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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 7557 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 19 Jun 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"
      0.5 3.0/5 "Satisfactory"
      It is good. Limit is satisfied with my card. I am getting no offers and no reward points from my card. I am using since 1 month. It is a life time free card. Documentation i have done through the on line i got my card in 1 month. No call connects to the hdfc customer service.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2018
    • HDFC Bank Car Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have been holding since 6 months. The rate of interest is 8.2% and it is normal when compared to the other bank loans. For 4 years i have to pay my loan. Monthly i would be paid. As soon i have applied for my loan i got the loan with in 1 week. I am satisfied with the loan
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 14, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with HDFC bank was satisfactory, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. The tenure period for this loan was 3 years but i preclosed the loan with the penalty of 2% within 1 year.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 13, 2018
    • HDFC Bank Car Loan
      "Really Nice Experience in HDFC"
      0.5 5.0/5 "Blown Away!"
      HDFC is a reputed bank hence i had very good experience. They slightly higher in fore-closure charges. They have a 1 year lockin period. I applied the car loan through their net banking portal. Hassle free car loan. They have approved me a loan of Rs. 4.60 Lakhs. I got it on time. Interest rates is not much. They are charging the interest rate of 9 to 10.5%. They are Overall great.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 10, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have taken a car loan with HDFC bank and my experience was good, my loan amount was approved based on the ex-showroom prices. The process was smooth and i received my loan amount on time. I am happy with the customer service and the tenure for this loan is 5 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 08, 2018
    • HDFC Bank Car Loan
      "Last option for Car Loan"
      0.5 3.0/5 "Satisfactory"
      I got the easily from the HDFC. I bought a Hyundai car by using the HDFC loan amount of 5 lakhs. The interest rate of HDFC is 11%. I paid the EMI of Rs. 12000 per month. I opted the tenure of 36 months. They have to consider the interest rates. Overall, I'm okay with the services from HDFC.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 06, 2018
    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My saving account was taken with HDFC bank 8 years back. They have offered platinum card and the daily withdrawal limit was 1 lakh . The customer service and responses was up to the mark. I have 24/7 helpline number and the mobile app is amazing.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 06, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a credit from Hdfc Bank I am satisfied with the limit they have given me it is good, it is a lifetime free card, the benefits are also good on the card. I am very happy with the credit card and I never faced any issues with the services. I would recommend this card to others too.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 05, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got my car loan from Hdfc bank , where the rate of interest is high of 9.5% . They took 10 days for approval and documentation. The loan amount is 6 lakhs where i use to pay monthly through ecs for 5 years . And there is no processing fees.Overall am satisfied with personal loan from hdfc.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 03, 2018
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Recently I have got the car loan from the HDFC bank around 2 months ago. The customer support service and the response is good with the HDFC bank and they have disbursed the loan amount within 12 days of time. The required loan amount has been given and I am satisfied with it.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with HDFC bank, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. My car loan was approved based on the on-road price and the customer service was good. The tenure period for this loan is 5 years.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 28, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      The experience with them had been very good. It had been recommended by the card dealer since they had tie ups. It was overall an easy process, and i have been satisfied with the loan amount. The customer service also had been very good and i have not faced any kind of issues so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      It has been a very good experience in taking this loan from them, where the loan has been sanctioned within ten days. The document submission and the whole process had been very quick and easy. I was happy with the loan amount and their customer services which they have been giving.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 24, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a credit card from Hdfc bank, I have been using the credit card since 12 years, it's my first credit card, and I am quite happy about it as I am still holding on to this credit card. The services are good I never faced any problems with this credit card and it has been running smoothly. I am quite satisfied with this card.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 21, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with HDFC bank, the loan amount was sufficient and the rate of interest was nominal when compared to all other banks. This was a used car loan with the tenure period of 3 years. Customer service was good with HDFC bank and their response was on time.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 20, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 3.5/5 "Pretty good"
      I have taken a car loan from HDFC bank and the approved loan amount was 4.99 lakhs. The rate of interest was 8% flat. I have taken the tenure of 4 years.They have charges for paper work around 2500. And 19000 for GPS. They have forced me to take the GPS and a loan insurance of 3500.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 5.40 lakhs. The rate of interest was 8.75%. First it was 8.25% and since the financial year got changed the interest got changed to 8.75%. The monthly emi is 11658 for tenure of 5 years .There was a processing fee of 4000.
      Was this review helpful? 0
      , kochi
      Reviewed on May 18, 2018
    • HDFC Bank Car Loan
      "Approachable for car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the approved loan amount was 8 lakhs. The rate of interest was 9%. The monthly emi is 16750 for tenure of 5 years.There was a processing fee. They have taken a loan insurance of 6000 which was not mentioned and was taken from my loan amount.
      Was this review helpful? 0
      , silvassa
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "HDFC car loan , Easy approval"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC bank and the disbursed loan amount was 5 lakhs. The rate of interest was 9%. The monthly emi is 8100 for tenure of 7 years.There was a processing fee of 1500 and the loan got approved within 3 days. Easy procedure.
      Was this review helpful? 0
      , pathanamthitta
      Reviewed on May 16, 2018
    • HDFC Bank Car Loan
      "HDFC car loan"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC bank and the disbursed loan amount was 4.20 lakhs. The rate of interest was 9%. The monthly emi is 13300 for tenure of 3 years.There was a processing fee of 8000. Got the approval on time and there was no difficulty.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on May 16, 2018
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