How old should be a car to be eligible for HDFC Used Car Loan?
I am unable to provide my Income documents. Can I still avail the loan?
Yes, you can apply for HDFC Used Car Loan without the income documents. You can get up to 65% of the car value as the loan amount for a 3 year tenure and up to 60% of the car value as the loan amount for a 5 year tenure.
Can I prepay my entire loan? What are the applicable charges for Prepayment of the loan?
Yes, you can pre-close your loan account any time after 6 months after the loan disbursement. A charge 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 partial payment for your Loan. Partial payment is allowed only after the first 12 EMIs of the loan are paid. At any time during the loan tenure, part-payment should not increase more than 25% of Principal Outstanding.
What are the charges applicable on loan rescheduling / rebooking?
In this case, a fee of Rs. 1,000 will be levied to the customer. If changes are required on RC, refundable Security Deposit (non-interest bearing) of Rs. 5,000 would be necessary. It will be the borrower's responsibility to provide the transferred Registration Certificate to the bank.
If I cancelled the loan after approval. Would I get the paid fees returned?
On cancellation of an approved Used Car loan, only the PDD Collection charges are refundable.