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.
With HDFC Pre-owned car loan, you can get finance for buying a second-hand car. Managing funds for buying a used car isn’t always an easy thing to do. If you take HDFC car loan the Bank also helps you in selecting a good quality used car at competitive prices, through its tie-ups with select dealers across the country.
1. Flexible repayment tenure :
HDFC Bank used car loans provide a very flexible tenure period. The minimum tenure period is 1 year and the maximum tenure is 7 years.
2. Quick and easy documentation :
The documentation to apply and get the loan is very simple as only basic documents are required. HDFC Bank used car loans provide 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.
3. Quick approvals :
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. Customers should experience transparent hassle-free processing, quick approvals and speedy disbursals.
4. Attractive interest rate :
The minimum interest rate of HDFC Bank used car loans is 12.75% and maximum interest rate is 15.50%. 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.
|
TYPE |
CHARGES |
|
Documentation Charge |
Rs. 700/- |
|
Charges |
3% to 6% of Principal Outstanding for pre-closures No foreclosure allowed within 6 months from date of availing the loan |
|
Overdue EMI interest |
2% p.m. |
|
Processing charge |
Upto Rs.5310 |
|
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 60 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.
Have a telephone/post-paid mobile
Self-Employed Individuals (Sole Proprietorship)
Should be in the business of trading, manufacturing, or services
Aged between 21 years and 65 years
Should have been in business for at least 2 years.
Have an annual income of at least Rs.2.5 lakh p.a.
Self-Employed Individuals (Partnership Firms)
Self-employed partners in the manufacturing, trading or services business
Should have a turnover of at least Rs.2.5 lakh p.a.
Self-Employed Individuals (Private Limited Companies)
Owners of private companies in the manufacturing, trading or services business
Should have a minimum annual income of Rs.3 lakh
Self-Employed Individuals (Public Limited Companies)
Directors in public limited firms in the manufacturing, trading or services business
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 individuals |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 6 month bank statement Latest salary slip, form 16 or ITR |
|
Self-employed individuals (Sole proprietorship) |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 6 month bank statement Latest salary slip, form 16 or ITR |
|
Partnership Firms/private and public limited companies |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 3 month bank statement, latest ITR, previous ITR with advance tax paid challan, Latest IT assessment order as proof of income, audited balance sheet along with profit & loss account, memorandum of articles of association |
|
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 visits to nearest HDFC bank branch
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 “Pre-owned 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
|
|||||||
The minimum interest rate is 12.75% and maximum interest rate is 15.50% charged by HDFC Bank used car loan.
The minimum tenure is 1 year and maximum tenure is 7 years of HDFC Bank used car loan.
The processing fee charged by HDFC Bank used car loan is upto Rs.5310.
Yes, age is an important factor to get a HDFC Bank used 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.
For HDFC Bank used car loans you can apply online and offline both.
Last Updated on : 27/Jul/2020Know More About
You're eligible for a Hdfc Bank Used 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
Updated on 25 Nov 2017
| Hdfc Bank Used Car Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 12.75% - 15.5% |
| Processing Fees | Upto Rs.5310 |
| Loan Tenure | 1 year to 7 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
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