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HDFC Bank Car Loan offers 100% finance to purchase your dream vehicle. Maximum loan tenure is up to 7 years. Interest rates vary from 11.50% to 17.50% depending on the segment and age of vehicle. Apply now through CreditMantri and get best deals on car loans at HDFC Bank.
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Processing Fee
3220
Max Tenure
7 yrs
Best Rate
10.00%
India is also a growing market for automobiles, the passenger car market showed growth double digit growth in the last year. The growth is also seen across car categories which include compact car, sedan and utility leading to the breaking of a long-held belief that India is just an economic small car market. International car manufacturers have also made their presence felt by creating cars for the Indian soil.
From a period where owning a car itself was difficult we have moved to what type of car and brand should we choose. Not everyone can choose the car they want and pay in a single check. This is where a car loan from HDFC bank can help you.
HDFC Bank provides cars loans. On discovery that many people are interested in buying a car for either comfort, safety or any other reason will not be able to buy their dream car on their own. They should either go for a car that they don’t want because it is cheaper or wait and save to buy the car which will take time and the car model might change. The borrower can pay back HDFC Bank through equated monthly instalments or EMI(s). HDFC Bank believes in providing the right applicant by providing with loans which are cost effective way to purchase a car.
| Age | Minimum age for salaried people to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 60 years. Minimum age for self-employed individuals to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 65 years. |
| Salary Requirement | The minimum net salary required for applying a car loan is Rs.3,00,000 p.a |
| Employment status | Salaried: Must have continuous employment of at least 2 years Self-employed: Minimum 2 years of employment in the same line of business |
| Tenure | 7 years |
Other Charges for HDFC Car Loan
| Description of charges | New Car Loans |
|---|---|
| Documentation Charges | Rs. 600 per case |
| Foreclosure charges | |
| No foreclosure allowed within 6 months from date of availing the car loan | |
| 6% of Principal Outstanding for pre-closures within 1 year from 7th EMI | |
| 5% of Principal Outstanding for pre-closures within 13-24 months from 1st EMI | |
| 3% of Principal Outstanding for pre-closures post 24 months from 1st EMI | |
| Part-Payment charges | |
| Part-payment is allowed subject to completion of 12 months (i.e., Post payment of 12 EMIs) | |
| Part payment will be allowed twice only during loan tenure. Part payment is allowed only once a year. At any point of time, part payment will not increase beyond 25% of Principal Outstanding. | |
| 5% on the part payment amount in case part prepayment is within 13-24 months from 1st EMI | |
| 3% on the part payment amount in case part prepayment is post 24 months from 1st EMI | |
| Stamp Duty (Non -refundable) | At actuals |
| Late Payment Penalty | 2% per month |
| Processing fees (Non - refundable) | 0.4% of Loan Amount or Rs.10000, whichever is lower |
| Cheque/ ECS swapping charges | Rs 500/- Instance |
| Loan cancellation | In the event of cancellation, interest charges from date of disbursement till the date of cancellation of loan will be borne by the customer. Processing Fee, Stamp duty and Documentation Charges are non-refundable charges and would not be waived/refunded in case of loan cancellation. |
| Legal, Repossession & Incidental charges | At actuals |
| Duplicate no due certificate / NOC | Rs 500/- Instance |
| Loan Reschedule charges/ rebooking charges | Rs. 1000/- will be charged. If changes are required on RC, refundable Security Deposit – non-interest bearing of Rs. 5000 would be required. It will be the borrower's responsibility to provide the transferred Registration Certificate to the bank. |
| LPG/ CNG NOC/ Other Special NOC | Rs 500/- Instance |
| CIBIL Charges (only on request) | Rs. 50/- |
| Cheque/ SI / ECS Return Charges | Rs. 550/- per instance |
| Amortization Schedule Charges | Customer can download the schedule from E-Delight free of cost. Rs. 200/- per schedule would be charged at customer service desk. |
| Commercial / Personal Use NOC (conversion subject to credit approval) | Rs. 2250/- per NOC |
| Collateral Charges | Rs.450 per case |
| Rack interest rate | 9% to 10.25% depending on the segment of vehicle |
HDFC bank also provides loans for used or pre-owned cars for 100% of the car price.
HDFC Bank Pre-Owned Car Loans Eligibility
| Age | Minimum age for salaried people to apply for a loan is 21 years while the maximum age limit at the time of completing the loan is 60 years. Minimum age for self-employed individuals to apply for a loan is 25 years while the maximum age limit at the time of completing the loan is 65 years. |
| Salary Requirement | The minimum net salary required for applying a car loan is Rs.2,50,000 p.a |
| Employment status | Salaried: Must have continuous employment of at least 2 year Self-employed: Minimum 3 years of employment in the same line of business |
| Tenure | Maximum of 7 years |
| Description of Charges | Amount to be Paid |
|---|---|
| Foreclosure charges |
|
| Part-payment charges |
|
| Stamp Duty (non-refundable) | At actuals |
| Late Payment Penalty | 2% per month |
| Processing fees (non-refundable) | 2% of loan amount or Rs. 5,000/-, whichever is lower |
| Cheque/ECS swapping charges | Rs. 500/- per instance |
| Loan cancellation | In the event of cancellation, interest charges from date of disbursement till the date of cancellation of loan will be borne by the customer. Processing Fee and Stamp Duty and RTO charges (Used Car Purchase/Refinance) are non-refundable charges and would not be waived/refunded in case of loan cancellation |
| Legal, repossession & incidental charges | At actuals |
| Duplicate No Due Certificate/NOC | Rs. 500/- per instance |
| Loan reschedule charges/rebooking charges | Rs. 1,000/- will be charged. If changes are required on RC, refundable Security Deposit – non-interest bearing of Rs. 5,000/- would be required. It will be the borrower's responsibility to provide the transferred Registration Certificate to the bank. |
| LPG/CNG NOC/ Other Special NOC | Rs. 500/- per instance |
| CIBIL Charges (only on request) | Rs. 50/- |
| Cheque/SI/ECS Return Charges | Rs. 550/- per instance |
| Amortization Schedule Charges | Customer can download the schedule from E-Delight free of cost Rs. 200/- per schedule would be charged at the customer service desk |
| Commercial/Personal Use NOC (conversion subject to credit approval) | Rs. 2,250/- per NOC |
| Rack interest rate | 11.50% to 17.50% depending on the segment and age of vehicle |
| Valuation charges | Rs. 500 per case |
The following are the documents required for HDFC Bank car loan
Salaried Individuals:
Self Employed Individuals (Partnership Firms):
Self Employed Individuals (Private Limited Companies)
You can apply for a car loan with HDFC Bank through CreditMantri, after selecting your car from the models available, you can look for the perfect lender based on your CreditMantri profile, which would mean that you can be sure about the loan amount not being rejected as the match is based on your credit profile.
HDFC Bank Car Loan Eligibility Check
Before a person applies for an HDFC Bank car loan it is best to do an eligibility check which is available on the HDFC Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.
CreditMantri’ s Car Loan EMI Calculator and HDFC Bank Car Loan Calculator is the best and easiest way to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.
1. Does HDFC bank provide 100% finance for car loans?
HDFC Bank provides 100% finance on car loans for those who are looking to buy a car in India
2. What is the maximum tenure for HDFC Bank car loan?
The maximum loan tenure is up to 7 years.
3. What type of cars do HDFC bank provide car loans for?
HDFC Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.
4. Do I have to provide any security to avail an HDFC Bank car loan?
HDFC bank car loan is a form of secured loan where your car will act as a collateral.
5. Can I sell my vehicle before I repay the entire car loan taken from HDFC bank?
You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from HDFC Bank. The NOC can only be obtained after foreclosure or after you have paid off your loans
6. Can I get a car loan to purchase a used car?
If you are looking to buy an old car or if an old is what that interests you, there are loans that banks give loans for the same.
HDFC bank has introduced 30 minutes Xpress Car loans 9 May 2022
The leading lender HDFC Bank has introduced 'Xpress Car loans' for existing and new consumers. The Xpress car loan will facilitate the consumer to have a hassle-free and convenient car purchase process and increase car sales across the country. Under...
Read moreThe leading lender HDFC Bank has introduced 'Xpress Car loans' for existing and new consumers. The Xpress car loan will facilitate the consumer to have a hassle-free and convenient car purchase process and increase car sales across the country. Under this, the bank disburses the loan amount within 30 minutes to the dealer’s account. HDFC Bank envisages 20 to 30 percent of customers (for loans up to 20 Lakh) to get benefited from this facility. Currently, this facility is offered to two-wheelers and soon it will be launched for four-wheelers as well.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application