HDFC Bank Car Loan | New Car Loan | Features and Benefits
HDFC Bank, India’s leading bank offers new car loans
to help fund your dream vehicle, from a no-frills compact car to a top-end
luxury sedan. You can get approval in 30 minutes when you apply for HDFC bank car
loan, and receive funds quickly. With easy and fast disbursal, the
100% finance option is a cherry on the top. You can apply for a new
car loan at HDFC Bank to get up to 100% financing for your car. HDFC Bank
offers new car loan at affordable and pocket-friendly
interest rates and flexible loan tenure of up to seven years. You can check
your eligibility online in just 60 seconds for HDFC bank car loan.
HDFC Bank Car Loan Features
and Benefits
The main features and
benefits of HDFC bank car loan are:
1. Flexible repayment tenure: The special feature of HDFC
bank car loan is flexible repayment tenure. You can choose a loan tenure to your liking (just 12 months or 84
months} with pocket-friendly EMI repayment options.
2. Fulfil your every need: You can get up to 100% financing on select
vehicles.
3. Competitive rates: You can get an easy loan up to Rs. 3 Crores at affordable and competitive rates of interest, with no hidden
charges.
4. New car bazaar: At new car bazaar, you can compare cars, research car
details, and read car reviews to find out which car will be best suited for you.
5. Quick eligibility check & disbursal: You can at select branches in just 60 seconds for HDFC
bank car loan. HDFC bank car loan can
be approved in just 30 minutes. However, loan processing and disbursement will
take at least 7 working days post submission of all required documents.
6. Special benefits for HDFC bank customers: You can enjoy additional benefits
with unique schemes if you are an existing HDFC bank customer.
HDFC Bank Car Loan - Eligibility Criteria
Below mentioned people are eligible to apply for HDFC bank car loan:
Salaried Individuals
1. This includes employees of private limited companies, employees from PSUs,
including central, state and local bodies.
2. At the time of applying for HDFC bank car loan, the individual’s age
should be a minimum of 21 years and not more than 60 at the end of the loan
tenure.
3. Should have a job for a minimum of two years, with at least one year
with the current employer.
3. Should earn a minimum of Rs. 2,50,000 per annum, including the income
of the spouse/co-applicant.
4. Should have a telephone/post-paid mobile.
Self Employed Individuals and Professionals (Sole Proprietorship)
1. This includes self-employed sole proprietors in the business of services,
trading or manufacturing.
2. At the time of applying for the car loan, the individual’s age should
be a minimum of 21 years and not more than 65 at the end of the loan tenure.
3. Should have been in business for a minimum of 2 years.
4. Should earn at least Rs. 2,50,000 per year.
HDFC Bank Car Loan – Documentation Required
You have to submit your new car loan application along with the
following documents for HDFC bank car loan.
Salaried Individuals
1. Any of the following identity proof documents:
a) Aadhaar card
b) Passport
c) PAN card
d) Voters Id card
e) Driving license (recent, legible, laminated)
2. Any of the following documents as address proof:
a) Aadhaar card
b) Ration card
c) Driving license (recent, legible, laminated)
d) Voters Id card
e) Passport copy
f) Telephone bill
g) Electricity bill
h) Life insurance policy
3. Latest salary slip and Form 16 as income proof
4. Bank statement of the previous 6 months
Self Employed Individuals (Sole Proprietorship)
1. Any of the following identity proof documents:
a) Aadhaar card
b) Passport
c) PAN card
d) Voters Id card
e) Driving license (recent, legible, laminated)
2. Any of the following documents as address proof:
a) Aadhar card
b) Ration card
c) Driving license (recent, legible, laminated)
d) Voters Id card
e) Passport copy
f) Telephone bill
g) Electricity bill
h) Life insurance policy
3. Latest Income Tax Returns (ITR) as income proof
4. Bank statement of the previous 6 months
HDFC Bank Car Loan – Interest Rates & Fees
Below are HDFC Bank Car Loan
Interest Rates & Charges (New Car loan)
Documentation Charges - Rs.
600 per case
Rack interest rate - 9% to
10.25% depending on the segment of vehicle
HDFC Bank Car Loan FAQs (New Car Loan)
Is there an option to
pre-pay the entire loan amount?
You can pre-pay your HDFC
bank car loan any time after 6 months. You just need to pay a small pre-payment
fee on the outstanding HDFC bank car loan amount.
Is a guarantor required for HDFC
Bank Car Loan?
No, but if your income does
not meet HDFC bank credit criteria then you may be required to have a guarantor
or co-applicant.
What is the maximum amount one can borrow as HDFC Bank Car Loan?
If you are a salaried individual, you can borrow up to 3 times your
annual salary. If you are a self-employed professional then you can borrow up
to 6 times your annual income. Terms and conditions apply.
What are the tenure options available for HDFC Bank Car Loan?
The choice is yours. You can choose loan tenure to your liking from 12
to 84 months.
Which cars can be financed?
HDFC Bank finance most passenger cars and multi-utility vehicles manufactured
by India's leading automobile companies.
Also read: How to pay HDFC credit card bills?
Also read: How to block HDFC debit card?
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HDFC Bank Car Loan | New Car Loan | Features and
Benefits
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