HDFC Bank Loan Against Car: Interest Rate, Eligibility, Processing & Customer Care

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HDFC BANK LOAN AGAINST CAR

ABOUT HDFC BANK CAR LOAN AGAINST CAR :

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.

BENEFITS OF HDFC BANK CAR LOAN AGAINST CAR :

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

FEE AND CHARGES OF HDFC BANK LOAN AGAINST CAR :

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

ELIGIBILITY CRITERIA FOR HDFC BANK LOAN AGAINST CAR :

  • 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.

DOCUMENTS REQUIRED FOR HDFC BANK LOAN AGAINST CAR :

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

Last 6 month bank statement, salary slip last 3 month

 

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

COMPARE OTHER BANKS CAR LOAN INTEREST RATE :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

OTHER PRODUCTS OF HDFC BANK :

  1. HDFC Bank Car Loan

  2. HDFC Bank Business Loan 

  3. HDFC Bank Credit Card

  4. HDFC Bank Used Car Loan 

  5. HDFC Bank EMI Calculator

HOW TO APPLY FOR HDFC BANK LOAN AGAINST CAR :

You can apply for this by 2 ways either

  1. Offline Method :  By visiting nearest HDFC bank branch  

  2. 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

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

Q1. How much interest rate charged by HDFC Bank loan against car?

The minimum interest rate is 13.75% and maximum interest rate is 16% charged by HDFC Bank loan against car.

Q2. What  is the  minimum and maximum tenure of an HDFC Bank loan against a car?

The minimum tenure is 1 year and maximum tenure is 7 years of HDFC Bank loan against a car.

Q3. How much processing fee is charged by 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).

Q.4. Is age an important factor to get a HDFC Bank loan against a car?

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.

Q.5. How to apply for an HDFC Bank loan against a car?

For HDFC Bank loan against car you can apply online and offline both.

 

Last Updated on : 26/Jul/2020

Know More About

Hdfc Bank Loan Against Car

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

Hdfc Bank Loan Against Car Interest Rates

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

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959