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

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HDFC BANK USED CAR LOAN 

ABOUT HDFC BANK USED CAR LOANS :

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.

BENEFITS OF HDFC BANK USED CAR LOAN :

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.

FEE AND CHARGES OF HDFC BANK USED CAR LOAN :

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

ELIGIBILITY CRITERIA FOR HDFC BANK USED CAR LOAN :

  • 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. 

DOCUMENTS REQUIRED FOR HDFC BANK USED 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 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

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 Business Loan

  2. HDFC Bank Car Loan 

  3. HDFC Bank Credit Card

  4. HDFC Bank EMI Calculator 

  5. HDFC Bank Used Car Loan 

HOW TO APPLY FOR HDFC BANK USED CAR LOAN :

You can apply for this by 2 ways either :

  1. Offline Method : By visits to nearest 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 “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

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 used car loan?

The minimum interest rate is 12.75% and maximum interest rate is 15.50% charged by HDFC Bank used car loan.

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

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

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

The processing fee charged by HDFC Bank used car loan is upto Rs.5310.

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

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.

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

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

Last Updated on : 27/Jul/2020

Know More About

Hdfc Bank Used Car Loan

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

Hdfc Bank Used Car Loan Interest Rates

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

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