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HDFC Bank Car Loan

Apply HDFC Bank Car Loan

Processing Fee

3220

Max Tenure

7 yrs

Best Rate

10.00%

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HDFC Bank Car Loans

India is also a growing market for automobiles, the passenger car market showed growth double digit growth in the last year. The growth is also seen across car categories which include compact car, sedan and utility leading to the breaking of a long-held belief that India is just an economic small car market. International car manufacturers have also made their presence felt by creating cars for the Indian soil.

From a period where owning a car itself was difficult we have moved to what type of car and brand should we choose. Not everyone can choose the car they want and pay in a single check. This is where a car loan from HDFC bank can help you.

What is HDFC Bank Car Loan?

HDFC Bank provides cars loans. On discovery that many people are interested in buying a car for either comfort, safety or any other reason will not be able to buy their dream car on their own. They should either go for a car that they don’t want because it is cheaper or wait and save to buy the car which will take time and the car model might change. The borrower can pay back HDFC Bank through equated monthly instalments or EMI(s). HDFC Bank believes in providing the right applicant by providing with loans which are cost effective way to purchase a car.

HDFC Bank Car Loan Eligibility

AgeMinimum age for salaried people to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 60 years.
Minimum age for self-employed individuals to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 65 years.
Salary RequirementThe minimum net salary required for applying a car loan is Rs.3,00,000 p.a
Employment statusSalaried: Must have continuous employment of at least 2 years
Self-employed: Minimum 2 years of employment in the same line of business
Tenure7 years

HDFC Bank Car Loan Interest Rates and Charges

Other Charges for HDFC Car Loan

Description of chargesNew Car Loans
Documentation ChargesRs. 600 per case
Foreclosure charges
No foreclosure allowed within 6 months from date of availing the car loan
6% of Principal Outstanding for pre-closures within 1 year from 7th EMI
5% of Principal Outstanding for pre-closures within 13-24 months from 1st EMI
3% of Principal Outstanding for pre-closures post 24 months from 1st EMI
Part-Payment charges
Part-payment is allowed subject to completion of 12 months (i.e., Post payment of 12 EMIs)
Part payment will be allowed twice only during loan tenure. Part payment is allowed only once a year. At any point of 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 1st EMI
3% on the part payment amount in case part prepayment is post 24 months from 1st EMI
Stamp Duty (Non -refundable)At actuals
Late Payment Penalty2% per month
Processing fees (Non - refundable)0.4% of Loan Amount or Rs.10000, whichever is lower
Cheque/ ECS swapping chargesRs 500/- Instance
Loan cancellationIn the event of cancellation, interest charges from date of disbursement till the date of cancellation of loan will be borne by the customer. Processing Fee, Stamp duty and Documentation Charges are non-refundable charges and would not be waived/refunded in case of loan cancellation.
Legal, Repossession & Incidental chargesAt actuals
Duplicate no due certificate / NOCRs 500/- Instance
Loan Reschedule charges/ rebooking chargesRs. 1000/- will be charged. If changes are required on RC, refundable Security Deposit – non-interest bearing of Rs. 5000 would be required. It will be the borrower's responsibility to provide the transferred Registration Certificate to the bank.
LPG/ CNG NOC/ Other Special NOCRs 500/- Instance
CIBIL Charges (only on request)Rs. 50/-
Cheque/ SI / ECS Return ChargesRs. 550/- per instance
Amortization Schedule ChargesCustomer can download the schedule from E-Delight free of cost. Rs. 200/- per schedule would be charged at customer service desk.
Commercial / Personal Use NOC (conversion subject to credit approval)Rs. 2250/- per NOC
Collateral ChargesRs.450 per case
Rack interest rate9% to 10.25% depending on the segment of vehicle

HDFC Bank Pre-Owned Car Loans

HDFC bank also provides loans for used or pre-owned cars for 100% of the car price.

HDFC Bank Pre-Owned Car Loans Eligibility

AgeMinimum age for salaried people to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 60 years.
Minimum age for self-employed individuals to apply for a loan is 25 years while the maximum age limit at the time of completing the loan is 65 years.
Salary RequirementThe minimum net salary required for applying a car loan is Rs.2,50,000 p.a
Employment statusSalaried: Must have continuous employment of at least 2 year
Self-employed: Minimum 3 years of employment in the same line of business
TenureMaximum of 7 years

HDFC Bank Pre-Owned Car Loans Other Charges

Description of ChargesAmount to be Paid
Foreclosure charges
  • No foreclosure allowed within 6 months from date of availing the loan
  • 6% of Principal Outstanding for pre-closures within 1 year from 7th EMI
  • 5% of Principal Outstanding for pre-closures within 13-24 months from 1st EMI
  • 3% of Principal Outstanding for pre-closures post 24 months from 1st EMI
Part-payment charges
  • Part-payment is allowed subject to completion of 12 months (i.e., post payment of 12 EMIs)
  • Part-payment will be allowed only twice during the loan tenure and is allowed only once per year. At any point of time, part-payment will not increase beyond 25% of Principal Outstanding
  • 5% of the part-payment amount in case part prepayment in within 13-24 months from 1st EMI
  • 3% on the part-payment amount in case part prepayment is post 24 months from 1st EMI
Stamp Duty (non-refundable) At actuals
Late Payment Penalty2% per month
Processing fees (non-refundable)2% of loan amount or Rs. 5,000/-, whichever is lower
Cheque/ECS swapping chargesRs. 500/- per instance
Loan cancellationIn the event of cancellation, interest charges from date of disbursement till the date of cancellation of loan will be borne by the customer. Processing Fee and Stamp Duty and RTO charges (Used Car Purchase/Refinance) are non-refundable charges and would not be waived/refunded in case of loan cancellation
Legal, repossession & incidental chargesAt actuals
Duplicate No Due Certificate/NOCRs. 500/- per instance
Loan reschedule charges/rebooking chargesRs. 1,000/- will be charged. If changes are required on RC, refundable Security Deposit – non-interest bearing of Rs. 5,000/- would be required. It will be the borrower's responsibility to provide the transferred Registration Certificate to the bank.
LPG/CNG NOC/ Other Special NOCRs. 500/- per instance
CIBIL Charges (only on request)Rs. 50/-
Cheque/SI/ECS Return ChargesRs. 550/- per instance
Amortization Schedule ChargesCustomer can download the schedule from E-Delight free of cost 
Rs. 200/- per schedule would be charged at the customer service desk
Commercial/Personal Use NOC (conversion subject to credit approval)Rs. 2,250/- per NOC
Rack interest rate11.50% to 17.50% depending on the segment and age of vehicle
Valuation chargesRs. 500 per case

Documents required for HDFC Bank Car Loan

The following are the documents required for HDFC Bank car loan

Salaried Individuals:

  • Any of the following identity proof documents:
    • Aadhar Card
    • Passport
    • PAN Card
    • Voters ID Card
    • Driving License (recent, legible, laminated)
  • Latest salary slip and Form 16 as income proof
  • Any of the following documents as address proof:
    • Aadhar Card
    • Ration Card
    • Driving License (recent, legible, laminated)
    • Voters ID Card
    • Passport Copy
    • Telephone Bill
    • Electricity Bill
    • Life Insurance Policy
  • Bank statement of the previous 6 months

Self Employed Individuals (Partnership Firms):

  • All the following documents as income proof:
    • Audited Balance Sheet
    • Profit & Loss Account of the previous 2 years
    • Company ITR for the previous 2 years
  • Any of the following documents as address proof:
    • Telephone Bill
    • Electricity Bill
    • Shop & Establishment Act Certificate
    • SSI Registered Certificate
    • Sales Tax Certificate
  • Bank statement of the previous 6 months

Self Employed Individuals (Private Limited Companies)

  • All the following documents as income proof:
    • Audited Balance Sheet
    • Profit & Loss Account of the previous 2 years
    • Company ITR for the previous 2 years
  • Any of the following documents as address proof:
    • Telephone Bill
    • Electricity Bill
    • Shop & Establishment Act Certificate
    • SSI Registered Certificate
    • Sales Tax Certificate
  • Bank statement of the previous 6 months

How to apply for a car loan with HDFC Bank

You can apply for a car loan with HDFC Bank through CreditMantri, after selecting your car from the models available, you can look for the perfect lender based on your CreditMantri profile, which would mean that you can be sure about the loan amount not being rejected as the match is based on your credit profile.

HDFC Bank Car Loan EMI Payment Methods

HDFC Bank Car Loan Eligibility Check

Before a person applies for an HDFC Bank car loan it is best to do an eligibility check which is available on the HDFC Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Car Loan EMI Calculator

CreditMantri’ s Car Loan EMI Calculator and HDFC Bank Car Loan Calculator is the best and easiest way to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

HDFC Bank Car Loan – FAQ

1. Does HDFC bank provide 100% finance for car loans?

HDFC Bank provides 100% finance on car loans for those who are looking to buy a car in India

2. What is the maximum tenure for HDFC Bank car loan?

The maximum loan tenure is up to 7 years.

3. What type of cars do HDFC bank provide car loans for?

HDFC Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.

4. Do I have to provide any security to avail an HDFC Bank car loan?

HDFC bank car loan is a form of secured loan where your car will act as a collateral.

5. Can I sell my vehicle before I repay the entire car loan taken from HDFC bank?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from HDFC Bank. The NOC can only be obtained after foreclosure or after you have paid off your loans

6. Can I get a car loan to purchase a used car?

If you are looking to buy an old car or if an old is what that interests you, there are loans that banks give loans for the same.

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