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.
Loan Amount |
Up to Rs 2.5 crore |
Interest Charges |
Ranges from 14.50% to 17.50% |
Processing Fees |
1% of the loan amount plus applicable charges (Minimum Rs 5000 and maximum Rs 10000) |
Repayment Tenure |
Ranges from 12 months to 84 months |
Prepayment |
Up to 6% of principal outstanding |
Here is the list of features of HDFC second hand car loans:
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.
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.
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.
HDFC bank offers a flexible repayment tenure for HDFC Used Vehicle loans. The loan tenure options range from 12 months to 84 months.
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:
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 |
Name Of Bank | Used Car Interest Rates |
AU Bank Used Car Loan | 14%-23% |
ICICI Bank Used Car Loan | 12%-14.50% |
Axis Bank Used Car Loan | Start from 15% |
Kotak Mahindra Used Car Loan | 6.50% - 20% |
IDFC Used Car Loan | Start from 12.99% |
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:
Here are the documents required for HDFC bank used car loan:
Documents |
Salaried Applicants |
Self Employed Applicants |
Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
Other Documents |
Passport-size Photographs, Duly Filled Application Form |
Passport-size Photographs, Duly Filled Application Form |
Here is how to calculate the HDFC used car loan EMI using the HDFC bank pre-owned car loan EMI calculator:
You can now see the payable HDFC second hand car loan EMI.
Here are the ways to apply for HDFC bank pre-owned car loans:
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.
Applying for the loan online is pretty simple and quick. Here is how to apply for HDFC bank second hand car loan online:
HDFC bank second hand car loan interest rates start at 14.50% and go up to 17.50%.
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.
You can visit the nearest branch of HDFC bank or go to the official website to apply for HDFC pre-owned car loan.
Your minimum annual income should be Rs 2.5 lacs to be eligible for HDFC bank used car loan.
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.
Last Updated on : 30/Apr/2021Know 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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