HDFC Bank is an Indian banking and financial services company. It was established in 1994 and its headquarters at Mumbai. It is one of India leading private banks. HDFC Bank offers a wide range of financial products and banking services to customers.
If you have paid your car loan installments on time for at least 9 months, then you can avail a top-up on your existing car loan with HDFC Bank’s Loan against Car. This loan scheme allows you to get an extra loan till the extent of your real loan amount, at a competitive rate of interest.
1. Competitive interest rate :
The minimum interest rate of HDFC Bank loan against car is 13.75% and maximum interest rate is 16%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a car loan at an attractive and best interest rate.
2. Flexible repayment tenure :
The HDFC Bank loan against cars can be repaid in flexible repayment tenures ranging from minimum 12 months up to a maximum of 84 months. It should be the best and convenient loan tenure for the customers
3. Quick and easy processing and approval :
HDFC Bank provides good and easy processing loans against cars and you can get a loan amount within 12 hours. You can also apply online for the approval of a loan. Existing car loan customers can get access to instant money if they have a clear repayment record for 9 months. The process of HDFC Bank loan against cars is very fast and simple.
4. Loan amount :
The HDFC Bank loan against cars provides a loan amount upto 150% of the original value of the car. It avails the highest loan value in this market segment so there is no need for a valuation of the car to get the loan
|
TYPE |
CHARGES |
|
Documentation Charge |
Rs. 700/- |
|
Part-payments charges |
Allowed after completion of 12months Within 13-24 months from 1st EMI : 5% Post 24 months from 1st EMI : 3% |
|
Foreclosure charge |
No foreclosure within 6 month of the loan From 7th EMI : 6% of principal outstanding Within 13-24 months from 1st EMI : 5% of principal outstanding Within 24 month from 1st EMI : 3% of principal outstanding |
|
Overdue EMI interest |
2% p.m. |
|
Processing charge |
1.50% of the loan amount (Minimum Rs.2500 and Maximum Rs.5000) |
|
Cheque swapping fee |
Rs. 500 |
|
Duplicate NOC |
Rs. 500 |
|
Rebooking charge |
Rs. 1000 |
|
Other special NOC |
Rs. 500 |
|
SI/ECS/ Cheque return charges |
Rs. 500 |
|
Commercial NOC |
Rs 2250/- per NOC |
|
Collateral Charges |
RS. 600 |
Salaried Individuals :
Aged between 21 years and 65 years
Employed for a minimum of 2 years with at least 1 year with the current employer
Earn at least Rs.2.5 lakh p.a.
It includes Doctors, CAs, employees of private ltd company, employees from public sector undertaking, including central, state and local bodies.
Self-Employed Individuals (Sole Proprietorship) :
Should be in the business of trading, manufacturing, or services
Aged between 31 years and 65 years
Should have been in business for at least 3 years.
Have an annual income of at least Rs.2.5 lakh p.a.
Self-Employed Individuals (Private limited companies) :
Self-employed partners in the manufacturing, trading or services business
Should have a turnover of at least Rs.2.5 lakh p.a.
Have office landline
Self-Employed Individuals (Partnership firms) :
Owners of private companies in the manufacturing, trading or services business
Should have a minimum annual income of Rs.2.5 lakh p.a.
Minimum turnover of Rs.4.5 lakh p.a.
Have a residence or office telephone line.
Self-Employed Individuals (Hindu Undivided Families) HUFs :
It includes self employed individuals in a business that falls under HUFs.
Have a residence and office telephone line.
The Karta should be the co applicant in his HUFs individual capacity
Have earnings of at least Rs.2.5 lakh p.a.
While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get.
|
TYPE |
ID PROOF |
ADDRESS PROOF |
INCOME PROOF |
||
|
Salaried |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill |
|
||
|
Self employed |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill |
Last 6 month bank statement, Form 16, latest ITR |
||
|
Partnership Firms/private limited companies |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill |
Last 3 month bank statement, latest ITR, Registered Lease Document with other utility bills,Sales Tax or VAT Certificate,Shop & Establishment Act Certificate |
|
BANKS |
INTEREST RATE |
|
9.05% to 11.30% |
|
|
14.80% to 16.80% |
|
|
13.99% |
|
|
15.00% |
|
|
8.00% to 10.75% |
|
|
8.70% to 9.20% |
|
|
9.75% |
|
|
8.70% to 9.5% |
|
|
8.80% to 10.50% |
|
|
12.75% to 15.30% |
|
|
13.75% to 16% |
|
|
8.00% to 24% |
|
|
9.25% |
|
|
9.30% to 12.85% |
|
|
9.30% to 9.90% |
|
|
12% to 14% |
|
|
10.65% to 15.50% |
|
|
8.85% |
|
|
8.95% |
|
|
7.75% to 10.30% |
|
|
8.45% |
|
|
8.9% to 9.35% |
You can apply for this by 2 ways either
Offline Method : By visiting nearest HDFC bank branch
Online Method :
Browse to official website of HDFC bank
Now click at “Personal”
After that go to “Borrow” section
Now choose “loan against asset”
click on “ loan against car”
click on “apply now”
Fill the application form and attach all compulsory documents
After submitting you will notify in few min for approval or disapproval
If your is approved than visit bank for further formalities
|
|||||||
The minimum tenure is 1 year and maximum tenure is 7 years of HDFC Bank loan against a car.
The processing fee charged by HDFC Bank loan against a car is 1.50% of the loan amount (Minimum Rs.2500 and Maximum Rs.5000).
Yes, age is an important factor to get a HDFC Bank loan against a car and the age should be at least 21 to 65 years for salaried individuals and 31 years to 65 years for self employed individuals.
Last Updated on : 26/Jul/2020
Know More About
You're eligible for a Hdfc Bank Loan Against Car if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Hdfc Bank Loan Against Car Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 13.75% - 16% |
| Processing Fees | 1.50% of the loan amount (Mini. Rs.2500 Maxi. Rs.5000) |
| Loan Tenure | 1 year to 7 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
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