• HDFC Used Car Loan

    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

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    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

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    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 05 Jun 2020

    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.

    Other Products from HDFC group

    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
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan directly through HDFC bank.The car model was TATA Nixon and still this loan is active. The rate of interest and the processing fee are medium it was 10.99% and this loan was sanctioned immediately within 2 to 3 days got the loan. Everything was fine so far until this loan was sanctioned .
      Was this review helpful? 14
      , chennai
      Reviewed on Mar 19, 2020
    • HDFC Bank
      HDFC Bank Car Loan
      "Easy loan approval"
      0.5 4.5/5 "Excellent!"
      I have chosen car loan from HDFC Bank on 3 years back. I made the down payment of Rs. 1.50L and the loan amount was Rs. 4.80L. The rate of interest was normal and i am paying EMI amount of Rs. 12,157 and i have purchased Swift BSI. I given my documents to the showroom itself without any difficulty.
      Was this review helpful? 7
      , jaipur
      Reviewed on Mar 18, 2020
    • HDFC Bank Car Loan
      "Quick process"
      0.5 5.0/5 "Blown Away!"
      Maruti showroom suggested to take car loan from HDFC on few months back. They have sanctioned the loan within one week.The amount got 6L with tenure period of 7 years. An interest rate of 9%. I done down payment of 1L. EMI need to pay of 9637 rupees. The car model is Maruti new swift. Their service is good.
      Was this review helpful? 8
      , kanchipuram
      Reviewed on Mar 09, 2020
    • HDFC Bank Car Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      My car loan is going to be completed in this November. My salary goes into HDFC bank hence the guy keep on calling me to take the loan hence I have selected the car loan from same bank. In 2013, I have purchased the car loan by paying the down payment of Rs. 3.5L. Took the loan amount of Rs. 3.8L. I pay EMI amount of Rs. 6948 every month.
      Was this review helpful? 7
      , jammu
      Reviewed on Mar 05, 2020
    • HDFC Bank Car Loan
      "Fast approval loan"
      0.5 5.0/5 "Blown Away!"
      I have purchased my car loan with HDFC bank which i have taken in the month of December. There is no interest rate on fast approval so that reason i have availed this loan. I have taken the loan amount of Rs. 12.34 lakhs and i made the down payment of Rs. 50000. They have sanctioned my loan in 1 day.
      Was this review helpful? 12
      , vadodara
      Reviewed on Mar 05, 2020
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Nexa baleno car through HDFC car loan . The rate of interest and the processing fee was very nominal and this loan is still active .This loan was sanctiooned on time without any hassles .The processing time was very fast and paying the premium on EMI basis .If pay the premium on delay basis there is no extra charges .
      Was this review helpful? 1
      , tirupur
      Reviewed on Mar 02, 2020
    • HDFC Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      Taken my car loan from HDFC because the loan service is very comfortable for me. I have taken loan amount of Rs. 3 lakhs and the balance amount of Rs. 1.25 lakhs paid as a down payment. I took the loan 3 years before and the total duration of the loan is 5 years. I pay the EMI amount of Rs. 6200 every month.
      Was this review helpful? 0
      , tirupur
      Reviewed on Feb 20, 2020
    • HDFC Bank Car Loan
      "Satisfied loan"
      0.5 4.0/5 "Great!"
      HDFC bank is ready to provide the full loan amount for my car loan since i have a savings account with HDFC its easy to do the repayment also. I got the loan amount of Rs. 4.5 lakhs and they have offered me a interest rate of 11%. The amount is automatically deducted from my account.
      Was this review helpful? 1
      , jaipur
      Reviewed on Feb 16, 2020
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan through HDFC Bank directly .The vehicle name is Hyundai Verna and the rate of interest and the processing fee was medium .This loan is still active and will be closing within 9months .This loan was sanctioned immediately without any hassle. I am happy with the service.
      Was this review helpful? 0
      , indore
      Reviewed on Feb 07, 2020
    • HDFC Bank Car Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for car loan directly through HDFC bank.This loan is still active and the vehicle name is Tata Nexon.The rate of interest and the process fee was medium .The loan got sanctioned on time .The process was fine and I really got good cooperation from bank end.
      Was this review helpful? 4
      , meerut
      Reviewed on Feb 06, 2020
    • HDFC Bank Car Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      My car loan was purchased from HDFC Bank because that time this is the only company who were ready to provide the car loan to me. I have made the down payment of Rs. 2 lakhs and the total cost of the car is Rs. 6 lakhs. . I have purchased Maruti Flair.
      Was this review helpful? 3
      , noida
      Reviewed on Feb 06, 2020
    • HDFC Bank Car Loan
      "Best 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 very less .I have got this loan on time without any hassle.The loan details was clearly explained by the agent and its still active and there was no drawbacks faced.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 01, 2020
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan from HDFC because it was my first loan and one of my friend was working in this bank after that i can realize the service and offers are really good. Interest rate was very nominal. For car, i have taken the loan amount of Rs. 5L and I close it in 5 years.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Jan 29, 2020
    • HDFC Bank Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have selected the car loan from HDFC because they have offered me a pre-approved loan. The interest rate was nominal but the processing fee was bit high when i compared to others. I bought the car loan 1.2 years back. They provided me a tenure period of 5 years. I have been paying the EMI amount of Rs. 13000 approximately.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 27, 2020
    • HDFC Bank Car Loan
      "Good Car Loan Service"
      0.5 4.0/5 "Great!"
      HDFC bank has provided me a pre- approved car loan offer worth of Rs. 8L hence i didn't compare the details with anyone and took the loan from them. I got the loan amount of Rs. 3.3 lakhs and I'm paying EMI amount of Rs. 9,100 every month. I have chosen the duration of 4 years and i have closed it already which was a pre- closure hence they charged me 2% extra charges.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 21, 2020
    • HDFC Bank Car Loan
      "Easy to avail the car loan"
      0.5 4.0/5 "Great!"
      I had a car loan with HDFC and i have closed 1 year back. I didn't have any single issue in the duration of 3 years because the payment getting deducted from ECS. I had a two wheeler loan from HDFC post my two wheeler loan completion i got the offer for car loan so i took it. I'm not sure about the interest rates now. I took an amount of Rs. 2.25 lakhs and i paid a down payment of Rs. 50000.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 18, 2020
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan through HDFC Bank .I am not sure about rate of interest since taken long back .The vehicle variant is Hyundai I 10.The loan was successfully closed and i have paid the loan through EMI basis only .There was no drawbacks faced so far .I am satisfied with the service.
      Was this review helpful? 3
      , mumbai
      Reviewed on Jan 17, 2020
    • HDFC Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      From HDFC, i have taken my car loan because the documentation process was smooth and they approved my loan easily. Loan process was speed and they will complete all the process in 2 days. Interest rates was on a higher side. I made the down payment of Rs, 1 lakhs and i pay the EMI amount of Rs. 14000 every month. I took the loan amount of Rs. 8 lakhs with the duration of 7 years.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Jan 16, 2020
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan through HDFC Bank.I am not remembering rate of interest and the processing fee .I have taken this loan long back and successfully closed as well.The name of the vehicle is Ford Figo and loan got sanctioned on time as well .The loan process was very smooth and satisfied.
      Was this review helpful? 5
      , srikakulam
      Reviewed on Jan 13, 2020
    • HDFC Bank Car Loan
      "Excellent service "
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank on 1.3 years. I got an offer directly from them. The loan amount of 6.90L which is sufficient with tenure period of 7 years. Rate of interest of 10.5% and processing fee is not aware. I had done the down payment of 1L. There is an option of pre closure after 6 months. I use to get remainder message on time to pay EMI of 10,240 rupees.
      Was this review helpful? 4
      , kochi
      Reviewed on Jan 11, 2020
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