HDFC Bank Car Loan Interest Rate

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.

Here is the table to show the HDFC Bank car loan interest rate 2024-

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).

Following documents are required to apply for the loan-

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.

• 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

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.

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.