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  • HDFC Car Loan

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  • HDFC Bank offers car loans at attractive interest rates ranging between 9.10%-15.50%. The repayment tenure is up to 84 years and the lowest EMI per lakh for a tenure of 7 years is Rs.1,642.

    Key Features of HDFC Bank Car Loan

    Some of the notable features offered by HDFC Bank Car Loan have been mentioned below:

    • Offers up to 100% on-road finance.
    • Budget-friendly monthly payments.
    • Quick loan disbursement.
    • Provides optional health cover.
    • Minimal paper work.
    HDFC Car Loan Details
    HDFC Car Loan Interest Rate 9.10%-15.50%
    Maximum Loan Amount
    • Salaried professionals – 3 times of your annual salary
    • Self-employed professionals – 6 times of your annual income
    Repayment Tenure 12 months to 84 months
    Lowest EMI per lakh for maximum tenure (7 years) Rs.1,642
    More
    We found 1 HDFC Bank Car Loan
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    9.10% - 15.50% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know

    Table of Contents



    HDFC Bank Car Loan-Fees and Charges

    Fees and Charges
    Processing Fees Rs.3,000 to Rs.10,000
    Foreclosure Charges
    • Before 1 year from 7th EMI – 6% of principal outstanding
    • Within 13 months to 24 months from 1st EMI – 5% of principal outstanding
    • After 24 months from 1st EMI – 3% of principal outstanding
    Documentation Charges Rs.630 per case
    Part-payment Charges
    • Within 13 months to 24 months from 1st EMI – 5% on the part-payment amount
    • After 24 months from 1st EMI – 3% on the part-payment amount
    Overdue EMI Interest 2% per month
    Cheque Swapping Charges Rs.500 per instance
    Loan Rebooking/reschedule charges Rs.1,000
    Duplicate no-due certificate/no-objection certificate Rs.500 per instance
    Cheque/ECS/SI Return Charges Rs.550 per instance
    Collateral Charges Rs.475 per case

    HDFC Bank Car Loan – Eligibility Criteria

    Salaried Individuals

    • Aged between 21 years and 60 years
    • Employed for a minimum of 2 years with at least 1 year with the current employer
    • Earn at least Rs.3 lakh p.a.
    • Have a telephone/post-paid mobile

    Self-Employed Individuals (Sole Proprietorship)

    • Should be in the business of trading, manufacturing, or services
    • Aged between 21 years and 65 years
    • Should have been in business for at least 2 years.
    • Have an annual income of at least Rs.3 lakh

    Self-Employed Individuals (Partnership Firms)

    • Self-employed partners in the manufacturing, trading or services business
    • Should have a turnover of at least Rs.3 lakh p.a.

    Self-Employed Individuals (Private Limited Companies)

    • Owners of private companies in the manufacturing, trading or services business
    • Should have a minimum annual income of Rs.3 lakh

    Self-Employed Individuals (Public Limited Companies)

    • Directors in public limited firms in the manufacturing, trading or services business
    • Have earnings of at least Rs.3 lakh p.a.

    Factors Affecting HDFC Bank Car Loan Eligibility

    The eligibility for availing a HDFC Bank car will depend on the below-given factors:

    • Income – If your income is on the higher side, there are good chances of your eligibility for HDFC Bank car loan being higher. This is because a higher income indicates higher repayment capacity. To be eligible for HDFC Bank car loan, your yearly income should be at least Rs.3 lakh.
    • Loan amount – Your eligibility for a car loan from HDFC will be higher if you apply for a lower loan amount simply because if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to lend to you.
    • Repayment tenure - Choosing a longer repayment tenure can lower your eligibility for a car loan as it might give an impression to the bank that your ability to pay the loan is lower. This is because longer repayment tenure results in lower EMIs and the lender may tend to think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
    • Credit score – This is an important factor that most banks, including HDFC Bank, consider when determining your eligibility for a car loan. A credit score of 750 and above is considered a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and hence, your eligibility will be higher.
    • Relationship with the bank - As stated earlier, HDFC Bank offers instant car loans to their existing customers through the ZipDrive feature. This feature allows HDFC Bank customers to can avail loans instantly, at their convenience, with negligible documentation. This indicates that your relationship with the bank is an important factor while determining your eligibility.

    How to Increase Your Eligibility for HDFC Bank Car Loan

    • Opt for a shorter tenure – When you choose a shorter repayment tenure, the EMI that you will be paying each month will be higher. This is an indication of your higher repayment capacity which will lead to banks feeling confident to lend to you. So, if you wish to boost your eligibility for a car loan, opt for a shorter repayment tenure.
    • Keep your credit score in check – If you wish to increase your eligibility for HDFC Bank car loan, make sure that you maintain a credit score of over 750. You can use the Free Credit Score tool to check and maintain a healthy credit score. Checking your credit score regularly can let you take corrective measures to improve it if your score is low or give you confidence to approach the bank is it is high.
    • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and spends. Before banks lend to you, they will check how much percentage of your earnings goes in paying your debts and a low debt-to-income ratio will be an indication of your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
    • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for HDFC Bank car loan. A lower loan amount means that the loan will be repaid sooner and hence, the chances of you being eligible for a loan is higher.

    How to Calculate EMI on HDFC Bank Car Loan

    Before you avail a car loan from HDFC Bank, you may want to know how much amount you will be paying towards the loan each month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

    You can calculate the EMI for your car loan by using the below-given formula:

    E = P*r*[(1+r) ^n/((1+r) ^n-1)]

    In the above formula, E denotes the EMI, P the principal amount, r the interest rate and n the number of years or tenure of the loan.

    You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

    HDFC Car Loan EMI Calculator

    Comparison for Car Loan Interest Rates of Top Banks with Lowest EMI for 7 Years

    Name of the Bank Interest Rate (p.a.) Lowest EMI per lakh for 7 years
    HDFC Bank 9.10% - 15.50% Rs.1,642
    ICICI Bank 9.40% - 13.35% Rs.1,624
    Axis Bank 9.25% onwards Rs.1,622
    State Bank of India 9.15% - 12.40% Rs.1,617
    Canara Bank 8.80% - 9.45% Rs.1,599
    YES Bank 9.75% onwards Rs.1,647
    Central Bank of India 7.05% Rs.1,512
    Punjab National Bank 8.90% - 9.35% Rs.1,604

    How to Apply for HDFC Bank Car Loan

    There are two ways by which you can apply for a car loan from HDFC Bank:

    1. BankBazaar website - Applying for HDFC Bank car loan has been made convenient and hassle-free by BankBazaar. You just need to follow the below-given steps and your dream of owning a car will turn into a reality within no time:
      • Visit the official website of BankBazaar.
      • Click on the ‘Loans’ tab and then select the ‘Car Loan’ option.
      • You will be redirected to a page that will show you a list of car loans offered by various lenders including HDFC Bank car loan.
      • You can use the ‘Explore’ button to check out the benefits and features offered on HDFC Bank car loan.
      • Once you decide to avail the loan, you can click on the ‘Apply Now’ button.
    2. Official channel - This method involves you approaching HDFC Bank directly to apply for a car loan. You can either visit the nearest HDFC Bank branch or their official website and apply for a car loan. You can also get in touch with the customer care of HDFC Bank to receive support on the complete car loan application process.

    Documents Required for HDFC Bank Car Loan

    Salaried Applicants
    Proof of Identity PAN card, Passport, Driving License, Aadhaar card, Voter’s ID, etc.
    Address Proof Ration card, Aadhaar Card, Voter’s ID, Passport, Driving License, Telephone bill, Electricity bill, Telephone bill, Life Insurance Policy, etc.
    Income Proof Form 16 and latest salary slip
    Bank Statement Previous 6 months
    Self-Employed Applicants (Sole Proprietorship)
    Proof of Identity PAN card, Passport, Driving License, Aadhaar card, Voter’s ID, etc.
    Address Proof Ration card, Aadhaar Card, Voter’s ID, Passport, Driving License, Telephone bill, Electricity bill, Telephone bill, Life Insurance Policy, etc.
    Income Proof Latest Income Tax Returns (ITR)
    Bank Statement Previous 6 months
    Self-Employed Applicants (Partnership Firms and Private Limited Companies)
    Income Proof
    • Audited Balance Sheet
    • Company ITR for the last 2 years
    • Profit & Loss Account for the previous 2 years
    Address Proof Shop & Establishment Act Certificate, Electricity Bill, Telephone Bill, Sales Tax Certificate, SSI Registered Certificate
    Bank Statement Previous 6 months
    Self-Employed Applicants (Public Limited Companies)
    Income Proof
    • Audited Balance Sheet
    • Profit & Loss Account for the previous 2 years
    Address Proof Shop & Establishment Act Certificate, Electricity Bill, Telephone Bill, Sales Tax Certificate, SSI Registered Certificate
    Bank Statement Previous 6 months

    FAQs on HDFC Bank Car Loan

    1. What are the EMI options available on HDFC Bank car loan?
    2. Answer: HDFC Bank offers two EMI options – Step-up EMI and Balloon EMI. The step-up EMI option allows you to gradually increase the EMI amount over the loan tenure. On the other hand, the balloon EMI option lets you pay lower EMI amounts during the initial tenure and a higher lump sum amount at the end of the loan tenure.

    3. Can I foreclose my HDFC Bank car loan and if yes, is there a penalty fee?
    4. Answer: Yes, you can foreclose your HDFC Bank car loan and you will not be charged any penalty fee for the same.

    5. Can I get a top-up loan on my existing HDFC Bank car loan?
    6. Answer: You can get a top-up loan on your existing HDFC Bank car loan only if you are an existing customer of the bank. Existing customers need not provide any documentation for availing top-up loan on their car loans.

    7. Do I need to provide a guarantor to avail a car loan from HDFC Bank?
    8. Answer: You need not provide any guarantor for availing HDFC Bank car loan if you meet the minimum income criteria. However, if you do not meet the income criteria, you may be asked to provide a guarantor or co-applicant.

    9. Does HDFC Bank offer financing for all types of car models?
    10. Answer: There is no restriction on the type of car that can be financed by HDFC Bank car loan. Financing is offered for most of the passenger cars and multi-utility vehicles manufactured by top automobile makers in India.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    HDFC Bank Car Loan Reviews

    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan directly through HDFC bank.The car model was TATA Nixon and still this loan is active. The rate of interest and the processing fee are medium it was 10.99% and this loan was sanctioned immediately within 2 to 3 days got the loan. Everything was fine so far until this loan was sanctioned .
      Was this review helpful? 2
      , chennai
      Reviewed on Mar 19, 2020
    • HDFC Bank
      HDFC Bank Car Loan
      "Easy loan approval"
      0.5 4.5/5 "Excellent!"
      I have chosen car loan from HDFC Bank on 3 years back. I made the down payment of Rs. 1.50L and the loan amount was Rs. 4.80L. The rate of interest was normal and i am paying EMI amount of Rs. 12,157 and i have purchased Swift BSI. I given my documents to the showroom itself without any difficulty.
      Was this review helpful? 2
      , jaipur
      Reviewed on Mar 18, 2020
    • HDFC Bank Car Loan
      "Quick process"
      0.5 5.0/5 "Blown Away!"
      Maruti showroom suggested to take car loan from HDFC on few months back. They have sanctioned the loan within one week.The amount got 6L with tenure period of 7 years. An interest rate of 9%. I done down payment of 1L. EMI need to pay of 9637 rupees. The car model is Maruti new swift. Their service is good.
      Was this review helpful? 3
      , kanchipuram
      Reviewed on Mar 09, 2020
    • HDFC Bank Car Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      My car loan is going to be completed in this November. My salary goes into HDFC bank hence the guy keep on calling me to take the loan hence I have selected the car loan from same bank. In 2013, I have purchased the car loan by paying the down payment of Rs. 3.5L. Took the loan amount of Rs. 3.8L. I pay EMI amount of Rs. 6948 every month.
      Was this review helpful? 0
      , jammu
      Reviewed on Mar 05, 2020
    • HDFC Bank Car Loan
      "Fast approval loan"
      0.5 5.0/5 "Blown Away!"
      I have purchased my car loan with HDFC bank which i have taken in the month of December. There is no interest rate on fast approval so that reason i have availed this loan. I have taken the loan amount of Rs. 12.34 lakhs and i made the down payment of Rs. 50000. They have sanctioned my loan in 1 day.
      Was this review helpful? 1
      , vadodara
      Reviewed on Mar 05, 2020
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Nexa baleno car through HDFC car loan . The rate of interest and the processing fee was very nominal and this loan is still active .This loan was sanctiooned on time without any hassles .The processing time was very fast and paying the premium on EMI basis .If pay the premium on delay basis there is no extra charges .
      Was this review helpful? 1
      , tirupur
      Reviewed on Mar 02, 2020
    • HDFC Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      Taken my car loan from HDFC because the loan service is very comfortable for me. I have taken loan amount of Rs. 3 lakhs and the balance amount of Rs. 1.25 lakhs paid as a down payment. I took the loan 3 years before and the total duration of the loan is 5 years. I pay the EMI amount of Rs. 6200 every month.
      Was this review helpful? 0
      , tirupur
      Reviewed on Feb 20, 2020
    • HDFC Bank Car Loan
      "Satisfied loan"
      0.5 4.0/5 "Great!"
      HDFC bank is ready to provide the full loan amount for my car loan since i have a savings account with HDFC its easy to do the repayment also. I got the loan amount of Rs. 4.5 lakhs and they have offered me a interest rate of 11%. The amount is automatically deducted from my account.
      Was this review helpful? 1
      , jaipur
      Reviewed on Feb 16, 2020
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan through HDFC Bank directly .The vehicle name is Hyundai Verna and the rate of interest and the processing fee was medium .This loan is still active and will be closing within 9months .This loan was sanctioned immediately without any hassle. I am happy with the service.
      Was this review helpful? 0
      , indore
      Reviewed on Feb 07, 2020
    • HDFC Bank Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for car loan directly through HDFC bank.This loan is still active and the vehicle name is Tata Nexon.The rate of interest and the process fee was medium .The loan got sanctioned on time .The process was fine and I really got good cooperation from bank end.
      Was this review helpful? 4
      , meerut
      Reviewed on Feb 06, 2020
    • HDFC Bank Car Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      My car loan was purchased from HDFC Bank because that time this is the only company who were ready to provide the car loan to me. I have made the down payment of Rs. 2 lakhs and the total cost of the car is Rs. 6 lakhs. . I have purchased Maruti Flair.
      Was this review helpful? 2
      , noida
      Reviewed on Feb 06, 2020
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through HDFC Bank. The rate of interest and the processing fee was very less .I have got this loan on time without any hassle.The loan details was clearly explained by the agent and its still active and there was no drawbacks faced.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 01, 2020
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from HDFC because it was my first loan and one of my friend was working in this bank after that i can realize the service and offers are really good. Interest rate was very nominal. For car, i have taken the loan amount of Rs. 5L and I close it in 5 years.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Jan 29, 2020
    • HDFC Bank Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have selected the car loan from HDFC because they have offered me a pre-approved loan. The interest rate was nominal but the processing fee was bit high when i compared to others. I bought the car loan 1.2 years back. They provided me a tenure period of 5 years. I have been paying the EMI amount of Rs. 13000 approximately.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 27, 2020
    • HDFC Bank Car Loan
      "Good Car Loan Service"
      0.5 4.0/5 "Great!"
      HDFC bank has provided me a pre- approved car loan offer worth of Rs. 8L hence i didn't compare the details with anyone and took the loan from them. I got the loan amount of Rs. 3.3 lakhs and I'm paying EMI amount of Rs. 9,100 every month. I have chosen the duration of 4 years and i have closed it already which was a pre- closure hence they charged me 2% extra charges.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 21, 2020
    • HDFC Bank Car Loan
      "Easy to avail the car loan"
      0.5 4.0/5 "Great!"
      I had a car loan with HDFC and i have closed 1 year back. I didn't have any single issue in the duration of 3 years because the payment getting deducted from ECS. I had a two wheeler loan from HDFC post my two wheeler loan completion i got the offer for car loan so i took it. I'm not sure about the interest rates now. I took an amount of Rs. 2.25 lakhs and i paid a down payment of Rs. 50000.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 18, 2020
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan through HDFC Bank .I am not sure about rate of interest since taken long back .The vehicle variant is Hyundai I 10.The loan was successfully closed and i have paid the loan through EMI basis only .There was no drawbacks faced so far .I am satisfied with the service.
      Was this review helpful? 3
      , mumbai
      Reviewed on Jan 17, 2020
    • HDFC Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      From HDFC, i have taken my car loan because the documentation process was smooth and they approved my loan easily. Loan process was speed and they will complete all the process in 2 days. Interest rates was on a higher side. I made the down payment of Rs, 1 lakhs and i pay the EMI amount of Rs. 14000 every month. I took the loan amount of Rs. 8 lakhs with the duration of 7 years.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Jan 16, 2020
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan through HDFC Bank.I am not remembering rate of interest and the processing fee .I have taken this loan long back and successfully closed as well.The name of the vehicle is Ford Figo and loan got sanctioned on time as well .The loan process was very smooth and satisfied.
      Was this review helpful? 4
      , srikakulam
      Reviewed on Jan 13, 2020
    • HDFC Bank Car Loan
      "Excellent service "
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank on 1.3 years. I got an offer directly from them. The loan amount of 6.90L which is sufficient with tenure period of 7 years. Rate of interest of 10.5% and processing fee is not aware. I had done the down payment of 1L. There is an option of pre closure after 6 months. I use to get remainder message on time to pay EMI of 10,240 rupees.
      Was this review helpful? 3
      , kochi
      Reviewed on Jan 11, 2020
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