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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    We found 2 HDFC Car Loan Interest Rates

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.25% - 9% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free PAPERLESS APPROVAL OPTION AVAILABLE
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    Perks
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    Fees & Charges
    Good to Know
    13.50% - 15% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval option available
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    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    HDFC Car Loan Interest Rates is Rated as "Excellent!" by 6254 Users

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    Car Loan BYTES FROM OUR KITCHEN

    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.

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  • Car Loan Reviews

    • HDFC Bank Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I got the car loan within 3 days of time from HDFC bank. The customer service and the response part is really good with HDFC bank. The rate of interest is nominal with HDFC bank car loan. I am happy and satisfied with the loan amount, because the required loan amount has been approved by HDFC.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Average Service"
      0.5 1.0/5 "Really Bad"
      The Required loan amount was not approved by Hdfc bank, that was the reason I haven't got the car loan with HDFC . I would like to say that the HDFC bank need to intimate about the eligibility criteria to the customers in prior. The customer service and the response is good with HDFC bank. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , goa
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I didn't choose HDFC bank for my car loan due to high interest, so that was the reason I haven't got the car loan with HDFC bank. The customer service and the response was good with HDFC bank. The rate of interest is high when compared with others. But from the service point of view HDFC is doing good.
      Was this review helpful? 0
      , patna
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The HDFC bank service was very good, but they told that they have seen the backlogs EMI's to be paid in my profile, so that was the reason I haven't got the car loan with HDFC bank. The customer service and the response part was good with HDFC . The rate of interest is nominal with HDFC bank. I got the required loan amount with other private finance company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 25, 2017
    • HDFC Bank Car Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from HDFC Bank and the experience has been good. The process was completed in a week. I received a proper response and the documentation was minimal too. The bank has offered me a loan 80% of the vehicle value. The interest rate and other charges were very much nominal.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jul 24, 2017
    • HDFC Bank Car Loan
      "Fast process"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank is doing excellent in the loan process. I had taken a car loan and the bank processed my loan within a span of four days. I got 80% of the vehicle value. The documentation was normal and the after loan services is also good and smooth. The rate of interest and charges is also normal. The bank is very much beneficial to me.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jul 23, 2017
    • HDFC Bank Car Loan
      "Good. Can work up on the ROI"
      0.5 4.0/5 "Great!"
      Since I changed my mind, I did not take the car loan from HDFC Bank. I had to travel out of the country. The services and response was good and they were on time to give me the details. The bank was a bit high on the rate of interest and processing charges when compared to other banks.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 23, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Initially HDFC bank has promised me some thing around 8% of interest rate in concern to my car loan but they have disclosed my loan with 8.65% . They need to stick on their promises. The customer service and the response part was good with Hdfc bank. Within 3 days of time they have disbursed the loan. The rate of interest is low when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Initially HDFC bank has promised me some thing around 8% of interest rate in concern to my car loan but they have disclosed my loan with 8.65% . They need to stick on their promises. The customer service and the response part was good with Hdfc bank. Within 3 days of time they have disbursed the loan. The rate of interest is low when compared with others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 2.5/5 "Just OK"
      The HDFC bank executive told that they can do the commercial car loan vehicle only if I am having 5 cars in my name. So that was the reason I haven't got the loan with HDFC bank. The customer service and the response was average with HDFC bank. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 18, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I didn't get the car loan from HDFC bank, because my loan got sanctioned by AXIS bank so that was the reason I haven't proceed with HDFC bank car loan. The rate of interest provided by HDFC is nominal . The customer service and the response was also good with HDFC.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 18, 2017
    • HDFC Bank Car Loan
      "Good benefits"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has offered me a preapproved car loan which had a convenient documentation process and the disbursement was also on time. The interest rate and processing charges is normal and the after loan services are also good and smooth without any hassles.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jul 13, 2017
    • HDFC Bank Car Loan
      "Overall good services"
      0.5 4.5/5 "Excellent!"
      HDFC Bank has been good overall in the car loan services. The documentation was taken on time and the process was quick. The rate of interest was of 8.5% which was a very nice deal and the processing charges was high. It was around 12K. The after loan services was also smooth,.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 13, 2017
    • HDFC Bank Car Loan
      "High on ROI"
      0.5 4.0/5 "Great!"
      I received calls from HDFC Bank for the car loan. The response was quick and they informed me the details. The bank also checked about my requirement. The interest rate and processing charges was on high for me, so I cancelled my plans in taking the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The response was really good with HDFC bank. The rate of interest is high when compared with other banks. HDFC customer service gave very good follow up in concern to my car loan application. The service which was given by Hdfc bank was good, and I would say it was a better service offered by HDFC Bank. But I have not opted the loan from them as they was a delay with respect to documents submission.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 13, 2017
    • HDFC Bank Car Loan
      "Not Satisfied with the services"
      0.5 2.0/5 "Expected more"
      The process was good but HDFC Bank declined my application for the car loan. I was contacted initially and they collected my documents. The interest rate was also pretty high when compared to other banks. The charges was high too. The bank did not cal back and inform me as to why my application got declined.
      Was this review helpful? 0
      , bhiwadi
      Reviewed on Jul 13, 2017
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I dropped the idea to buy a car right now its because of my personal reason. HDFC is best in the market, they have called and confirmed about my requirements and suggested the vehicle for me. Then I have informed them , I don't have an idea to buy the car right now
      Was this review helpful? 1
      , valsad
      Reviewed on Jul 12, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had received good response from HDFC bank towards my car loan application. I had been contacted by the bank for the loan and they provided the required information for the same. In 2011 I have taken this loan and the process was very smooth and now its closed the loan amount is 2.50 lakhs
      Was this review helpful? 0
      , haridwar
      Reviewed on Jul 12, 2017
    • HDFC Bank Car Loan
      "Convenient Process"
      0.5 5.0/5 "Blown Away!"
      HDFC is processing the request fast, they were able to complete the loan process on time. HDFC is taking some high interest rate but I am fine with that. I purchased alto and swift car, HDFC sanctioned 90% of loan from on road price with avery less processing fee.
      Was this review helpful? 0
      , vellore
      Reviewed on Jul 12, 2017
    • HDFC Bank Car Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      HDFC done a fast process they have disbursed within five days of time, they have fulfilled my requirement they have sanctioned Rs.6.3 lakhs for the tenure of four years. With good interest rate as per the market. Processing fee is also pretty nominal its good.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 10, 2017
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