If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • loading

    We found 2 HDFC Used Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.5% - 10% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    12% - 15.5% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    HDFC Used Car Loan is Rated as "Excellent!" by 6889 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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

    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 21 Oct 2017

    HDFC Used Car Loan Details
    Interest Rate (Monthly reducing balance) 12.00% 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.

    HDFC Used Car Loan Reviews

    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      When I was looking for a car loan, I have applied to HDFC Bank through online portal. Since I have postponed my plans, there is need for a loan. But the response was immediate. They have proper comm with the customers, In future I will prefer their service.
      Was this review helpful? 0
      , nagpur
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I had taken a car loan using a third party vendor that is why i had not taken the car loan. Rate of interest is very high and processing fee charges were 3k. Foreclosure charges were charged on the remaining outstanding balance i need to pay 1%, I am allowed to make a foreclosure after 3 months.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Good experience"
      0.5 3.0/5 "Satisfactory"
      Quite unsure why my car loan request was not processed . They showed interest they had discussed with me the information about all parameters even about foreclosure and part payment. I am happy with the interest rate and processing fee charged by HDFC bank. Sadly, my request is not processed by the said bank.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Needs improvment on all aspects"
      0.5 1.0/5 "Really Bad"
      HDFC Bank car loan process process is slow and sluggish, they keep collecting more and documents but the end result is ZERO .Very poor service indeed. The rate of interest is okay and it infact competitive too. I would till say that their service can be improved.
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Bank is very supportive"
      0.5 5.0/5 "Blown Away!"
      I have raised a request with HDFC Bank for the car loan , however I have invested in shares as the market is down, I had dropped the idea of taking the car loan with HDFC Bank and I would certainly say that HDFC Bank service is up to the mark.
      Was this review helpful? 0
      , lucknow
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Earlier I was searching for a new Hyundai car so I have approached HDFC bank. The response was good and the customer service is up to the mark. Later I changed my plans for second end car. They offered me rate of interest is 9.9% and am completely satisfied.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Services are good"
      0.5 4.0/5 "Great!"
      Due to my personal reasons I have not taken the car loan from HDFC Bank. The bank contacted me on time and informed me the necessary details. There were couple of follow up as well. Not sure on the interest rate and processing fee as I have not taken the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Delayed process"
      0.5 4.0/5 "Great!"
      HDFC Bank contacted me for the car loan but they delayed to come over and collect my documents. In the mean time the dealer processed my papers and I got the loan the loan through. Not sure on the interest rate and processing charges as I did not go to that level of communication.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for a car loan with HDFC Bank, they were requested for the bank statements. Since I am hospitalized for 2 months, unable to submit the documents. Hence, my loan was rejected from the bank. The customer service and response was good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan earlier from HDFC Bank and at that moment it was a good process too. There were no hassles in the paper work and I got the loan on the date I needed it. The process was very much simple and the deal on the interest rate and processing charges was normal.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      I had applied through a online channel for a car loan with HDFC Bank. Since the car was on waiting the bank asked me to inform them once the vehicle is allocated. When I contacted the executive, I was told that he would come to collect my paper work. But later there was no response. So I went ahead with the same bank through the dealer finally. I got a rate of interest of 8.75% with a minimal processing fee.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Need to be more quick"
      0.5 2.0/5 "Expected more"
      I have approached HDFC bank for car loan. The customer service is not up to the mark and the response was not good. I would appreciate, if they improve the service and faster the process. ICICI gave me a good interest rate of 8.24% than 9%, But my credit card experience was good with HDFC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank had good options when I approached them personally for a car loan. They offered me a interest rate of 8.2% and the processing charges are normal. The process of getting the loan was smooth as I got it on time. The loan amount was also to my expectations.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Fast process"
      0.5 5.0/5 "Blown Away!"
      I am a privileged customer of HDFC Bank and the customer services are good. They have offered me a preapproved car loan and the process was completed in 24 hours. The interest rate and processing charges is normal. I am happy that the bank has been beneficial.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Good response & service"
      0.5 4.0/5 "Great!"
      I have approached HDFC Bank on the car loan. The response was good and there were no issues with the service. Since I got better interest from the other bank, I have cancelled my application. HDFC has offered me interest rate of 9% but I got it for 7.99.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Oct 19, 2017
    • HDFC Bank Car Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The HDFC bank has disbursed my car loan in 1month. The customer support took longer than normal time. The rate of interest is nominal with HDFC bank , when compared with others. I am satisfied with the loan amount. I can say the HDFC bank car loan service was average.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have postponed the car loan plan so that was the reason I haven't got the loan from HDFC bank. The rate of interest is nominal with HDFC bank. The customer support was good with HDFC bank. The service is good with HDFC bank. The overall service was good with HDFC .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service which was given by HDFC bank was good in regards to my car loan. The rate of interest and the charges were nominal when compared with others. The customer support was good with HDFC bank . I am satisfied with the HDFC bank service...
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • HDFC Bank Car Loan
      "Hassle free"
      0.5 5.0/5 "Blown Away!"
      I also bank for a car loan with HDFC Bank and the banking services are good as always. The process is also satisfactory and quick and I got the loan as needed. The documentation is normal and I am also comfortable with the rate of interest and processing charges.
      Was this review helpful? 0
      , guntur
      Reviewed on Oct 17, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The HDFC bank car loan service was good, but I have postponed the car loan at the moment so that was the reason I haven't processed with the HDFC bank. The rate of interest is nominal with HDFC bank. I would say , I have got good service from Hdfc bank.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    Common Loader Icon
     Loading your search... Loading your search...
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.