HDFC Bank Car Loan | Eligibility | Criteria | Fees & Charges
HDFC Car Loan
Car Loan Rates EMI 2022
Yearning to have your favorite car at your doorsteps, then your pie in the sky ends over here as HDFC Bank offers the best car and cheap rates in your city with ease procedure.
Having its headquarters in Mumbai, HDFC Bank has a 26% share in the car finance market in India. From traveler cars to sports utility vehicles, HDFC Bank provides loans for every segment. If we talk about the quantum of finance at HDFC Bank then in this segment you will get loans up to 90%-100% of the on-road price for new cars, depending upon your returns and reimbursement capacity. And for used cars, get a loan up to 80% of the valuation amount as set by the value in its report to HDFC Bank.
Table of Contents
HDFC Bank Car Loan Interest Rates & Other Details
| Particulars | Description |
|---|---|
| Interest Rate | 7.95% – 8.30% p.a. for new cars |
| Loan Tenure | 1-7 years for new cars For 1to5 to years old cars |
| Processing Fees | New Cars : 0.4% of Loan Amount or ₹10000, whichever is lower Pre-owned Cars: 2% of loan amount or ₹ 5,000/-, whichever is lower |
| Foreclosure Charges | No foreclosure allowed within 6 months from the 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 |
Benefits of HDFC Bank Car Loan
Loan Amount Disbursal
In today’s world, when various finance companies are offering the cheap car loan rate, HDFC Bank is still maintaining its top position with respect to a car loan because the loan amount disbursal in HDFC Bank goes up-to the high as 100%of the on-road price which excludes addition charges levied on registration, road tax, insurance, accessories if any.
Faster Loan Disbursal
HDFC Bank Car Loan processing and disbursal services are very fast and can be accomplished within 2-3 working days.
Fixed Interest Rates
For those customers who are not willing to take the risk, if the market fluctuates, for them HDFC Bank offers fixed car loan interest rates. In fixed car loan rates, the EMI will remain constant throughout the journey.
Longer Tenure
For the new cars, the loan tenure extends up to 7 years while for the older or used model it extends to 5 years, so you will be given enough time to pay off your loan to ride on your dream car. With this advantage, your EMIs will get lesser and will add to your affordability for the loan.
Enhanced Branch & ATM Network
HDFC Bank has a wide range of branches and ATMs across India, which also help you get a car loan easily. With over 4,500 branches and 12,000 ATMs, HDFC Bank is the accurate aspirant to vote for a car loan.
HDFC Bank Car Loan Eligibility Criteria
| Criteria | Salaried | Self-employed |
|---|---|---|
| Age | 21-60 years | 21-65 years |
| Income | Minimum annual income of Rs 2.5 Lacs is needed | Minimum annual income of Rs 2.5 Lacs is needed |
| Job/Business Stability | Have work experience of 2 years, with at least 1 year with the existing employer. | If businessman, minimum 2 years of business. |
| Telephone at Residence or Office/Post Paid Mobile Connection | Mandatory | Mandatory |
HDFC Bank Car Loan Eligibility Calculator
There are just the basic necessities for a car loan and have nothing to do with how much loan amount can be disbursed to you. It is Car Loan Eligibility Calculator that decides the loan amount by scrutinizing your income and savings. However, the first work that the calculator does is the per lakh EMI calculation by using the variables like interest rate and loan tenure. A sample of the calculation is presented below.
Amount- ₹ 1,00,000
Tenure- 7 Years
Interest Rate- 11.50%-13.75% p.a.
Per Lakh EMI- ₹ 1,739-₹ 1,860
Now, we calculate the eligible loan amount that only arrives after calculating EMI and savings. For example, you work in a firm and your income is Rs 40000 per month and your saving is around Rs 22000. Now you are planning to apply for a car loan from HDFC Bank. The bank will take your savings in order to help you pay off the EMIs and then they will calculate the loan amount accordingly. Based on the given values, a calculation of the eligible loan amount is made below.
Loan amount eligibility
– ₹ 1,00,000 x savings/per lakh EMI
– ₹ 1,00,000 x 22,000/1,739= ₹ 12.65 lakhs (Approx.)
– ₹ 1,00,000 x 22,000/1,860= ₹ 11.82 lakhs (Approx.)
So, HDFC Bank is ready with a loan amount of₹ 11.82-₹ 12.65 lakhs at your doorstep. With this amount, you can buy car models like Hyundai Creta, Mahindra Xylo, Fiat Linea, Mahindra Scorpio and much more.
HDFC Bank Car Loan EMI Estimation
If
Loan Amount : (₹) 300000
HDFC Bank Car Loan Interest Rate (%): 8.75
Tenure (Month): 12
RESULTS:
Monthly Instalment (EMI) ₹ 26,201
Total Interest Amount ₹ 14,408
Total Amount (Principal + Interest) ₹ 3,14,408
| YEAR | PRINCIPAL | INTEREST | BALANCE AMOUNT |
|---|---|---|---|
| 1 | ₹ 3,00,000 | ₹ 14,408 | ₹ 0 |
You can visit at HDFC Car Loan EMI Calculator to get more insights about your Loan amount & interest rates .
Suppose you want to buy a car worth ₹ 8 lakhs, and on your eligibility, HDFC Bank finances you a loan amount of ₹ 6 lakhs for a tenure of 7 years. The lower table will show the EMI amount in addition to the interest outgo and the total amount of payment.
| Loan Amount (in ₹ ) | Loan Tenure (In years) | Interest Rate(in % p.a.) | EMI(in ₹ ) | Total Interest Outgo(in ₹ ) | Total Amount(EMI+Interest) (in ₹ ) |
| 60,000 | 1 | 11.50%-13.75% | 53,169- 53,802 | 38,028-45,621 | 6,38,028-6,45,621 |
| 60,000 | 2 | 11.50%-13.75% | 28,104-28,737 | 74,501-89,686 | 6,74,501-6,89,686 |
| 60,000 | 3 | 11.50%-13.75% | 19,786-20,434 | 1,12,282- 1,35,617 | 7,12,282-7,35,617 |
| 60,000 | 4 | 11.50%-13.75% | 15,653-16,321 | 1,51,363-1,83,396 | 7,51,363-7,83,396 |
| 60,000 | 5 | 11.50%-13.75% | 13,196-13,883 | 1,91,734- 2,32,998 | 7,91,734-8,32,998 |
| 60,000 | 6 | 11.50%-13.75% | 11,575-12,283 | 2,33,378-2,84,395 | 8,33,378-8,84,395 |
| 60,000 | 7 | 11.50%-13.75% | 10,432-11,161 | 2,76,278-3,37,550 | 8,76,278-9,37,550 |
Documentation Required in HDFC Bank Car Loan
| Proofs | Salaried | Self-employed |
|---|---|---|
| Identity Proof | PAN Card/Passport/Driving License/Voter ID | PAN Card/Passport/Driving License/Voter ID |
| Residence Proof | Voter ID/Electricity Bill/Telephone Bill/Life Insurance Policy/Driving License/Ration Card | Voter ID/Electricity Bill/Telephone Bill/Life Insurance Policy/Driving License/Ration Card |
| Income Proof | Latest Salary Slip & Form 16 | Latest Income Tax Return (ITR) |
| Bank Statement | Bank statement of last 6 months | Bank statement of last 6 months |
| Application Form & Photographs | Required | Required |
HDFC Bank Car Loan Application Form
Are you set for HDFC Bank Car Loan? Visit the official website of the bank and click on “APPLY NOW”. After applying, a new page will open and fill in your details. Fill in correct details to prevent pointless inconsistency that can make HDFC Bank delay the loan disbursal. A duly filled-in form along with a scanned copy of the required documents should be submitted for letting the bank process your loan application. You can also visit the nearest branch to get the form and submit the same. For existing customers, the bank provides internet banking facilities from where you can also apply for a car loan.
After filling in all detail, the time will be provided to preview it. Then on the next day, the executive will visit your residence or office to check your authenticity. If everything is ok, then you will get a car loan cheque from the bank within a week.
HDFC Car Loan Login
HDFC Bank car loan account will be created after the disbursal of the loan. During this course, you need to make your login ID and password to check the summary of your loan.
HDFC Car Loan Status
Visit the website and click the link under ‘Status of Your Loan Application. The moment you click it, a page will open and you just need to fill the vacant spaces against Applicant Name or reference/Proposal Number, Date of Birth or Mobile Number. Filling all these will let you know the exact status of your application. Even a visit to the branch can also let you know the status. But the suitable option would be online if you want to save your time and money.
HDFC Car Loan Statement
In the statement, both principal and interest repayment will be shown. Check the outstanding balance at the end of every year. For this, Just log in to HDFC net banking and view the statement online. However, if the online option is not your cup of tea, you can ask the branch officials to issue the car loan statement.
HDFC Car Loan Customer Care
A call to any of the three 24×7 toll-free numbers-1800 425 4332, 1800 22 4060 and 1800 22 1006 of HDFC Bank will help you fix your queries.
HDFC Bank Moratorium Process
The process to stop your loan EMIs at HDFC Bank is as follows-
Visit the HDFC Bank website or use the mobile app
Click on the link where the option of moratorium period is popping out
On the application page, mention your registered mobile number, name, email address
After that enter your date of birth and select the type of loan
Enter your loan number and mention your EMI amount
Then make a decision and choose a suitable service
Click on the EMI deferment option that says I agree to pay the accrued interest on the outstanding balance
Click on the ‘Submit’ button
The bank will check the details thoroughly and process your suspension request
You’ll be given a reference upon the successful completion of the process on your registered mobile number and email address
However, if you don’t want to postpone EMI, you must click on the second option after the postponement option. This will ensure EMI payments are as scheduled with no extra interest charged on it or select the defer option if your answer is yes otherwise your EMI will be debited as it was done in the past. HDFC Bank representatives can also contact you via WhatsApp or call regarding the moratorium process.
HDFC Car Loan FAQs
- What is the interest rate for HDFC Car Loan?
HDFC Car Loan interest rate stands at 7.54%
- What is the EMI for a car loan in HDFC Bank?
The EMI of a car loan depends on the car loan interest rate, principal amount and loan tenure. With the help of these three figures, you can calculate the HDFC car loan EMI.
- Is HDFC Bank Car Loan Best for New Car Owners?
Yes, HDFC bank car loan is best for new car owners also as it provides 100% financing of cars.
- What is the minimum and maximum tenure for HDFC Bank Car Loan?
The minimum and maximum tenure for HDFC Bank Car Loan is 1 year and 7 years respectively.
- How much Car Loan can i take from HDFC?
You can take a maximum car loan of upto 3 crores from HDFC bank depending upon your eligibility.
- What is the processing fee from Car Loan in HDFC Bank?
The processing fee from Car Loan in HDFC Bank is 0.5% of the loan amount subject to a minimum of Rs 3500 and a maximum of Rs 8000.
- What are the eligibility factors of HDFC car Loan?
The eligibility criteria of HDFC car loan for salaried individuals are:-
– Employees of private and public sector companies including central, state and local government.
– Individuals having a 21-60 age gap.
– Borrowers who are doing a job for the last 2 years, with a year of current employment.
– Minimum income of 3 lakh per year.
The eligibility criteria of HDFC car loan for self-employed individuals and professionals are:-
– Individuals having a 21-65 age gap.
– Business should be a minimum of 2 years.
– Minimum income of 3 lakh per year.
- Can I prepay my HDFC car loan?
Yes, you can prepay HDFC car loan. However, you will have to pay certain prepayment charges.
- Can I take a Joint loan for my car from HDFC Bank?
Yes, you can take a joint loan from your car from HDFC bank depending on your CIBIL score and other eligibility criteria.
