HDFC Car Loan

About HDFC Car Loans

HDFC Bank is India’s banking and financial company. It serves customers with its brilliant financial services. The bank was founded in 1994. The major products given by the banks are insurance, banking, online banking, loans and credit cards.

HDFC Bank is well known for its services among the customers. Bank provides Car Loan, Personal Loan, Gold Loan, and Education Loan as well. Furthermore, The Rate of Interest is quite affordable in HDFC Bank in comparison to other banks.

About Car Loan

Car Loan is a convenient scheme that allows a person to bring home a vehicle. Get easy funding to drive your dream car home with HDFC. Furthermore, HDFC Car Loan offers attractive Interest Rates to both salaried and self-employed individuals.

Also, You can pay for the vehicle in easy installments. Besides, HDFC offers an exclusively customized Car Loan product that helps the borrower to avail a car of his choice. HDFC provides car loan at affordable EMIs.

HDFC Car Loans Interest Rate

New Car Loan

1. First of all, Cars Less than 3 lakhs have an ROI starting from 10.60% annually.
2. Secondly, Cars between the price range of 3 – 6 lakhs the interest rate is  9.50% per annum.
3. Thirdly, for Cars between 6 – 10 lakhs the rate starts from 9.35% per year.
4. Furthermore, between the price of 10 – 20 lakhs the ROI begins from 9.10% per annum.
5. Besides, Cars costing more than 20 lakh rupees, the interest rate is 8.85% per year.

Used Car Loan

1. To begin with, Cars which are Less than 3 Lakhs have an interest rate of around 15.50% per annum.
2. Next, Price of Cars ranging between 3 – 6 Lakhs, the interest rate starts from 14.50%.
3. Also, Cars between 6 – 10 Lakhs have an interest rate of around 13.50% 14.00%.
4. Moreover, Cars within the price range of 10 – 20 Lakhs, the rate of interest is 13.00%.
5. Finally, for Cars which are more than 20 Lakhs, the interest rate starts at 12.75% yearly.

HDFC Car Loans Charges?

Processing Fee
HDFC charges a minimal amount of 0.4% of the loan amount as the processing or the application charges from the customer.

Pre-Payment Charges

Also, the bank charges 3%-5% of the loan amount if the applicant wants to repay the loan amount before the completion of the loan tenure. Also, these charges vary on the time period in which the loan seeker wants to close the loan.

EMI Penalty

Besides, the loan seeker also has to pay an extra 2% of interest, if he/she fails to repay the EMI of a particular month. In this case, a 2% interest rate is added to the particular month in which the applicant fails to get a loan.

Documentation Charges

HDFC bank charges a minimal amount of Rupees 650 per case as a documentation fee.

HDFC Car Loans Eligibility Criteria

To begin with, the eligibility for this service is slightly different for salaried and self-employed applicants:

The first factor, Age 

Salaried: The applicant should be between 21 years and 60 years (at the time of loan maturity).

Self Employed: The applicant should be between 25 years to 65 years (at the time of loan maturity).

Secondly, Citizenship

The applicants both Salaried and Self Employed should have an Indian Citizenship

Thirdly, Income Requirements

Salaried: The salary should be more than 18000 Rupees

Self Employed: The turnover of the business should be a minimum of 20 Lakhs

Furthermore, Employment Tenure 

Salaried: The applicant should be an employee in the same company for about a year. And, should have a total experience of 2 years.

Self Employed: The business of the applicant should be continuously running for about 3 years.

Lastly, CIBIL Score

Both salaried and self-employed applicants should have a CIBIL Score above 700.

Points to Remember before availing an HDFC Car Loans 

• Budget Analysis: Banks will be happy to lend you more money than you actually need. But, you should always take a loan that you can afford to pay back to the customer. The first step, create a budget analysis to make sure that you borrow the right amount from the bank. By doing this, you will have an actual idea of how much money you can afford to buy a vehicle.
• Research the cost: An individual must go into the clear details of what will be the total cost of the car. She/he should be careful as the costs include more than just the purchase price. You will also need to consider insurance charges, fuel costs, maintenance charges, and interest rates.
• Check your credit score: Your credit score plays an important role in knowing whether the banks will consider your loan application for loan or not. Paying your previous loan amount in time helps you impress your banker for extending the amount of your car loan.
• Compare New vs. Used: New cars depreciate much faster than old cars and it is important to decide between the two as the loan amount that you could be eligible for would vary between the two options.

HDFC Car Loans ROI depends on what factors?

The Car Loan Rate of Interest depends upon some factors. That is, the interest rate changes according to the factors mentioned below:

• Loan Amount: First of all, the loan amount is a significant factor when it comes to the interest rate. Thus, the lesser the amount of loan, the more is the ROI.
• Location: Also, it depends on where the applicant resides. That is, whether the loan seeker is living in a metropolitan city or a rural city.
• Type of Car: Next, The type of car also decides the rate. That is, if the car is a sedan, the interest rate is different than a hatchback.
• Internal and External Customers: Furthermore, the bank provides better offers to internal customers. That is, people those who have an account in HDFC bank are provided with lesser interest rates and better offers.

HDFC Car Loans Documents

The following documents are mandatory for the approval of the loan, thus the applicant should have particularly from the following:

Applicant Identity Verification Documents can be any amongst the below  documents, for Both Salaried and Self Employed

1. Passport: Valid Copy of passport both front and last page
2. Voters ID card: Copy of Valid Voter Identity Card
3. Aadhar card: Copy of Aadhar Card with current information

Applicant Address Verification Proof can be any amongst the below documents, for both Salaried and Self Employed

1. Passport: Valid Copy of passport both front and last page
2. Voters ID card: Copy of Valid Voter Identity Card.
3. Aadhar card: Copy of Aadhar Card with current information
4. Utility Bills on the name of the applicant.
5. Sales Tax Certificate
6. Rental Agreement is Mandatory

Proof of Income of the Salaried Class Applicant

1. Firstly, Form 16
2. Also, Recent Salary slips for last 3 months.
3. And, bank statement of last 6 months.

Proof of Income of the Self Employed Applicant

1. Firstly, Audited financials of the last three years.
2. Besides above, two passport size photographs of the applicant.

HDFC Car Loans Features 

1. First and foremost, it is an affordable loan in contrast to other services like a personal loan and home loan.
2. Secondly, this service provides complete funding to the loan seekers that is up to 95% to 100% funding.
3. Also, the process of a Car loan is very simple and hassle-free. Thus, it helps the customers to get a car without any stress.
4. Furthermore, HDFC car loan is quite flexible. That is tenure is up to 7 years
   Moreover, the flexibility of payment.
5. Finally, Speedy Approval, just within 4 hours.

Why HDFC Car Loans from Dialabank?

Personalized Service: To begin with, Our Relationship Managers will understand your requirements and help you find the most suitable Car Loan deal for you.

Rate Comparison: Also, We will help you in understanding the details of all costs involved in taking a Car Loan and help you in finding the cheapest rate of Interest.

Research: Furthermore, benefit from the detailed research on the products from the leading Car Loan players in the market and make the right choice.

Zero Charges: Besides, We are here to offers personalized service to our customers at zero fees. Therefore, Use our services to find the right Car Loan deal for yourself at no extra cost.

Unbiased and Transparent Search: Finally, Our objective is to simplify your Car Loan search and we provide information in an unbiased and transparent manner.

Benefits of HDFC Car Loans

1. To start, One of the most important benefits is that you save your precious time by applying online on www.dialabank.com, as the HDFC Car loan process is quite simple. You can get instant approval within a day or even on the same day of application
2. Within 15 minutes of applying, you will receive an extended list of e-mails from lenders who will help you apply for your online car loan. And you can compare the different Car loan interest rates and choose the best one available.
3. In addition to all these, the lenders also facilitate the bad credit holders with car loans if they are the internal customers of the HDFC Bank.

How to Apply?

Apply for a car loan with us on www.dialabank.com and get the best offers on a car loan. It is a financial helpline that will help you fulfill your dream of having your own car. The HDFC provides necessary funding for purchasing a car which can be on Ex-Showroom price or the On-Road price of the car.

Other Leading Providers (Click to Apply)

1. Bank of Baroda Car Loans
2. Canara Bank Car Loan
3. IndusInd Bank Car Loan
4. State Bank of Hyderabad Car Loan
5. SBI Car Loan
6. ICICI Bank Car Loan
7. Axis Bank Car Loan
8. IDBI Car Loan

HDFC Car Loan EMI Calculator

The applicant can make sure about the repayment of the loan by checking the EMI’s that they will have to pay every month. Thus, it helps people to have a better idea about the money they will have to pay every month as an EMI. Hence, check your EMI structure by clicking below and have a clearer picture before availing a loan.

Car Loan EMI Calculator