HDFC Bank Car Loan

Do you want to make your dream car a reality? If yes, then you can count on HDFC bank car loan to back you with required finance. The bank clears your way to buy the car of your dreams with the finance of up to 100% of the on-road price of the car. You can fulfill your dream with HDFC car loan at interest rates starting at as low as 7.15% per annum for an easy loan repayment tenure of up to 7 years. 

HDFC Car Loan Interest Rates 2021

HDFC Bank Car Loan Highlights

Here are the highlights of HDFC bank car loan:

• Purpose

HDFC bank car loans are provided to help with the finances for the purchase of cars. The lender offers car loans for a huge range of cars by the top dealers. 

• Loan Amount 

HDFC bank car loan amount goes up to Rs 3 crores for a wide range of car types and models. The lender offers customers to enjoy up to 100% of the on-road price of the cars on select models.

• Rate of Interest

HDFC bank car loan interest rates start from 7.15% per annum and go up to 10.40% per annum. The interest rates are determined by many different factors such as the type and model of car, applicant’s eligibility profile etc. 

• Loan Repayment Tenure

The lender brings quite an easy repayment period for HDFC bank car loans. The HDFC bank car loan repayment tenure options range between 12 months and 84 months. 

• Prepayment

The lender provides loan borrowers the facility of prepayment of HDFC car loan. You can close the loan early after completing 6 months of loan sanction. 

Mentioned below are the HDFC car loan foreclosure charges:

• 6% of principal outstanding, if the foreclosure of the car loan is made within 7 to 12 months.
• 5% of principal outstanding, if the foreclosure of the car loan is made within 13 to 24 months.
• 3% of principal outstanding, if the foreclosure of car loan is made after 24 months

Fees And Charges Of HDFC LTD Car Loan

Eligibility for HDFC Bank Car Finance

Here are the HDFC bank car loan eligibility requirements:

• Salaried, self employed industrial and professionals can apply for HDFC car loan.
• Individuals must be at least 21 years of age at the time of application.
• Maximum age of salaried borrowers must be 60 years of age at the time of tenure completion.
• Maximum age of self employed borrowers and professionals must be 65 years of age at the time of tenure completion.
• Applicants must have a minimum experience of 2 years in employment/ business.
• Applicants with the annual income of at least Rs 3 lacs are eligible.

Documents Required for HDFC Bank New Car Loan

You need to provide certain HDFC bank car loan documents that are asked by the bank at the time of the vehicle loan application procedure. 

Here are the HDFC car loan documents that are required to be submitted:

Compare Other Bank Car Loan Interest Rates

HDFC Bank Car Loan EMI Calculator

Here are the steps to calculate the HDFC car loan EMI with the HDFC bank car loan EMI calculator:

• Go to the official website of HDFC bank.

• Now, head to the “Borrow” dropdown list.

• After that, you have to click the “Car Loan” under the “Loans” menu.

• You will find the HDFC car loan calculator on the car loan page now.

• In the calculator, you need to enter the required loan amount, rate of interest and the loan tenure in months/ years.

• Finally, tap the “Calculate” button. 

You will now be able to check the payable HDFC car loan EMI. 

Do you want to check your HDFC vehicle loan EMI quickly? All you have to do is stop by the calculator and enter:

• Loan amount
• Rate of interest
• Loan repayment tenure 

After that, you can hit the “Calculate” button. Then, you can check the payable HDFC bank car loan EMI as well as the yearly calculation of your loan.

How to Apply for HDFC Bank Used Car Loan?

Now that it’s time to apply for HDFC bank car loan, here are the different ways to do it: 

• Apply for HDFC car loan offline

You have to go to the nearest branch of HDFC bank in order to apply for an HDFC bank car loan offline. It is advised that you take all the HDFC bank car loan documents that are required for the application when you visit the branch.

• Apply for HDFC car loan online

It is quite easy to apply for the HDFC bank car loan online. Here are the quick steps which you need to follow to do that:

• Go to the official website of HDFC bank.

• Now, head to the “Borrow” dropdown list.

• After that, you have to click the “Car Loan” under the “Loans” menu.
• Once you are on the HDFC bank car loan page, you need to click the “Apply Online” button.
• Then, fill in all the required details.
• Once you have mentioned all the information, you can submit your HDFC car loan application. 

HDFC Bank Customer Care Number

Other Products Of HDFC Bank

1. HDFC Bank Home Loan

2. HDFC Bank Personal Loan

3. HDFC Bank Business Loan

4. HDFC Bank Loan Against Property

5. HDFC Bank Used Car Loan

6. HDFC Bank Credit Cards

FAQs On HDFC Bank Car Loan

Q.1 What are the interest rates for HDFC bank car loans?

HDFC bank car loan interest rates start at 7.15% per annum and go up to 10.40% per annum.

Q.2 What is the processing fee for HDFC bank car loan?

HDFC bank charges a car loan processing fee of 1% of the loan amount plus the applicable charges. This fee is subject to the minimum amount of Rs 5000 and the maximum of Rs 10000. 

Q.3 How do I apply for a HDFC bank car loan?

There are two ways to apply for a HDFC car loan- offline and online. To apply offline, you have to visit the nearest branch of the bank. You can go to the HDFC bank’s official website to apply for HDFC bank car loan online.

Q.4 What is the minimum income criteria for HDFC car loan?

Applicants must have a minimum annual income of Rs 3 lacs to be eligible for HDFC bank car loan.

Q.5 How can I track my HDFC bank car loan application?

You can head to the official website of HDFC bank in order to track HDFC car loan application status online or you can contact the bank customer support.