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  • HDFC Car Loan Interest Rates is Rated as "Excellent!" by 7612 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
      "Good Service"
      0.5 4.0/5 "Great!"
      I took a car loan from the HDFC bank for the car loan for an amount of 4 lakhs, I got the loan with in 2 days, I got the amount credited to the account. The interest rate was also normal. The whole application and the documentation was easy and it was hassle free too.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 20, 2018
    • HDFC Bank Car Loan
      "Nothing Greater to say about HDFC"
      0.5 5.0/5 "Blown Away!"
      Processing fee was good in HDFC. I never spoke with the customer care service of HDFC. From the dealer end i have applied for the car loan. If you give all the documents properly, then i can get the loan easily. I have received the loan on time. They have provided me a interest rate of 9%. I have applied the loan amount of Rs. 5 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • HDFC Bank Car Loan
      "Tension free card"
      0.5 5.0/5 "Blown Away!"
      I have purchased this card long time back around 15 years back. I have never called the customer care service as of now since i don't need to call them. There is no hidden charges for the card. Whenever it is necessary, i will use the card. I won't use the card often. They are not charging for the annual fee for the credit card. I never face any issue with the card so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      Got my car loan from Hdfc bank , they did quick for documentation and approval . Rate of interest is nominal as that time it was OK when comparing to other banks .they gave tenure period of 7 years with processing fees . I paid Emi through Ecs , and there customer service and response is good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 17, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      Got my car loan from Hdfc bank , where the rate of interest is average based on market price . They did instant process for approval and documentation and sanction the loan based on on road price of the card. Where i use to pay monthly through ecs for 50 months . And there is no processing fees.Overall am satisfied with car from hdfc.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 17, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I got car loan from Hdfc bank , their rate of interest is average and am satisfied with it For documentation and approval their customer service took 4-5 days for whole thing. Making the payments through ecs and there is no charges for transaction. I have chosen tenure period of 5 years. They sanctioned the loan based on ex showroom price.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 17, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was very good with HDFC bank, the loan amount was for Rs 5 lakhs with nominal interest rate when compared to other banks. My loan was approved on the on-road price and it was a new car. Customer service was good and the tenure for this loan is 4 years.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 13, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this car loan had been very easy and simple and the loan amount which they had provided had been satisfied. The rate of interest which they where offering had been nominal compared with the market rate. Their customer support and the staff responses had been very helpful at times.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 13, 2018
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I took a Car loan from the HDFC bank for 2 lacs, that is also closed, the interest rate was high initially and I discussed with the official about the low interest offering and finally they reduced the interest rate. Overall it has been a very good experience in taking car loan from the HDFC bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 11, 2018
    • HDFC Bank Car Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I got car loan from Hdfc bank , their rate of interest is quiet high and am not satisfied with it For documentation and approval their customer service took few days for whole thing. Making the payments through ECS and there are processing fees which is high I have chosen tenure period of 5 years. But i made the whole payments on my 3rd year they charged high for pre closure charges. Even after paying on time they listed my name in defaulter list.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 10, 2018
    • HDFC Bank Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I had applied for a car loan with them and i was not much happy with the process which they had carried on. The process got delayed and because of that i have closed the application. Their customer support had not been that much responsive and there has not been a prompt service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 07, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had been using the card for the last one year and the services which they had been providing so far had been very good. I had been using the card for shopping and all other purchases. The credit limit with the card has been good as well as there has been good benefits with them.
      Was this review helpful? 1
      , indore
      Reviewed on Jul 07, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with HDFC bank1 year back.The loan amount was 4,50,000 and the interest rate was satisfactory . The tenure period was 5 years . The customer service and responses was good. The documentation was very smooth and the staffs were very helpful.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 07, 2018
    • HDFC Bank Car Loan
      "Better Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the HDFC bank for 4 lacs. I got the loan with in 4 days. I am paying the EMI 8200. The whole application process was easy and hassle free. I didn't face any issues during the application. Overall it has been a smooth experience in taking car loan from the HDFC bank.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 06, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was very good with HDFC bank, the loan amount was for Rs 2.8 lakhs with nominal interest rate. I have taken a new car and my loan was approved based on ex-showroom price. The process was smooth and i received my loan amount on time. The tenure for this loan is 5 years.
      Was this review helpful? 0
      , kochi
      Reviewed on Jul 05, 2018
    • HDFC Bank Car Loan
      "Average service"
      0.5 4.0/5 "Great!"
      I got car loan from Hdfc bank , their rate of interest is quiet high of 9% and am not satisfied with it For documentation and approval their customer service took 10-15 days for whole thing. Making the payments through ecs and there is processing fees of rs 4500 I have chosen tenure period of 4 years. Their customer service and response is Average.
      Was this review helpful? 0
      , noida
      Reviewed on Jul 03, 2018
    • HDFC Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken car loan from Hdfc bank . The rate of interest is high and am not satisfied with credit limit which they have provided. There are processing fees also which is too high and i have chosen the tenure period of 36 months . They gave loan for ex showroom car price. The pre closure charges are too high.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 03, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I got car loan from Hdfc bank , their rate of interest is promising one which is 10.5% . For documentation and approval their customer service is good they just took few days for whole thing. They gave loan based on the ex-show room price with tenure period of 5 years . Their customer service and response.
      Was this review helpful? 1
      , dehradun
      Reviewed on Jul 03, 2018
    • HDFC Bank Car Loan
      "Lethargic Fools"
      0.5 0.5/5 "Unacceptable"
      Availed a Car Loan from here with lots of efforts. Lots of efforts only because one of my documents had my old address. And the bank wants me to stay at current as well as my old residence. Loan term was wrongly updated which has not been corrected even in 2 months till date. The excess EMI is getting deducted every month and you have to sit hopelessly waiting for them to rectify their mistakes by paying extra from your pocket.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 02, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the HDFC bank and I closed the loan in 2007. The whole process was easy and hassle free. I got the amount when I needed it the most. Overall ti has been a hassle free loan experience with the HDFC bank. The interest rate with them also had been good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 30, 2018
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