HDFC bank offers you the lowest car loan interest rate in India, with a 6.80% to 10.25% valuation. The exact rate will depend on your car valuations, CIBIL score, and employment status. If you are a salaried employee, you will get the maximum benefits compared to a self-employed individual. You can easily apply for a loan through digital mode without going to the bank in person. You won’t have to submit any documentation in this mode, and the loan will be approved almost instantly. One of the best things is that you will easily get 100% of the total car finance. The maximum loan amount you can apply for is INR 3 crores. You can also get a top-up loan even when the previous car loan is active.
HDFC Bank Xpress Car Loan:
- 100% Digital – Apply at anytime, from anywhere.
- Instant Loan Approval – 30 minutes end to end digital process.
- No Documentation – No physical documents or verification required.
Loan Amount
– Get loan up to ₹ 10 crore on a wide range of cars and multi-utility vehicles
– Enjoy 100% on-road finance** on your New Car Loan.
HDFC Bank Car Loan Interest Rate:
HDFC Bank offers car loans at competitive interest rates to make buying your dream car easier and more affordable. The interest rate for HDFC Bank car loans is dependent on various factors such as the loan amount, repayment tenure, and the creditworthiness of the applicant.
The interest rates for HDFC Bank car loans usually range from 7.25% to 7.75% for new cars, and 8.25% to 9.50% for used cars. The bank also offers special interest rates to existing customers, women applicants, and those with a good credit score.
It is important to note that the interest rate is not the only factor to consider when applying for a car loan. Other factors such as processing fees, prepayment charges, and foreclosure charges should also be considered before making a decision.
To apply for an HDFC Bank car loan, you can visit the bank’s website or visit your nearest branch. You can also use the bank’s online car loan EMI calculator to determine the loan amount, tenure, and EMI amount that suits your budget.
Overall, HDFC Bank car loans offer attractive interest rates and flexible repayment options to make your car-buying experience stress-free and convenient.
HDFC Bank Car Loan Eligibility:
Salaried Person-
- This includes employees of private limited companies, employees from public sector undertakings, including central, state and local bodies.
- Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure.
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.
- Those who earn a minimum of Rs. 3,00,000 per year, including the income of the spouse/co-applicant.
- Individuals who have a telephone/post-paid mobile.
Self Employed Person (Sole Proprietorship)-
- This includes self-employed sole proprietors in the business of manufacturing, trading or services.
- Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure.
- Those who have been in business for a minimum of 2 years.
- Should earn at least Rs. Rs. 3,00,000 per annum.
Self Employed Person (Partnership Firms)-
- This includes self-employed partners in the business of manufacturing, trading or services.
- Those who have a minimum turnover of Rs. Rs. 3,00,000 per annum.
Self Employed Person (Private Limited Companies)-
- This includes individuals who own a private company in the business of manufacturing, trading or services.
- Should earn at least Rs. Rs. 3,00,000 per annum.
Self Employed Person (Public Limited Companies)-
- This includes directors in public limited companies that are in the business of manufacturing, trading or services.
- Should earn at least Rs. Rs. 3,00,000 per annum.
Required Documents to Apply HDFC Bank Car Loan:
Salaried Person-
1. Any of the following documents as identity & Address Proof
- Valid Passport
- Permanent Driving license [recent, legible, laminate]
- Voters ID Card
- Job card issued by NREGA
- Letter issued by the National Population Register containing details of name & address
- Aadhar Card(only if Submitted voluntarily & backed by Aadhar consent Letter.1st 8 digits of Aadhar Number on physical copy to be redacted)Aadhar Card can be Physical Aadhar or Print out of e- Aadhar (not older than 30 days from the date of application).
2. Latest salary slip and Form 16 as income proof
3. Bank statement of the previous 6 months
Self Employed Person (Sole Proprietorship)-
1. Any of the following documents as identity & Address Proof:
- Valid Passport
- Permanent Driving license [recent, legible, laminate]
- Voters ID Card
- Job card issued by NREGA
- Letter issued by the National Population Register containing details of name & address
2. Latest Income Tax Returns (ITR) as income proof
3. Bank statement of the previous 6 months
Self Employed Person (Partnership Firms)-
1. All the following documents as income proof:
- Audited Balance Sheet
- Profit & Loss Account of the previous 2 years
- Company ITR for the previous 2 years
2. Any of the following documents as address proof:
- Telephone Bill
- Electricity Bill
- Shop & Establishment Act Certificate
- SSI Registered Certificate
- Sales Tax Certificate
3. Bank statement of the previous 6 months
Self Employed Person (Private Limited Companies)-
1. All the following documents as income proof:
- Audited Balance Sheet
- Profit & Loss Account of the previous 2 years
- Company ITR for the previous 2 years
2. Any of the following documents as address proof:
- Telephone Bill
- Electricity Bill
- Shop & Establishment Act Certificate
- SSI Registered Certificate
- Sales Tax Certificate
3. Bank statement of the previous 6 months
Self Employed Person (Public Limited Companies)-
1. All the following documents as income proof:
- Audited Balance Sheet
- Profit & Loss Account of the previous 2 years
2. Any of the following documents as address proof:
- Telephone Bill
- Electricity Bill
- Shop & Establishment Act Certificate
- SSI Registered Certificate
- Sales Tax Certificate
3. Bank statement of the previous 6 months
HDFC Bank Car Loan Foreclosure Charges:
HDFC Bank charges foreclosure fees for early repayment of car loans. The foreclosure charges vary depending on the type of car loan and the time period for which the loan has been availed. For instance, if the car loan is closed before six months from the date of disbursement, a foreclosure charge of 6% of the outstanding loan amount is levied.
If the loan is closed after six months, the foreclosure charge is 5% of the outstanding loan amount. However, it is important to note that HDFC Bank allows foreclosure of car loans without any penalty for loans availed by individuals.