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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

      The best car insurance in India will offer you adequate coverage at an affordable cost. Find yours here.

    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.

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    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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    News About HDFC Car Loan Interest Rates

    • BMW announces festive season offer

      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

    • Bajaj Qute to be Made Available for Purchase in India in 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

     

    Car Loan Reviews

    Write a Review
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've taken a car loan from the HDFC bank. The loan amount was 217000 and the interest rate was high. I applied for the loan at the showroom. They processed the loan with in 3 days and it was a fast and hassle free process.
      Was this review helpful? 5

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      , faridabad
      Reviewed on Sep 19, 2018
    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC bank 1 year back.The loan amount was 7 lakhs and rate of interest was satisfactory .The tenure period was 3 years . There is no processing fee and the loan was good.. There is no issues faced and the whole process was smooth.
      Was this review helpful? 4

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      , new delhi
      Reviewed on Sep 15, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      The experience with this Car Loan had been very good and the loan amount which they had provided also had been good as well. The interest rate with them has been good as well and when compared with the market rate. The customer support of them also had been responsive and there has not been any sort of hassles faced with their services.
      Was this review helpful? 1

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      , hyderabad
      Reviewed on Sep 12, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a fine experience with HDFC bank for car loan, the process was quite long and it took 20 days to receive the loan. The loan amount was for Rs 7.1 lacs with nominal interest rate and the tenure period of 5 years. Customer service was good and they followed up on time.
      Was this review helpful? 1

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      , gulbarga
      Reviewed on Sep 12, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      The application process was smooth, it took 1 week to receive the loan amount, i have taken a car loan with HDFC bank and it was a good experience. The loan amount was for Rs 4 lacs for 5 years with nominal interest rate. Customer service was good and they followed up on time.
      Was this review helpful? 0

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      , new delhi
      Reviewed on Sep 12, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      It was a good experience with HDFC bank for car loan, the process was smooth and i received my loan within 1 week. The loan amount was for Rs 2.5 lacs for 5 years with nominal interest rate. I did not opt for the insurance but they forced me to take the insurance and i paid Rs 4000 for it.
      Was this review helpful? 0

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      , jammu
      Reviewed on Sep 12, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan application was approved with HDFC bank and it was a good experience, the process was smooth and i received my loan amount on time. Rate of interest was nominal in this bank. Customer service was good and they responded on time. Tenure period for this loan is 5 years.
      Was this review helpful? 0

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      , hyderabad
      Reviewed on Sep 12, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience was good with HDFC bank, the process took 15 days to complete and the loan amount was for Rs 4.96 lakhs with nominal interest rate when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 4 years.
      Was this review helpful? 0

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      , coimbatore
      Reviewed on Sep 12, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have my car loan application approved with HDFC bank and the experience was good, the process took 1 week to complete. Documents were collected on time and the customer service was good. The loan amount was for Rs 6.42 lacs with 9% interest rate and the tenure period for this loan is 4 years.
      Was this review helpful? 0

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      , palanpur
      Reviewed on Sep 12, 2018
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has offered me a car loan. The customer services and response is good. The process is good and fast too. I have taken a Baleno car and the tenure for the loan is for five years. The rate of interest is approximately 9.25% and there is a processing fee, insurance fee and stamp duty charges.
      Was this review helpful? 2

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      , nasik
      Reviewed on Sep 10, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good experience with HDFC bank for car loan, the process took 1 week to complete and the rate of interest was nominal when compared to others. The loan amount was for Rs 6.9 lacs for 7 years. Customer service was good and they collected documents on time.
      Was this review helpful? 1

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      , bangalore
      Reviewed on Sep 08, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My car loan was approved with HDFC bank and the experience was very good, the process was quick and i received my loan amount in 3-4 days. The loan amount was based on my requirement and the rate of interest was bit high. Customer service was good and they responded on time.
      Was this review helpful? 0

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      , kolkata
      Reviewed on Sep 08, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was a good experience with HDFC bank for car loan, the loan amount was for Rs 6.55 lacs with little high interest rate when compared to other banks. Customer service was good and they collected documents on time. The tenure period for this loan is for 3 years.
      Was this review helpful? 2

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      , ahmedabad
      Reviewed on Sep 08, 2018
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      My car loan application was approved with HDFC bank and the experience was good, the process took 1 week to complete and the customer service was very good and they responded on time. Rate of interest was nominal and the loan amount was for Rs 10.5 lacs with tenure period of 5 years.
      Was this review helpful? 0

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      , bangalore
      Reviewed on Sep 08, 2018
    • HDFC Bank Car Loan
      "Need to reduce ROI"
      0.5 3.0/5 "Satisfactory"
      It was an average experience with HDFC bank for car loan, the process took 10 days to complete and the customer support was not that good. The rate of interest was high when compared to other banks. The loan amount was for Rs 4 lacs with the tenure period of 5 years.
      Was this review helpful? 2

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      , lucknow
      Reviewed on Sep 08, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience with HDFC bank for car loan, the loan amount was for Rs 2.35 lacs with nominal interest rate when compared to others. The process was smooth and i received my loan in 10 days. Customer service was good and they responded on time. The tenure period for this loan is 4 years.
      Was this review helpful? 2

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      , srinagar
      Reviewed on Sep 08, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      My experience with HDFC bank for personal loan was good, the process was smooth and i received my loan amount within 10 days. There was a delay in documents pick up. The loan amount was for Rs 9.2 lacs with nominal interest rate in the market. Customer service was good and they responded on time.
      Was this review helpful? 1

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      , pune
      Reviewed on Sep 08, 2018
    • HDFC Bank Car Loan
      "Unhappy with the services"
      0.5 1.0/5 "Really Bad"
      I had taken a car loan from HDFC bank and while applying for the loan, I refused to accept the GPS accessories. But the executive still charged it without my knowledge and opted for the same. So my loan instead of being 4.50 lakh, they have made it as 4.74 Lakh. After me sending so many emails, they said they will reprocess it. But they have said the same only orally not in paper.
      Was this review helpful? 1

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      , new delhi
      Reviewed on Sep 07, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank and my experience was good, the loan amount was for Rs 6.76 lacs with nominal interest rate when compared to other banks. It is a new car and my loan is approved based on the on-road price. The tenure period for this loan is 5 years.
      Was this review helpful? 1

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      , coimbatore
      Reviewed on Sep 06, 2018
    • HDFC Bank Car Loan
      "Customer Care should be Improved"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan from the HDFC bank for 2.5 Lacs, the interest rate was in par with the market rate. There were EMI Auto debit issues and I was charged.fund was visit the branches. Finally the refund the amount, response is very poor. I am yet to receive even after closing the loan.
      Was this review helpful? 1

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      , pune
      Reviewed on Sep 05, 2018
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