HDFC Car Loans - A Drive to Your Dreams

The HDFC  was founded in the year 1994. It is largest bank in India in terms of market capitalization and the second largest private bank in India by measure of its assets.  It offers attractive car finance plans for all car segments at lower rate and covers the widest range of cars and multi utility vehicles. HDFC can offer a car loan for up to 100% of the value.

HDFC car loan are some of the best car loans available in the market. With competitive pricing along with quick and easy loan sanctions, HDFC car loans available for up to 100% of the car finance value and can be tailored to suit the needs of the customers. HDFC offers car loans for both new and pre owned cars. Due its tie up with different authorized car dealer across India, it provides car loans for a wide range of cars. HDFC car loans can be availed on the basis of age, income, credit score of the customer among other factors in a transparent and simple process.

HDFC offers car finance plans at competitive interest rates. The main features of HDFC bank car loan include, simple documentation, finance up to 100% of the car’s on road or cost, quicker loan processing and approval.

HDFC Car loan features:

• Quick loan processing, approval and disbursal: HDFC car loans  requires less processing time and minimal documentation which in turns leads to quick sanction and disbursal. The bank also offers doorstep service facility.

• Interest rates: HDFC levies competitive interest rates on all car loan products.

• Complete transparency at all the levels: HDFC bank has a clear loan process and one get updates about the loan application status at each stage. There are no hidden charges associated with HDFC car loan.

• Tenure: HDFC provides flexible loan repayment tenure of 7 years.

• EMI and Down payments: HDFC offers lowest down payments and EMI.

HDFC Car loans Interest Rates

HDFC car loan interest rates are affordable and are targeted towards easy and hassle free repayments. These loans are available for a wide range of cars with flexible loan repayment tenures upto 7 years. Interest rates offered on car loans by HDFC  are between 9.15% and 14.29% which are based on the type of car or car segment. For pre owned car loan interest rate is from 14.50% to 17.50% depending upon the segment and age of vehicle.

Factors that affect HDFC Car loans Interest rates

• Tenure: Car loan interest rates of HDFC depends upon the repayment tenure. Longer loan tenures usually implies a higher rate of interest.

• Income: Income is one the most important factor which affect the car loan interest rates. Rate of interest is comparatively higher for the applicant with less income. Income determines the rate of interest and the loan amount that the applicant can avail.

• Credit score: The credit score is very important for the applicant as it determines the person’s eligibility for the HDFC car loan. HDFC prefer providing car loans to those whose CIBIL scores are more than 750.

• Relationship with bank: HDFC prefer to provide loans to those who are already customers of HDFC bank or have an account in the bank.

Eligibility Criteria for HDFC car loans

• Category: Any government or private corporate employee, self employed, professional, pensioner can apply for car loans in HDFC bank.

• Income: Any employee of government or private corporation, minimum salary should be 1,80,000 INR per annum and for self employed minimum salary should be 1,50,000 INR per annum to apply for car loan in HDFC  bank.

• Age: To apply for a car loan in HDFC, minimum age of a salaried employee should be in between 21 years to 60 years and for a self employed and professionals minimum age should be in between 21 years to 65 years.

• Employment Status: The car loan applicant should have been working from at least last 2 years or should be in the same business for minimum of 2 years

• The car loan applicant should also have a telephone or a postpaid mobile phone.

Documents required for car loan  application

• Photo ID  and Age proof
• Signed application form with photograph
• Residence proof
• Last six months bank statement
• Documentation for salaried applicants : Last 3 months salary slip and Form 16 or Income Tax Returns
• Documentation for self employed applicants: Last three years Income Tax Returns with computation of Income and Last 3 years CA Certified or Audited Balance sheet and profit and loss account.