Owning a car is surely one of the greatest feelings in the world, don’t you think so? Getting the keys in hand, fills your heart with warmth and joy, after all, it is your most possessed possession. So, it is also important that you should do thorough research and homework, if you are planning to buy the same via car loan. That’s right! These days, many lenders be it banks or NBFCs are there in the market, offering you this credit facility. But, it is crucial that you should take a smart move after comparing all the lenders so as to grab the best deal. However, to ease the burden from your shoulders, here we are to help, describing about car loan interest rate HDFC.
Yes, being one of the renowned names in the financial world, it would not be wrong to say that HDFC needs no introduction. The bank amongst its many products caters the multiple needs of all its customers. But if we specifically talk about car loan interest rate HDFC, there is no denying the fact that the bank offers the same at competitive rates. Currently, the lender is offering 11.50%-13.75% per annum (new cars) and 14.50%-17.50% per annum (old cars) interest rates on monthly reducing balance. Talking about the tenure, you can avail the credit for a tenure of upto 5 and 7 years respectively along with paying a one-time processing fee of 2% of the loan amount.
The rates offered by the bank are fixed and are especially designed for the customers who are not willing to take the market risk. Yes, when RBI do some modifications in its policies, it has a direct impact on the financial world, especially the loan segments. And, how can the car loan sector be remain unaffected? So, a change/modification in MCLR will also impact the floating rates linked to MCLR. But, as the Car loan rates of this leading bank are fixed, thus the fluctuation in the market won’t affect you, making the rates static. As a result, your EMIs and the Interest outgo will also remain unchanged/static.
As a result, with fixed EMIs, it would be easier for the borrowers to plan their monthly budget so that they can easily manage to pay their monthly installments. I know you must be wondering, why we are talking and giving so stress on interest rates. So, let me tell you, my friend, that after reading the article so far, you must have guessed that they are the critical part of the loan. Yes, there are plenty of factors on which it will have a direct impact. After all, it is the deciding factor that can either make or break the situation for you. It is no doubt the first thing that grabs the attention of the borrowers while availing the credit.
However, one interesting thing is the fact that the lower the rates are, the better it is for the borrowers as their EMIs, Interest Outgo and Total Amount Payable would also be reduced. And, the reverse will happen if the rates are higher. But above all, an interesting fact to mention here is that only a few people are aware that there are ways, which can actually allow the borrowers to reduce their existing offered rate. What, surprised to read that? But it is absolutely true! The borrowers can have the advantage of enjoying the lower rates by negotiating for the same from their previous or existing lender.
Yes, that’s right! If you are an existing or previous customer of a lender and have maintained the good relations with the bank, you can negotiate for the rates. There are chances that the lender will listen/agree to your terms by looking at your past record and can give you the loan at much lower rates than the existing scenario. Not only this, working in a Fortune-500 Company also allows you to reap the benefits when it comes to car loan interest rate HDFC. Working in a leading/ renowned company gives an assurance to the lender that the borrower is capable enough to repay the loan without any default in the future. Hence, the lender can further reduce the rates for such applicants/borrowers.
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