Being one of the top private sector banks in India, HDFC Bank has an awesome Car Loan scheme. Here’s all the info.
HDFC Bank is one of the top banks in the country. The bank’s products are considered to be among the best. This might be the reason why HDFC bank is a market leader for products like loans and Credit Cards. What’s more? The bank gives its women borrowers discounts on loans and other such privileges. One of the products they offer is the HDFC Bank Car Loan. Want to know more? Read on.
Are you eligible?
The minimum age of the borrower is set at 21 years. The maximum age is 60 years for salaried borrowers while for the self-employed, it is 65 years. Salaried borrowers should have remained in employment for at least 2 years and should have completed a minimum of 1 year with the company where they are employed at present. The borrower should earn a minimum annual income of Rs. 1.8 lakhs. Don’t earn that much? Here’s good news! After adding a co-applicant, if the minimum income of both borrowers put together is Rs. 1.8 lakhs, then the borrower will be eligible. The borrower should also have a landline or post-paid mobile connection.
Are you self-employed? And do you own a sole proprietorship company? Then, you should run the business for at least 2 years where the business provides you with an income of at least Rs. 60,000 every year. This is if you want to buy a standard car. In case you want a loan for a mid-sized sedan or premier car, your annual business income should be at least Rs. 1 lakh. Self-employed individuals who wish to take a loan should have a postpaid mobile connection or a landline connection at home.
In case you own a private limited company or are running a partnership firm, your business turnover has to be at least Rs. 4.5 lakhs. Also, the annual income from your business has to be a minimum of Rs. 60,000. This is if you want a loan for a standard car. In case you are going for a mid-sized sedan or premier car, your business income should be more than Rs. 1.5 lakhs. The bank’s rules say that you should a telephone connection at home or in your office.
How much can you get?
Unlike other lenders, HDFC Bank provides you with a loan that is equal to 100% of your car’s cost. However, this is for small cars like Maruti Swift and Hyundai i10. You can expect to get 90%-100% of the ex-showroom price of the car as a loan. Going for a bigger car like the Honda City, or Hyundai Verna? You can get loan that’s equal to 75% – 100% of the ex-showroom price. Want a loan for an SUV? Then, the loan amount could be anywhere between 75% and 90% of the ex-showroom price of the car that you want the loan for. However, the best part is that irrespective of the car you choose, if you get a pre-approved Car Loan offer from HDFC Bank, you will get 100% funding. You can borrow only up to 6 times your annual income.
What’s the loan tenure?
You can choose any tenure that ranges between 1 year and 7 years. The lower the tenure, the lower will be your interest pay-out.
What are the required documents?
Just like other loans, you have to submit copies of your identity proof, address proof, income proof and bank statements. Identity proof and address proof could be your PAN card, voter ID, passport, driving license, or Aadhaar card. If you are a salaried individual use your salary slip or Form 16 as income proof. If you are self-employed, you could give a copy of your audited profit and loss account and/or balance sheet for 2 years. You can also use your Income Tax Return (ITR)
What about the interest rates and charges?
As of 17th August 2018, HDFC Bank Car Loan rates are 8.4%-10.35%. There will be a processing fee of up to Rs. 4,720. Loan pre-closure rules will differ from one borrower to another and will be at the discretion of the bank.
Customer Reviews for the HDFC Bank Car Loan
Want to know what other customers are saying about the HDFC Bank Car Loan? Read on.
Devender Malik, Faridabad
I have taken a car loan from HDFC BANK and my loan experience was good. My loan amount is satisfactory and interest rate is 9.75% and it is nominal in the market. There are no hidden charges. I used to pay EMI per month and tenure period is 37 months. I am satisfied with the customer service. Processing fee is 5,000 and it is fine.
Subhajit Mandal, Kolkata
I have taken my car loan with HDFC Bank and the process was easy to get the loan. The documentation was easy and they have provided the loan on time. The rate of interest and processing charges are normal. The after loan services are also good and satisfactory.
Sachin Kumar, Allahabad
I have taken car loan from HDFC BANK. There are no hidden charges. I use to pay 17,900 as EMI per month. Customer service response is quick and smooth. Processing fee is 9,000 and tenure period is 5 years. My loan experience was good. My loan amount is 85,6000 and interest rate they promise me to charge, 9% but they charge 9.5%. So far my experience is good with HDFC BANK.
Vijay Kumar, Secunderabad
I have taken a car loan from HDFC BANK and my loan experience is pretty good. My loan amount is up to the mark and interest rate is nominal in the market. There are no hidden charges. Customer service is good. I did not face any issues at the time of documentation. They did not charge a processing fee. The process was very quick. No challenges faced till date.
Want to read more reviews? Click here.
Ready to apply? Do keep these points in mind before applying for the HDFC Bank Car Loan.
- Calculate your EMI to ensure that it is well within your budget
- Understand your Car Loan eligibility so that loan rejections are minimised
- Calculate the total loan cost (processing fee + service charges + total interest).
- Look at loan offers across lenders to check just to ensure that you are getting the best Car Loan
Don’t wait! We have some of the best offers right here!