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
    8.5% - 10% 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
    Think about
    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 7255 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 24 Nov 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 4.0/5 "Great!"
      My car loan experience with HDFC bank was good, i have taken loan for Rs 5 lakhs with the rate of interest of 11.25% which is nominal when compared to other banks. This was pre approved loan so no much documents were required. Customer service was good and they followed up on time. The loan amount was approved based on the ex-showroom price.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 23, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      My car loan experience with HDFC bank was good, the process was quite long as the document verification took long time and my loan amount was approved after 1 month. Documents were collected door step. The loan amount was for Rs 3 lakhs with the rate of interest of 8.65% which is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 22, 2017
    • HDFC Bank Car Loan
      "Interest rate to be better"
      0.5 3.0/5 "Satisfactory"
      I had applied for a car loan with HDFC Bank through online channel. The customer service and response was good. They responded on time. The interest rate was high compared to others so I had processed with Kotak Mahindra Bank. I have purchased a new car.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Nov 22, 2017
    • HDFC Bank Car Loan
      "Unhappy with the services. "
      0.5 1.0/5 "Really Bad"
      HDFC Bank has not been up to the mark on the car loan application. They contacted me and asked for the documents. I informed them that since it is a new account I only have the last three months pay slip. They said they would send the executive to collect the same and that never happened. I also received an email later that the loan was declined.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 22, 2017
    • HDFC Bank Car Loan
      "Fantastic services"
      0.5 5.0/5 "Blown Away!"
      The process was smooth at HDFC bank for the car loan as the executive came and collected the documents and there was no need for me to go to the bank and complete the formalities. The rate of interest is really reasonable, it was of 8.5%. The only extra charges was for the GPS tacking provided by the bank. They charged me a fee of 16K for the period of five years and that part was a bit on the unreasonable side and it costs much cheaper when it is done by one self. I have taken a Tata Tiago. The vehicle is a hatchback model. It is a pretty basic car and I had all the features added to it.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 21, 2017
    • HDFC Bank Car Loan
      "Satisfied with the services"
      0.5 4.0/5 "Great!"
      My car loan is with HDFC Bank and the customer services are good and there were no hassles in the process. I got the loan on time and I am also comfortable with the rate of interest and processing charges and the after loan services are also satisfactory.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 21, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am a privilege customer of HDFC Bank. I am maintaining all my transactions with HDFC so they provide a good service and offered loans with the good interest rate. My car loan was taken 5 years back. There was no delay, it was a faster service. I am happy with the interest rate. I pay around 12,800 through ECS.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 21, 2017
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with HDFC bank was good, the loan amount was for Rs 5 lakhs with the rate of interest of 15% which is good rate according to the market. The loan amount was approved based on the ex-showroom price. The customer service was good and they responded on time, they provided door step service to collect the document. The process was very smooth and the loan amount was approved within 15 days.
      Was this review helpful? 0
      , jhajjar
      Reviewed on Nov 21, 2017
    • HDFC Bank Car Loan
      "Good bank"
      0.5 5.0/5 "Blown Away!"
      I bought a new bike by taking a two wheeler loan from Bajaj Finserve and that is why i could not to take the car loan from HDFC bank. The executives are very friendly and i told them the current scenario. In future i will definitely consider HDFC for the same car loan.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 20, 2017
    • HDFC Bank Car Loan
      "Approachable service"
      0.5 4.0/5 "Great!"
      The rate of interest with the bank is 9.1 %. As the rate of interest was high i thought not to take the loan for now from HDFC Bank. The service executive gave me good response at the time of the application. The follow up was also good and comfortable.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Rate of intrest was high"
      0.5 2.0/5 "Expected more"
      The rate of interest with the bank is very high. The approved rate of interest was 9.75% which was not acceptable. The pre-closure and part payment was charging too high with HDFC.The customer service and response provided by HDFC Bank was very much satisfactory.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from HDFC bank, my loan application was closed because the loan amount which they were providing was not sufficient. They were providing loan for Rs 3 lakhs where as i require loan for 6 lakhs. Customer service part was good, they responded on time and regular follow ups was done. The rate of interest was nominal when compared to other banks.
      Was this review helpful? 0
      , delhi
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "High on ROI and charges"
      0.5 4.0/5 "Great!"
      The process was on time at HDFC Bank for the car loan. After I applied for the same they contacted me and informed me the details. The response was also good as they came over and collected the documents and disbursed the loan on time. The interest rate and charges was high. It was around 9%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Good customer service"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan from HDFC bank, my loan application was closed because the rate of interest and processing fees were high, they also charged for individual insurance so i opted other bank to take the car loan. Customer service was good and they responded on time, they followed up correctly.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Satisfactory & fast process"
      0.5 4.0/5 "Great!"
      I have taken a car loan from HDFC Bank and the banking services are good. The process was completed on time and I got the interest rate of around 8.5% and there was a nominal processing fee. The after loan services are convenient too and there are no hassles.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Appochable for car loan "
      0.5 4.5/5 "Excellent!"
      Due to my personal reasons i was unable to go with HDFC bank. Infact HDFC bank is a good bank indeed. In future depending upon the rate of interest, I might apply for the loan with the same bank. They gave good response and good follow ups too . So this bank is very much recommendable to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I am glad that HDFC Bank helped me in the process to get the car loan for the HYUNDAI I10 vehicle. I was comfortable with the rate of interest and processing charges. The process was also fast and I got the loan on time. The document collection was also quick.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It was a good customer service from the HDFC Bank side . The bank contacted me on time and delivered all the required information for the loan process . I already took the loan form the SBI as it was a faster process . So i did not opt for the from the loan process . It was a good experience i had with HDFC Bank .
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Satisfactory & fast process"
      0.5 5.0/5 "Blown Away!"
      Maruti Suzuki Swift lxi is what I have got through the car loan with HDFC Bank. I got the loan within two days. I have got 95% of the vehicle value. The rate of interest was of 9.5% and the processing charges were waived off. The process for the loan is overall good.
      Was this review helpful? 0
      , moradabad
      Reviewed on Nov 18, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience i received form the HDFC Bank for the car loan process . The customer service was good from the bank side . I submitted all the required documents for the loan process . The bank was not giving me a full approval so i did not take the loan i canceled it from my end .
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 18, 2017
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