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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    HDFC Used Car Loan

    We found 2 HDFC Used Car Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.15% - 11.6% Fixed
    Up to ₹5,150 One time fee
    1L Min
    1-7 Years
    Response Time Within 30 minutes
    PAPERLESS APPROVAL OPTION AVAILABLE
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    11.25% - 13.99% Fixed
    Up to ₹2,300 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    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 5925 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 27 May 2017

    HDFC Used Car Loan Details
    Interest Rate (Monthly reducing balance) 11.25% to 13.99%
    Processing Fees Up to Rs.2,300
    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
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Everything was fine with HDFC Bank. They were happy to serve for my car loan They were very quick in contacting me and informing me the details. I did proceed ahead with them Since I had some financial problem In future if required surely will contact and the rate of interest was 9.75%.
      Was this review helpful? 0
      , udaipur
      Reviewed on May 25, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I tried for a car loan with HDFC bank. During the process of the loan the support and response provided by the bank was too good but bank executive said they cannot process my loan they said they provide loan only to own purpose not for commercial purpose I said OK.
      Was this review helpful? 0
      , madurai
      Reviewed on May 25, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      When I have applied for my car loan with Hdfc bank, they gave very prompt response and they have made very good follow up in concern to my car loan application. I have postponed my plan that was the reason I haven't got the car loan with HDFC bank. Overall the service is better with HDFC bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got very prompt response from hdfc bank.I have applied for 2 laks rupees loan and the tenured for 7 years I have Pre closed it I have just used it 1.5 years Interest rate and processing fee were nominal.
      Was this review helpful? 0
      , bharuch
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I would state that the overall service provided by HDFC Bank is really good. Customer service is very good , Car loan application was postponement from my end I had planned to take it after 2 to 3 months. After applying within a weeks time I had received a call back from the bank.
      Was this review helpful? 0
      , bharuch
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan from HDFC Bank and the services was good and very quick. I got my loan within few days. It was a fast process overall with 2 days loan got approved and the rate of interest was 14.5% with was high compare to other banks.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      Experience with the HDFC bank for the car loan was good, but my only cocern here is the rate of interest, as it is very high when compared with other banks its like 14.5% where other resources they give low Rate of interest and lower loan amount I had applied for a loan amount of 3.5 lakhs.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 24, 2017
    • HDFC Bank Car Loan
      "Good but need some sort of improvisation"
      0.5 4.0/5 "Great!"
      The car loan got approved and disbursed with HDFC bank. The process went very smooth I had faced a hassle because at one incident they have deducted the penalty amount along with the EMI amount, through ECS mode. The Hdfc executive need to inform the customer before they deduct the penalty amount. The rate interest is nominal with HDFC bank.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 23, 2017
    • HDFC Bank Car Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      I have not taken the car loan with the HDFC bank due to some personal reason. Rate of interest was around 12% to 14%. Customer service was fine one with the HDFC bank and the response was good. I have got the call from the HDFC bank the very next day it self.
      Was this review helpful? 1
      , mysore
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Good in Response"
      0.5 5.0/5 "Blown Away!"
      I submitted my car loan application with HDFC bank through online source. But I did not take the loan from the bank as I postponed my plan. I had no issues with the bank when I approached them. In fact, I received very good response from the bank for the loan application.
      Was this review helpful? 0
      , jamnagar
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Everything was fine with HDFC Bank. They were happy to serve for my car loan They were very quick in contacting me and informing me the details. I did proceed ahead with them Since I had some financial problem In future if required surely will contact and the rate of interest was 9.75%.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Better "
      0.5 5.0/5 "Blown Away!"
      I had postponed the plan to get the car loan after some time, so I have cancelled the plan with the HDFC bank for car loan as of now. I am expecting a lower rate from them further I am also expecting them to provide 90% of value of the car as the loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Hassle free to get a loan"
      0.5 5.0/5 "Blown Away!"
      I had been a long time customer of HDFC Bank and the services from them has always been on time and the process is also smooth and easy. I am fine about the rate of interest and processing charges for the car loan as it is nominal for me when compared to what the other banks offer.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Need to be customer oriented"
      0.5 1.0/5 "Really Bad"
      When I approached HDFC bank to get a car loan they did not explain me anything about the product and they told they will be giving a call back, but no one gave a call back and still waiting for around 45 days but I haven't got the call back that was the reason I haven't got the loan from HDFC bank.
      Was this review helpful? 2
      , srinagar
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      It was good experience with HDFC bank in terms of my car loan process. The process was completed on time and it was good. I had no challenges with HDFC bank for the loan. Customer service and their responsiveness was quite good. Moreover the rate of interest is pretty normal for the car loan.
      Was this review helpful? 0
      , raipur
      Reviewed on May 22, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I preferred HDFC bank for the car loan. Actually I approached the bank through online source. The bank responded well on my car loan process. The loan process went good with HDFC bank. Interest rate is around 9%, initially they quoted around 10% later they reduced it to 9%.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 20, 2017
    • HDFC Bank Car Loan
      "Nice experience"
      0.5 3.0/5 "Satisfactory"
      HDFC Bank has been good in the process for the car loan there has been no issues in getting the loan and the process after the loan was disbursed is also hassle free. The customer support is good and the response has been the best in collection of documents.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2017
    • HDFC Bank Car Loan
      "High on ROI & charges"
      0.5 3.5/5 "Pretty good"
      HDFC Bank did respond to me on time when I applied for a car loan. I could not go ahead for the loan because I finally could not get the vehicle that I was looking for. The vehicle I preferred was "Chevrolet enjoy" and since the vehicle was not available and its because of which my plan was revoked. The rate of interest was high when compared to other banks.
      Was this review helpful? 0
      , pune
      Reviewed on May 19, 2017
    • HDFC Bank Car Loan
      "Hassle free and Good Experience"
      0.5 5.0/5 "Blown Away!"
      HDFC service is good but I didn't take car loan from them. Because I managed the whole car amount and I purchased the brand new car by own source. I am fine with HDFC service, their executive are polite and they offered reasonable interest rate and processing fee.
      Was this review helpful? 0
      , porbandar
      Reviewed on May 19, 2017
    • HDFC Bank Car Loan
      "Interest rate has to be reduced as per market"
      0.5 3.0/5 "Satisfactory"
      HDFC provides the best interest rate for the car loan, they not giving lesser than 9.1% of interest. Hence I had taken car loan from other bank with best interest rate. HDFC agreed to sanction 100% of loan at on road value but I am not fine with interest rate. Therefore I was not willing to proceed further with them and there stopped the process.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 19, 2017
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