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 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 |
|
| Foreclosure charges |
|
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.
 The best car insurance in India will offer you adequate coverage at an affordable cost. Find yours here.
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.
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 -
Click Here: HDFC Car Loan Customer Care Number
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.
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.
Co-applicants are not required to avail a HDFC Car Loan unless the person’s income does not meet the eligibility criteria.
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.
Customers, after paying a small amount of prepayment fee, can pre-pay the loan any time after 6 months of procuring the loan.
It takes 48 hours of completing the documentation to process the loan.
GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
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25 September 2018
BMW India has begun the festive season by introducing limited period offers for the festive season. Under the new offer, BMW cars can be financed by the buyers for an interest rate of 7.99 percent per annum. The offer will be available on all the locally produced cars like the 3GT, 5 Series, 7 Series, 3 Series, 6GT and the SUVs - X5, X3, X1. It is expected that the cars will be offered with the BMZ 360 degree program. A low down payment is provided in the program along with an assured buyback value to the customer by promising to buy back the car at a value that was predefined when the tenure ends. This program has a service and maintenance package as a choice to reduce the cost of ownership even further. BMW is not the only company that has come up with offers for the festive season. Honda has also released special edition models of the BR-V, WR-V and City.
20 August 2018
Quadricycles are a relatively new concept in India. In fact, majority of the population has not even heard about them. They are quite small is size and the Bajaj Qute Small car, which is a 216cc quadricycle, is expected to be made available for purchase in the country in August. Initially, sales will be pushed in the north eastern states and in Kerala where there is a dire need for the vehicle. Bookings are already being accepted in the North East and in Kerala and orders have been received for the Qute. Based on the initial plan, manufacturing will take place of only around 35 to 40 units and shall be sent to the dealerships. The vehicle can seat four people inclusive of the driver, and can attain a max speed of 70 kilometres per hour.
27 July 2018
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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
