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 free Paperless approval available
    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 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 7285 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 13 Dec 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 service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with HDFC bank and it was a good loan experience. The loan amount was for Rs 5 lakhs with the nominal rate of interest when compared to other banks. This was preapproved loan so no much documents were required. The process was very smooth and the customer service was good.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 11, 2017
    • HDFC Bank Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with HDFC bank and it was overall a good loan experience. The loan amount was for Rs 8 lakhs with the rate of interest which is nominal when compared to other banks. The process was very quick, it took 2-3 days for the loan amount to get approved. Customer service was good, they provided door step service to collect the documents. My car loan was based on ex-showroom price and it was a good service from HDFC.
      Was this review helpful? 4
      , mumbai
      Reviewed on Dec 09, 2017
    • HDFC Bank Car Loan
      "Average service"
      0.5 4.0/5 "Great!"
      My car loan experience with HDFC bank was good, the loan amount was for Rs 4.5 lakhs with the high rate of interest when compared to all other banks. The process was quite long, it took more than the normal time for the loan amount to get approved, Customer service was good and documents were collected door step.
      Was this review helpful? 2
      , lucknow
      Reviewed on Dec 09, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am having the car loan with the HDFC bank and the interest rate is around 8.5%. I would like to say that the customer service is okay with them and the loan amount got disbursed within fifteen days of time. I am happy with the HDFC bank car loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 09, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have applied for a car loan with Hdfc bank.The loan amount is 9 lakhs.The rate of interest is 10.5% high compared to other banks.The tenure is for five years.I pay an EMI amount through an ECS.I don't have processing fees to process the loan.
      Was this review helpful? 2
      , noida
      Reviewed on Dec 08, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was been twelve years I have been banking with hdfc bank ,so the documents part was very easy also the rate of interest they quoted me was good compare to others in the market. The customer support was good , it was a good experience with hdfc car loan service.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 08, 2017
    • HDFC Bank Car Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The interest rate was little high with hdfc car loan department and the service have been taken directly from the showroom customer support was good the payments where through online, it was a good experience with hdfc car loan department.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 08, 2017
    • HDFC Bank Car Loan
      "Very good sevice"
      0.5 4.0/5 "Great!"
      The HDFC bank has disbursed my car loan within 10days of time. The customer support is good with the HDFC bank and the required loan amount has been disbursed and I am satisfied with it. The rate of interest and the charges are average with the HDFC bank car loan services.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 07, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a car loan from HDFC bank for an amount of 2.55 lakhs rate of interest is 8.75% nominal as compared tp other banks in the market.They had shared the complete loan details.the total tenure is for five years us have completed 2 years .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 06, 2017
    • HDFC Bank Car Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      Hdfc car loan service was good but I feel the customer support has to be improved with hdfc car loan department also there is no proper response from hdfc and they never provide me any information regarding the interest rate it was a average service from hdfc car loan service.
      Was this review helpful? 2
      , new delhi
      Reviewed on Dec 06, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank and it was overall a good loan experience. The loan amount was for Rs 4.75 lakhs with the rate of interest of 12% which is nominal when compared to other banks. The process was very smooth and easy, the loan was approved within 3 days. Customer service was good and they provided door step service to collect the documents. The car loan was given based on the on-road price. There is no charges on preclosure and part payment.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 04, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have a car loan with HDFC bank. They offered me this car loan with 9% to 9.5% as rate of interest. The total loan amount is 3.10 lakh rupees. The total tenture is 5 years. HDFC bank charged me a processing fees which is Rs. 500. Overall it was good and speedy process of this loan.
      Was this review helpful? 2
      , new delhi
      Reviewed on Dec 04, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the car loan with the HDFC bank around 3 years ago. The customer support gave me prompt response . I got the required loan amount form the HDFC bank and they have disbursed the loan amount within a day time. The rate of interest and the charges are average with the HDFC bank car loan service.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 04, 2017
    • HDFC Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      My salary account was with HDFC bank so I had taken my car loan. The loan process was good and it was immediate approval. Th customer service and response was good. I had expected 8% interest rate comparing to other banks but they have given 8.5%. The processing charges is more with HDFC. I would suggest them to decrease the interest rates and charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 04, 2017
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC bank few months back. The loan amount was 7 lakhs and the interest rate was 8.5% which was very low comparing to other banks in the market.I am satisfied with the loan process here and they have provided door step service for collecting document . My overall experience was very good and I would like to recommend to others.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 04, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a car loan personal with HDFC bank through online portal. Actually I'm planning to purchase a car in the year of 2018. So I had cancelled the application. The rate of interest was more high compared to other banks. I had received a proper call back.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 02, 2017
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      Within 5 to 6days HDFC bank has approved my car loan and they have disbursed it within the promised time. The required loan amount has been given by HDFC bank and I am satisfied with it. The rate of interest and the additional charges are average with HDFC bank car loan service.
      Was this review helpful? 0
      , kochi
      Reviewed on Dec 02, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      My Car loan application got closed with HDFC bank, the reason was i have postponed the plan to get the car loan. Apart from this, the customer service was good, they followed up correctly and they responded on time. I am planning to take a car loan after 2 months. The rate of interest was high when compared to other banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 02, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from HDFC bank, my loan application was closed because there was a funds issue. When it comes to customer service, it was good, they responded on time and they followed up correctly. The rate of interest was nominal when compared to all other banks. Overall it was a good service from HDFC bank.
      Was this review helpful? 0
      , indore
      Reviewed on Dec 02, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have applied for the car loan from HDFC bank, my loan application was closed because i have postponed my plan to get the car loan. When it comes to customer service, it was good , they responded on time and they followed up correctly The rate of interest was nominal when compared to other banks.
      Was this review helpful? 1
      , nagpur
      Reviewed on Dec 01, 2017
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