HDFC Bank offers competitive car loan options with flexible repayment terms and fast approval processes, helping individuals finance their dream cars—whether new or pre-owned.
HDFC Car Loan Interest Rates:
- Interest Rate: Starts from 8.50% to 9.50% per annum
- Loan Tenure: 1 year to 7 years (12 to 84 months)
- Loan Amount: Up to 100% of the ex-showroom price for select models (depending on the car type and borrower’s profile)
- Processing Fee: Starts from ₹3,000 (depends on the loan amount and other factors)
Key Features of HDFC Car Loan:
- Attractive Interest Rates: HDFC offers interest rates starting as low as 8.50% for eligible customers.
- 100% Financing: HDFC finances up to 100% of the car’s ex-showroom price for select models, meaning you may not need to make any down payment.
- Quick Loan Approval: HDFC Bank promises loan approvals within 30 minutes for eligible customers.
- Flexible Repayment Tenure: Repayment terms range from 12 months to 84 months, giving you the flexibility to choose based on your budget.
- Prepayment Option: The loan can be prepaid after a minimum lock-in period, though prepayment charges may apply.
Eligibility Criteria:
- Age: 21 to 60 years for salaried individuals; up to 65 years for self-employed individuals.
- Employment Type: Available to salaried, self-employed professionals, and business owners.
- Minimum Income: The applicant should have a minimum annual income of ₹3 lakhs.
- Minimum Experience: At least 2 years of total work experience with a minimum of 1 year at the current job.
Documents Required:
- Identity Proof: Aadhar Card, Passport, PAN Card, or Voter ID
- Address Proof: Utility bills, Passport, Rent Agreement
- Income Proof: Latest salary slips (for salaried) or ITR (for self-employed)
- Vehicle Details: Proforma invoice of the car to be purchased
EMI Calculation Example:
For a loan amount of ₹10,00,000 over 5 years at an interest rate of 8.75%, the EMI (Equated Monthly Installment) would be approximately ₹20,583 per month. You can use HDFC Bank’s EMI calculator to get a precise estimate based on your loan amount and tenure.
Processing Fees & Other Charges:
- Processing Fee: Starting from ₹3,000, subject to loan amount.
- Late Payment Fee: 2% per month on the outstanding EMI.
Steps to Apply for HDFC Car Loan:
- Online Application: You can apply for the car loan online via the HDFC Bank website.
- Submit the Form: Fill out the loan application form with personal, financial, and vehicle details.
- Upload Documents: Provide ID proof, income proof, and car invoice.
- Loan Disbursal: Upon approval, the loan is disbursed directly to the car dealer or credited to your account.
HDFC Car Loan Types:
- New Car Loan: For purchasing new cars.
- Pre-Owned Car Loan: Financing options available for second-hand cars up to 5 years old.
Conclusion:
HDFC Bank’s car loans offer competitive interest rates, up to 100% financing, and quick approval, making it a popular choice for car buyers. Before applying, compare various car loan options and check your eligibility to secure the best deal.
