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
    9.15% - 11.6% Fixed
    Up to ₹5,150 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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    Fees & Charges
    Good to Know
    12.25% - 13.99% Fixed
    Up to ₹4000 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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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    HDFC Car Loan Interest Rates is Rated as "Excellent!" by 6121 Users

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    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
      "Delayed Response"
      0.5 4.0/5 "Great!"
      I did not receive that much good response from HDFC bank for the car loan service. Actually I got delayed response from the bank. Also initially I was planning for the second hand car later I afford new car so I did not continue the loan process with HDFC bank.
      Was this review helpful? 0
      , agra
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      I applied for the car loan with HDFC bank but then I did not avail the loan because I already have a car but this time I was planning to get a new car so I applied for the loan but had marriage function at home, hence I could not continue the plan and I postponed it. I received good response from HDFC bank.
      Was this review helpful? 0
      , bokaro
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      Actually I was looking for used car hence I applied for the car loan with HDFC bank. But the bank is offered high interest rate when compared with other banks so I just cancelled my car loan application and I did not avail the loan from them. Response part was good, I received proper call from the bank.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      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. Rate of interest they have offered is 9% the loan amount I had opted for 3.50 lakhs and they have not charges any processing fee nor any charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Immediate Response"
      0.5 4.0/5 "Great!"
      When I inquired about the car loan with HDFC bank, I came to know that this HDFC Bank is good in the rate of interest which is 8.5% for the loan amount of 7 lakhs. I had already holding savings account with the same bank for the four years. HDFC Bank is really good in providing immediate response.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      I did not take the car loan from HDFC Bank as I got an incomplete response from them the loan mount I have opted for 2.70 lakhs and the rate of interest they have offered is 9.25% where the showroom executive offered me in 8.75% So I dropped the plan of getting it, even after telling they did not bother much to negotiate on the rate of interest.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank contacted me initially and later they did not follow up for the car loan application. The customer services has not been satisfactory to me. So I did not proceed ahead for the loan with this bank later I applied from other banks where I have salary account and they helped me out and they have offered me is ROI is 10.50%.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I got the car loan with the HDFC bank and the interest rate is around 11.5%, also the customer service was an average one. I would like to suggest that they need to provide the regular alerts to the customers relating to the breakdown of the EMI and charges.
      Was this review helpful? 1
      , rajkot
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Better Service"
      0.5 5.0/5 "Blown Away!"
      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. But I dropped my plan in taking the car loan so I just closed the application.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      Initially I applied for the car loan with HDFC bank for a particular car model. But later I have decided to go for Nissan for which I got minimum rate of interest from other bank so I did not proceed my car loan with HDFC. Otherwise I do not have any issues with the bank.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Immediate Response"
      0.5 5.0/5 "Blown Away!"
      Actually on the same day I had applied for the car loan with two different banks, but HDFC bank contacted me immediately and their response was very fast. Hence I processed my car loan with HDFC band and got the loan without any hassles. The services are good with HDFC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Due to some personal reason, I have not taken the car loan with the HDFC bank and the interest was around 8.5%. Customer service and other things are really fine with the HDFC bank. I have not seen any hiccups with them till now, also I would like to go ahead with them in future.,
      Was this review helpful? 0
      , guwahati
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Rate of interest for the car loan with the HDFC bank was nominal one. The loan amount got disbursed to my account within two days of time, also the services were good one with them. Processing charges were really nominal one, also they have funded around 100% cost of ex showroom price of the car.
      Was this review helpful? 1
      , varanasi
      Reviewed on Jun 20, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I did not wish to take the car loan from HDFC Bank because they were high on the rate of interest. They were offering me a rate of around 16% and the bank was also not wanting to negotiate where in other bank is ready to offer at 10.50 or 11% on the same. It was not a very satisfactory experience overall.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jun 20, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I availed car loan from HDFC bank and it has been closed as well. The interest rate was 10.49% which is very nominal when compared with other banks. The customer service is always good with HDFC bank. They done with the loan process in a very good way.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 20, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The process was speedy with HDFC bank car loan, in fact there was a delay from my end, because of the documentation . I am happy with the loan amount. The rate of interest is nominal with HDFC car loan. Still it can be reduced in future, because other banks are offering lower interest rates than HDFC bank. I am satisfied with HDFC bank service.
      Was this review helpful? 0
      , kota
      Reviewed on Jun 20, 2017
    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      When I placed the request at the online channel for HDFC car loan, I got a immediate call from them I didn't get the car loan from HDFC bank, because I have postponed my plan at present I have taken car by paying cash and they responded to my application immediately and the loan amount I thought of taking was 4 to 4.5 lakhs.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 20, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Car loan process went good with HDFC bank.Disbursement happened on time The documentation process was very smooth and easy. The rate of interest is competitively low with Hdfc bank. The response and the follow up part was perfect with Hdfc bank. Over all I can say it was an excellent service by Hdfc.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      HDFC bank just took around a days to disburse my car loan. The documentation process was very smooth and easy. The rate of interest is 8.40% competitively low with Hdfc bank. The response and the follow up part was perfect with Hdfc bank. Over all I can say it was an excellent service rendered by HDFC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 2.0/5 "Expected more"
      The car loan application process is very good with HDFC bank. They have contact me but it was bit delay and I had dropped the plan of taking the car loan with them. Overall the services offered by the executives for the car loan application was excellent. Loan amount thot of applying is 2 to 3 lakhs.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 19, 2017
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