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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.5,000 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.5,000 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 7400 Users
    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 Feb 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
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken my car loan with HDFC BANK and it was closed. I have taken the loan period of 2 years but I have foreclosed after 6 months. I am a privilege customer. The rate of interest was nominal and the processing is also minimal like other bankers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 16, 2018
    • HDFC Bank Car Loan
      "The best"
      0.5 4.0/5 "Great!"
      I have taken the car loan with the HDFC bank and the interest rate is around 8.25%, also the customer service is excellent one. Within two days of time, the loan amount got disbursed. I am really happy with the HDFC bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 16, 2018
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a consumer durable loan from Hdfc,the service is good with Hdfc. The online portal is easy to use and user friendly. The process was been very fast with 0 % rate of interest. It is a excellent experience with Hdfc consumer durable loan service.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 15, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Got the car loan from the HDFC bank around 4 years ago. The customer support service was prompt with the HDFC bank and they have disbursed the required loan amount . The rate of interest and the charges are average with the HDFC bank as per the market rate.
      Was this review helpful? 0
      , jaipur
      Reviewed on Feb 14, 2018
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest offer by Hdfc car loan department is nominal compared to other credit service providers in the market. The documents was been easy and the staffs are friendly. Hdfc customer support is good. It is totally a excellent service from Hdfc car loan team.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 14, 2018
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Car loan with HDFC bank,the loan amount is 5.50 lakhs ,rate of interest is nominal as compared to other banks.The EMI amount is 11600 its closed long back.They had processed the card within 2-3 days of time,I am happy with the service of the bank.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 14, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 4.0/5 "Great!"
      I have taken a Car loan with HDFC bank.The loan amount is 4-5 lakhs,The tenure is for five years They had deducted a minimum processing fees from the principle amount.Cash down payments options is available with this banks.They had immediately processed the loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 13, 2018
    • HDFC Bank Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      I took car loan based on the saving account, within short period of time they have disbursed the amount to the show room dealer. I have submitted normal documents they disbursed the loan with the best interest rate. They gave me part payment and foreclosure to repay the loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 09, 2018
    • HDFC Bank Car Loan
      "More than satisfactory"
      0.5 4.0/5 "Great!"
      HDFC Bank done a good job for me for the car loan. They are pretty reasonable in the rate of interest and processing charges. The process is also good and there are no hassles in the document collection as well. I am also okay with the after loan services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • HDFC Bank Car Loan
      "Need Improvement"
      0.5 3.0/5 "Satisfactory"
      The HDFC bank took higher than normal time to process the car loan application . so that was the reason I haven't got the car loan from the HDFC bank. The verification process was not done in a professional way. The customer support need to be customer centric.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 08, 2018
    • HDFC Bank Car Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC bank 1 month back. The loan amount was 2.5 lakhs and the Interest rate was 9.65 which was average in the market .The loan process was good and smooth . The processing fee was 6000. My overall experience was very good and its recommendable.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Feb 08, 2018
    • HDFC Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The HDFC bank gave me good response in regards to my car loan application. I haven't got the car loan from the HDFC bank, because I have arranged the required amount from the other source, so that was the reason I haven't got the car loan from the HDFC bank.
      Was this review helpful? 0
      , faridabad
      Reviewed on Feb 07, 2018
    • HDFC Bank Car Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      HDFC bank has approved and disbursed my car loan within 15days of time. The required loan amount has been given and I am satisfied with it. The customer support and the response was prompt with the HDFC bank. The rate of interest and the charges are average with the HDFC bank car loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 07, 2018
    • HDFC Bank Car Loan
      "A perfect partner for car loan"
      0.5 5.0/5 "Blown Away!"
      I had applied and got the Car loan from HDFC BANK. I am very happy by their Rate of interest 9% is very low. I feel very comfortable by their process. They process and approved my Personal application and sanctioned promised Principle amount with in 48 hours. The process is very quick and it is very much convenient.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 07, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have postponed my car loan plan to next year, so that was the only reason I haven't got the car loan from the HDFC bank. The customer support is good with the HDFC bank and they gave me good response in regards to my car loan application and I am satisfied with it.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 07, 2018
    • HDFC Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have changed my car loan plan at the moment , so that was the reason I haven't got the car loan from the HDFC bank. The customer support of HDFC bank gave me good response in regards to my car loan application. The rate of interest is average with the HDFC bank car loan services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 06, 2018
    • HDFC Bank Car Loan
      "Better"
      0.5 4.0/5 "Great!"
      I had closed my car loan with HDFC Bank. It was taken in the year of 2011 and completed at 2016. I have purchased Tata Vista. They processed the loan immediately. The interest rate and charges are normal. The documents are collected by the executive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 06, 2018
    • HDFC Bank Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      HDFC car insurance experience is good, I purchased Swift dezire car worth Rs. 7 lakhs, I availed loan through the dealer. They approved my loan within 2 to 3 days, then my car got delivered. HDFC gave me the the tenure period of five years with better interest rate and flexible loan repay options like part payment, balance transaction and foreclosure.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 06, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got the car loan amount within a week time. The required loan amount has been disbursed by the HDFC bank. The customer support service is excellent from the HDFC bank and they gave me good support in regards to my car loan services. The rate of interest and the charges are high with the HDFC bank car loan services.
      Was this review helpful? 0
      , nalgonda
      Reviewed on Feb 06, 2018
    • HDFC Bank Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      I got the car loan with the HDFC bank and the interest rate was on higher end according to the current scenario. I would like to say that the customer service was good one with the HDFC bank. Everything is good one with the HDFC bank car loan.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 02, 2018
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