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

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HDFC BANK NEW CAR LOAN 

ABOUT HDFC BANK NEW CAR LOAN :

HDFC Bank is an Indian banking and financial services company. It was established in 1994 and their 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 are considering buying a brand new car to support your lifestyle, but are not able to find funds for the same, then apply for an HDFC Bank car loan. HDFC Bank car loans provide finance at interesting interest rates for your new car.

BENEFITS OF HDFC BANK NEW CAR LOAN :

1. Flexible tenure period :

The HDFC Bank car loan can be repaid 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 

2. Fast approval :

The new car loan can be approved from HDFC Bank within 30 minutes.It is very easy and fast approval of the car loan so customers cannot wait for so many time for loan approval

3. Attractive interest rates :

The minimum interest rate of HDFC Bank new car loans is 8.80% and maximum interest rate is 10.50%. 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.

4. Short documentation process :

HDFC Bank new car loan provides less and minimal documentation for the customers. It is not required to submit so many documents for a personal loan. The process of documentation is very simple and short.

5. Loan amount disbursal :

Purchasing a new and beautiful car is a dream of every person. HDFC Bank provides the best and affordable loan amount for new car loans.The maximum loan amount is upto 3 crore.

FEE AND CHARGES OF HDFC BANK NEW CAR LOAN :

TYPE

CHARGES

Documentation Charge

Rs. 700/-

Foreclosure charge

No foreclosure charges are apply within 6 month of the loan

Before 1 year 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

Part-payments charges

Allowed after completion of 12months

Within 13-24 months from 1st EMI- 5% of principal outstanding 

Post 24 months from 1st EMI- 3%  of principal outstanding 

Overdue EMI interest

2% p.m.

Processing Fee

Rs.5000 to Rs.10000

Cheque swapping fee

Rs. 500

Duplicate NOC Charge

Rs. 500

Rebooking charge

Rs. 1000

Other Special NOC

Rs. 500

SI/ECS/ Cheque return charges

Rs. 500

Commercial Charges

Rs 2250/- per NOC

Collateral Charge

Rs 600

ELIGIBILITY CRITERIA FOR HDFC BANK NEW CAR LOAN :

ELIGIBLE

Salaried employees, self employed,sole proprietorship & partnership, public limited company and private limited company

AGE

For salaried employees : 21 years to 60 years 

For self employed : 21 years to 65 years

INCOME

For salaried employees : At least earn Rs. 1.8 lakh p.a.

Employed for a minimum of 2 years with at least 1 year with the current employer

For Self employed : Have a annual income of at latest Rs 3 lakh

Should have been in business for at least 2 years.

DOCUMENTS REQUIRED FOR HDFC BANK NEW CAR LOAN :

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 employees

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 and Form 16

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

Audited balance sheet, Profit & loss account of last 2 years, company ITR for last 2 years and last 6 month bank statement.

HDFC BANK NEW CAR LOAN EMI CALCULATOR :

Principle Amount

24 months

36 months

5 years

7 years 

1 lakh

Rs. 4,580

Rs. 3,192

Rs. 2,088

Rs. 1,622

3 lakh

Rs. 13,740

Rs. 9,575

Rs. 6,264

Rs. 4,865

5 lakh

Rs. 22,900

Rs. 15,958

Rs. 10,440

Rs. 8,108

10 lakh

Rs. 45,800

Rs. 31,916

Rs. 20,880

Rs. 16,216

Use this formula to calculate your EMI

EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]
Where, 

P is the principal amount, 

R is the interest rate on a monthly basis, and 

N is the number of installments.

COMPARE OTHER BANK 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 NEW CAR LOAN :

You can apply for this by 2 ways :

  1. Offline Method : Visits to near HDFC Bank branch 

  2. Online Method :

  • Browse to official website of HDFC bank

  • Now click at “Personal”

  • After that go to “Borrow” section

  • After that go to “popular loans” and go to “ car loans”

  • After that choose “New car loan” 

  • 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 new car loan?

The minimum interest rate is 8.80% and maximum interest rate is 10.50% charged by HDFC Bank new car loan.

Q2. What  is the  minimum and maximum tenure of HDFC Bank new car loan?

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

Q3. How much processing fee is charged by HDFC Bank new car loan ?

The processing fee charged by HDFC Bank new car loan is Rs 5000 to Rs.10000.

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

Yes, age is an important factor to get a HDFC Bank new car loan and the age should be at least 21 to 60  years for salaried employees and 21 years to 65 years for self employed.

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

For HDFC Bank new car  loans you can apply online and offline both.

Last Updated on : 26/Jul/2020

Know More About

Hdfc Bank New Car Loan

You're eligible for a Hdfc Bank New Car Loan 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 New Car Loan Interest Rates

Updated on 25 Nov 2017

Hdfc Bank New Car Loan Details
Interest Rate (Monthly reducing balance) 8.8% - 10.5%
Processing Fees Rs.5000 to Rs.10000
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