Whenever the latest car enters the market there is sense of excitement that strikes us, isn’t it? Buying a car tops the list for many people. It is such a joyous feeling to drive one’s own car. A car is not only a medium of transport but a medium of creating memories. When you have a car at your disposal you can always plan trips to nearby places or go to a long drive and eat yummy roadside snacks. Imagine the fun and adventure you can have while going on a road trip from Delhi to Shimla or any other such hill station.
As soon as any car is launched in a pompous manner, many people start checking out the features and price. They then start their calculations and check if the said car can match their budget or not. Sometimes the car turns out to be too costly for a person and he/she is forced to let go of the thought of buying it. If this is the case with you as well, then you need to simply relax because a good news awaits you. You can put all the tension at rest as a HDFC car loan is there to give wings to your dreams.
HDFC bank is one of the prominent private sector banks in India and has a wide range of products and services. Out of them, the car loan product is very popular amongst the loan seekers because of convenient monthly installments, flexible repayment tenure and affordable interest rate. With a monthly EMI of ₹10,000-15,000 you can now bring a stylish car of your choice. That's completely true buddy. Let’s say you are interested in buying a brand new Maruti Swift Dzire. You can easily buy the car with the help of a car loan product offered by HDFC bank.
The bank finances almost all the multi-utility vehicles and passenger cars which are manufactured by India’s top automobile companies. The loan amount that you can obtain depends upon whether you are salaried person or a self-employed one. The former can take a loan amount up to 3 times of his annual income whereas the former can take an amount up to 6 times of his annual income. You can decide the tenure which you want to take. The tenure goes up to seven years.
Eligibility criteria-
Both salaried employees and self-employed individuals are car loan eligibility to apply for the same.
A salaried customer must be at least 21 years of age whenever the loan is applied and must be less than 60 years when the term expires. He/she needs to have a total experience of at least two years and must be working with the present employer for a period of at least one year. The minimum annual income requirement is ₹1,80,000.
In case of a self-employed sole proprietor, the minimum age should be 21 years and the age of maturity is 65 years. He/she should be in the current business for a period of at least two years. The annual income should be between the level of ₹60,000 to ₹1,00,000.
If a partnership firm wants to take a car loan, the minimum turnover should be ₹4,50,000 annually. Having a landline connection at the office is very important. Both Public and Private Limited Companies require a turnover of at least ₹4,50,000 every year. If you are a director of the company you need to earn in the range of ₹60,000 to ₹1,00,000 per annum.
Documents required-
Suppose Abhishek wants to avail a car loan from the bank. He will be required to submit certain documents to the bank in order to fetch finance successfully. He will have to furnish proof of his identity, residential address and income. Bank statement of the past six months is mandatory and has to be shown to the bank.
Processing fees and Interest rates-
You should be aware about the interest rates which you are availing as they play an important role in determining your monthly EMIs. Higher interest rate will mean more EMI amount. The bank charges an interest rate of 11.50% to 13.75% for a car loan from its customers. A processing fee of 0.4% of the loan amount is also charged by HDFC.
So now that you have known about a HDFC car loan, I guess it’s time you avail the product. I wish you best of luck for a hassle free loan journey.
