HDFC Car Loan Key Features – Sep 21 2021
|HDFC Car Loan Interest Rate||7.05% per annum|
|Min Loan Amount||₹ 100,000|
|Max Loan Amount||Loan up to 90% of On Road Price|
|(Loan to Value)||or 100% of Ex-showroom Price|
|HDFC car Loan Tenure||1 year to 7 years|
|Lowest EMI / Lac||₹ 1,512|
|Minimum Net Monthly Income||₹ 20,000|
|Minimum ITR for Self Employed||₹ 2,00,000|
|Age Criteria||Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
|Types of Cars||For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).|
|HDFC Car Loan Processing Fee||0.5% of the principal amount|
|Fore-Closure Charges||6% (7-12 months)|
|Basic Documentation||Address Proof, Bank Statement, Car Quotation, and ID Proof|
About HDFC Car Loan
Why not drive your dream car now, the one you thought you wouldn’t be able to afford for another decade? HDFC Custom-fit Automobile Loans include distinctive features such as 100% financing on select models, flexible repayment terms, and low EMIs, allowing you to get your dream car in half the time! HDFC revolutionary Step-up EMI and Balloon EMI Schemes make it simple for you to get the car of your dreams at a lower monthly payment. This implies you can acquire a larger car for the same monthly payment as a smaller car.
HDFC Bank provides simple automobile loans to both salaried and self-employed individuals. Furthermore, HDFC Bank not only aids you in raising finances but also in researching and locating your dream car. So, what do you have to lose? Apply for a Car Loan today, whether new or used!
If you’re an HDFC Bank customer, things only get better. Take advantage of speedy fund disbursement, attractive interest rates, and much more. It’s never been easier to get a car loan in India! So now you can obtain the perfect car and the perfect finance, exactly how you want them.
Advantages of HDFC Car Loan
⍟ Loan Approval in 30 Minutes
⍟ Lowest Rate of Interest
⍟ Up to 100% on Road Loan
⍟ Minimum Documentation
⍟ Paperless Process
⍟ Flexible Repayment
⍟ Zero Foreclosure
⍟ 24 x 7 Online Payment Facility
⍟ No Hidden Charges
HDFC Car Loan Eligibility
|Self-Employed Non-Individuals (Company/Partnership)||
HDFC Car Loan Interest Rate, Fees, and Charges
|Charges||New Car Loan||Used Car Loan|
|Interest Rate||7.05% per annum||11.80% p.a. to 13.80% p.a.|
|HDFC car loan Processing fee||0.40%||0.40%|
|Issuance of Duplicate Repayment Schedule Charges||Around Rs.500||Around Rs.500|
|Penal Interest||2% PM||2% PM|
|HDFC car loan Part Payment charges||6% of the amount||6% of the amount|
|Cheque/Instrument Swap Charge||Around Rs.500||Around Rs.500|
|Documentation Charge||Around Rs. 500||Around Rs. 500|
|Issuance of Duplicate No Dues Certificate Charges||Around Rs. 500||Around Rs. 500|
|Registration Certification Collection Charge||Around Rs. 200||Around Rs. 200|
|Cheque Bounce/Instrument Return Charges||Around Rs. 500||Around Rs. 500|
|Issuance of Duplicate Statement Charges||Around Rs. 500||Around Rs. 500|
|Loan Cancellation/Re-booking Charges||Around Rs. 1000||Around Rs. 1000|
|Issuance of Credit Report||Around Rs. 50||Around Rs. 50|
HDFC Bank Car Loan Processing Fees
The processing fees are not refundable. 1% of the loan amount subject to a minimum of Rs. 5000 and a maximum of Rs 10000. In addition processing Fees on loans are as followed:
- Maintenance package Funding, Manufacturer-backed CNG Kits Funding, Asset Protection measure Funding – Rs 3000 and Manufacturer Backed Accessory Funding.
HDFC Car Loan Documents Required
|Identity Proof (Any 1)||Passport
|Address Proof (Any 1)||Aadhar Card
|Date of Birth Proof
High School Marksheet
|Income Proof||Salary Slip and latest Form No.16|
|Bank Statement||Last 6 month Bank statement|
|Employment Continuity Proof||Job card by NREGA
ITR of Form no. 16
Salary Slip mentioned with joining date
Letter of Appointment
|Identity Proof (Any 1)||PAN Card
|Address Proof (Any 1)||PAN Card
|Date of Birth Proof (Any 1)||Birth Certificate
|Signature Proof (Any 1)||PAN
|Bank Statement||Bank statement of last 6 months|
|Employment Continuity Proof||Latest ITRs
Shop & Establishment Act Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
|Business Proof||Registration Certificate
Telephone Bill/Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
1. Partnership Firms/Societies
|Identity Proof (Any 1)||Driving Licence
|Address Proof (Any 1)||Electricity Bill/Telephone Bill
|Income Proof||Audited Balance Sheet
ITR for the previous 2 years
|Bank Statement||Last 6 month|
|Business Continuity Proof||Company ITR of the last 2 years
Audited Balance Sheet
TAX registration Certificate
Current Account Statement
|Additional documents||Letter of Authority or PAN Card|
2. Private Limited/Limited Companies
|Identity Proof||The latest copy of MOA and AOA
Copy of Incorporation
|Address Proof (Any 1)||SSI/MSME Registration Certificate
Shop & Establishment Act Certificate
Sales Tax Certificate
|Income Proof||Audited Balance Sheet
P&L Account and ITR for the previous 2 years
|Bank Statement||Previous 6 Months|
|Business Continuity Proof||P&L account and
ITR of the Company of the past 2 years
Audited Balance Sheet
Shop & Establishment Act Certificate
List of Shareholding partners and Directors
Certificate of Commencement of Business for Ltd. Co.
How to Increase Your Eligibility for HDFC Bank Car Loan
- Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
- Keep your credit score in check – If you wish to increase your eligibility for an HDFC Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
- Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
- Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for an HDFC Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.
Factors Affecting HDFC Bank Car Loan Eligibility
The eligibility criteria for a car loan will depend on the below-given factors:
- Income – If your income is on the higher side, there is a good chance that your eligibility for an HDFC Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an HDFC Bank car loan, your yearly income should be at least Rs.3 lakh.
- Loan amount – Your eligibility for a car loan from HDFC will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
- Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
- Credit score – This is an important factor that every bank, including HDFC Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
- Relationship with the bank – As stated earlier, HDFC Bank offers instant car loans to their existing customers through the ZipDrive feature which allows HDFC Bank customers to can avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.
HDFC Bank Car Loan Customer Care – Toll-Free Number
HDFC Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 61606161. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 61606161.
HDFC Car Loan EMI Calculator
The applicant can calculate its EMI on the Car Loan before even availing it by following the address below:
HDFC Car Loan Types
There’s a long list of Car Loan Products provided by HDFC Bank. Choose among them according to your desires. Lit of Car Loan provided by HDFC Bank:
HDFC Bank offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:
- New Car Loan – Applicants looking to buy a new car can go for this. You can get a car loan for a minimum amount of Rs. 1 lakh and tenure up to 7 years.
- Used Car Loan – Individuals wanting to buy used cars can avail Used Car loan with a minimum amount of Rs. 1 Lakh and a tenure of 5 years.
- Loan Against Car – Applicants with the urgency of funds can go for this loan by providing their car as a gage and getting a loan amount against it.
HDFC Car Loan Pre Calculated EMI
How to Apply for HDFC Car Loan?
- Reach out to Dialabank and provide the information asked on the form.
- Our Relationship Manager will contact you shortly to guide you through the HDFC car loan process.
- Compare and select from various options available.
- Applying for a Car Loan with Dialabank helps you avail yourself of the various offers.
Tips to Decide the Right Amount of EMI in Car Loan
Car Loan EMI Changes in Case of Pre-payment
In case you prepay your vehicle loan, a small penalty is issued. Prepayment in HDFC Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. HDFC Bank gives you two options:
How to Calculate HDFC Bank Car Loan EMI
Before you avail of a car loan from HDFC Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.
You can calculate the EMI for your car loan by using the below-given formula:
E = P*r*[(1+r) ^n/((1+r) ^n-1)]
In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.
You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.
HDFC Car Loans for Top Selling Cars
Other Available Products from HDFC Bank
|HDFC Two Wheeler Loan||HDFC LAP||HDFC Education Loan|
|HDFC Car Loan||HDFC Home Loan||HDFC Business Loan|
Compare HDFC Car Loan With Other Banks In India
|Car loan Banks||Interest Rates||
EMI per Rs 1 lakh for 7 Years
|Bank Of Baroda Car Loan||8.80% – 10.55%||
Rs. 1,599 – Rs. 1,689
|Canara Bank Car Loan||8.70% – 9.35%||
Rs. 1,594 – Rs. 1,627
|Corporation Bank Car Loan||8.75% – 9.50%||
Rs. 1,596 – Rs. 1,634
|HDFC Bank Car Loan||7.05% – 11.25%||
Rs. 1,512 – Rs. 1,725
|ICICI Bank Car Loan||8.82% – 12.75%||
Rs. 1,600 – Rs. 1,806
|Union Bank Car Loan||8.85% – 11.85%||
Rs. 1,601 – Rs. 1,757
|SBI Car Loan||8.65% – 9.70%||
Rs. 1,609 – Rs. 1,645
FAQs About HDFC Car Loan
✅ What is HDFC Car Loan?
HDFC Car Loans is financial support provided by the bank to its customers to buy their dream car.
✅ How can I get a Car Loan from HDFC Bank?
Apply with Dialabank to get an HDFC Car Loan most reliably.
✅ How does HDFC Car Loan work?
HDFC provides a car loan by securing the new car bought as collateral against the loan. Apply for a Car Loan with the necessary documents and park a new car in your parking while repaying the loan amount in easy EMIs. However, A minimal Rate of Interest is charged against the loan.
✅ What is the Car Loan Interest Rate in HDFC?
HDFC car loan rate starts from 7.05% per annum. Interest Rate is the cost of borrowing money, expressed as a percentage of the loan amount.
✅ How to Check the HDFC Bank Car Loan status?
Go to HDFC Bank’s official web handle and provide the important details regarding your loan i.e HDFC car loan details and get the status of the same in seconds. You can contact the nearest branch also for knowing the status of your Car Loan.
✅ How to check the HDFC car loan interest calculator?
✅ What is the maximum loan amount I can avail myself of on a Car Loan from HDFC Bank?
You can avail Loan up to 100% of the vehicle’s Ex-Showroom price.
✅ What is the loan tenure of HDFC Bank Car Loan?
Loan tenure of HDFC Car Loan is 1 Year to 7 Years in case of New Car and 1 Year to 5 Years in case of Used Cars.
✅ Can I get a 100% Car Loan from HDFC Bank?
Yes, you can get a 100% Car Loan from HDFC Bank on the Ex-Showroom price of the vehicle.
✅ How much Processing Fee is applicable on HDFC Car Loan?
HDFC Car Loan charges 0.5% of Principal Amount as the Processing Fee which can go up to a maximum amount of Rs. 8,000.
✅ What are the EMI options available on HDFC Bank car loan?
HDFC Provides two EMI options Step-up EMI and Balloon EMI.
✅ What are the charges for HDFC Car Loan Payment or Prepayment?
Foreclosure of HDFC car loan is 6% of the loan/paying off the loan before the tenure ends.
✅ Can I get a top-up loan on my existing HDFC Bank car loan?
HDFC provides Zero paperwork Top-up instantly against existing Car Loans on a fixed reducing Rate of Interest.
✅ Do I need to provide a guarantor to avail myself of a car loan from HDFC Bank?
A big NO, HDFC doesn’t ask for any guarantor to avail Car Loan.
✅ How to get HDFC Car Loan Statement?
Get your HDFC Car Loan statement by following the mentioned steps:
1. Go on to HDFC Bank’s official website.
2. log in to “Loan Status” with your HDFC car loan login credentials and get the statement.
You can directly visit the nearest branch for your Loan Statement.
✅ How to Pay HDFC Bank Car Loans Interest Online?
Pay your HDFC Car Loan Interest directly through HDFC Bank’s website and by providing your Loan Account Number and pay using Net Banking or Debit/Credit Cards. You can also use Paytm for paying your HDFC car Loan Interest.
✅ What if I can’t pay the interest on HDFC Car Loan for 3 months?
HDFC charges 24% of the outstanding amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for 3 months.
✅ How can I apply for EMI Moratorium on HDFC Car Loan?
You can apply for EMI Moratorium on HDFC Car Loans directly from the HDFC website’s Loan corner.
✅ What is the number for HDFC Car Loan agent?
✅ Can I close the HDFC car loan online?
HDFC car Loan can be closed by visiting the nearest branch and clearing off the outstanding amount.
✅ What is HDFC Car Loan Customer Care Number?
For contacting HDFC Car Loan Customer Care, you just have to call 9878981166 and clear any of your queries with us anytime.
✅ How can I get from HDFC Car loan NOC?
You can get HDFC bank Car Loan NOC directly from the branch for HDFC.
✅ What is the HDFC Car Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the HDFC Car Loan account.
- Pay the pre-closure charges as per HDFC Car Loan.
✅ What are the HDFC Car Loan preclosure charges?
HDFC Car Loan preclosure charges are up to 6%+ GST.
✅ What is the HDFC Car Loan overdraft scheme?
For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at HDFC bank is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the HDFC online banking portal and from there you can fill out a simple form and get an overdraft under your name.
✅ What is the HDFC Car Loan maximum tenure?
The HDFC Car Loan’s maximum tenure is 7 years.
✅ What is the HDFC Car Loan minimum tenure?
The HDFC Car Loan minimum tenure is 1 year.
News about Car loan
In the fourth quarter, PNB Housing Finance made a net profit of Rs 127 crore.
Retail loans such as a house, personal, LAP, two-wheeler, auto, school, and doctor loans, as well as deposits such as fixed and recurring deposits, helped PNB Housing Finance report a consolidated net profit of Rs 127 crore in Q4. Total income was Rs 1,834 crore in January-March, down from Rs 1,952 crore in the same stretch of the previous fiscal year. Interest income fell by over 7% to Rs 1,670 crore in the year, compared to Rs 1,803 crore a year ago.
Bajaj Finserv posted a profit of Rs.979 crore in the fourth quarter.
In the January-March quarter, Bajaj Finserv recorded a net profit of 979 crores, up from 194 crores in the same quarter last year. Retail loans such as home, personal, LAP, two-wheeler, automobile, college, and doctor loans, as well as business and mudra loans, boosted the NBFC’s profit.
AU Small Finance Bank’s Q4 net profit increased by 38% to Rs 169 crore.
The net profit of AU Small Finance Bank increased by 38 per cent to Rs 168.98 crore in the last quarter of the fiscal year 2021. Retail loans such as home, personal, LAP, two-wheeler, vehicle, school, and doctor loans, as well as deposits such as fixed and recurring deposits, boosted profit. In the fourth quarter of FY21, total revenue increased to Rs 1,569 crore, up from Rs 1,366.60 crore in the previous quarter. Interest income increased to Rs 1,292.37 crore in the quarter under review, up from Rs 1,183.45 crore the year before.
The income of ICICI Bank increased by 261 per cent in the fourth quarter.
For the quarter ended March 31, 2021, ICICI Bank’s net profit increased by 260 per cent to Rs 4,403 crore. Retail loans such as home, LAP, personal, two-wheeler, vehicle, college, and doctor loans, as well as business and mudra loans, boosted profit. In addition, the bank posted a total income of Rs 23,953 crore in January-March, compared to Rs 23,443.66 crore in the previous quarter.
Table of Contents
- 1 About HDFC Car Loan
- 2 HDFC Car Loan Eligibility
- 3 HDFC Car Loan Interest Rate, Fees, and Charges
- 4 HDFC Bank Car Loan Processing Fees
- 5 HDFC Car Loan Documents Required
- 6 How to Increase Your Eligibility for HDFC Bank Car Loan
- 7 Factors Affecting HDFC Bank Car Loan Eligibility
- 8 HDFC Bank Car Loan Customer Care – Toll-Free Number
- 9 HDFC Car Loan EMI Calculator
- 10 HDFC Car Loan Types
- 11 HDFC Car Loan Pre Calculated EMI
- 12 How to Apply for HDFC Car Loan?
- 13 Tips to Decide the Right Amount of EMI in Car Loan
- 14 Car Loan EMI Changes in Case of Pre-payment
- 15 How to Calculate HDFC Bank Car Loan EMI
- 16 HDFC Car Loans for Top Selling Cars
- 17 Other Available Products from HDFC Bank
- 18 Compare HDFC Car Loan With Other Banks In India
- 19 FAQs About HDFC Car Loan
- 19.1 ✅ What is HDFC Car Loan?
- 19.2 ✅ How can I get a Car Loan from HDFC Bank?
- 19.3 ✅ How does HDFC Car Loan work?
- 19.4 ✅ What is the Car Loan Interest Rate in HDFC?
- 19.5 ✅ How to Check the HDFC Bank Car Loan status?
- 19.6 ✅ How to check the HDFC car loan interest calculator?
- 19.7 ✅ What is the maximum loan amount I can avail myself of on a Car Loan from HDFC Bank?
- 19.8 ✅ What is the loan tenure of HDFC Bank Car Loan?
- 19.9 ✅ Can I get a 100% Car Loan from HDFC Bank?
- 19.10 ✅ How much Processing Fee is applicable on HDFC Car Loan?
- 19.11 ✅ What are the EMI options available on HDFC Bank car loan?
- 19.12 ✅ What are the charges for HDFC Car Loan Payment or Prepayment?
- 19.13 ✅ Can I get a top-up loan on my existing HDFC Bank car loan?
- 19.14 ✅ Do I need to provide a guarantor to avail myself of a car loan from HDFC Bank?
- 19.15 ✅ How to get HDFC Car Loan Statement?
- 19.16 ✅ How to Pay HDFC Bank Car Loans Interest Online?
- 19.17 ✅ What if I can’t pay the interest on HDFC Car Loan for 3 months?
- 19.18 ✅ How can I apply for EMI Moratorium on HDFC Car Loan?
- 19.19 ✅ What is the number for HDFC Car Loan agent?
- 19.20 ✅ Can I close the HDFC car loan online?
- 19.21 ✅ What is HDFC Car Loan Customer Care Number?
- 19.22 ✅ How can I get from HDFC Car loan NOC?
- 19.23 ✅ What is the HDFC Car Loan closure procedure?
- 19.24 ✅ What are the HDFC Car Loan preclosure charges?
- 19.25 ✅ What is the HDFC Car Loan overdraft scheme?
- 19.26 ✅ What is the HDFC Car Loan maximum tenure?
- 19.27 ✅ What is the HDFC Car Loan minimum tenure?
- 20 News about Car loan