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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
    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 5.0/5 "Blown Away!"
      I have taken car loan directly through HDFC Bank.The car model was Hyundai I 20 .This car loan is still active and not undergone any difficulties .The loan process was clearly shared by the agent and there was no difficulties .The process was very much comfortable and satisfied .
      Was this review helpful? 0
      , surat
      Reviewed on Dec 14, 2019
    • HDFC Bank
      HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through HDFC Bank.This car loan is still active and the car model was Dustan go plus .The agent shared all the details about the car loan very clearly .There was no difficulties faced so far.The process was smooth and i am satisfied with the service .
      Was this review helpful? 0
      , surat
      Reviewed on Dec 14, 2019
    • HDFC Bank Car Loan
      "Good Loan service"
      0.5 4.0/5 "Great!"
      Currently my car loan is running in HDFC. I took it because of the immediate response and faster loan approval. I have made some down payment as well. They have offered me an interest rate of 9% which is convenient for me. There is no additional charges for pre-closure and part payment.
      Was this review helpful? 1
      , kolkata
      Reviewed on Dec 13, 2019
    • HDFC Bank Car Loan
      "Need to reduce the interest rate"
      0.5 4.5/5 "Excellent!"
      Purchased my car loan 3 years before. I had chosen HDFC because they are proving more discounts. They have provided the car loan within 1 week. The interest rate is near to 10% which I'm satisfied with it. I made the down payment of Rs. 10000. I have chosen duration of 7 years. I got the loan amount of Rs. 4.5 lakhs.
      Was this review helpful? 0
      , haridwar
      Reviewed on Dec 10, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC BANK before 6 months. The loan processed through the showroom executive and completed with in 4 days. The car model is i20 and price is around 8.5L. I made a initial payment of 2.5L. Rate of interest is normal around 10.75%.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 10, 2019
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan directly through HDFC Bank. I was not having any issues with the rate of interest and the processing fee.The card model was Hyundai I 20and this loan was sanctioned on time and this was a paperless approval .I am satisfied with the service so far .
      Was this review helpful? 5
      , bangalore
      Reviewed on Dec 05, 2019
    • HDFC Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      HDFC car loan is giving me a low interest rate hence I have chosen my car loan from this bank. I have purchased the loan on 2 years ago. They have sanctioned the loan immediately. Processing fee was a nominal one. I have been paying the EMI amount of Rs. 10300 and I have chosen the tenure period of 5 years.
      Was this review helpful? 3
      , kolkata
      Reviewed on Nov 26, 2019
    • HDFC Bank Car Loan
      "Simple process loan"
      0.5 3.0/5 "Satisfactory"
      Took my car loan from HDFC bank and in the year 2016, I have bought this loan. In the Maruti showroom, they gave me different option in that i have selected this bank, because i am holding a savings account with them. So I felt process would be easy. They gave me a car loan with the interest rate of 9.5%. I have paid the EMI amount of Rs. 8750 and I have pre- closed the loan and there is no additional charges for that.
      Was this review helpful? 2
      , tirupur
      Reviewed on Nov 26, 2019
    • HDFC Bank Car Loan
      "Instant loan approval"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the loan amount was Rs. 4,00,000. The rate of interest was 11.5% and emi I am paying Rs. 8,736. This is a instant loan approval compare to other, this bank is the best. This loan is applied from showroom and I had given all my documents to them itself.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Nov 25, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through HDFC Bank .The card model was Maruti Suzuki Alto LXI and the rate of interest was nominal.The loan amount got sanctioned on time without any delay .I have closed this loan successfully within 3 years and I am satisfied with the service so far .
      Was this review helpful? 5
      , hyderabad
      Reviewed on Nov 22, 2019
    • HDFC Bank Car Loan
      "Good 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 nominal .Each and every details about this loan was clearly shared by the agent.I have got the loan amount on time without any hassle .This was a paperless approval and i am comfortable with the service so far.
      Was this review helpful? 4
      , gurgaon
      Reviewed on Nov 09, 2019
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Recently, I availed a car loan from HDFC BANK because I like this bank and all transactions are done with them. They have given me so many options on the net banking for the pre approved loan which is good but this time, have approached the executive directly and I bought a MARUTI SWIFT new car. I have paid nearly 2L as down payment. The interest rate is 9.25%.
      Was this review helpful? 5
      , visakhapatnam
      Reviewed on Nov 03, 2019
    • HDFC Bank Car Loan
      "Good bank"
      0.5 5.0/5 "Blown Away!"
      I had chosen my car loan from HDFC. When i was bought the car, my friend is working in HDFC so he only recommended me and the showroom people also had a tie up with HDFC only. One of my friend already took HDFC car loan so i took it from them. They have offered me a interest rate which is nominal. I pay the EMI amount of Rs. 8000.
      Was this review helpful? 5
      , bangalore
      Reviewed on Oct 30, 2019
    • HDFC Bank Car Loan
      "Interest rates can be reduced"
      0.5 5.0/5 "Blown Away!"
      HDFC people are transparent on the loan service and whatever they said, they have sanctioned the same. There is no hidden charges. They explained about the processing fee, interest rates everything at the initial stage very clearly. I did a little survey and i found that HDFC people are genuine so i got the car loan from HDFC. The process was well managed right from the day 1 and end of the loan. They were behaved very professionally.
      Was this review helpful? 5
      , pune
      Reviewed on Oct 29, 2019
    • HDFC Bank Car Loan
      "Good Response from HDFC"
      0.5 5.0/5 "Blown Away!"
      HDFC car loan was actually referred by my friend. I purchased the loan amount of Rs. 6.5 lakhs in that i made a down payment of Rs. 2 lakhs. Processing fee was Rs. 2000 approximately. I have chosen the tenure period of 7 years. I have been paying the EMI amount of Rs. 10500 per month.
      Was this review helpful? 7
      , bangalore
      Reviewed on Oct 23, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have availed HDFC Bank car loan directly through Bank .The card model was Maruti Ignis and got all the required details about the loan process very clearly through the agent.I have got the loan amount on time and the loan amount was sufficient as well .The rate of interest was very high since had requirement availed this loan .
      Was this review helpful? 8
      , hyderabad
      Reviewed on Oct 21, 2019
    • HDFC Bank Car Loan
      "BAD feed back"
      0.5 0.5/5 "Unacceptable"
      Initially they told different condition but when is m closing the .. HDFC bank charging Extra charges .. compare to other banks .. HDFC bank is worst.. going forward I don't want continental relation with this bank .. I will inform to my friends as well..
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2019
    • HDFC Bank Car Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a Car loan in HDFC BANK and it was completed without any issues. Their customer service is very good in providing the solutions. The interest rate is lower compared to others and there was no processing fee. I have purchased Maruti Alto.
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 17, 2019
    • HDFC Bank Car Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      My car loan was purchased from HDFC. In TATA motors only HDFC loan service available. After i given all the papers, they have sanctioned the loan immediately. I took the loan amount of Rs. 6 lakhs and Through ECS i'm paying the ECS. I pay the down payment of Rs. 1.75 lakhs.
      Was this review helpful? 4
      , dindigul
      Reviewed on Oct 14, 2019
    • HDFC Bank Car Loan
      "Fine Loan Service"
      0.5 5.0/5 "Blown Away!"
      For my car loan, already 19 months got over by paying EMI still 31 months are pending. I took the car loan amount of Rs. 2.95 lakhs and they have offered me interest rate of 8%. I have been paying the EMI amount of Rs. 6430. Totally i have chosen the tenure period of 5 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Oct 13, 2019
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