If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    We found 2 HDFC Used Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.40% - 10.35% Fixed
    Up to ₹4,720 One time fee
    1L Min
    1-7 Years
    Response Time : Within 30 minutes
    Rs.2,500 Amazon Voucher 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    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 100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    HDFC Used Car Loan is Rated as "Excellent!" by 7612 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 22 Jul 2018

    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 Service"
      0.5 4.0/5 "Great!"
      I took a car loan from the HDFC bank for the car loan for an amount of 4 lakhs, I got the loan with in 2 days, I got the amount credited to the account. The interest rate was also normal. The whole application and the documentation was easy and it was hassle free too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2018
    • HDFC Bank Car Loan
      "Nothing Greater to say about HDFC"
      0.5 5.0/5 "Blown Away!"
      Processing fee was good in HDFC. I never spoke with the customer care service of HDFC. From the dealer end i have applied for the car loan. If you give all the documents properly, then i can get the loan easily. I have received the loan on time. They have provided me a interest rate of 9%. I have applied the loan amount of Rs. 5 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • HDFC Bank Car Loan
      "Tension free card"
      0.5 5.0/5 "Blown Away!"
      I have purchased this card long time back around 15 years back. I have never called the customer care service as of now since i don't need to call them. There is no hidden charges for the card. Whenever it is necessary, i will use the card. I won't use the card often. They are not charging for the annual fee for the credit card. I never face any issue with the card so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      Got my car loan from Hdfc bank , they did quick for documentation and approval . Rate of interest is nominal as that time it was OK when comparing to other banks .they gave tenure period of 7 years with processing fees . I paid Emi through Ecs , and there customer service and response is good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 17, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      Got my car loan from Hdfc bank , where the rate of interest is average based on market price . They did instant process for approval and documentation and sanction the loan based on on road price of the card. Where i use to pay monthly through ecs for 50 months . And there is no processing fees.Overall am satisfied with car from hdfc.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 17, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I got car loan from Hdfc bank , their rate of interest is average and am satisfied with it For documentation and approval their customer service took 4-5 days for whole thing. Making the payments through ecs and there is no charges for transaction. I have chosen tenure period of 5 years. They sanctioned the loan based on ex showroom price.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 17, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was very good with HDFC bank, the loan amount was for Rs 5 lakhs with nominal interest rate when compared to other banks. My loan was approved on the on-road price and it was a new car. Customer service was good and the tenure for this loan is 4 years.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 13, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this car loan had been very easy and simple and the loan amount which they had provided had been satisfied. The rate of interest which they where offering had been nominal compared with the market rate. Their customer support and the staff responses had been very helpful at times.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 13, 2018
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I took a Car loan from the HDFC bank for 2 lacs, that is also closed, the interest rate was high initially and I discussed with the official about the low interest offering and finally they reduced the interest rate. Overall it has been a very good experience in taking car loan from the HDFC bank.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 11, 2018
    • HDFC Bank Car Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I got car loan from Hdfc bank , their rate of interest is quiet high and am not satisfied with it For documentation and approval their customer service took few days for whole thing. Making the payments through ECS and there are processing fees which is high I have chosen tenure period of 5 years. But i made the whole payments on my 3rd year they charged high for pre closure charges. Even after paying on time they listed my name in defaulter list.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 10, 2018
    • HDFC Bank Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I had applied for a car loan with them and i was not much happy with the process which they had carried on. The process got delayed and because of that i have closed the application. Their customer support had not been that much responsive and there has not been a prompt service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 07, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had been using the card for the last one year and the services which they had been providing so far had been very good. I had been using the card for shopping and all other purchases. The credit limit with the card has been good as well as there has been good benefits with them.
      Was this review helpful? 1
      , indore
      Reviewed on Jul 07, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken with HDFC bank1 year back.The loan amount was 4,50,000 and the interest rate was satisfactory . The tenure period was 5 years . The customer service and responses was good. The documentation was very smooth and the staffs were very helpful.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 07, 2018
    • HDFC Bank Car Loan
      "Better Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the HDFC bank for 4 lacs. I got the loan with in 4 days. I am paying the EMI 8200. The whole application process was easy and hassle free. I didn't face any issues during the application. Overall it has been a smooth experience in taking car loan from the HDFC bank.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 06, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was very good with HDFC bank, the loan amount was for Rs 2.8 lakhs with nominal interest rate. I have taken a new car and my loan was approved based on ex-showroom price. The process was smooth and i received my loan amount on time. The tenure for this loan is 5 years.
      Was this review helpful? 0
      , kochi
      Reviewed on Jul 05, 2018
    • HDFC Bank Car Loan
      "Average service"
      0.5 4.0/5 "Great!"
      I got car loan from Hdfc bank , their rate of interest is quiet high of 9% and am not satisfied with it For documentation and approval their customer service took 10-15 days for whole thing. Making the payments through ecs and there is processing fees of rs 4500 I have chosen tenure period of 4 years. Their customer service and response is Average.
      Was this review helpful? 0
      , noida
      Reviewed on Jul 03, 2018
    • HDFC Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken car loan from Hdfc bank . The rate of interest is high and am not satisfied with credit limit which they have provided. There are processing fees also which is too high and i have chosen the tenure period of 36 months . They gave loan for ex showroom car price. The pre closure charges are too high.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 03, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I got car loan from Hdfc bank , their rate of interest is promising one which is 10.5% . For documentation and approval their customer service is good they just took few days for whole thing. They gave loan based on the ex-show room price with tenure period of 5 years . Their customer service and response.
      Was this review helpful? 1
      , dehradun
      Reviewed on Jul 03, 2018
    • HDFC Bank Car Loan
      "Lethargic Fools"
      0.5 0.5/5 "Unacceptable"
      Availed a Car Loan from here with lots of efforts. Lots of efforts only because one of my documents had my old address. And the bank wants me to stay at current as well as my old residence. Loan term was wrongly updated which has not been corrected even in 2 months till date. The excess EMI is getting deducted every month and you have to sit hopelessly waiting for them to rectify their mistakes by paying extra from your pocket.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 02, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the HDFC bank and I closed the loan in 2007. The whole process was easy and hassle free. I got the amount when I needed it the most. Overall ti has been a hassle free loan experience with the HDFC bank. The interest rate with them also had been good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 30, 2018
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