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 1 HDFC Used Car Loan
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.10% - 11.35% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    HDFC Used Car Loan is Rated as "Excellent!" by 8057 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    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

    01
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    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 20 Jun 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
      "Need to decrease charges"
      0.5 3.0/5 "Satisfactory"
      I was taken a car loan in HDFC BANK a year before, the loan amount was sufficient which was provided from bank for the duration of 5 years. The loan got sanctioned on time. The rate of interest was okay. Once taken a loan after 6 months EMI has increase pretty high as well for pre closing charges was high. Due to this I have done pre closed within 1 year.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 18, 2019
    • HDFC Bank
      HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with HDFC bank , the loan amount which they have given to me was sufficient , i have given me on based of my requirement, the rate of interest they have charged me was nominal, they have not charged me processing fee in this card, so far i did not face any issue from them.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Jun 17, 2019
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my car loan with HDFC bank , the call amount they have given me sufficient and their rate of interest they have charge me was nominal and the processing fee which they have given me is nominal, and the tenure period they have given me is up to 3 years. Now i have closed this loan successfully.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 17, 2019
    • HDFC Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I was taken a car loan in HDFC bank for more than a year, which was process directly through bank.As per my requirement I received a loan amount for the duration of 5 years. They have given an option pre closure for this loan so I have paid an entire amount within a year. The rate of interest and fee was nominal.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jun 15, 2019
    • HDFC Bank Car Loan
      "Can do better in the interest"
      0.5 5.0/5 "Blown Away!"
      I took Rs. 20 lakhs of car loan for the duration of 7 years, I purchased Innova car. The HDFC bank have sanctioned ex show room price and the process was completed on time, I got the car delivery on time, the interest was higher it should come down.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 13, 2019
    • HDFC Bank Car Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      Purchased my car loan from HDFC nearby 2 years back. I have chosen this bank because they have given me a offers. The given interest rate was convenient for me. I have been paying the EMI of Rs. 7000 approximately for the tenure period of 6000 days. They have sanctioned the loan in 3 days.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 12, 2019
    • HDFC Bank Car Loan
      "On time service"
      0.5 5.0/5 "Blown Away!"
      I took car loan from HDFC , the loan amount was around Rs. 8 lakhs. I purchased ciaz car, the bank have sanctioned ex showroom price. I always recommend this loan, on time they have delivered the car from the showroom, the documents was simpler with their end.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 11, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding HDFC bank car loan previously, the loan amount which they have given to me was sufficient, they have given me as per the requirement, the rate of interest and processing fee they have charged me was nominal, they have given me as per my expectations, so far i did not face any issue,Their overall service is good.Now i have successfully closed this loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 11, 2019
    • HDFC Bank Car Loan
      "HDFC is good for car loan "
      0.5 5.0/5 "Blown Away!"
      I have a good relationship with the HDFC car loan since I'm paying the EMIs on time. I had a earlier car loan with HDFC loan and within 24 hours i have received the car loan and the process was very fast and dealer has taken care of all the formalities and they have handover the key to me. Interest rate was nominal and i have not made any down payment and its 100% loan.
      Was this review helpful? 1
      , thane
      Reviewed on Jun 09, 2019
    • HDFC Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The car loan experience with the HDFC BANK was good and using from last 2 years with this bank. The loan amount was good also the rate of interest was lesser 6.75% provided with this bank which was nominal than others. The documentation process was simple and easy.
      Was this review helpful? 0
      , indore
      Reviewed on Jun 08, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been applied for my car loan with HDFC bank previously, the loan amount which they have given to me was sufficient, as per the car down payment charged they have given me loan, i have taken tata nano car, the rate of interest they have charged me was nominal, i have completed this loan three years back.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 07, 2019
    • HDFC Bank Car Loan
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I have taken the car loan with the HDFC BANK where the documentation process was easy and smooth to get the car loan. The duration for repaying the loan is 7 years and using it since from last one year. The rate of interest was higher with this loan.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jun 04, 2019
    • HDFC Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for th car loan with the HDFC BANK where i am using it since from last 4-5 years where the loan amount given with this loan was good also the rate of interest with this loan was good and it was nominal in this loan. The documentation process was simple.
      Was this review helpful? 1
      , bhubaneshwar
      Reviewed on Jun 03, 2019
    • HDFC Bank Car Loan
      "Can be reduced"
      0.5 5.0/5 "Blown Away!"
      In month of September I took car loan from HDFC bank, the interest rate was around 9.5% for the loan amount of Rs. 6 lakhs. The customer support is very helpful on the documentation process, I purchased maruthi atica car through them but the charges are higher side.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 03, 2019
    • HDFC Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the two wheeler loan with the HDFC BANK as the documentation process was simple and easy to get the loan added on that i am using it since from last 2-3 months with this loan. The process was simple and quick, the customer support is good.
      Was this review helpful? 2
      , lucknow
      Reviewed on May 30, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken previously car loan with HDFC bank long back, the loan amount that time they have given to me was good, they have given me as per my expectation, the rate of interest they have charged me was nominal, i directly approach to the bank for the loan.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 30, 2019
    • HDFC Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I was taken a car loan in HDFC bank which was applied directly with bank. As per my requirement I got the loan amount for the duration of 5 years. The rate of interest was nominal. The processing fee was applicable and nominal in this bank. Now I have closed this loan.
      Was this review helpful? 2
      , mohali
      Reviewed on May 29, 2019
    • HDFC Bank Car Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I would say HDFC BANK is very good. When I applied for the loan in SBI, they will take longer time for verification and forced me to close the small loan where as HDFC process is speedy and also sanctioning higher loan amount. I took a car loan 2 years back and am satisfied with HDFC. Its a customer friendly bank. They are very helpful to the customer.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 29, 2019
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Car Loan through HDFC Bank directly and the loan amount was 1,50,000 for the tenure of 5 years.The car model is Hyundai Santro.I have taken this loan since the showroom dealer referred this Bank.The loan amount got on time and it was sufficient and not yet faced any issues and i have successfully closed the loan.
      Was this review helpful? 2
      , pune
      Reviewed on May 29, 2019
    • HDFC Bank Car Loan
      "Awesome"
      0.5 5.0/5 "Blown Away!"
      I bought my car from HDFC BANK and they are providing free sanctioned loans without any documents. The interest rate is reasonable. I have purchased Maruti Wagnor and made down payment of 1L 50K and rest has been provided by the bank. The processing fee was okay. The loan process was not much longer and its pre approved, they have sanctioned in a very quick time.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 28, 2019
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