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HDFC Car Loan


Loan Name Interest Rate Processing Fee Loan Amount Tenure
HDFC New Car Loans 9.25% - 10.25%, Fixed 0.04% of loan amount 100000 1-7 Years
Details
Documents Required

For Salaried Employees

  • Proof of Identity: Passport, Aadhaar Card, Election Identification Card, Driving License, PAN Card
  • Proof of Residence: Ration Card, Driving License, Aadhaar Card, Passport Copy, Election Identification Card, Passport, Electricity Bill,
  • Telephone Bill, Life Insurance Policy
  • Recent Bank statement for last 6 months
  • Proof of Income: Recent salary slip and Form 16

For Self Employed Individuals (Sole Proprietorship)

  • Proof of Identity: Passport, Aadhaar Card, Election Identification Card, Driving License, PAN Card
  • Proof of Residence: Ration Card, Driving License, Aadhaar Card, Passport Copy, Election Identification Card, Passport, Electricity Bill,
  • Telephone Bill, Shop & Establishment Act Certificate, SSI Registered Certificate, Sales Tax Certificate
  • Recent Bank statement for last 6 months
  • Proof of Income: Profit and Loss Account for the previous 2 years, Audited Balance Sheet, Company Income Tax Returns for last 2 years

For Self Employed Individuals (Partnership Firms)

  • Proof of Identity: Passport, Aadhaar Card, Election Identification Card, Driving License, PAN Card
  • Proof of Residence: Ration Card, Driving License, Aadhaar Card, Passport Copy, Election Identification Card, Passport, Electricity Bill, Telephone Bill, Shop & Establishment Act Certificate, SSI Registered Certificate, Sales Tax Certificate
  • Recent Bank statement for last 6 months
  • Proof of Income: Profit & Loss account for last 2 years, Company Income Tax Returns for last 2 years, Audited Balance Sheet
Benefits

  • Flexible Repayment Option available for borrowers
  • Zero foreclosure charges
  • Get insurance benefits via Suraksha Kawach
  • Get Top up loans with no documentation
  • The applicant will get a flexible repayment tenure
  • Get preferred pricing for HDFC Bank customers
Eligibility

For Salaried Employees:

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant should be 60 years
  • Individuals who are employed in private limited companies, public sector companies, state government, central government and local bodies
  • Individuals who are currently employed for at least 2 years, at least 1 year of experience with the current employer
  • Individuals who have a mobile connection which is either pre-paid or postpaid
    Individuals who have a minimum income of Rs 3,00,000 per annum (income of the spouse or co-applicant is also included

For Self Employed Individuals (Sole Proprietorship):

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant should be 65 years
  • Individuals should be in the current business for a minimum of 2 years
  • Individuals can either be self-employed sole proprietors in the business of trading, manufacturing or services.
  • Income should be at least Rs 3,00,000 per annum
Other Details

  • Documentation Charges is Rs 630 per case
  • Foreclosure of loan is not allowed within 6 months from the date of availing the car loan
  • 6% of principal outstanding in case of pre-closure within 1 year from 7th equated monthly instalment.
  • The processing fee is 0.4% of loan amount subject to a minimum of Rs 3,000 and maximum of Rs 10,000

FAQs

Q: What are the features of HDFC bank car loan?

A: HDFC bank has loaded its car loan product with sufficient attractive features to attract four wheeler loan borrowers.

  1. HDFC offers a loan amount of up to 100% of the cost of the vehicle and also you can get it with the lowest down payment.
  2. Loan disbursal in done with in two working days.
  3. One of the lowest EMI options from the Indian context.
  4. Fixed interest rate provide security against the upheaval in the market and leave your EMI payments constant.
  5. The loan repayment tenure is up to 7 years.

Q: What are the documents required to apply for a car loan in HDFC Bank?

A: The following documents are required to avail the car loan from HDFC

  • Identity proof and Age proof
  • Residence proof
  • Self-attested form with photograph
  • Last six months bank statement
  • Documents for salaried employees: Last 3 months salary payslips and form 16 or IT returns.
  • Documents for Self- employed applicants: Last 3 years Income tax returns and Business proof.

Q: Does an individual who holds an account with HDFC Bank is eligible to get any extra benefits if they apply for a car loan offered by HDFC?

A: Yes, HDFC bank account holder can get extra benefits on car loan such as

  • Better interest rates
  • Speedy process on your car loan application.

Q: Which type of cars does HDFC bank provide a car loan for borrowers?

A: HDFC Bank provides car loan for new and pre-owned cars.

In the case of new cars, the bank provides loans for multi utility cars and passenger cars that are manufactured by automobile companies in India.

Q: What are the guidelines to know before applying for the car loan in HDFC bank?

A: Follow the below-listed tips while availing the car loan from HDFC bank:

  • Choose a car within your budget
  • Select EMI for a short-term tenure period
  • Make sure that your credit score is above 750.
  • Never miss payment of EMI
  • Make a down payment of 20% of the total loan amount. This too will reduce the interest rate significantly.
  • Take an insurance policy against your car loan to cover the loan liability in case of an eventuality.

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