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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
      "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? 3
      , dindigul
      Reviewed on Oct 14, 2019
    • HDFC Bank
      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
    • HDFC Bank Car Loan
      "Very Good Loan service"
      0.5 5.0/5 "Blown Away!"
      Purchased the car loan from HDFC and they have approved the immediately. I got the loan amount of Rs. 6.5 lakhs and they have offered me a interest rate of 9% and I'm paying the EMI amount of Rs. 11000 for the duration of 7 years. The EMI amount is automatically deducted from my account every month.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Oct 06, 2019
    • HDFC Bank Car Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I am using HDFC BANK credit card since 2 years. I have a limit of 1.04L and am completely happy with that. I never converted the payments into EMI. The annual fee is applicable. I have been using the card for shopping and getting good reward points but have not redeemed till now.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Oct 01, 2019
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank on 2 years before which was processed through a showroom. The amount was sufficient of 3 lakhs for the tenure period of 3 years. The rate of interest was nominal. The car model was Ertiga. On monthly payment is 7 thousands.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Sep 26, 2019
    • HDFC Bank Car Loan
      "Service should be pro active"
      0.5 1.0/5 "Really Bad"
      I already submitted the documentation through online channel but there is no response from the HDFC bank regarding my car loan process. I was thinking I will receive the approval within two hours but it was not happen. So at least they can take 24 hours of time to revert. I would say there is no coordination for the loan procedure.
      Was this review helpful? 5
      , new delhi
      Reviewed on Sep 22, 2019
    • HDFC Bank Car Loan
      "Don't go to HDFC"
      0.5 3.0/5 "Satisfactory"
      I have taken the used car loan and they have said that the fixed rate of interest for 8.5% for my car loan. I bought the loan amount of Rs. 2.5 lakhs but when i repaid it was 3.8%. One executive misguided me by saying the interest rate is 17% in the year of 2013 hence i have submitted all my documents. I have already closed the loan and i have got the NOC letter also.
      Was this review helpful? 9
      , mysore
      Reviewed on Sep 20, 2019
    • HDFC Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I had applied for personal loan from HDFC Bank. Their rate of interest was nominal as comparison to other banks. I did not submit my documents, I was expecting their executive to collect my documents but no one turned up. HDFC Bank customer service was good.
      Was this review helpful? 6
      , agra
      Reviewed on Sep 13, 2019
    • HDFC Bank Car Loan
      "Need to decrease charges"
      0.5 4.0/5 "Great!"
      I have taken a cal loan with HDFC bank on 2 years before which was processed directly to bank. The amount which was given for 5 lakhs for the tenure period of 3 years. I use to do payment on monthly EMI for 16,907 rupees. The car model was TATA car. The customer service is not much supportive.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Sep 09, 2019
    • HDFC Bank Car Loan
      "An experience filled with Regret"
      0.5 0.5/5 "Unacceptable"
      It all began with me being promised 9.5 PA but in reality it was 14.5 %. Cheated by the HDFC executive. Then there was a ECS failure even though I submitted it twice. I have been charged a fine every month for my entire tenure. I want to warn you all. Please re think before you make a decision. In the next two months I am taking the legal route and will be presenting my case to the ombudsman.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 05, 2019
    • HDFC Bank Car Loan
      "Fast Loan Experience"
      0.5 5.0/5 "Blown Away!"
      I took the car loan through online channel from HDFC bank, the process was so quick they taken only two days of time. The loan amount was Rs. 3.4 lakhs for the duration of five years. The rate of interest is reasonable around 8 to 9% at the time and they taken some minimal charges from the disbursement.
      Was this review helpful? 3
      , bhiwadi
      Reviewed on Sep 03, 2019
    • HDFC Bank Car Loan
      "Better Service"
      0.5 5.0/5 "Blown Away!"
      HDFC people approached me and offered me a car loan from them because i have a ongoing loan from them. I took the car loan of Rs. 5.95 lakhs and i have made a down payment of Rs. 1.20 lakhs. I have been paying the EMI amount of Rs. 10163 for the tenure period of 7 years.
      Was this review helpful? 2
      , kolkata
      Reviewed on Sep 01, 2019
    • HDFC Bank Car Loan
      "Wonderful experience"
      0.5 5.0/5 "Blown Away!"
      I took my car loan with HDFC BANK last year and am a premium customer. When I opened my savings account with them in 2012 and used to get salary through this account but still am continuing the service because of they were very flexible in transactions. The interest rate is affordable. They had taken very minimal amount of processing fee.
      Was this review helpful? 3
      , secunderabad
      Reviewed on Aug 31, 2019
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have a car loan with HDFC BANK because its a pre approved one and also being a salary account holder, its easy to process the loan. The rate of interest is good and they have provided minimum around 9%. The loan duration is 5 years. The processing fee is applicable. The loan got sanctioned in 3 working days.
      Was this review helpful? 7
      , bangalore
      Reviewed on Aug 29, 2019
    • HDFC Bank Car Loan
      "Happy service"
      0.5 5.0/5 "Blown Away!"
      My car loan is ongoing with HDFC BANK and have purchased TATA TIAGO. I got a good experience and the loan process was immediately. The rate of interest is fine and I got 90% loan from HDFC BANK. The processing fee is applicable and the loan duration is 5 years.
      Was this review helpful? 4
      , bangalore
      Reviewed on Aug 28, 2019
    • HDFC Bank Car Loan
      "Awesome Loan"
      0.5 4.0/5 "Great!"
      I had taken the car loan from HDFC. The interest rate is high. Because i have salary account with HDFC and i had a pre-approved car loan thats the reason i have chosen them hence they have sanctioned the loan very fast. They have sanctioned the loan in 1 week. I got the loan amount of Rs. 5 lakhs. Interest rate is on the higher side. It is 10.50%
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 27, 2019
    • HDFC Bank Car Loan
      "Rate of interest should be reduced"
      0.5 4.0/5 "Great!"
      I took car loan from the showroom hence Hdfc process was hassle free within one week of time they completed the process after documentation. The principal amount was Rs.2.5 lakhs for the duration of two years. Everything is satisfied but only concern about the interest because they gave me 15% of interest for per annum.
      Was this review helpful? 4
      , mumbai
      Reviewed on Aug 20, 2019
    • HDFC Bank Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of HDFC hence I took car loan from their end, but the interest rate is nominal for the loan amount of Rs. 10 lakhs it has the duration of seven years. The loan process was very easy through showroom I done all the paper work on the expected time they delivered my I 20 active car on time.
      Was this review helpful? 6
      , bangalore
      Reviewed on Aug 17, 2019
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for car loan directly through HDFC Bank.I have got all the details about the loan process very clearly through the agent .The car model was Volkswagen veto and i have applied for the loan amount of 5 lakhs for the tenure of 3 years .I have got the loan amount on time and there was no difficulties faced so far .
      Was this review helpful? 1
      , mumbai
      Reviewed on Aug 16, 2019
    • HDFC Bank Car Loan
      "Can do better"
      0.5 5.0/5 "Blown Away!"
      For my new car purchase I took loan from HDFC Bank, the loan amount was Rs. 5 lakhs, the process was easy. The rate of interest was around 15% per annum. The interest should be reduced so that many customer can avail the loans in HDFC bank, remaining all fine.
      Was this review helpful? 1
      , ahmednagar
      Reviewed on Aug 14, 2019
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