HDFC Bank Car Loan

HDFC Bank enables you to buy your Dream Car by availing Car Loans as high as Rs. 3 Crores within 7 working days of post submission of all required documents and information required by the bank. You can easily repay your loan with a flexible repayment tenure ranging between 12 months to up to 84 months ( 1 Year to up to 7 Years). The Processing Fee charged by the bank is 0.4% of the loan amount or minimum Rs. 3,000 and maximum Rs. 10,000.


HDFC Bank is a good fit for you if?

Existing Customers - HDFC Bank takes care of its customers by providing its existing customers a facility that will allow them to borrow a certain amount of money on their existing car loans, 10 seconds approval with minimal documentation. So availing loan from HDFC Bank could be a good fit for you if you have any existing relation with the bank as HDFC Bank provides you a top up loan with no documentation.

If you are a Salaried employee - Availing loan from HDFC Bank could be a good fit for you if you're an employee of private limited companies, employees of a public sector undertakings, including central, state and local bodies who is earning minimum of Rs. 3 Lacs including the income of her / his spouse or a co-applicant and who had a job for at least 2 years with a minimum of 1 year with the current employer but the individual should not be less than 21 years of age at the time of applying for a loan and should not be older than 60 years at the end of the repayment of the loan.

You are Self-employed / Sole Proprietor earning Rs. 3 Lacs per annum - If you are a Self - Employed Individual, a Self Employed Professional or a Sole Proprietor in the business of manufacturing, trading or services and of minimum 21 years of age at the time of applying for the loan, earning Rs. 3 Lacs per annum, then this could be a good fit for you.

HDFC Bank Car Loan at a glance

Annual Interest Rate

9% - 10.25%

Loan Term

12 months - 84 months

Loan Amount

Up to Rs. 3 Crores

Up to 100% of on-road price

Time of Funding

Within 7 working days of approval

Pre-Payment Charges

3% - 6% of the outstanding amount

HDFC Bank offers you car loan as high as Rs. 3 crores or up to 100% value of the car for specific car models with approval in just 10 minutes and provides you funds within 7 working days of post submission of all required documents and information which is required by the bank. You can repay your loan amount between the tenure of 12 months to as long as 84 months and the annual interest rate charged by the bank ranging between 9% to up to maximum of 10.25% depending upon the segment of the vehicle. The prepayment fee charged by the bank is ranging from 3% to up to 6% of the principal outstanding balance.

Why Choose HDFC Bank?

Offers fund up to Rs. 3 Crores – Don't be depressed if you are not able to buy your dream car as HDFC Bank will help you to achieve your dream of having a new car by providing higher amount of funds so Choosing HDFC Bank for car loan could be a good alternative for you if you want high amount of money to buy your brand new dream car. Under this Bank, you can avail funds as high as Rs. 3 Crores which is really a huge amount to fulfill your dreams.

Step-up EMI option – Availing loan from HDFC could be a good fit for you as this offers a scheme of Step-Up EMI under which you are allowed to take higher loan amount at lower EMIs. It allows you to repay your loan amount in lesser amount of EMIs and will gradually increase the EMI amount over the tenure.

Balloon EMI is available – HDFC Bank offers Balloon EMI option under which you are allowed to repay your loan amount by paying lower EMIs throughout the tenure and then you have to pay larger lump sum amount at the end of the tenure. Bank will offers you funds up to Rs. 20 Lacs to Rs. 50 Lacs. The EMI till the 59th month in the balloon scheme is 20% lower than the regular scheme and in the 60th month, you have to pay 30% of the loan amount in the balloon scheme to close your loan. This scheme provides you a benefit of top up loans after 9 months for any of your personal requirements which will help you to have good repayment record and after 36 months of repaying your loan, you don't have to pay any foreclosure charges. So by availing loan under this scheme, you can easily buy your dream car.

In-Principal Approval – Availing loan from HDFC Bank could be a good alternative for you as it offers in-principal approval where you can get the approval for the loan amount even before finalising your dream car within just 10 minutes as compared to other banks or financial institutions which doesn't allow this facility.

No Prepayment is allowed within 6 months from the date of availing loan – Unlike other competing banks or financial institutions which doesn't allows you to prepay your loan before repayment of first 12 EMIs. Whereas HDFC Bank allows you to repay your loan within 6 months from the date when you receive the loan funds.

Zero documentation on top-up loans – HDFC Bank has a hassle-free procedure of providing car loans as they doesn't ask for any documentation process under Top-Up loans. So without wasting your time on the process of availing loan, you can now easily avail your loan from HDFC Bank with zero documentation on Top-Up loans.

What to watch out for?

Minimum credit score of 700 or above – HDFC bank offers funds to only those applicants who have a minimum credit score of 700 or above as the higher your credit score, the better are your chances of getting a loan.

Compare HDFC Bank Car Loans to Other Banks

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Bank Name HDFC Bank SBI Canara Bank

Typical APR

9% - 10.25%

9.20% - 9.70%

8.95% - 9.60%

Loan Term

12 months - 84 months

Maximum 84 months

Up to 84 months

Maximum Lending Amount

Up to Rs. 3 Crores

Up to Rs. 5 lacs

Up to 90% of car value

Processing Fee

0.4% of the loan amount

Rs. 1,000 to Rs. 1,500

0.25% of the loan amount

 

Min Rs. 3,000 to Max Rs. 10,000

 

Min Rs. 1,000 to Max Rs. 5,000

Time to Funding

Within 7 working days of approval

 

 

Pre-Closure

3% to 6%

Nil

Nil

Coming to the comparison part, HDFC Bank offers loan as high as Rs. 3 crores which is quite a high amount as compared to other competing banks such as State Bank of India which provides loans as high as Rs. 5 lacs and Canara Bank which lends maximum of 90% of the loan amount, so if you want large amount of funds, you can apply from HDFC Bank and the tenure to repay your loan is same in all the three banks. The processing fee charged by HDFC Bank is 0.4% of the loan amount or minimum Rs. 3,000 and maximum Rs. 10,000 while in case of State Bank of India, its Rs. 1,000 to up to Rs. 1,500 and in case of Canara Bank, the processing fee charge by the bank is 0.25% of the loan amount or minimum Rs. 1,000 and maximum Rs. 5,000.

The typical APR of HDFC is ranging from 9% to up to 10.25% per annum as compared to other banks such as State Bank of India whose typical APR is ranging from 9.20% to up to 9.70% of the loan amount while in case of Canara Bank, its interest rate is different for different categories such as for women borrowers, it interest rate is ranging from 8.95% to up to maximum of 9.50% and 9.0% to up to 9.60% for other borrowers. HDFC Bank charges 3% to 6% as a pre-closure fee while State Bank of India and Canara bank does not charge any Pre-closure fee which is a good thing.

Am I Eligible?

  • Age of the salaried applicant should not be less than 21 years at the time of loan application.
  • Age of the salaried applicant should not be more than 60 years at the end of loan tenure.
  • Salaried employee must have a Landline / Postpaid connection.
  • Salaried Individual must have total job experience of at least 2 years and minimum of 1 year experience with current employee.
  • Age of the Self-Employed applicant should not be less than 21 years at the time of loan application
  • Age of the Self-Employed applicant should not be more than 65 years at the time of loan tenure.
  • Minimum net annual income of the applicant either salaried or self employed, must be Rs. 3 Lacs.
  • A Self-Employed individual must have been in the same business for a minimum of 2 years
  • A Self-Employed applicant can be a sole proprietor, partner in the partnership firm, private limited companies, or a public limited companies.

Loan Offerings

HDFC New Car Loan

  • HDFC Bank offers you most passengers cars and larger vehicles which can tackle a wide range of applications and provides you luggage capacity which are manufactured by India's foremost automobiles companies. It offers loan as high as Rs. 3 crores or up to 100% of the car value for specific car models with approval in just 10 minutes and provides you funds within 7 working days of post submission of all required documents and information which is required by the bank. The processing fee charged by the bank is 0.4% of the loan amount or minimum Rs. 3,000 to maximum Rs. 10,000. You can repay your loan amount between the tenure of 12 months to as long as 84 months and the interest rate charged by the bank ranges between 9% to up to maximum of 10.25% depending upon the segment of the vehicle. The prepayment fee charged by the bank is ranging from 3% to up to 6%.
  • Documents required for Salaried individuals :
    • Latest salary slip along with Form number 16 as income proof
    • Bank statement of the previous 6 months
    • KYC Documents
  • Documents required for Self-Employed Individual (Sole Proprietorship):
    • Latest Income Tax Returns (ITR) as income proof
    • KYC Documents
    • Bank statement of the previous 6 months
  • Documents required for Self-Employed Individuals (Partnership Firms):
    • Shop and establishment act certificate
    • SSI Registered certificate
    • Sales tax certificate
    • Bank statement of the previous 6 months
  • Documents required for Self-Employed Individuals (Private Limited Companies):
    • Audited Balance Sheet
    • Shop and establishment act certificate
    • SSI registered certificate
    • Profit and loss account of the previous 2 years
    • Sales Tax certificate
    • Company income tax return for the previous 2 years
  • Documents required for Self-Employed Individuals (Public Limited Companies):
    • Audited Balance Sheet
    • Profit and Loss Account of the previous 2 years
    • Shop and establishment Act Certificate
    • SSI Registered Certificate
    • Sales Tax Certificate
    • Bank statement of the previous 6 months

HDFC Bank Car Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

HDFC Bank New Car Loan

9% - 10.25% per annum

The applicable interest rate charged by HDFC Bank on Car Loans ranging between 9% to up to maximum of 10.25% depending on the segment of vehicle.

How do I apply for HDFC Bank Car Loan?

At Paisa

    • Click on ''APPLY NOW'' button
    • Fill the necessary details such as
      • Desired Loan Amount
      • Purpose of your loan
      • Your monthly salary
      • Select whether you are salaried or self-employed
      • Your name, email-id, contact no etc.
    • Click on ''SUBMIT''

At HDFC Bank Branch

    • Walkin to the nearest branch of HDFC Bank along with KYC documents. Click here to download the application form of HDFC Bank Car Loan
    • Fill in the required details and attach your important documents.
    • Now, you can submit this application from at any of your nearest branch of HDFC Bank

After I Apply?

Check Loan Status

  • Through HDFC Status Tracking Page
    • Click here here to go to the status tracking page.
    • Enter your reference number and your phone number
    • Now you can click on ''TRACK''
  • Through HDFC Customer Care
    • Dial HDFC Customer Care Number 1800-266-4332 of your city as mentioned in the table below along with the STD Code.
    • For English Press 1, for Hindi Press 2 or Press 3 for Punjabi
    • Press 1 to know about Loans
    • Now Press 3 to know about Car Loans
    • Now wait for the IVR to connect your call to customer care executive.

Fees & Penalties

Type of Charge Applicable Charges

Processing Charges

0.4% of the loan amount

Min Rs. 3,000 to Max Rs. 10,000

Foreclosure Charges

No Prepayment charges

Within 6 months from date of availing the car loan

Part-Payment Charges

5% on the Part-Payment amount

In case Part Prepayment is within 13-24 months from 1st EMI

3% on the Part-Payment amount

In case part prepayment is post 24 months from 1st EMI

Late Payment Penalty

2% per month on the overdue amount

Cheque Swapping Charges

Rs. 500 per instance

Documentation charges

Rs. 360 per case

Rebooking charges / Loan Rescheduling charges

Rs. 1000

Amortisation Scheduling Charges

Rs.200 per schedule

Customers can download the schedule from E Delighrt fee of cost

Duplicate number due certificate / NOC

Rs. 500 per instance

Commercial / Personal use NOC

Rs. 2250 per NOC

LPG / CNG NOC / Other Special NOC

Rs. 500 per instance

HDFC Bank charges a processing fee of 0.4% of the loan amount or minimum Rs. 3,000 and maximum Rs. 10,000 of the loan amount. There is no Pre-Payment fee charged by the bank within 6 months from the date of availing the car loan. In case Payment is done within 13-24 months from 1st EMI then the Part-Payment charges are 5% on the Part-Payment amount and in case part payment is done within 24 months from 1st EMI, then you have to pay 3% as a part payment charges. The Stamp duty charges are at actuals and are non refundable and the late payment penalty charges are 2% per month.

For cheque or ECS swapping charges, you have to pay Rs. 500 per instance and have to pay Rs. 360 as a documentation fee. If you want to reschedule your loan or rebook your loan, then you have to pay Rs. 1,000. Applicants can download the schedule from E Delight fee of cost Rs. 2,000 per schedule and would be charged at customer service desk. Rs. 500 per instance will be charged for duplicate number due certificate or No objection certificate and charges Rs. 2,250 per no objection certificate for commercial use of No objection certificate. HDFC Bank charges Rs, 500 per instance on LPG / CNG no objection certificate or other special no objection certificate.

FAQs

Do i need a guarantor for new car loans?

No, Guarantor is required for applying car loans from HDFC Bank but if your income does not meet their credit criteria then you may be required to have a guarantor / co applicant to stand surety for your loan.

How can i obtain a duplicate repayment schedule for my car loan account?

You can obtain a duplicate repayment schedule for your loan account, free of charge by registering of our Net Banking facility on www.hdfcbank.com and can download the repayment schedule for your linked loan account.

Is the bank responsible for delivering us the car?

No. The bank will not be responsible for delivery of the vehicle for which the loan has been availed. Even if there is any defect, or dispute of any nature in the title or if it is found to be a stolen vehicle or ownership of the vehicle then the borrower have to independently satisfy itself in this regard.

What are the benefits of Balloon EMI scheme?

The benefits of the Balloon EMI scheme are as follows -

  1. In case you are making the foreclosure after 36 months from the date of disbursement then no foreclosure charges will be applicable to you.
  2. You can also get life insurance and medical health benefits in case you get permanently disabled, death in accident or hospitalization.
  3. You can get top-up loans under this scheme.
    1. You can avail up to Rs. 1 Lacs benefit on accidental hospitalization.
    2. You can avail up to Rs. 5 Lacs benefit on permanent total disability cover.
    3. You can avail up to Rs. 5 Lacs benefit on personal accident death cover .
What is the minimum amount I can borrow as HDFC Car Loan?

You can borrow minimum Rs. 1 Lac for a HDFC Car Loan.

If you are an HDFC Bank Car Loan customer with a clear repayment of 12 months or more we can Top-Up your car loan to the extent of the original loan value.

What are the special benefits the existing HDFC Bank customers?

If you have a Preferred Account or a Corporate Salary Account with HDFC Bank for more than 6 months, you can get fast approvals on your loans with minimal documentation.

If you are an HDFC Bank Car Loan customer with a clear repayment of 12 months or more we can Top-Up your car loan to the extent of the original loan value.

When can I prepay my entire loan? And what are the applicable charges?

You can pre-close your loan account any time after 6 months of availing of the loan. A fee of 6% of Principal Outstanding if preclosed within 1 year from 7th EMI, 5% of Principal Outstanding if preclosed within 13-24 months from 1st EMI, and 3% of Principal Outstanding if preclosed post after months from 1st EMI.

Can I make a partial payment towards my Car Loan? Will any charge be applicable?

Yes, you can make part-payment for your HDFC Car Loan. Part-payment is allowed if 12 EMIs of the loan are paid. Part-payment can be made twice only during loan tenure and only once a year. At any point of time, part-payment should not increase more than 25% of Principal Outstanding.

A fee of 5% on the part-payment amount if payment made within 13-24 months from 1st EMI and 3% on the part-payment amount if made after 24 months from 1st EMI.

Which cars can be financed using HDFC New Car Loan? And, does HDFC bank have any tie-up arrangements with any company?

HDFC Bank provides finance for most passenger cars and multiutility vehicles manufactured by India's leading automobile companies.

If you are an HDFC Bank Car Loan customer with a clear repayment of 12 months or more we can Top-Up your car loan to the extent of the original loan value.

Currently, you can avail HDFC New Car Loan to purchase a car of any of the following car brands –

Maruti Suzuki, Hyundai Motors, Honda Motors, Toyota Motor Corporation, Tata Motors, Mahindra and Mahindra Limited, Ford Motor Company, Chevrolet Motors, Audi, Volkswagen, BMW, Renault, Mercedes-Benz, Fiat, Jaguar, Bentley Motors , Lamborghini, Bugatti Automobiles, Smart Automobile, MG Motors, Mahindra-Ssangyong, Isuzu, Cadillac, Morris Motors, Kia, Studebaker, DC, Austin, Caterham, Tesla, Conquest, Subaru, Dodge, Koenigsegg, Jeep, Infiniti, Premier, Porsche, Reva, Maybach, ICML, Rolls-Royce, Volvo, Land Rover, Force, Maserati, Aston Martin, Ferrari, Peugeot, Mini, Bajaj, Mitsubishi,

Do I need a guarantor or co-applicant for Car Loans?

You don't need a guarantor or co-applicant in general, but if your income does not meet the credit criteria of HDFC Bank then you may be required to have a Guarantor/co-applicant, who is able to stand surety for your loan.

If you are an HDFC Bank Car Loan customer with a clear repayment of 12 months or more we can Top-Up your car loan to the extent of the original loan value.

How can I get a NOC from the bank for fitting an LPG/CNG kit on my vehicle under finance with the Bank?

You may obtain the NOC for fitting an LPG/CNG kit on your registered vehicle under finance with us by visiting any of our the Retail Loan Service Center and submitting the following documents –

Do I have an option to pay a skipped/ missed EMI for New Car Loans?

Request form for LPG/CNG NOC.

Self attested copy of the Registration Certificate book, duly self attested by you, along with the Original Registration Certificate book for validation.

Applicable fee of Rs. 500/- vide a cheque/pay-order/demand draft favouring "HDFC Bank Ltd Loan Account No. < >".

In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents (self attested copy and original for validation) of the bearer, i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided.

How can I get my address changed in my loan account?

To change your address in the records of HDFC Bank, you need to visit the HDFC Retail Loan Service Center and submit the following documents –

Request form for Address Change.

Self Attested copy of your revised address proof along with the original address proof for validation.

In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer,i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided.

How long will it take for my Car loan to be processed?

It may take 5 day in Urban areas and up to 7 days in Semi Urban and Rural areas.

Do I have an option to pay a skipped/ missed EMI for New Car Loans?