Thank you for your interest in Car Loan from HDFC BANK. Unfortunately, we do not have a tie-up with HDFC BANK currently.
Talk to our experts to apply for a similar offer from our partner banks instead
Thank you for your interest in Car Loan from HDFC BANK. Unfortunately, we do not have a tie-up with HDFC BANK currently.
Talk to our experts to apply for a similar offer from our partner banks instead
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.
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Income required of Minimum Rs. 2,00,000 per annum
Loan capped @
85% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 7 years
|Interest Rate (Monthly reducing balance)||9.25% to 11.60%|
|Processing Fees||Up to Rs. 5,150|
|Loan Tenure||1 year to 7 years|
|Pre-closure Charges|| Preclosure permitted after 6 months. |
6% of principal outstanding (plus ST) from 7 to 12 months.
5% (plus ST) in 2nd year.
No preclosure charges thereafter.
|Guarantor Requirement||No guarantor required|
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.
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. Check out HDFC’s smart BankBazaar powered initiative, here- www.hdfcbanksmartapply.com
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 11.50% to 13.75%
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.
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 protected]
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.
If you’re looking to buy a car this Diwali, it’s the perfect time to do so. Not only is Dhanteras auspicious, it’s also overflowing with discounts and amazing deals. HDFC Bank provides funding for up to 100% of the cost of the car. The car loan is flexible with repayment tenures up to 7 years. Existing customers get a sweeter deal on car loans with pre-approved offers. Fixed interest rates protect customers from market fluctuations. HDFC Bank offers super-fast loan approvals, hassle-free processing, low down payment requirement and low EMIs. On BankBazaar, you can explore detailed information about this loan and apply online. BankBazaar offers an Amazon gift card and Goibibo goCash to customers who apply for the HDFC Bank car loan during the Diwali season.
Banks are luring its customers for home loans, and car loans with some freebies and more, in this festival season. State Bank of India has waived the processing fees for approved housing projects, and online home loan applications. Bank of Baroda (BoB) and Punjab National Bank are also providing home loans at concessional interest rates, personal loans, and vehicle loans. According to the GM, retail banking of BoB, Ashok Aneja, there has been a 0.25% reduction in the interest rates on car loans, and home loans, across the board. Kotak Mahindra Bank is also offering personal loans at discounted rates as well as EMI holiday schemes for some specific segments. HDFC Bank has also come up with a set of waivers on two-wheeler loans, specifically for government employees. Banks such as HSBC has also collaborated with Bookmyshow, Marks & Spencer Cleartrip, and Big Basket to offer discounts with credit card loans, this festival season.
2nd November 2016
Posted on 24th September 2015
HDFC has taken a bold step and reduced its base rates by 35 base points to 9.35 percent compared to the previous 9.7 percent before. This will compel other banks to follow suit. This will make HDFC the cheapest bank for many blue chip conglomerates. According to Ashish Parthasarthy, head of HDFC treasury, the resource accountability management commission has taken this decision due to a significant reduction in the funds expenses. The bank had previously cut its deposit rates and at present gives a high return of 8.2 percent under its basic fixed deposits. They also plan to revise their deposit rates. Also, majority of the HDFC’s retail loans such as car loans, and borrowing against shares.
Posted on 6th July 2015
HDFC Bank, one of India’s largest private banks, has launched two new vehicle loan schemes namely, '30-min car loans. Existing customers of the Bank as well as new customers, can avail these loans by providing their biometric details such as the Aadhaar card number and fingerprint. The Bank approves the loan quickly, with minimal documentation, to those who are eligible for the loan.These new loan schemes have been launched under HDFC Bank’s “Go Digital” policy. The Bank, through its digital banking initiatives, aims to enhance efficiency and customer convenience.
Posted on 12th June 2015
India’s second largest private sector bank, HDFC, is using advanced biometrics technology to process and disburse car loans in just 30 minutes. This, alongside other fast loan processing initiatives from HDFC in recent times, is part of the bank’s foray into a prospective, completely digitised future. Herein, the biometrics technology is linked to the applicant’s Aadhaar card details and his/her complete profile is sourced, toss in some additional details and the car loan is ready for disbursal in 30 minutes flat. HDFC has already deployed this technology at 200 car dealerships across India, and customers have driven out their vehicles in under 30 minutes. The system obviously works, and HDFC plans to deploy this technology across 300-400 car dealerships pan India through the current financial year. This product is available to prospective car buyers who have an HDFC Bank Account as well as those who don’t.
Posted on 28th April 2015
HDFC Bank is launching WatchBanking, the mobile banking app for Apple Watch. With this move, the bank will become the first lender from India and one of the few lenders in the world to offer an app for the much anticipated smartwatch from Apple. The Apple Watch will be available to consumers around the world starting April 24.
The WatchBanking app from HDFC Bank will feature 8 - 10 of the commonly used feature of its mobile banking app. The customers of the bank will be able to complete around 11 banking transactions with this app. Nitin Chugh, the digital banking head of HDFC, informed that the bank started developing the app as soon as Apple released the development kit for Apple watch.
Posted on 6th March 2015
HDFC Bank has won another accolade to its name in 2015, for it’s efficiency and excellence in providing quality banking services in India. Euromoney Private Banking and Wealth Management Survey has conferred this award to HDFC Bank in the net-worth-specific services category as well as in the Asset Management category. This survey is one of the most well recognized and acknowledged benchmarks for analysing global wealth management industries, and its awarding to HDFC Bank, one of India’s leading private sector banks, marks an important milestone in the latter’s growth.
HDFC’s net profit for October-December increased by 20% to Rs.2795 crore from Rs.2326 crore during the same period in 2013. Bloomberg analysts had earlier predicted the profit to be around Rs.2,770 crores. The bank witnessed a growth in Net Interest Income (NII) by 23% as a direct result of increase in the capital loans to companies and individuals. The Net Interest Margin (NIM), defined as the difference between the interest a bank earns and the yield it pays for its deposit, also increased to 4.4% from 4.2% in 2013.
The bank reported that there was a pick-up in retail loans this year and the loan book has increased by 17% as compared to the previous year. The bank also observed an increase in bad loans by 44% as it did not have the benefit of write-back this year. As the loan growth is directly proportional to the consumption and expenditure demand, increase in GDP growth rate is also expected to contribute to the loan growth.
23rd February 2015
Backed by an increase in corporate and retail credit demand, HDFC has recorded a 20.2% growth in Q3 profit. HDFC’s net profit for Q3 rose to 27.95 billion as against 23.26 billion in the same period, a year before. HDFC’s advances have also increased by 17% as compared to the previous quarter. Banks in India were hit by an economic slowdown for the past two years but with the growth of the economy, predicted at 7.4%, Asia’s third largest economy is expected to gather pace.
The bank’s Deputy Managing Director Paresh Sukthankar also noted that the demand for loans is expected to rise in the coming quarters. In order to boost the capital to support the growing credit demand, HDFC has raised $1.6 billion from stock sales.
20th February 2015
The US auto market is back in the race with Americans yet again on a spending spree. Be it for a new car or a used car, the report from Experian Automotive only spells bloom for the cars and the car loan market.
In the last quarter of 2014 from July to September, just the amount of average car loan for the purchase of a new car stands at just a shade under 28,000 dollars which is a spike of 1,080 dollars. The used car loan market is also not far behind with a tall climb of up to $18,576. With rising car prices and higher car loan interest rates, the Americans are off setting rising costs by leaning towards car leasing and top up loans and in order to reduce the burden on the high monthly car loan payments. Experian data says that both the loans for used car and new cars at the peak of their prowess. This does not come as a surprise as Americans are borrowing more than ever to buy their dream cars. Even the price paid for buying a car at the showroom is hitting the roof top which stands tall at $31,000 for new cars. Experian further says that the average monthly payment for new car loans is at $470 from just 12 dollars in the last three months.
9th December 2014
Growing competition in the car loan segment has led many banking and non-banking auto-financiers to revise their existing schemes so as to make them more attractive to potential customer.
Most banks are renewing efforts to enhance their retail loan portfolios given the low demand for corporate credit. Overall car loan disbursals have been steadily increasing over the last year triggering heavy competition in this segment.
Going by the trend witnessed over the last 6 months, leading players feel bringing down interest rates will continue to be the most lucrative way to draw in new customers .A reduction of, at least, 10 - 20 basis points on the current range of 10.00% - 11.25% is to be expected. The stiffest competition, though, will come from NBFCs whose offers can go well below the 10% base rate that banks have to adhere to.
The RBI had recently expressed its displeasure at such tactics employed by lenders to lower interest charges without a corresponding reduction in base rates. This prompted some financiers to adopt alternate methods to attract borrowers. HDFC Bank, for example, choose to maintain quality while increasing numbers by offering discount deals to select creditworthy customers.
24th September 2014