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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
Pre-owned Car Loans 0 0 up to 100% funding 12 -84 months
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 the 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 the last 2 years, Company Income Tax Returns for the last 2 years, Audited Balance Sheet

Benefits

  • Quick disbursals
  • Pocket-friendly equated monthly instalments
  • Get up to 100% on road finance
Eligibility

For Salaried Individuals

Individuals who have an annual income of Rs 2,50,000 can apply for a car loan (income of the spouse can also be included).
Individuals should be employed for a minimum of 2 years (should have worked for a minimum of 1 year with the current employer).
The minimum age of the individual should be 21 years
The maximum age of the individual should be 60 years a the end of the loan tenure

For Self Employed Individuals

The minimum age of the self-employed should be 25 years
The maximum age of the self-employed should not exceed 65 years at the time of the end of the loan tenure
They should be in business for a minimum of 3 years
The annual income should be at least Rs 2,50,000.
Those who are having a business of manufacturing, trading or services can apply for the loan.

For Private Limited Companies

The individuals who have an office landline
The minimum income of private limited companies should be at least Rs 2,50,000 per annum.
It includes those who own a private company or those who run a business entity or a service provider.

For Hindu Undivided Family

  • The minimum annual income of HUF should be approximately Rs 2,50,000 per annum
  • Individuals should have a residence and office telephone line.
  • A post-paid mobile phone which is at least three months old is acceptable if only one landline is available.
  • The Karta should be co-applicant in his individual capacity
Other Details

  • Get flexible repayment tenure ranging between 12 months – 84 months.
  • Get quick and easy approval from HDFC Bank.
  • The loan request will be processed in a transparent way with speedy disbursal.
  • Borrowers can get 80% of the car value as loan amount for a period of 3 years without producing any income proof documents.
  • Borrowers can get up to 85% of car value as loan amount for a period of 5 years without income proof documents.
Loan against Car 13.75% to 16% depends on the age and segment of vehicle 0 up to 150% of original value of car 12 -84 months
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 the 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 the last 2 years, Company Income Tax Returns for the last 2 years, Audited Balance Sheet
Benefits

  • Get a loan of up to 150% of the original value of the car.
  • No need to get a valuation of the car to get the loan.
  • Get up to 2% less on interest rates when compared to personal loans.
  • Apply for a loan via online which is operational for 24X7.
  • No need to produce income documents to avail the loan against the car.
Eligibility

For Salaried Employees:

  • Minimum age of the applicant should be 21 years
  • Maximum age of the applicant should be 65 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 2,50,000 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 31 years
  • Maximum age of the applicant should be 65 years
  • Individuals should be in the current business for a minimum of 3 years
  • Individuals can either be self-employed sole proprietors in the business of trading, manufacturing or services.
  • Income should be at least Rs 2,50,000 per annum
Other Details

  • Part payment is allowed on completion of payment of EMIs for 12 months.
  • Get 3% of principal outstanding for pre - closures after completion of 24 months starting from 1st EMI.
  • No foreclosure is available within 6 months from the date of availing the loan.

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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