HDFC Bank, which was incorporated in 1994, is the fifth largest bank in India by assets. HDFC Bank provides best Auto loans/Car Loans in India. It offers attractive car finance plans for all car segments at lowest rate and covers the widest range of cars and multi-utility vehicles. HDFC Bank can offer a car loan for up to 100% of the value. On BankBazaar.com you can check your eligibility in seconds for a HDFC car loan by filling in a short form and you can apply online. Read on to learn about the eligibility and documentation requirements for HDFC car loan.
Today, owning a car is more of a convenience factor than a status symbol. And the HDFC Car Loan is regarded as one of the most versatile and well-rounded loan options in India to make this dream a reality. With its India centric approach, over two decades of domain experience, and a comprehensive arsenal of financial products, HDFC Bank is at the forefront of customer satisfaction and range of products, including such ‘in-demand’ options as HDFC Bank Car Loan.
|Interest Rate (Monthly reducing balance)||10.10% to 11.35%|
|Processing Fees||Up to Rs. 5,310|
|Loan Tenure||1 year to 7 years|
|Pre-closure Charges||Preclosure permitted after 6 months. 6% of principal outstanding (plus GST) from 7 to 12 months. 5% (plus GST) in 2nd year. No preclosure charges thereafter.|
|Guarantor Requirement||No guarantor required|
The HDFC Bank Car Loan is loaded with features that are sure to impress the most discerning customer. From the prospect of upto 100% finance to the short duration of just 2 working days for loan disbursal, from fixed interest rates that apply through the duration of the loan tenure to the provision to not submit any income documents when applying for the car loan, these alongside a flexible loan tenure of 7 years make the HDFC Car Loans an irresistible option. No wonder, HDFC counts this product as one of its premier sellers and is further committed to bringing it to many more Indians in the coming times.
The bywords are comfort, simplicity of acquisition and a feature rich product portfolio. A HDFC Car Loan is tuned to make the entire process of acquiring a loan, simple and as comprehensive as possible. Why should you apply for a HDFC Car Loan online? The principle reasons are as follows-
As with any competent loaning bank, HDFC has loaded its car loan product with sufficient attractive features to attract your undivided attention-
The simplicity driven loan comparison website, BankBazaar.com, helps you clearly understand the pros and cons of the HDFC Car Loan, thereby evaluating its applicability in terms of your own express situation. Also, the following factors are compelling reasons to choose BankBazaar as the initiator for your prospective HDFC Bank Car Loan-
Get Instant Quotes- Filling up a simple online form helps us evaluate the perfect loan options for you. Rather than spending a substantial amount of time in finding the right cut, relax, have some coffee.
Get All the Information- Various parameters are in play when zeroing in on a car loan, including rate of interest, EMI, processing fees, customer feedback etc. With Bankbazzar.com, know every major and miniscule element of your prospective HDFC Car Loan.
Transparent Workings- Bankbazaar.com isn’t a mediator, a promoter or in cahoots with any bank. Our assessment of the available loan options for you is always impartial and objective, such that you have every last shred of information to make that informed decision.
Privacy- We treat your personal information with the highest regard. The information you provide is only shared with HDFC Bank, and never shared with a third party for any reason whatsoever.
Trust- Top banks in India like HDFC, swear by the Bankbazaar.com name. Infact, our reliable online technology has been powerfully adopted by these lenders to provide their customers the best loan experience on their own websites.
Applying for the HDFC Bank Car Loan on Bankbazaar.com, is a simple and intuitive process. The following lists the various steps involved-
Step 1- On Bankbazaar.com’s homepage, access the navigational menu that is located at the top of the page and select the LOANS menu item. Next, select from CAR LOAN option from the drop-down menu. Next, select HDFC Bank Car Loan from the available options.
Step 2- Spread before you is the page detailing the various attributes of the HDFC Car Loan. Kindly scroll through the page and check the features and benefits associated with this lender. The ‘Apply Now’ option allows you to apply for the car loan from HDFC Bank.
Step 3- Breeze through an interactive application form that helps us understand your specific requirements. Don’t worry, this form takes all of 3 minutes to fill up and isn’t very technical.
Step 4- After the submission of the online application, you will receive an instant e-approval from Bankbazaar.com. This application is next transferred to HDFC from wherein a customer support executive will get in touch with you within a short duration of time. Meanwhile, you can track your application through SMS alerts and email.
Simple? Of course. Subscribing to Bankbazaar.com helps save your time, money and efforts, while assuring you the best loan options that specifically address your exclusive requirements.
The interest charges billed by HDFC on car loans depends mainly on the segment of the vehicle availed. Check with the nearest branch or call the customer service to ascertain the applicable rate.HDFC Car Loan Interest Rate for New Borrowers
Ranges from 9.15% to 11.60%
Note: The interest rate is subject to periodic revision as per bank’s credit policy and RBI’s quarterly reviews. Make sure to confirm with the bank on prevailing rates at the time of applying and choose the terms accordingly.
When talking of the HDFC Car Loan eligibility, there are many factors at play. Kindly match your personal situation with the requirements given below and gauge your eligibility for the same.
Self Employed (Partnership firms)-
Self Employed (Private Limited Companies)-
Self Employed (Public Limited Companies)-
Calculating your EMI amounts to simply clicking away on your computer mouse with the HDFC Car Loan EMI Calculator. This handy tool helps you arrive at your monthly EMI numbers in a matter of seconds. Just follow the simple steps listed below-
The resultant page displays the total interest due, monthly EMI, the amortization details and other specifics concerning your car loan. This simple process would have taken you all of 30 seconds to complete and results in a slab of very comprehensive data. Quick and reliable.
HDFC does not allow foreclosure of car loans within 6 months from the commencement of the loan. Listed below are the foreclosure charges:
HDFC promises to approve of loans within 10 minutes for those applying online. For the verification process, customers will have to submit the following documents.
If you’re new to availing a car loan from HDFC Bank, make sure you follow the below listed tips or guidelines.
Yes. Infact, as a one of HDFC’s privileged partners, your application will be treated on high priority.
Yes. With HDFC Car Loans, foreclosure isn’t a problem and the applicable charges are very reasonable. The following rates apply, from the date of availing the loan-
After applying for the HDFC Bank Car Loan on BankBazaar, you can track your application through SMS alerts and email. Also, you can get in touch with our customer support team at XXX-FGTY-HH.
Applying for the HDFC Bank Car Loan is very simple with BankBazaar.com. Simply, access this page- www.bankbazaar.com/hdfc-car-loan.html and click on the ‘Apply Now’ option.
Our friendly customer Care helpdesk will be happy to answer all your queries with regards to the HDFC Car Loans. Hit them at XXX-FGTY-HH or email your queries to email@example.com.
Salaried Employees, Self Employed Individuals (Sole Proprietorship), Partnership firms, Private, Public Limited Companies, Hindu Undivided Families and Trusts can apply for a HDFC Bank Car Loan, provided they fulfil all the eligibility requirements.
Yes, HDFC Bank account holders avail extra benefits such as special interest rates on the car loans offered by the bank. If you have a corporate salary account or a preferred account with the bank for over 6 months, your car loan will be quickly approved. If you already have a HDFC Bank Car Loan and have cleared the amount for up to 12 months and more, then you will receive a Top – Up on your loan.
HDFC Bank provides car loan for new and pre-owned cars. In case of new cars, the bank provides loans for passenger cars and multiutility cars that are manufactured by automobile companies in India.
An individual needs to be minimum 21 years old to apply for a car loan from HDFC Bank. The maximum age for a salaried employee is 60 years and a self – employed individual is 65 years.
A salaried individual should earn a minimum of Rs.1, 80, 000 yearly to be eligible for HDFC Bank Car Loan. A self – employed individual, who is a sole proprietor, must earn a minimum of Rs.60, 000 yearly, if he or she is planning on buying a standard car and Rs.1, 00, 000, if he or she is planning on purchasing a premium or a mid – sized car.
No, it is not mandatory to have a co – applicant or guarantor while applying for a car loan by HDFC Bank. It is mandatory only for the applicants who do not qualify the income criteria to have a co – applicant or a guarantor.
You can find the application form for HDFC Bank Car Loan on the website of the bank. HDFC Bank allows its customers to apply for a car loan online on the website of the bank itself.
To apply for a HDFC Bank Car Loan, people have to visit the website of the bank and scroll down to the ‘Apply Online’ section on the homepage. There they have to select ‘Car Loan’ from the ‘Loans’ drop down menu. They will be redirected to the online application form, where they have to first check if they are eligible for the car loan or not. If they are eligible, they can proceed with the next step of completing the form and submitting it online.
Yes, you can track the status of your HDFC Bank Car Loan application online. To check, you have to visit the website of HDFC Bank and click on ‘Loan’ on ‘Track your application – Card, Loan’. Enter the details on the next page to know the status. You can also track the status by clicking on ‘Car Loan’ on the homepage of the website and selecting the type of car loan you have applied for (New or Pre- owned Car Loan), where you will find the option for checking the application status.
Applicants have to submit the following documents as income proof while applying for a HDFC Bank Car Loan –
The processing fee for HDFC Bank Car Loan is dependent on the amount of loan.
Yes, CIBIL scores makes a difference while applying for a HDFC Bank Car Loan. The higher your score, the better chances you have in getting a good deal on your loan from the bank.
You can borrow a minimum amount of Rs.1, 00, 000 through a HDFC Bank Car Loan.
You can borrow a maximum of 90 percent of the value of the car mentioned in the invoice through a HDFC Bank Car Loan for a new car. Salaried individuals can avail up to 3 times their annual salary and self - employed individuals can avail up to 6 times their yearly income.
The minimum tenure of a car loan offered by HDFC Bank is 12 months.
The maximum tenure of a car loan offered by HDFC Bank is 7 years.
Yes, you can pre – close your HDFC Bank Car Loan after 6 months of availing the loan. You are not allowed to close it before 6 months.
The pre – closure charges on HDFC Bank Car Loan are as follows –
Yes, HDFC Bank charges a late payment fee from individuals who fail to pay their car loan EMI on time. The late payment fee is 2 percent per month.
The verification process for car loans is the same for most banks. HDFC Bank car loan applicants will have to meet the eligibility criteria and submit all the required documents and the application form, after which the bank will start the approval and verification process. HDFC Bank provides car loan approvals in 30 minutes.
It will take 48 hours for HDFC Bank to process the car loan.
Yes, you have to submit a copy of the following documents to HDFC Bank after the loan is disbursed –
You can repay your HDFC Bank Car Loan in the following ways –
No, you are not allowed to sell the car before you repay the full amount that you borrowed through HDFC Bank Car Loan.
Yes, you can change the repayment mode of your HDFC Bank Car Loan. To do so, you have to visit the nearest Retail Loan Service Centre of the bank and place your request.
You can avail a NOC for a car loan that have been full repaid to HDFC Bank from any of the bank’s Retail Loan Service Centre. You have to submit
If someone else places the request on behalf of you, he or she has to provide authorization and KYC documents. Please contact HDFC bank to get more details about NOC.
No, the car loan provided by HDFC Bank does not cover insurance and registration charges. The loan amount is calculated on the basis of the ex- showroom price of the car, which is not inclusive of these charges.
Yes, HDFC Bank provides pre- approved car loans.
An individual can avail up to 85 percent of the value of his or her car through HDFC Bank Pre-owned Car Loan.
In order to get more details about HDFC Bank Car Loan, you can contact the customer care department of HDFC Bank. You can also get in touch with them through the website of the bank or contact on the toll - free number.
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