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  • HDFC Used Car Loan

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  • We found 1 HDFC Used 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

    The HDFC Bank is one of India’s premier and preferred banking organizations with a wide and active network of branches and a loyal fan following. The bank is also a massively popular option when it comes to used car loans, thanks mainly to its strategic tie-ups with a number of authorized pre-owned car dealers in India. The main features of a HDFC used car loan include, easy documentation, funding of up to 100% of the used car’s on-road price, fast loan approval cycle and its unique doorstep service. Fixed interest rates alongside a transparent, customer centric modus of functioning are additional perks of banking for a second-hand car loan with HDFC.


    You’re probably eligible for an HDFC Used Car Loan if you are

    01
    02
    03
    04
    HDFC Used Car Loan Minimum Age

    At least 21 years old

    HDFC Used Car Loan Maximum Age

    Less than 65 years old

    HDFC Used Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    HDFC Used Car Loan Minimum Income

    Earn more than the minimum
    income required


    Your HDFC Used Car Loan amount eligibility is based on these factors

    01
    02
    03
    HDFC Used Car Loan Minimum Salary

    Minimum income required
    Rs.2.5L per annum

    HDFC Used Car Loan Maximum Loan to Value

    Loan capped @
    85% of the Ex-Showroom price of Car value

    HDFC Used Car Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible HDFC Used Car Loan amount by these steps

    01
    02
    HDFC Used Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    HDFC Used Car Loan Maximum Tenure

    Choose longer tenure loan up to 7 years


    Documentation needed to apply for an HDFC Used Car Loan

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    HDFC Used Car Loan Interest RatesUpdated on 16 Oct 2019

    HDFC Used Car Loan Details
    Interest Rate (Monthly reducing balance) 12.75% to 15.50%
    Processing Fees Up to Rs.5,310
    Pre-Closure Charges Preclosure permitted after 18 months. No preclosure charges thereafter.
    Loan Tenure 1 year to 7 years
    Guarantor Requirement No guarantor required

    Features & Benefits of HDFC Used Car Loan

    The salient features and much applauded benefits of the HDFC Bank Used Car Loan are listed below,

    • Easy documentation-Loan approval is based just on proof of identification and residence. As part of the process, income documents or related proof are not required.
    • Great Value- Assured funding of up to 100% of the used car’s on-road price.
    • Customer Centric- Transparent functioning and fixed interest rates. Very nominal down payment. EMI repayments are not affected by fluctuation in the financial market.

    Apply for HDFC Used Car Loan on Bankbazaar.com

    The Bankbazaar portal offers you a comprehensive look into the various available used car loan options that match your specific requirements. Arriving at a choice loan provider becomes easy when the various parameters of a second hand car loan, including interest rate, eligibility criteria and required documentation are compared against other similar loan options to highlight their individual strengths and weaknesses, as applicable on your personal level. Applying for a HDFC Bank used car loan on Bankbazaar.com takes just three co-ordinated steps:

    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 the USED CAR LOAN option out of the various loan types listed. HDFC Used Car Loan is a prominent menu item here, select the same.

    Step 2- On the resultant page, various measurement factors are listed. These include, check for eligibility, confirmation of how much money can be borrowed, eligible loan amount and online loan application. Any of these resources can be used to find your suitability for the HDFC used car loan, while the ‘Apply Now’ link can be utilised to apply for the loan directly.

    Step 3- After the submission of the online application, you will receive an instant e-approval from Bankbazaar.com. This application is next transferred to HDFC bank 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 notifications.

    Applicable Interest Rates for HDFC Bank Used Car Loan

    Currently, the applicable HDFC used car loan interest rates, correct up to December 2014 are listed herein,

    • 15.25% to 17.75% (60 months)
    • 15.25% to 17.75% (48 months)
    • 15.25% to 17.75% (36 months)
    • 15.75% to 18.25% (24 months)
    • 15.75% to 18.25% (Upto 12 months)
    • Corporate Rates 13.50% to 14.25%.

    Kindly note that the interest rates listed above comply with the popular ‘reducing balance’ model.

    HDFC bank offers some of the most competitive interest rates, in the Indian context, when it comes to second-hand car loans. The bank also offers foreclosure and part-payment options (subject to compliance with set regulations) to fall in line with their customers’ express requirements. Note the fact that a pre-owned car loan commands a higher interest rate than a new car loan? - The HDFC used car loan isn’t different in this aspect. The logic here is that the principal loan amounts lent as second-hand car loans are a lower number than their new car counterparts, plus there is always the possibility that the car owner might opt for the pre-payment or foreclosure option as the loan amount is much more manageable. Thus, banks are naturally protecting their investment and extracting a profit margin by imposing a marginally higher rate of interest.

    How to Calculate HDFC Used Car Loan EMI on Bankbazaar.com?

    With the friendly ‘Used Car Loan EMI Calculator’ tool, it’s a simple and quick process to calculate the EMI applicable on your overall loan amount. Simply, fire up your basic computer skills, grab a cup of coffee and dedicate the next 30 seconds of your life for some sweet EMI calculation with the following steps-

    1. Access the ‘Used Car Loan EMI Calculator’ tool.
    2. Note the two scales presented before you? One is marked ‘Loan Amount’ and the other, ‘Tenure’. Herein, select the loan amount and the tenure applicable to you on these scales.
    3. Next, insert the applicable interest rate on your pre-owned car loan in the field marked ‘Interest Rate in %’, similarly insert the applicable processing fee in the field marked ‘Processing Fee (% of loan amount)’. Note that default values are already populated here- change them accordingly.
    4. Click on the ‘Calculate’ button to complete the process.
    5. Displayed before you is the complete breakup of the total interest due, monthly EMI and other relevant details. If you scroll down the page further, you will find a graphical representation titled ‘Your Amortization Details (Yearly/Monthly)’ that details the amortization information pertaining to your second hand car loan.

    Eligibility Criteria for HDFC Bank Used Car Loan

    The following fundamental requirements establish your eligibility for the used car loan,

    For Salaried Employees-

    • Minimum age of 21 years (at the loan application stage) and maximum age of the applicant must not exceed 60 years (at the end of loan tenure).
    • Must have a minimum of 2 years work experience, with a minimum of 1 year with the current employer.
    • Annual income must not be lesser than Rs.1,00,000.
    • Should have a landline telephone connection at his/her residence.

    For Self Employed Individuals (Sole Proprietorship)-

    • Minimum age of 25 years (at the loan application stage) and maximum age of the applicant must not exceed 65 years (at the end of loan tenure).
    • Must have a minimum of 3 years of experience in the current business establishment.
    • Annual income must not be lesser than Rs.60,000.
    • Should have a landline telephone connection at his/her residence.

    For Self Employed (Partnership Firms)-

    • Annual income must not be lesser than Rs.60,000
    • Should have a landline telephone connection at his/her residence. A post-paid mobile number that is at least three months old is also acceptable in specific cases.
    • Annual business turnover of Rs.4,50,000

    For Self Employed (Private Limited & Public Limited Companies)-

    • Annual income must not be lesser than Rs.60,000
    • Should have a landline telephone connection at his/her office.

    For Self Employed (Hindu Undivided Family- HUF)-

    • Annual income must not be lesser than Rs.60,000
    • Should have a landline telephone connection at his/her residence. A post-paid mobile number that is at least three months old is also acceptable in specific cases.
    • The ‘Karta’ should be the co-applicant in the case of HUF.

    Essential Documentation Required at Loan Application

    Proof of Age- Herein, any or some of these may be requested- PAN Card, Voter’s ID, Passport, Driving license, Photo ration card with DOB, Employer certificate/ID, School or College leaving certificate. For proprietorship or partnership firms- Partnership deed, Memorandum and Articles of Association / Certificate of incorporation.

    Proof of Identity- Herein, any or some of these may be requested- PAN Card, Voter’s ID, Passport, Driving license, Photo ration card with DOB. For proprietorship or partnership firms- Partnership deed, Memorandum and Articles of Association / Certificate of incorporation.

    Proof of Income- Herein, any or some of these may be requested- Latest salary slips, Form 16/recent ITR, Previous ITR with advance tax payment challan, Latest IT assessment order, HDFC bank corporate salary account statements for salary credits of over Rs.8000 for 3 months. For proprietorship or partnership firms- Latest ITR and latest audited Balance Sheet along with Profit and Loss Account.

    Proof of Residence- Herein, any or some of these may be requested- Passport, Driving license, Photo ration card with DOB, Telephone and Electricity bills, Credit Card statements, Employer certificate/ID. For proprietorship or partnership firms- Telephone and Electricity bills, Partnership deed, Memorandum and Articles of Association / Certificate of incorporation.

    Proof of Signature- Herein, any or some of these may be requested- Passport, Driving license, Credit Card statements with copy of Credit Card, Banker’s verification, Copy of margin money paid to the bank. Same documents apply for proprietorship or partnership firms too.

    Popular FAQ Concerning HDFC Bank Used Car Loans

    Why choose HDFC Bank for pre-owned car loan?

    The following reasons suffice as the strongest arguments in favour of the HDFC used car loan-

    • Loan applications are evaluated and approved in record time.
    • The applicable HDFC used car loan interest rates are very attractive.
    • Transparent and completely customer centric loan application and disbursement process.

    Who can avail the HDFC used car loan?

    • Salaried individuals in the age group of 21 to 60 years.
    • Self-employed individuals in the age group of 21 to 65 years.
    • Partnership Firms
    • Public & Private Ltd. Companies
    • HUFs and Trusts

    How much used car loan will likely be granted to me?

    Usually, the loans on offer fund upto 80% of the used car’s on-road price.

    What car models can I purchase with my allotted used car finance?

    Any automobile available in the market. There are no restrictions in terms of the type and brand of vehicle available on the menu. Popular brands include Maruti-800, Omni, Zen, WagonR, Tata Indica, Indigo, Honda City, Hyundai Santro, Ford Ikon, Toyota Corolla, Skoda Octavia, etc.

    Can I borrow an additional loan over my allotted second-hand car loan?

    This activity is known as ‘refinancing’ and it is definitely possible. The value of the car can be encashed to meet your immediate monetary requirements, even while you actively continue to use the car. Ideally, you can avail upto 3 times your annual salary if you are a salaried professional and upto 6 times your annual salary if you are self-employed. However, a clear repayment track record of 12 months or more on your current HDFC used car loan is a mandatory prerequisite.

    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 Used 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? 1
      , 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? 1
      , 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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