HDFC Car Loan

HDFC Bank New Car Loan Interest Rate starts at 8.10 percent and HDFC Bank Used Car Loan Interest Rate starts at 8.10 percent. These are fixed-rate loans and are one of the best car loan rates in India provided by banks. Interest rate varies depending on the occupation of the borrower, the amount of the loan and loan tenure.

Features New Car Loan Used Car Loan
Processing Fee 0.40% Max Rs. 10,000 2.00% Min Rs. 5,000
Loan Tenure Up to seven years Up to seven years
Lowest EMI Rs. 1,564 per lakh Rs. 1,564 per lakh
Loan Amount Upto 100% of ex-showroom price Upto 100% of market value
Prepayment Charges 6% from 7-12 months, 5% from 13-24 months, 3% after 24 months Not allowed for 6 months; 6% fee from 7-12 months, 5% from 13-24 months, 3% after 24 months

HDFC CAR LOAN ELIGIBILITY CRITERIA

The eligibility of the HDFC car loan applicant depends upon the following criteria:

  • Employment: This means that either the loan applicant should be a salaried professional who receives a salary by working in a private or public limited company, or the applicant is a self-employed individual who owns a corporation, owns a private limited company or works as a director of a public limited company.
  • Age: The minimum age requirement for an employee is 21 years and the maximum age or age at the end of the loan period should be 60 years. For self-employed individuals, the minimum age limit is 21 years and the maximum age or age at the end of the loan period should be 65 years.
  • Income: an employee should earn at least Rs. 1, 80,000 p.a. including the income of your partner or co-applicant. Although the income requirements of a self-employed individual differ depending on the form of business (single-ownership, partnership, private limited company and public limited company).

DOCUMENTS REQUIRED TO APPLY FOR CAR LOAN FROM HDFC BANK

  • Documents Required for New Car Loan
  1. Identity and address proof documents as accepted by HDFC
  2. Income Proof: Latest salary slip with form 16.
  3. Last six months Bank Statement
  • Documents Required for Used/Pre-owned Car

In addition to the above documents you will need to submit the following:

  1. Bank accepted proof of age and address documents.
  2. Proof of signature verification acceptable to HDFC Bank
  • Documents Required for Loan against Car

In addition to the address, identity, age, income and sign verification proof, you will need to submit the following:

  1. Repayment record for Nine months for vehicle under personal usage and twelve month repayment record for vehicles under commercial usage.
  2. Foreclosure statement (if non HDFC Bank Car-loan on the vehicle).

DOCUMENTS REQUIRED FOR HDFC CAR LOAN FROM SELF-EMPLOYED APPLICANT

  • Documents Required for New Car Loan
  1. Identity Proof documents.
  2. Income Proof: Latest Income Tax Return
  3. Address Proof: Ration card, Driving licence, PAN Card, Voter ID card, passport, Life insurance policy, telephone/electricity bill, etc.
  4. Last 6 months Bank Statement
  • Documents Required for Used/Pre-owned Car Loan
  1. Age Proof accepted by HDFC
  2. Proof of identity and address as per HDFC Bank’s policies
  3. Proof of Address: Photo Ration card with DOB, Photo Driving licence with DOB, Passport copy, Telephone bill, Electricity bill, Credit Card statement with credit card copy, Employer certificate/ID.
  4. Proof of Sign Verification: Passport, Photo driving licence with DOB, Credit Card statement with credit card copy, Banker’s verification, Copy of margin money paid to bank.

DOCUMENTS REQUIRED FOR HDFC CAR LOAN FROM FIRMS/COMPANIES

  • Documents Required for New Car Loan
  1. Proof of Identity: Not Applicable
  2. Proof of Income: Audited balance sheet, latest two years Profit & Loss Account and the company’s latest two years IT returns
  3. Proof of Address: Ration card, Driving licence, Aadhar Card, PAN Card, Voter ID card, passport, Life insurance policy, telephone bill, and electricity bill.
  4. Last 6 months Bank Statement
  • Documents Required for Used/Pre-owned Car Loan

Partnership Firms:

  1. Proof of Age and Identity: Partnership deed.
  2. Income Proof: Latest acknowledged ITR and CA-certified Balance Sheet with P&L account statement. If business turnover is more than Rs. 40 lakhs or professional turnover for doctor/lawyer exceeds Rs. 10 lakhs, the balance sheet must be audited but no ITR is required.
  3. Proof of Address: Partnership deed or any utility bill.
  4. Any bank accepted proof of signature verification.
  • Private Limited Companies or Public Limited Companies
  1. Accepted proof of age and identity include Certificate of incorporation as well as/or Memorandum and Articles of Association.
  2. Proof of Income: Latest Income Tax Return and audited Balance Sheet with Profit and Loss Account.
  3. Proof of Address: Memorandum and Articles of Association / Certificate of incorporation or any of Telephone or Electricity Bill.
  4. Proof of Sign Verification: Passport, Photo driving license with the DOB, Credit Card statement with credit card copy, Banker’s verification, Copy of margin money paid to bank.

FEATURES OF HDFC CAR LOAN

HDFC Car loans are very common with car buyers because of their car loan deals. Some of the main features of the car loans offered by HDFC Bank include:

  • You can avail 100% finance for your new car.
  • HDFC Bank Car loan is approved within a really short time span of just 30 minutes.
  • Flexible loan repayment tenure of seven years.
  • Competitive and fixed rate of interest.
  • Lowest down payments.
  • Low Car loan EMIs.