HDFC Bank Car Loan | New Car Loan | Features and Benefits

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.

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HDFC Bank Car Loan | New Car Loan | Features and Benefits