Having a car is one of the most cherished dreams of human beings. The simple thought of going on a long drive in one own’s car is so exciting. You too must be having the same feeling, right? But is lack of enough savings putting a brake on your dreams? If yes, then you need to put all your worries into rest. HDFC Car Loan is going to fuel your dream of owning a car of your choice. Housing Development Finance Corporation (HDFC) is one of the leading private sector banks in our country which provides finance to people who wish to buy a car.
The applicant be it a salaried employee or a self-employed individual can take a loan from the bank up to 3 and 6 times of his/her annual income respectively. Both passenger and multi-utility vehicles (MUVs) are financed by HDFC for a tenure up to seven years. The applicant can take a loan to buy a new car or a pre-owned car or even take against a car. The rate of interest for a new car is 8.51 to 15.69%. In case of a pre-owned car or loan against a Car Loan Interest rate is 10.97 to 20.87%.
- Should be at least 21 years of age while applying for a loan and <=60 years of age when the loan matures
- Should have a job for a minimum of two years and must be working for the current employer for at least one year
- Must earn a minimum annual income of ₹ 1,80,000. This can include the income of the co-applicant or spouse
- Should have a post-paid mobile or a telephone
Self employed individual (Sole Proprietorship)-
- Need to be at least 21 years of age when the tenure starts and <=65 when the tenure ends
- Need to be in their business for a minimum of two years
- Need to have an annual income of at least ₹ 60,000 and ₹ 1,00,000 if you plan to get a standard car and mid-sized & premium cars respectively
- Need to have a telephone at home or a post-paid mobile connection
Self employed (Partnership Firms)-
- Need to earn a minimum annual income of ₹ 60,000 if you plan to get a standard card and ₹ 1,50,000 to take a car loan
- A annual turnover of at least ₹ 4,50,000 is required
- Must have a landline in residence as well as office
Self employed (Private Limited Companies) and Self employed (Public Limited Companies)-
- Earn a minimum annual income of ₹ 60,000 in order to get a standard car. If you wish to buy premium and mid-sized cars then the annual earning need to be at least ₹ 1,50,000
- A turnover of at least ₹ 4,50,000 per annum
- Landline connection in office is required
Documents needed for a car loan:
Identity Proof- PAN Card, Voter ID Card, Passport, Driving License
Proof of Income- The applicants are required to submit the below documents as a proof of their income.
- Salaried employee: A salary slip along with Form 16
- Self employed individual (Sole Proprietorship): Latest Income Tax Returns
- Self employed (Partnership Firms): Audited Balance Sheet, latest two years Income Tax returns and Profit and loss account of the last two years
- Self employed (Private Limited Companies): Audited Balance Sheet, P&L account of the last two years and Income Tax returns of the latest two years
- Self employed (Public Limited Companies): Audited Balance Sheet and P&L account of the last two years
Proof of Address–
- Salaried employee and Self employed individual (Sole Proprietorship): Driving license/Telephone Bill/Ration card/Life insurance policy/passport copy/Voter card/ electricity bill/PAN Card
- Self employed (Partnership Firms), Self employed (Public Limited Companies) and Self employed (Private Limited Companies): Sales Tax certificate/Electricity Bill/Telephone Bill/SSI registered certificate/Shop & Establishment Act certificate
Bank Statement: You also require a bank statement of the previous six months
HDFC Car Loan EMI Calculator:
Other than eligibility criteria, documentation work and interest rates one also has to keep in account the monthly EMIs he/she will pay to repay the loan. HDFC Car Loan EMI Calculator is instrumental here to calculate the EMIs. you are just required to feed in the details of your finances and the vehicle you plan to buy. This will provide you with instant information about the loan amount you require, tenure along with the EMIs you will have to pay off every month.