A car is so much more than just being a transport. It is a travel partner, a companion with which a long distance journey becomes a memorable one. Having said that, almost everyone wants to have a car oh his own but sometimes we fall short of money when we want to buy an expensive car. So, if you also planning to buy a new car or an old one, a car loan can from HDFC Bank can really help you in getting a dream car for yourself.
In India, there are n number of banks and NBFCs that provide car loans but what makes the car loan scheme of HDFC Bank different is that it provides new car loan, pre-owned car loans (used car loans) and also loan against a car at an affordable rate, isn’t it amazing? Well, a borrower always wishes for a rate that he can afford and the loan amount that can fulfill his needs and HDFC car loan can really prove to be a great deal for you in all these cases. Below is the interest rate for a new car loan and old car loan, so have a look.
HDFC Car Loan Interest Rates-
For New Cars: 9.25%-11.25% p.a. (Monthly Reducing Balance)
For Old Cars: 14.50%-17.50% p.a. (Monthly Reducing Balance)
Just like any other loan, there are certain factors that affect the car loan eligibility at HDFC Bank. Having said that, the eligibility criteria is subject to change from one person to another. To start with, have a look at the factors affecting the eligibility for a car loan.
Factors Affecting Car Loan Eligibility-
Income: The loan amount is largely based upon the income of the borrower. So, the higher your earnings are the better deal you will get.
Stability: If you have been a stable employee then it is a plus point.
Car Type: The type of car you are planning to but decides the loan amount you can get. Having said that, if you are taking this loan for a new car and an expensive one, you can get a higher loan amount.
Car Model Type: The amount of loan you are eligible is also dependent upon the model you choose to buy. Since depreciation takes off around 10%-20% of the car's value in the first year and more in the years to come, HDFC Bank lends you more on the vehicle with a higher resale value and less on the model with a lesser value.
Credit History: The applicants who maintain a healthy credit or CIBIL score are more likely to get the loan approval without any hassle.
Employment Status for Salaried: Salaried professionals are required to have a minimum work experience of 2 years with a year of experience with 1 year of experience with the existing employer.
Business Longevity for Self-employed: Self-employed professionals or businessmen must stay in the same line of business for a minimum of 2 years.
Relationship with Lender: The efficacy of relationship with the lender can either be beneficial for you. So make sure you have a good relationship with the bank so that you can negotiate for a higher loan amount at competitive interest rates.
Category of Your Employer: If you are working in a Top Fortune 100 company of India, the chances of getting a higher amount of loan from HDFC Bank is more. However, if you do not belong to such companies but have a good income, you can still get a good deal.
HDFC Car Loan Eligibility-
The eligibility criteria for a car loan under which an individual can apply at HDFC Bank is as follows:
For Salaried:
- The age of the applicant should be between 21-60 years
- The minimum annual income of the applicant should be at least ₹1,80,000
- The minimum work experience of 2 years is required in addition to at least 1 year of experience with the existing employer.
- Telephone at Residence or Office/Post Paid Mobile Connection is also mandatory
For Self-employed:
- The age of the applicant should be between 21-65 years
- The minimum annual income of the applicant should be at least ₹60,000-₹1,50,000
- The minimum experience of 2 years is required in the same profession
- Telephone at Residence or Office/Post Paid Mobile Connection is also mandatory
How to apply for HDFC Car Loan Online-
The application process to apply for a car loan at HDFC Bank is very simple. All you have to do is follow the below steps:
- Visit the official website
- Click on ‘Apply Now’
- Mention the personal and professional details correctly
- Submit the form along with the scanned copy of required documents
Thus, with all the above details, you can also apply for a car loan and get your dream car home. So, apply online now!
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