Car Loan
      "Good In Service"
      0.5 5.0/5 "Blown Away!"
      At the time of applying for a car loan with HDFC bank things were easy and good. Application was processed on time. The only thing i want HDFC to take care is their control options given on the toll free number. Whenever the toll free number is dialed i find it hard to reach to the option where i will be connected to the customer support executive The customer support option is not available on the front end itself. Apart from this HDFC services are good.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 29, 2018
    • HDFC Bank Car Loan
      "Good Card to use"
      0.5 3.0/5 "Satisfactory"
      I have my credit card approved with HDFC bank and the experience was good, i received my credit card within 7-8 days. Rs 1000 has to be paid as an annual fee. I use this credit card for multipurpose but this credit card is not accepted on all the places. Credit limit is sufficient in this credit card.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 29, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with HDFC bank, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 5 years.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Nov 29, 2018
    • HDFC Bank Car Loan
      "Average"
      0.5 4.0/5 "Great!"
      My credit card was taken with HDFC BANK , i am holding this card for past 3month . The process was good but the card was delayed it took week to reach . There is joining fee at the time of getting the card but there is no waive off option . Benefits were good reward point and cash back .
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Nov 28, 2018
    • HDFC Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have taken the card loan with the HDFC BANK from past two years where the loan amount is sufficient added on that the They have provided the 90% of the amount. The rate of interest is with the best price. The process is very simple to get the loan.
      Was this review helpful? 3
      , new delhi
      Reviewed on Nov 28, 2018
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