Apply for HDFC Bank Auto Loan

Why apply through CreditMantri

CreditMantri matches your credit and demographic profile to HDFC Bank Auto Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.

In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for HDFC Bank Auto Loan. Hence the chances of your HDFC Bank Auto Loan application getting approved is higher.

10.00%

best rate

3220₹

processing fee

7 yrs

max tenure

  • Simple documentation - minimal paperwork and quick processing
  • Flexible tenure of up to 7 years
  • Up to 100 % funding
  • No Income document Scheme
  • Lowest down payment and best deals for customers
  • Interest rate - 10% to 11.5%
  • Processing fee - Up to 2.5 Lacs – Rs.3,220/- Over 2.51 Lacs to 4 Lacs – Rs.4,390/- Over 4.01 lacs to 5 Lacs - Rs.4,990/- Above 5.01 to 10 lacs – Rs.5,300/- Above 10 Lacs – Rs.5,870/-
  • Application form with 2 photographs, Processing fee cheque
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport,Utility bill, Lease agreement
  • Salaried - Salary slip for 3 months, latest 3 months bank statement with salary credit
  • Self employed - Office address proof, audited financials for last 2 yrs and latest 6 months balance sheet

Overview of HDFC Bank

HDFC Bank is one of the leading banking and financial services companies in India and one of the largest private sector banks in the country. It was incorporated in 1992 and has more than 4000 branches across over 2000 cities in India. It offers a wide range of services including consumer banking, credit cards, mortgages, investment banking, private banking and wealth management.

HDFC Bank Auto Loan

Buying your first vehicle can be a hugely liberating experience – no more wasting time at bus stops or haggling with autorikshaw drivers or commuting by multiple modes of transport to reach your workplace every day. An auto loan can be the first significant loan for many people. AN HDFC Bank Auto Loan could be a convenient option if you are planning to buy a vehicle.

Features of an HDFC Auto Loan

Here are some of the major features of an HDFC Bank Auto Loan:

100% Financing

Now you can get up to 100% financing for your car. Do note that this offer could be restricted to certain brands and models. You can view a sample list of the financing under an HDFC auto loan on the bank website. You can avail of a car worth up to 6 times your annual income, if eligible. You can avail of a loan of up to Rs. 1.5 crores.

Flexible tenure

You can enjoy flexible repayment tenures ranging from 1-7 years.

Fixed interest rates

Your EMI is fixed for the entire tenure of your auto loan and is not affected by market conditions. You can use the car loan EMI calculator tool on the bank website to see what your potential EMI outflow will be and to plan your loan better.

Special offers for existing customers

If you are already an HDFC Bank customer, you will be eligible for special schemes and offers on the HDFC auto loan.

Research resource

The bank website offers an online research tool known as the New Car Bazaar, where you can compare cars, models, prices, locate dealers, read reviews of cars by experts among other facilities.

HDFC Bank Auto Loan eligibility

You can check your eligibility in a matter of minutes on the bank website and get approval within 30 minutes. There are different age and income criteria depending on which of the following categories you belong to. For updated requirements, refer to the bank directly.

(i)Salaried employee

Minimum age for Salaried is 21 years (at time of loan application) and <=60 (at the end of the loan tenure)

Have had a job for at least 2 years, and a minimum of 1 year with your current employer

Earn at least an income of Rs. 1,80,000 annually, including the income of your spouse/Co-applicant.

Have a telephone/ postpaid mobile

(ii)Self-employed individual (sole proprietorship)

Minimum age for Self Employed is 21 years (at the time of loan application) and <=65 (at the end of the loan tenure)

Be in business for at least 2 years

Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1,00,000 per annum for mid-sized and premium cars.

Have a telephone at residence / Post Paid mobile connection

Self-employed individual (private limited company)

Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1, 50,000 per annum for mid-sized and premium cars

Have a minimum turnover of Rs. 4, 50,000 per annum

Have a landline at office

(iii)Self-employed individual (partnership firm)/p>

Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1, 50,000 lakh/annum for higher segment car

Have a minimum turnover of Rs. 4,50,000 per annum

Have a landline at your office and residence.

(iv)Self-employed individual ( public limited company)

If you are a director in a public limited company in the business of manufacturing, trading or services, you need to

(v)Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1,50,000 per annum for mid-sized and premium cars

(vi)Have a minimum turnover of Rs. 4,50,000 per annum

(vii)Have a landline at office

HDFC Bank Auto Loan interest rates

The interest rates on auto loans vary with each customer depending on credit score and history, existing relationship with the bank, internal policies of the bank among various other factors. Generally, the rack interest rates on an HDFC bank auto loan range from 11.5% to 13.75%. For the latest interest rates, it is advisable to check with the bank directly.

How to get an HDFC Bank Auto Loan

It is advisable to have a good credit score before applying so that you are eligible for the most favourable terms and conditions on your loan. There are several ways to apply for an auto loan from HDFC Bank.

You can make the application online and submit the required documentation.

You can also leave your contact details and ask for a bank representative to contact you regarding your application

You can walk into the nearest HDFC Bank branch and get the necessary information before submitting your application and the requisite documents manually.

HDFC Bank Auto Loan Status Check

Once you submit your loan application, naturally you are anxious about the progress of your application. You can track the status of your auto loan by entering a few unique personal details including your name/ loan reference number as well as your birth of date/ mobile phone number. Once you enter the correct details, you will get the current status of your loan.

HDFC Bank Auto Loan - Documents Required

The documents required vary with your employment status and you need to check with the bank to determine what documents are required to submit. Typically, these would include:

(i)Proof of Identity: Passport copy, PAN Card, Voters Id car, driving License (recent laminated copy)

(ii)Income Proof: Latest ITR

(iii)Address Proof: Ration card/Driving license/Voter card/passport copy/telephone bill/ electricity bill/Life insurance policy, PAN Card

(iv)Bank Statements: Last 6 months

HDFC Bank Auto Loan FAQs

Do I need a guarantor for a New Car Loan?

No, you do not need a guarantor on a New Car Loan but if you do not have the minimum income, you might require a guarantor/co-applicant to stand surety for you.

What is the maximum loan amount?

You can borrow up to 3 times your annual income if you are a salaried employee, and up to 6 times your annual income if you are self-employed, subject to certain terms and conditions.

What is the loan tenure?

You can choose tenures ranging from 1-7 years.

Can I prepay the whole loan amount?

Yes, you can prepay the whole loan amount after a minimum of 6 months of EMIs. You will need to pay a pre-payment fee on the outstanding loan amount.

HDFC Bank Auto Loan Review

If you are planning to apply for a New Car Loan, then the HDFC auto loan could be a suitable option. It offers flexible tenures, 100% financing on certain cars, allows you to check your eligibility and the EMI online and has special offers for existing customers.

HDFC Bank Auto Loan Application

You can apply for the loan online:

  • Check your loan eligibility and submit your application and the necessary documents
  • Get approval within half an hour of submitting the verified documents.
  • Obtain the total cost of your loan and the EMI outflow
  • Enjoy a special discounted rate for online applications

You can also leave your contact details and ask for a bank representative to contact you regarding your application

You can walk into the nearest HDFC Bank branch and get the necessary information before submitting your application and the requisite documents manually.

Alternatively, if you need help with the application process or with improving your credit score, CreditMantri can guide you through the process and match you with the offers best suited to your credit profile.

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