Eligibility Criteria for HDFC Car Loan

HDFC Car Loan

Before going for a car loan please check whether you are completely eligible for an HDFC Car Loan or not.

Are you a salaried employee?

This consists of all those who are Doctors, chartered accountants, an employee with a public or private sector company. In this case, your eligibility criterion is:

  1. The minimum age of the borrower at the time of the loan application should be 21 years and 60 years at the completion of the tenure.
  2. They should have at least a minimum of 2 years of job experience and 1 year with the current employer that they are working for.
  3. They should have an annual income of Rs.100000 plus the income of your spouse.
  4. Should have a telephone connection at your residence.

Are you a self-employed and a Sole proprietor?

It includes the sole proprietors who have a business of manufacturing/ trading. You will be eligible for HDFC Car loan if:

  1. The minimum age of the applicant should be 25 and a maximum of 65 when the loan ends.
  2. The business should be running for the past three years yielding a profit
  3. They should be earning Rs. 60000 annually.
  4. Need to have a telephone connection.

Are you a self-employed and a Partnership firm?

This includes people involved in the business nature of the partnership. Your eligibility for HDFC Car loan will depend upon your firm’s proprietorship and the loan amount sanctioned will vary accordingly.

Are you a self-employed and a Hindu Undivided Family?

Here if you fall under the category of Hindu Undivided Family. You will be eligible if

  1. Have a yearly income of Rs.60000 per year.
  2. The minimum turnover of your firm should be at least Rs.450000 yearly.
  3. We should have a landline connection at your residence and office.
  4. In the case, if you have a landline connection at only one place Post-paid mobile which has been used for three months will also be taken into consideration.

Apply for a Car Loan

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