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
    9.15% - 11.6% Fixed
    Up to ₹5,150 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
    12.25% - 13.99% Fixed
    Up to ₹4000 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 6126 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 25 Jun 2017

    HDFC Used Car Loan Details
    Interest Rate (Monthly reducing balance) 12.25% to 13.99%
    Processing Fees Up to Rs.4000
    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
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My experience of availing car loan from HDFC Bank was really good. I got the loan on time and the since I bank with them already I did not have go through much of documentation work. The interest rate and charges was normal and reasonable and it was a hassle free service in all.
      Was this review helpful? 1
      , nagpur
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The response is very good from hdfc bank and the executive called me on regular basic to know the application status of the car loan, but my plan got postponed. Interest for the car loan was around 9% with the HDFC bank and the loan amount was about 8 lakhs,
      Was this review helpful? 0
      , agra
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The response is very good from hdfc bank and the executive called me on regular basic to know the application status of the car loan, but my plan was postponed. Interest for the car loan was around 9% with the HDFC bank. And the loan mount was eight lakhs.
      Was this review helpful? 0
      , agra
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Smooth process"
      0.5 5.0/5 "Blown Away!"
      I had taken a commercial car loan from HDFC Bank earlier and at that moment I received a good deal on the interest rate and charges. It was a smooth process and I got the loan on time as well. The customer services and response was good and all the paper works were collected on time.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Once I submitted my application, they have responded.Once when the application was submitted It was not a good experience they had offered 10.25% as rate of interest which was bit high.compare to other banks. I had idea of applying five lakh rupees. I was over all not satisfied with the rate of interest so dropped the plan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Delayed Response"
      0.5 4.0/5 "Great!"
      I did not receive that much good response from HDFC bank for the car loan service. Actually I got delayed response from the bank. Also initially I was planning for the second hand car later I afford new car so I did not continue the loan process with HDFC bank.
      Was this review helpful? 1
      , agra
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      I applied for the car loan with HDFC bank but then I did not avail the loan because I already have a car but this time I was planning to get a new car so I applied for the loan but had marriage function at home, hence I could not continue the plan and I postponed it. I received good response from HDFC bank.
      Was this review helpful? 0
      , bokaro
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "High Interest Rate"
      0.5 3.0/5 "Satisfactory"
      Actually I was looking for used car hence I applied for the car loan with HDFC bank. But the bank is offered high interest rate when compared with other banks so I just cancelled my car loan application and I did not avail the loan from them. Response part was good, I received proper call from the bank.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had received good response from HDFC bank towards my car loan application. I had been contacted by the bank for the loan and they provided the required information for the same. Rate of interest they have offered is 9% the loan amount I had opted for 3.50 lakhs and they have not charges any processing fee nor any charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Immediate Response"
      0.5 4.0/5 "Great!"
      When I inquired about the car loan with HDFC bank, I came to know that this HDFC Bank is good in the rate of interest which is 8.5% for the loan amount of 7 lakhs. I had already holding savings account with the same bank for the four years. HDFC Bank is really good in providing immediate response.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "DISSATISFIED"
      0.5 1.0/5 "Really Bad"
      I did not take the car loan from HDFC Bank as I got an incomplete response from them the loan mount I have opted for 2.70 lakhs and the rate of interest they have offered is 9.25% where the showroom executive offered me in 8.75% So I dropped the plan of getting it, even after telling they did not bother much to negotiate on the rate of interest.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank contacted me initially and later they did not follow up for the car loan application. The customer services has not been satisfactory to me. So I did not proceed ahead for the loan with this bank later I applied from other banks where I have salary account and they helped me out and they have offered me is ROI is 10.50%.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I got the car loan with the HDFC bank and the interest rate is around 11.5%, also the customer service was an average one. I would like to suggest that they need to provide the regular alerts to the customers relating to the breakdown of the EMI and charges.
      Was this review helpful? 1
      , rajkot
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Better Service"
      0.5 5.0/5 "Blown Away!"
      I had received good response from HDFC bank towards my car loan application. I had been contacted by the bank for the loan and they provided the required information for the same. But I dropped my plan in taking the car loan so I just closed the application.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Good Response"
      0.5 4.0/5 "Great!"
      Initially I applied for the car loan with HDFC bank for a particular car model. But later I have decided to go for Nissan for which I got minimum rate of interest from other bank so I did not proceed my car loan with HDFC. Otherwise I do not have any issues with the bank.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Immediate Response"
      0.5 5.0/5 "Blown Away!"
      Actually on the same day I had applied for the car loan with two different banks, but HDFC bank contacted me immediately and their response was very fast. Hence I processed my car loan with HDFC band and got the loan without any hassles. The services are good with HDFC.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Due to some personal reason, I have not taken the car loan with the HDFC bank and the interest was around 8.5%. Customer service and other things are really fine with the HDFC bank. I have not seen any hiccups with them till now, also I would like to go ahead with them in future.,
      Was this review helpful? 0
      , guwahati
      Reviewed on Jun 21, 2017
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Rate of interest for the car loan with the HDFC bank was nominal one. The loan amount got disbursed to my account within two days of time, also the services were good one with them. Processing charges were really nominal one, also they have funded around 100% cost of ex showroom price of the car.
      Was this review helpful? 1
      , varanasi
      Reviewed on Jun 20, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I did not wish to take the car loan from HDFC Bank because they were high on the rate of interest. They were offering me a rate of around 16% and the bank was also not wanting to negotiate where in other bank is ready to offer at 10.50 or 11% on the same. It was not a very satisfactory experience overall.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jun 20, 2017
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I availed car loan from HDFC bank and it has been closed as well. The interest rate was 10.49% which is very nominal when compared with other banks. The customer service is always good with HDFC bank. They done with the loan process in a very good way.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 20, 2017
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