HDFC Bank Used Car Loan

HDFC bank is one of the prominent banks to offer used vehicle loans. The HDFC bank pre-owned car loans are provided at highly competitive rates ranging up to 17.50% for a loan tenure of up to 84 months. The lender brings second hand car loans for up to Rs 2.5 crore that help prospective car buyers buy the desired car from a huge selection. 

HDFC Used Car Loan Insterest Rates

HDFC Bank Pre-owned Loan Features & Benefits

Here is the list of features of HDFC second hand car loans:

• Purpose

HDFC bank used car loans are offered to finance the purchase of second hand cars. The bank brings second hand car loans for a wide range of pre-owned cars from the top dealers. 

• Loan Amount 

HDFC bank used vehicle loan amount goes up to Rs 2.5 crore for a plethora of pre-owned car types and models. You can get up 3 to 6 times of your annual income for the purchase of a desired second hand car. The bank allows customers to enjoy up to 100% of the value of the car. 

• Rate of Interest

HDFC bank used car loan interest rates start from 14.50% and range up to 17.50%. The rates are subject to multiple factors like the age of car, type and model of car, applicant’s profile etc. 

• Repayment Tenure

HDFC bank offers a flexible repayment tenure for HDFC Used Vehicle loans. The loan tenure options range from 12 months to 84 months. 

• Prepayment

The bank offers borrowers the facility of prepayment of HDFC bank used car loan after the completion of 6 months of loan disbursement. Here are the HDFC used car loan foreclosure charges that apply:

•  For prepayment of used car loan within 7 to 12 months: 6% of principal outstanding.
•  For prepayment of used car loan within 13 to 24 months: 5% of principal outstanding.
•  For prepayment of used car loan after 24 months: 3% of principal outstanding.

Fees & Charges Of HDFC Bank Used Car Loan

Compare Other Bank Used Car Loan Interest Rates

Eligibility for HDFC Bank Used Vehicle Loan

It is best that you make sure you are eligible for HDFC bank Pre Owned car loan before jumping to the application stage. There are some factors including age and employment which help the bank determine the eligibility of individuals. You must meet the HDFC bank used car loan eligibility requirements in order to lead a hassle-free application process.

Here is the eligibility criteria for HDFC bank second hand car loan:

• Salaried, self employed individuals, HUFs, sole proprietorships, partnership firms, private limited companies, public limited companies can apply.
• Minimum age of a salaried applicant should be 21 years when applying for loan. 
• Maximum age of a salaried individual should not go above 60 years at loan maturity.
• Minimum age of a self employed individual should be 25 years when applying for loan. 
• Maximum age of a  self employed individual should not go above 65 years at loan maturity.
• Applicants should have work experience of at least 3 years.
• Applicants should have an annual income of at least Rs 2.5 lacs. 

Documents Required for HDFC Bank Second Hand Car Loan

Here are the documents required for HDFC bank used car loan:

HDFC Bank Used Car Loan EMI Calculator

Here is how to calculate the HDFC used car loan EMI using the HDFC bank pre-owned car loan EMI calculator:

• Navigate to the official website of HDFC bank.
• Move to the “Borrow” dropdown menu.
• After that, click on the “Pre-Owned Car Loan” in the “Loans” menu.
• You will now find the HDFC pre-owned car loan calculator on the top.
• Enter the loan amount, rate of interest and loan tenure in months.
• Hit the “Calculate” button. 

You can now see the payable HDFC second hand car loan EMI. 

How to Apply for HDFC Bank Used Car Loan?

Here are the ways to apply for HDFC bank pre-owned car loans:

• Apply for HDFC pre-owned car loan offline

You can go to the nearest branch of HDFC bank to apply for HDFC second hand car loan offline. It is best that you carry all the HDFC bank second hand car loan documents when you visit the branch.

• Apply for HDFC pre-owned car loan online

Applying for the loan online is pretty simple and quick. Here is how to apply for HDFC bank second hand car loan online:

• Visit the official website of HDFC bank.
• Go to the “Borrow” dropdown menu.
• Find and click on the “Pre-Owned Car Loan” in the “Loans” menu.
• Now that you are on the HDFC bank second hand car loan page, hit the “Apply Online” button.
• Start filling out the required information.
• Once you have entered all the details, submit your application. 

Other Product of HDFC Bank

1. HDFC Bank Home Loan

2. HDFC Bank Personal Loan

3. HDFC Bank Mortgage Loan (LAP)

4. HDFC Bank Business Loan

5. HDFC Bank New Car Loan 

6. HDFC Bank Credit Card

FAQs on HDFC Used Vehicle Loan

Q.1 What are the interest rates for HDFC bank second hand car loan?

HDFC bank second hand car loan interest rates start at 14.50% and go up to 17.50%. 

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

HDFC bank used car loan processing fee is 1% of the loan amount plus applicable charges. The minimum amount is Rs 5000 and the maximum amount is Rs 10000. 

Q.3 How can I apply for HDFC bank second hand car loan?

You can visit the nearest branch of HDFC bank or go to the official website to apply for HDFC pre-owned car loan. 

Q.4 What should be my minimum income for HDFC second hand car loan?

Your minimum annual income should be Rs 2.5 lacs to be eligible for HDFC bank used car loan. 

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

You can track your HDFC second hand car loan application status on the official website of HDFC bank or by contacting the bank customer service.