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  • HDFC Car Loan Interest Rates is Rated as "Excellent!" by 7544 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"
      0.5 5.0/5 "Blown Away!"
      I have a credit card from Hdfc bank, I have been using the credit card since 12 years, it's my first credit card, and I am quite happy about it as I am still holding on to this credit card. The services are good I never faced any problems with this credit card and it has been running smoothly. I am quite satisfied with this card.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 21, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with HDFC bank, the loan amount was sufficient and the rate of interest was nominal when compared to all other banks. This was a used car loan with the tenure period of 3 years. Customer service was good with HDFC bank and their response was on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 20, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 3.5/5 "Pretty good"
      I have taken a car loan from HDFC bank and the approved loan amount was 4.99 lakhs. The rate of interest was 8% flat. I have taken the tenure of 4 years.They have charges for paper work around 2500. And 19000 for GPS. They have forced me to take the GPS and a loan insurance of 3500.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 5.40 lakhs. The rate of interest was 8.75%. First it was 8.25% and since the financial year got changed the interest got changed to 8.75%. The monthly emi is 11658 for tenure of 5 years .There was a processing fee of 4000.
      Was this review helpful? 0
      , kochi
      Reviewed on May 18, 2018
    • HDFC Bank Car Loan
      "Approachable for car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 8 lakhs. The rate of interest was 9%. The monthly emi is 16750 for tenure of 5 years.There was a processing fee. They have taken a loan insurance of 6000 which was not mentioned and was taken from my loan amount.
      Was this review helpful? 0
      , silvassa
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "HDFC car loan , Easy approval"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the disbursed loan amount was 5 lakhs. The rate of interest was 9%. The monthly emi is 8100 for tenure of 7 years.There was a processing fee of 1500 and the loan got approved within 3 days. Easy procedure.
      Was this review helpful? 0
      , pathanamthitta
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the disbursed loan amount was 4.20 lakhs. The rate of interest was 9%. The monthly emi is 13300 for tenure of 3 years.There was a processing fee of 8000. Got the approval on time and there was no difficulty.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 4.68 lakhs. The rate of interest was13%. I have not done any negotiation with the bank. The monthly emi is 9560 for tenure of 5 years. The processing fee was 1500.It was an easy documentation process. The executives were very supportive.
      Was this review helpful? 0
      , surat
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The response part was quick and fast from the HDFC bank . They were about to approve the car loan , but I have denied it , due to some personal reason, other than that the car loan service was quite good from the HDFC bank. The car loan interest rates need to be reduced and they need approve it as per the customers requirement.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "Fast approval"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the disbursed loan amount was6.8 lakhs. The rate of interest was 9%. The monthly emi is 14250 for tenure of 5 years.There was a processing fee of 4000. Got the approval within 4 days. Happy with their service as well.
      Was this review helpful? 0
      , patna
      Reviewed on May 15, 2018
    • HDFC Bank Car Loan
      " Approachable for car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 3.73 lakhs. The rate of interest was 8.9%. The monthly emi is 7750 for tenure of 5 years.It was an easy documentation process. The executives were very supportive.
      Was this review helpful? 0
      , dehradun
      Reviewed on May 15, 2018
    • HDFC Bank Car Loan
      "Poor Follo up from the bank"
      0.5 1.0/5 "Really Bad"
      I applied for the Car Loan from HDFC bank online . The loan amount was 1.5 lakhs and the whole applications process was easy. There were no calls from bank, the loan was closed. The bank did not follow up regularly which was the main reason for cancellation of the loan.
      Was this review helpful? 0
      , srinagar
      Reviewed on May 15, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the disbursed loan amount was 10.20 lakhs. The rate of interest was 9%. The monthly emi is 18000 for tenure of72 months.There was no processing fee with them.The documentation part was good.Good response as well.
      Was this review helpful? 0
      , roorkee
      Reviewed on May 15, 2018
    • HDFC Bank Car Loan
      "Fast approval from HDFC"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 5.85 lakhs. The rate of interest was 9%. The monthly emi is 12200 for tenure of 5 years.There was processing fee of 3500.The documentation part was good.Good response as well.
      Was this review helpful? 0
      , thrissur
      Reviewed on May 15, 2018
    • HDFC Bank Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 9 lakhs. The rate of interest was 9.05%.The monthly emi is 18705 for tenure of 5 years.There was processing fee. The documentation process was good. I got the loan on time.
      Was this review helpful? 0
      , chandrapur
      Reviewed on May 14, 2018
    • HDFC Bank Car Loan
      "Fast approval"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan from HDFC bank and the approved loan amount was 7.06 lakhs. The rate of interest was 9%. The monthly emi is 14000 for tenure of 5 years.There was processing fee of 4000. Fast approval From HDFC bank end.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 14, 2018
    • HDFC Bank Car Loan
      "Easy documentation with HDFC"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 4 lakhs. The rate of interest was 9%. he monthly emi is 12860 for tenure of 3 years.There was processing fee of 3200. Fast approval and the documentation was easy for the car loan.
      Was this review helpful? 0
      , chandigarh
      Reviewed on May 14, 2018
    • HDFC Bank Car Loan
      "Good response"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 4.6 lakhs. The rate of interest was 9%. I have negotiated with the bank to reduce the rate of interest but there was no change.The monthly emi is 14500 for tenure of 3 years.There was processing fee.
      Was this review helpful? 0
      , vellore
      Reviewed on May 14, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 3 lakhs. The rate of interest was 9%. The monthly emi is 12402 for tenure of 36 months.The processing fee was around 4000 and the approval was on time. Documentation done well.
      Was this review helpful? 0
      , pune
      Reviewed on May 13, 2018
    • HDFC Bank Car Loan
      "HDFC bank car loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the approved loan amount was 3 lakhs. The rate of interest was 9.5%. The monthly emi is 6200 for tenure of 5 years.The processing fee was around 3000 and the approval was on time. Totally satisfied with HDFC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 13, 2018
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