HDFC Bank Car Loan Interest Rate

With a 26% share of the Indian car lending market, HDFC Bank, headquartered in Mumbai, dominates the roost. Incorporated in 1994 - the bank has opened its doors to any part of the community looking for a customized loan to purchase an automobile of their choice.

The bank offers loans on anything from passenger cars to sports utility vehicles (SUVs). The level of funding available at HDFC Bank is also noteworthy, with loans ranging from 90% to 100% of the on-road pricing for new cars, depending on your income and repayment capacity.

Characteristics of the HDFC Bank Car Loan

HDFC Car Loans are quite popular among car buyers. The following are some of the important aspects of HDFC Bank's car loans-

  • You can obtain 100% financing for your new vehicle.
  • HDFC car loan interest is competitive and fixed.
  • The smallest down payments.
  • Low EMIs on car loans.
  • HDFC Bank Car Loan gets authorized in as little as 30 minutes.
  • The loan repayment period of 7 years is flexible.

HDFC Car Loan Interest Rate 2022

Here is the table to show the HDFC Bank car loan interest rate-

Type of Car Loan

HDFC Car Loan Interest Rate

HDFC New Car Loan

8.8% to 10%

HDFC Pre-Owned Car Loan

13.75% to 16%

What are the Eligibility Criteria for the HDFC Bank Car Loan?

The following criteria determine an applicant's eligibility for an HDFC vehicle loan-

  • Age: The lowest age requirement for a salaried person is 21 years, and the maximum age requirement is 60 years at the end of the loan tenure. The lowest age requirement for a self-employed person is 21 years, and the maximum age requirement is 65 years at the end of the loan tenure.

  • Employment: Either the loan applicant is a salaried professional who earns a living by working for a private or public limited company, or the applicant is self-employed and runs a business, a partnership/private limited firm, or serves as a director of a public limited company.

  • Salary: A salaried person must earn at least Rs. 1,80,000 per year, including the income of your spouse/co-applicant. At the same time, the income criteria of a self-employed person vary depending on the type of business (sole-proprietorship, partnership, private limited company, and public limited company).

Documents Required to Apply for the Loan

Following documents are required to apply for the loan-

1) For Self-employed

1. For a New Car Loan Scheme

  • Income Proof: The most recent income tax return.
  • A ration card, driving license, PAN card, voter ID card, passport, life insurance policy, telephone/electricity bill, and so on are examples of address proof.
  • Bank Statement over the previous six months

2. For a Used Car Loan Scheme

  • HDFC accepts proof of age.
  • Proof of identification and address in accordance with HDFC Bank regulations
  • Address Proof: Ration card photo with DOB, driving license photo with DOB, passport copy, telephone bill, electric bill, credit card statement with credit card copy, employer certificate/ID.
  • Sign Verification Proof: Passport, photo driving license with DOB, credit card statement with credit card copy, banker's verification, and copy of margin money paid to the bank are all required.

2) For Non-Individuals

  • Proof of Income: Audited balance sheet, most recent two years' profit, and loss statement, and the company's most recent two years' IT returns.
  • Ration cards, driving licenses, Aadhar cards, PAN cards, Voter ID cards, passports, life insurance policies, telephone bills, and electricity bills are all acceptable forms of proof of address.
  • Bank Statement over the previous six months

 

3) For salaried

1. For a New Car

  • HDFC-accepted identity and address proving documents
  • Proof of Income: Form 16 is the most recent wage slip.
  • Bank Statement over the previous six months

2. For a Used Car

  • You must submit the following:
  • The bank accepted documents proving age and address.
  • HDFC Bank accepts signature verification proof.

How to Apply for a Car Loan from HDFC Bank?

There are two simple ways to apply for a car loan with HDFC Bank-

  • Online Method - This is a way where you can apply for a car loan from the website of HDFC portal.
  • Offline Method - Here you will directly have to go to the nearest HDFC bank branch and a representative will help you through the process. 

In both cases, it is important to know that both procedures require documents.

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