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HDFC Car Loan

Looking for a Car Loan?

HDFC bank offers personalized loans with tons of features for every car borrower. Car Loan from HDFC Bank would help to meet the dream of owning a car whether it is used or new. The bank offers appealing EMI plans which can match almost anyone's budget. Nearly all bank provide car loans but Hdfc bank offers innovative offers such as 100% financing, adjustable tenures and easy EMIs. Loans can be taken by both salaried and non-salaried applicants. Hdfc Car loan is unique for its features like the method of applying for a car loan is easy and hassle-free. The bank just takes 2 minutes for the loan to be approved, making it one of India's fastest loan approval bank.

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.

Why choose Hdfc Car Loan?

Flexible Repayment- By step-up EMI system, you are enabled to pay a lower EMI and get your loan faster.

You can also apply for the EMI scheme, where you keep paying a nominal EMI each month and pay a large part of your remaining balance at the end of the tenure. Those who plan to upgrade their car later cant take the benefit from the Balloon scheme.

Zero Foreclosure- Zero foreclosure until 36 months of repayment. If you plan to pay a portion of your loan or the entire amount earlier than the tenure period, you will not be charged any foreclosure or prepayment charges. So you can close your loan account anytime you want.

Top-up LoansYou will get a top-up loan after 9 months without any paperwork if you have an existing car loan

Features of Hdfc Car Loan

Customer Fit Car Loan

Customize car loans comes with exclusive benefits such as 100% financing on select cars, flexible payment plans and an easy to use EMI option so that you get your dream car within a short period of time. Balloon EMI schemes make purchasing your dream car easy in cheaper EMIs. You can, therefore, get a big car with a smaller EMI option.

Zip-Drive Instant new car loan

Hdfc bank has created a custom made car loan called Zip-Drive. It provides instant loan facility to Hdfc Employees only. Via Zip-Drive borrowers can instantly get the sum of the car loan from car dealers through Hdfc NetBanking Service. So whatever state or city you are in grab your loan amount in lightning speed. With less paperwork and 24x7 online loan services Hdfc has comes with Zip Drive Instant Car Loan.

How To avail:-

Log-in to your Hdfc Netbanking account

Now go to offers tab and click on Zip-Drive icon.

Now the Car Loan amount will be disbursed instantly to the car dealer’s account.

Step-up EMI option

Step-up EMI enables you to start repaying your car loan in cost-effective EMIs and increases the amount of the EMI over the tenure. Step-up EMI is built on the assumption that the income of a person grows over time and that a car which seems to be inaccessible next year could not be affordable. Step-up EMI lets you pay more for lower EMIs. so that you can select a bigger car that suits to your requirements.

Balloon EMI

From Balloon EMI option you can get a car loan with affordable EMIs. Balloon EMI enables you to purchase a big car at the cost of a small car.

Get insurance benefits of Suraksha Kawach:-

  • Get up to Rs 1 lakh accidental hospitalization
  • Get up to Rs 5 lakh permanent total disability cover
  • Get up to Rs 5 lakh personal accident death cover

Top-up Loan facility

A top-up loan is an additional amount on the existing loan that you can get if you have a strong repayments record.

Get loan amount up to Rs 3 Cr over a wide range of car.

Get 100% on-road finance on your new car loan.

Zero Foreclosure Charges

Foreclosure fees must be charged when a loan is terminated before the term ends. The bank shall levy a certain percentage of the outstanding loan amount as a fee for the revocation for the loan. HDFC Bank offers zero foreclosure charges after 24 months of repayment.

Top Up Loans- Existing car loan applicants can get a top-up loan with zero documentation.

Flexible repayment tenure- Get tenure a minimum tenure period of 12 months to a maximum of 84 months.

Easy processing and Quick approval of the loan:-

Get your loan eligibility details through online in just 60 seconds.

Enjoy the transparent and easy documentation process.

Get approval for a new car loan within 10 minutes.

Funding on Insurance- Hdfc provides funding for a comprehension package insurance product that provided protection for individuals such as permanent total disability, accidental death and accidental hospitalization etc. 

Buying assistance

Compare, analyze and read new car reviews on the New Car Bazaar / Autopedia mobile app from Hdfc Bank.

Search for car from Brand, EMI and Price

Select your car as per your need by Test Drive Assistant facility on a wide range of cars.

HDFC Car Loan Eligibility

Hdfc provides car loan for both salaried and non-salaried applicants

For salaried applicants

Must have a minimum age of 21 years to a maximum of 60 years

Employees who are working in private limited companies, central and state government sectors, public sector undertaking are eligible to apply for the loan.

Applicants are eligible who have had a job for at least 2 years, with a minimum of 1 year with the current employer

Must have a minimum income of Rs 3 lac per annum.

Self-employed employees

Must have a minimum age of 21 years to a maximum of 65 years

Must have a business record of 2 years

Must have a minimum income of Rs 3 lac per annum.

Documents Require for Hdfc Car Loan

For Salaried Applicants

Aadhar Card

PAN Card

Driving License

Passport

2 recent passport size colour photographs.

Voter Id card

Ration Card

Utility Bills of last 6 months

Bank statement for last 6 months

Salary statement for last 3 months

For Self-employed applicants

Aadhar Card

PAN Card

Driving License

Passport

2 recent passport size colour photographs.

Voter Id card

Ration Card

Utility Bills of last 6 months

Bank statement for last 6 months

Audited balance sheet

Profit and Loss account for last 2 years

Company ITR for Last 2 years

Shop & Establishment Act Certificate

SSI Registered Certificate

Sales Tax Certificate

Hdfc Car Loan Interest Rate

Get a minimum interest rate of 8.40% to a maximum of 9.69%

Get rack interest rate of 9.50% to 10.25% depending on the segment of the vehicle.

Hdfc Car Loan charges

Documentation charges- Rs 630 per loan

Overdue EMI interest- 2% per month

Processing fees- 0.4% of the loan amount subject to a minimum of Rs 3000 to a maximum of Rs 10000.

Cheque/ECSs swapping charges- Rs 500

NOC Charges- Rs 500

Loan reschedulement charges- Rs 1000

CIBIL Charges- Rs 50

LPG/ CNG NOC- Rs 500

ECS Return charges- Rs 550

Collateral charges- Rs 475

Foreclosure Charges

NIL within 6 months from the date of availing the loan.

6% of Principal Outstanding for preclosures within 1 year from 7th EMI

5% of Principal Outstanding for preclosures within 13-24 months from 1st EMI

3% of Principal Outstanding for preclosures post 24 months from 1st EMI

Pre-payment charges

Part-payment charges are allowed subject to completion of 12 months

Part-payment will be allowed twice only during the loan tenure.

At any point in time, part payment will not increase beyond 25% of Principal Outstanding.

5% on the part payment amount in case part prepayment is within 13-24 months from first EMI

3% on the part payment amount in case part prepayment is post 24 months from first EMI

Hdfc Car Loan Apply

  • Go to the official site of Hdfc Bank.
  • Go through What are you looking for?
  • Now under the drop-down box of select product type select Loan
  • Now under the drop-down box of select product, select C Loan
  • Now click on Apply Online
  • Mention your name, mobile number, email-id and city
  • If your property has been identified click Yes otherwise No
  • Accept the declaration and enter the captcha code
  • Review your mentioned details and click on submit.

Hdfc Car Loan EMI Calculator

Let us know what is Car Loan EMI?

Equated Monthly Installments or the amount payable per month when an applicant take a certain amount for some period of time on a car loan. EMI estimation relies on three main factors:

  • Car Loan interest rate- The rate charged by the bank for car loan.
  • Car Loan amount- The rupee value of the loan
  • Tenure of Car loan- The time period for which the loan is taken.

Hdfc Car Loan EMI Calculator is used to calculate the EMI you have been charged for the car loan from Hdfc Bank. Use this versatile Hdfc Car Loan EMI Calculator to get to the EMI that you're satisfied with. The calculator lets you schedule your borrowings and loan payments according to your needs.

Benefits of Hdfc Car Loan EMI Calculator

  • You can use this calculator as a tracker of loan interest. The disparity between the loan total amount of EMI to be paid less the principal amount of the loan gives you the overall interest you pay on loan over the loan period.
  • You can also receive an estimation of your monthly instalments and assess the proper amount of loan you can make.
  • An EMI figure lets you determine your eligibility for a loan.
  • In order to obtain a convenient service, you may also draw up different combinations of loan tenures and loan amount as per your monthly income.

Hdfc Car Loan EMI Calculation Formula

P*r* (1+r)^n/([(1+r)^n]-1)

Above given formula is for, how HDFC Bank Car Loan EMI is calculated:

In the above formula,

P = Loan amount, get Hdfc Car Loan amount up to Rs 3 Cr

r = Rate of interest per month. Current rate is 8.40% to 9.69%

n = tenure in month. For HDFC Bank, this can be a maximum of 84 months.

How to use Hdfc Car Loan EMI Calculator?

  • Go to the official site of Hdfc Bank.
  • Under the drop-down box of borrow, click on Car Loan
  • Now on the next page click on Car Loan EMI Calculator
  • For the loan amount that you want to take, use the slider and set your car loan amount.
  • For the tenure option, use the slider set the tenure period as per your needs
  • For the interest rate, use the slider and set the interest rate as per your requirement
  • Now click on calculate. And you will see your monthly EMI per month with a graphical representation.

Hdfc Car Loan Login

Through Hdfc Bank Net Banking services, Login with your Net Banking Id, Password and explore a world of convenience just with a few taps. Applicants can use unique benefits like high security for safe online banking, view the details for all your accounts, online password regeneration & unlock user-id instantly. Get all updates and offers on your car loan which is specially designed for you. Access all the features and get minimum interest rates on your car loan with flexible repayment option. No matter where you are just with your Hdfc NetBanking Id and Password you can explore the world of benefits and offers anytime anywhere. Scroll down and get to know the features and benefits of Hdfc Car Loan Login and how to use it.

Features you will get after login for your Hdfc Car Loan

  • Get 24x7 customer service
  • Get a comprehensive range of transactions
  • Get 100% online security while transacting via Hdfc NetBanking service.

Benefits you will get after Login for your Hdfc Car Loan

  • Manage your account, transfer your funds, pay your loan bills, make investments and more.
  • Stay secure with Hdfc Bank Safe Access solution and get an enhanced security solution by Hdfc Bank.
  • You can check your bill payment history.
  • Make enquiry of your transaction status
  • Get notification about your next loan payment date.
  • Applicants can make a secure login with face and touch id through Hdfc Mobile App
  • Get all personalized alerts and reminders for all your transactions
  • Download PDF statement of your last 6 months spending history
  • Apply for a new loan instantly.

How to Login

For existing user

  • Go to the official site of Hdfc Bank
  • Click on Login, which is located on the top bar of the page and select Loan Account Login
  • Enter your User Id and Password
  • Click on Login and explore

For New User

  • Go to the official site of Hdfc Bank
  • Click on Login, which is located on the top bar of the page and select Loan Account Login
  • Under the New User section, click on Register here.
  • On the next page enter your Hdfc Net Banking Id.
  • Enter your loan account number
  • Enter your date of birth
  • Enter the amount of your last EMI
  • Create your New Password and Confirm it.
  • Review all your mentioned details and click on submit.
  • After that, an OTP will be delivered to your registered mobile number,
  • Click on continue, on the next page enter the OTP on the required box and click on continue.
  • On the next page, you can see your User Id.
  • Enter your User Id and Password
  • Click on Login and explore

Hdfc Car Loan Status

Hdfc Car Status is the most convenient feature for its applicants who are availed car loan from Hdfc Bank. Applicants can easily track their loan status, Loan account number, Loan amount, Tenure, EMI, Status, Product. Hdfc Car Loan Status can be tracked from below 4 procedures

  • Through Hdfc official portal
  • Through Hdfc Net Banking
  • Through Hdfc Mobile App
  • Through Offline

Through Hdfc Official Site

Below mentioned details are required to track Hdfc Car Loan Status

  • Applicant's name
  • Reference Number or Proposal Number
  • Date of birth
  • Mobile Number

Procedure

  • Go to the Hdfc Loan Status Tracker site
  • Either enter the applicant's name as per Aadhar Card or Enter Reference Number or Proposal Number
  • Either enter your date of birth as per your identity proof or enter your valid mobile number.
  • Now click on submit to proceed
  • Now on the next page enter your mobile number, the verification code and click on submit.
  • On the next page, you can see the status of your loan.

Through Hdfc Net Banking

  • Go to Hdfc Netbanking site.
  • Now click on Retail Loan Customer
  • Now enter your Hdfc Netbanking Login Id and Password.
  • Now you can see the status of your loan such as Loan account number, Loan amount, Tenure, EMI, Status, Product.

Through Hdfc Mobile App

  • Go to Playstore or App Store(For Apple Users) and search for Loan Assist Hdfc Bank Loans.
  • Install it which take a maximum of 30 seconds to download
  • Open the app and enter your valid mobile number
  • Agree with the terms and conditions
  • Now enter the OTP and click on submit to confirm your mobile number.
  • Now click on Track Your Loan
  • Now select Track Loans and Applications
  • Select your Loan type and add your loan agreement number on the required space
  • Now you will get to see your Loan summary and status

Through Offline

Applicants can also check their car loan status by visiting nearest Hdfc Bank. Just you have to do is provide your Reference Number through which the bank representative will provide you the status of your loan.

Apart from this, you can also take help from 24x7 customer support. Just dial on the tollfree number 1800 258 3838 and provide your registered mobile number and reference number through which the customer care executive track your car loan application and provide the status to you instantly.

HDFC Car Loan Customer Care Number

Ahmedabad- 6160 6161
Andaman and Nicobar Island- 98310 73333
Andhra Pradesh-99494 93333
Arunachal Pradesh- 1800 103 9733
Assam- 99571 93333
Bengaluru- 6160 6161
Bihar/Jharkhand/Patna- 1860 266 6161
Chandigarh- 6160 616
Chennai- 6160 6161
Delhi and NCR- 6160 6161
Goa- 98906 03333
Gujarat- 98982 71111
Haryana- 99962 43333
Himachal Pradesh- 1800 180 4333
Hyderabad- 6160 6161
Indore- 6160 616
Jaipur- 6160 616
Jammu and Kashmir- 1800 180 4333
Karnataka- 99458 63333
Kerala- 98956 63333
Kochi- 6160 616
Kolkata- 6160 6161
Lucknow- 6160 616
Madhya Pradesh and Chhattisgarh- 98936 03333
Maharashtra (except Mumbai)- 98906 03333
Manipur- 1800 103 9733
Meghalaya- 1800 103 9733
Mizoram- 1800 103 9733
Mumbai- 6160 6161
Nagaland- 1800 103 9733
Orissa- 99379 03333
Pondicherry- 98406 73333
Pune- 6160 6161
Punjab- 98153 31111
Rajasthan- 98750 03333
Sikkim- 98310 73333
Tamil Nadu- 98406 73333
Telangana- 99494 93333
Tripura- 1800 103 9733
Uttar Pradesh and Uttarakhand- 99359 03333
West Bengal- 98310 7333

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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