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HDFC Car Loan Interest Rate, Eligibility, Documents Needed, Apply Online Now.

Updated: Aug 30,2019 17:09 IST

Naveena

HDFC Car Loan is one of the financing services provided by Housing Development Financial Corporation, one of the top five banking sector in India. HDFC Car Loan gives you different ranges of car loans to be availed. HDFC Car Loans has best interest rates and more details on HDFC Car Loan is briefed in the content below.

An Overview of HDFC Car Loan 

The dream of many - Buying a new car - is made possible with best car loans provided by HDFC Bank. HDFC Car Loans are rated as the best with it’s attractive interest rates and types of car loans provided. HDFC understands its customer needs and offers wide range of car loans based on the convenience most suited for the customers. When it comes to buying a new car or even a pre-owned car you can opt for HDFC Car Loans and before that check on the details of HDFC Car Loan provided in the page for your clarifications. Some of the key information of HDFC Car Loans are given in the below table.
 

Interest rates of HDFC car loan(Monthly reducing balance)

8.40% - 11.10%

Loan tenure

Upto 7 years

Processing fees

Upto Rs.4720

Guarantor

Not required

Pre-closure charges

  • Pre-closure possible only after 6 months.

  • For 7 to 12 months, 6% of outstanding amount plus GST.

  • For the 2nd year, 5% of outstanding amount plus GST.

What are the Types of Car Loans provided by HDFC Bank?

HDFC best understands its customer preferences and needs and that is why it has come up with various offers on Car Loans. The finances you need to buy a new car or even a pre-owned car is provided by HDFC. The different type of Car loans provided by HDFC are given below
  • New Car Loans
  • Pre-owned Car Loans
  • Loan Against Car 
An applicant based on his/her needs can opt any of the loan offers provided by HDFC Car Loans.

What is HDFC Car Loan for New Cars?

To own a New Car is a dream of many and HDFC’s New Car Loan fulfills this dream. Loans are offered by HDFC to buy new car loans and the bank approves up to 90% of the invoice value as the loan amount and the minimum loan amount will be Rs. 1,00,000. Special Interest Rate offers are given for HDFC Bank account holder. Loans are provided by passenger cars and multi-utility vehicles manufactured by India’s leading automobile companies. HDFC New Car Loans are provided to the following 
  • Salaried individuals - Age group 21 to 60 years (at the end of loan tenure)
  • Self-employed individuals - Age group 21 to 65 years (at the end of loan tenure)
  • Partnership Firms
  • Public and Private Ltd. Companies
  • HUFs and Trusts

More Details on HDFC New Car Loan

  • Loan Tenure:  One can choose any repayment option from 12 to 84 months that best suits their requirements.
  • Pre-payment Option: One can pre-pay the loan amount any time after 6 months of availing the loan. Pre-payment charges will be based on outstanding loan amount.
  • Maximum Loan Amount: Three time of the annual salary will be granted for salaried professional and six times of the annual income of a self-employed professional.
  • Need of a Guarantor: If your income does not meet our credit criteria then you may be required to have a Gurantor/co-applicant as a surety.
  • Modes of Loan Application: (i) through Online Application (ii) Leave your Number and our representative will contact you or (iii) Visit the branch personally to apply in Offline.

What is HDFC Car Loan for Pre-owned Cars?

HDFC not only finances your for your new cars but also for your pre-owned cars. Apart from financing pre-owned cars it also helps you search for one through wide range of used car listings by its preferential dealers across the country. Up to 100% of your finances are met via Pre-owned car loans. HDFC Pre-owned Car Loans are provided to the following same as for the New Car Loans.
  • Salaried individuals - Age group 21 to 60 years (at the end of loan tenure)
  • Self-employed individuals - Age group 21 to 65 years (at the end of loan tenure)
  • Partnership Firms
  • Public and Private Ltd. Companies
  • HUFs and Trusts

More Details on HDFC Pre-Owned Car Loans

  • Mostly, 85% of the car value can be borrowed as pre-owned car loan.
  • One can choose the loan tenure from any of the 5 well-placed repayment option of 12,24,36,48 or 60 months designed to suit your requirements.
  • Pre-owned car loans finance passenger cars manufactured by India's leading automobile companies
  • Benefits of Pre-owned car loans are
    • Fixed interest rates
    • Lowest down payment
    • No Income Document Required
    • Up to 100% funding provided 

What is HDFC Car Loans Against Car?

Apart from availing loan to buy cars, you can also get loan against your car, and HDFC provides Loan Against Cars. Any applicant who owns a car, including a fleet operator or taxi where the present vehicle age is not more than 60 months, can avail of the Loan against the Car. Check the important points you should know before going in for HDFC Loan against Car.
  • Up to 100% of original loan amount for a vehicle of 9 - 42 months vintage can be availed.
  • The tenure options range from 12-60 months. The vehicle age at the end of Loan against Car tenure should not exceed 7 Years (Private Usage) and 6 Years (Commercial Use).
  • Any Hatchbacks and Sedans, excluding some models that are out of production can be financed.
  • There is no need for a guarantor as the car itself acts as a security.
  • To avail Loan against Car,one can just fill the Online Application Form and our representative will get in touch with you shortly or you can also Call us or Visit our branch.

What are the Documents Required for Applying HDFC Car Loan? 

Proper documentation ensures quick sanction of car loan. HDFC requires certain set of documents in order to process your Car Loan Application. The documents required are as follows:

Salaried Individuals:

  • Any of the following age proof documents (Aadhar Card  /Passport / PAN Card / Voters ID Card / Photo Driving License with DOB / Photo Ration Card with DOB / Employer Certificate/ID / School/College Leaving Certificate)
  • Any of the following documents as proof of identity (Aadhar Card  /Passport / PAN Card / Voters ID Card / Photo Driving License with DOB / Photo Ration Card with DOB / Employer Certificate/ID / School/College Leaving Certificate)
  • All the following documents as proof of income (Latest Salary Slip / Latest Form 16/Latest ITR / HDFC Bank corporate salary account statement for salary credits above Rs. 80,000 for the previous 3 months)
  • Any of the following documents as address proof (Photo Ration Card with DOB / Photo Driving License with DOB / Passport Copy / Telephone Bill / Electricity Bill / Credit Card Statement with Credit Card Copy / Employer Certificate/ID)
  • Any of the following as sign verification proof (Passport Copy / Photo Driving License with DOB / Credit Card Statement with Credit Card Copy / Banker's Verification / Copy of Margin Money Paid to the Bank)

Self Employed Individuals (Sole Proprietorship):

  • Any of the following age proof documents (Aadhar Card  /Passport / PAN Card / Voters ID Card / Photo Driving License with DOB / Photo Ration Card with DOB / Employer Certificate/ID / School/College Leaving Certificate)
  • Any of the following documents as proof of identity (Aadhar Card  /Passport / PAN Card / Voters ID Card / Photo Driving License with DOB / Photo Ration Card with DOB
  • Latest ITR / Previous ITR with Adv. Tax paid Challan / latest IT assessment order as proof of income
  • Any of the following documents as address proof (Photo Ration Card with DOB / Photo Driving License with DOB / Passport Copy / Telephone Bill / Electricity Bill / Credit Card Statement with Credit Card Copy / Employer Certificate/ID)
  • Any of the following as sign verification proof (Passport Copy / Photo Driving License with DOB / Credit Card Statement with Credit Card Copy / Banker's Verification / Copy of Margin Money Paid to the Bank)

What are the Special Features of HDFC Car Loan?

HDFC bank provides car loans with attractive interest rates. HDFC car loans are provided at the lowest down payment amount. Various special features of HDFC Car Loan are listed below.
  • Flexible Repayment Tenure - pocket-friendly EMI repayment options
  • Fulfil Your Every Need - Up to 100% of the value of the car, on a wide range of cars manufactured within India
  • Competitive Rates - Easy loan up to Rs.1 crore with ease
  • Fast Track Your Application - Find the plan that best suits your needs, and fast track your HDFC Bank Pre-Owned Car Loan application
  • Quick & Transparent Loan Disbursal - Status updates about your loan application at each and every stage of the process, quick documentation and doorstep service
  • Special Benefits for HDFC Bank Customers - Existing HDFC Bank customers can enjoy added benefits with unique schemes just for them.

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