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
    8.25% - 9% 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 OPTION AVAILABLE
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    13.50% - 15% 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 option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    HDFC Used Car Loan is Rated as "Excellent!" by 6320 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

    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 Aug 2017

    HDFC Used Car Loan Details
    Interest Rate (Monthly reducing balance) 13.50% to 15%
    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.

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  • HDFC Used Car Loan Reviews

    • HDFC Bank Car Loan
      "Customer Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I bought Duster car worth Rs. 4 lakhs, HDFC sanctioned without insurance amount of Rs. 3.3 lakhs with the interest rate of 10.5% it is normal as per other competitor. In term of Service is also good and I got very much satisfactory service from HDFC.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Aug 21, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Service provided by HDFC car loan was very comfortable for me and i generally prefer hdfc always because the rate of interest as it is 8.5% and it is low when compared to other banks and also the documentation part was also less and it was the executives who made this loan process easier and fast. However, I have some personal family issues so I had can celled it permanently.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 21, 2017
    • HDFC Bank Car Loan
      "Customer friendly"
      0.5 5.0/5 "Blown Away!"
      HDFC taken a week time to disburse the loan to the car dealer, they sanctioned 90% of loan amount of Rs.9 lakhs, to purchase Toyota Etios. HDFC gave me tenure of seven years and also they gave me part payment and foreclosure option. I am very much fine with them.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Aug 21, 2017
    • HDFC Bank Car Loan
      "Need to improove"
      0.5 1.5/5 "Bad"
      Due to my personal reason, I have not taken the car loan, also I was looking for the personal loan. Response with the HDFC bank was really good. In future, I would like to go ahead with the HDFC bank. I would like to suggest that they need to make the call to connect with the customer service on immediate basis.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Aug 21, 2017
    • HDFC Bank Car Loan
      "Its Excellent"
      0.5 5.0/5 "Blown Away!"
      HDFC is far good, compared to other competitor, they have disbursed the car loan on time and they offered 8.5% of interest for 80% of on road price of the car. I bought Hyundai Xcent worth Rs. 6.20 lakhs, I am much satisfied with their service its recommendable.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 21, 2017
    • HDFC Bank Car Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I had very good experience with HDFC on car loan process, its very easy to avail that loan. There were paper less formalities, then bank have sanctioned a loan of Rs.5 lakhs, which I requested. I purchased Hyundai Grand I10 with the best interest rate.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 19, 2017
    • HDFC Bank Car Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I had very good experience with HDFC on car loan process, its very easy to avail that loan. There were paper less formalities, then bank had sanctioned the loan of Rs.5 lakhs, which I had requested. I purchased Hyundai Grand I10 with the best interest rate.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 19, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan with the HDFC bank for the rate of interest as nominal one like around 11% to 12%. I would like to say that the response was really fine and the loan amount got disbursed to my account in a day of time.
      Was this review helpful? 0
      , silchar
      Reviewed on Aug 19, 2017
    • HDFC Bank Car Loan
      "Good to Approach"
      0.5 5.0/5 "Blown Away!"
      The customer support of HDFC bank is really good when I preferred the bank for my car loan requirement. The bank is good in processing the car loan and I had received a proper service throughout the loan process. Interest rate is also good and no issues at all.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 19, 2017
    • HDFC Bank Car Loan
      "All went good"
      0.5 5.0/5 "Blown Away!"
      When I had decided to take a car loan, I went with third party source. And they had directed me to the HDFC bank. All things including the interest rate is good from HDFC bank. I had not to worry about anything during the process because the bank done with the process properly.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Aug 19, 2017
    • HDFC Bank Car Loan
      "Hassles Free"
      0.5 5.0/5 "Blown Away!"
      I thought to take the personal loan but later I approached the bank and had taken the car loan from HDFC. The loan process was simple without any hassles. The bank was cooperative and provided a good customer service. No issues on the interest rate as well.
      Was this review helpful? 0
      , amritsar
      Reviewed on Aug 19, 2017
    • HDFC Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      HDFC bank has been great in the car loan process. The documentation is normal and I got the loan on time. The deal was very attractive on the rate of interest. It was around 8.50% and the processing charges was a minimal amount of Rs. 6000 to 7000 and the tenure is for a period of 5 years of time.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 18, 2017
    • HDFC Bank Car Loan
      "EXCELLENT"
      0.5 4.0/5 "Great!"
      The HDFC bank response was positive when I approached for the car loan.HDFC service was good, They had done very fast process to disburse the amount within a weeks time but I have taken the loan after 15 days of time.The rate of interest is 9% tenured is for 4 years of time and the EMI is around 7900 approximately.
      Was this review helpful? 0
      , vapi
      Reviewed on Aug 18, 2017
    • HDFC Bank Car Loan
      "Good services"
      0.5 4.0/5 "Great!"
      HDFC Bank has offered me a car loan and I am happy with the process. The bank had a simple documentation process and the loan was also disbursed on time to me. The interest rate and processing charges is normal and in all there are no hassles faced.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 16, 2017
    • HDFC Bank Car Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      I have received 80% of car loan from HDFC bank. They have disbursed my loan within 5 days of time. The response with HDFC bank is really good and they have done everything on promised time. The rate of interest is reasonable with HDFC bank. The service which given by HDFC is very good and I am satisfied.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 14, 2017
    • HDFC Bank Car Loan
      "Instant response & good experience"
      0.5 5.0/5 "Blown Away!"
      I received my car loan from HDFC Bank in five minutes. I applied for it online and the process was instant. Being an existing customer the process is really quick and the services are excellent. I have never faced any kind of inconvenience with the bank.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Aug 12, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      HDFC bank charged me Rs,18000 for some device installation, they have also charged the processing fee and the insurance amount in concern to my car loan application. I would like to suggest HDFC bank to avoid the hidden charges in car loan concern,. They have disbursed my loan within the promised time. I am happy with the service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      It was been a nice experience during the whole process of the loan disbursement. The response was very good with HDFC bank. They have disbursed my loan within the promised time, Instead there was delay made by my side I requested the HDFC bank to make a delay on the process and they have also cooperated . The required loan amount has disbursed and I am satisfied.
      Was this review helpful? 0
      , kota
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      The car loan process was quit difficult from HDFC bank. The HDFC bank response part is not up to the mark. They took around 25 to 30 days to disburse my car loan. The process took very long time. The required loan amount was not given, they have approved low loan amount. The rate of interest was also high, when compared with others.
      Was this review helpful? 0
      , patna
      Reviewed on Aug 11, 2017
    • HDFC Bank Car Loan
      "Bitter experience"
      0.5 1.0/5 "Really Bad"
      Basically I got the car loan which was approved already and ready for the disbursement from HDFC bank. They asked me to submit the documents which was done immediately . Then at the time of disbursement they were asked me to go with the insurance of Rs.30,000 , there I lost my hope and I have cancelled the loan saying that I don't need the insurance. The processing fee and the rate of interest was also high with HDFC.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 11, 2017
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