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HDFC Bank provides auto loans with minimal paperwork and with flexible tenures of up to 7 years. Enjoy up to 100% of funding. Fixed interest rates and special offers for existing customers. Apply now through CreditMantri!
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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.
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.
Here are some of the major features of an HDFC Bank Auto Loan:
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.
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.
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.
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.
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
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.
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.
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.
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
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.
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.
You can apply for the loan online:
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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"Proud owner of BMW 5 Series, thanks to CreditMantri!
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Thanks to CreditMantri and the bank, I am the proud owner of a BMW 5 Series today. Can’t believe. Full marks for a great, hassle free experience."
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