Tagged: HDFC Car Loan

HDFC Car Loan – A Key To Your Dream Car

The experience of travelling miles alone and with family and friends is stupendous. The enjoyment is even more if the journey is covered by an owned car. To travel in a self-owned car not just adds to the pride but it provides a different experience altogether. Each heart has the craving for possessing a car, but the lump sum amount required to make a purchase acts as a barrier in between.

This major obstacle hindering the access to the dream car loan can be swept off by availing HDFC car loan. The bank offers tailor-made car loans to cater the requirements of potential buyers. The HDFC Bank provides up to 100% finance for the flexible tenure. The funds are granted for the widest range of cars and multi utility vehicles sold in India.

hdfc car loan

The borrower can take a hassle-free loan for the longest tenure of 7 years. The repayment has to be made in the form of EMI that includes a part of principal and interest. The interest is charged at the nominal rates depending upon the segment of vehicle. The relevant information regarding HDFC car loan is given below:

  • The rate of interest ranges between 11.50% p.a. – 13.75% p.a.
  • The processing fee of ₹ 2,825 to ₹ 4,650 is charged depending upon the loan amount applied for.
  • No foreclosure is permitted before payment of 6 EMI’s. Thereafter foreclosure charges are applicable.
  • The penalty of 2% per month is levied on the late EMI payment.
  • Easy credit up to ₹ 1.50 crores can be availed.

HDFC Car Loan Eligibility Criteria:

All salaried and self-employed individuals, partnership firms, public limited and private limited companies are eligible provided they match the eligibility criteria-

Salaried Individuals:

  • Age of the individual should be 21 years & above but below or equal to 60 years
  • Have had a job experience of 2 years and worked for at least 1 year with current employer
  • The minimum annual income should be ₹ 1,80,000
  • Should have telephone/ postpaid mobile

Self – Employed Individuals:

  • Minimum age should be 21 years at time of application but less than or equal to 65 years at time of maturity
  • Have been in business for 2 years
  • Should earn at least ₹ 60,000 annually if wanting to buy a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Having telephone/ postpaid mobile connection at residence

Partnership Firms:

  • Engaged in the business of manufacturing, trading and services
  • Minimum annual turnover of ₹ 4,50,000
  • Having per annum income of ₹ 60,000 for buying a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Have a landline at both office and home

Private Limited Companies:

  • Should be an owner of private company working in the field of manufacturing, trading or services
  • Having per annum income of ₹ 60,000 for buying a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Minimum annual turnover of ₹ 4,50,000
  • Should have an operating landline at office

Public Limited Companies:

  • Director in a public limited company engaged in the line of manufacturing, trading or services
  • Earning minimum ₹ 60,000 per year if willing to buy a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Annual Turnover should at least be ₹ 4,50,000
  • Should have a landline connection at office

Documents Required:

Identity Proof – ( Applicable only for salaried individuals and sole proprietors )

  • Copy of Passport
  • PAN Card
  • Voters ID Card
  • Driving Licence

Address Proof –  

  • Ration Card
  • Driving Licence
  • Voters Card
  • Copy of Passport
  • Telephone Bill
  • Electricity Bill
  • Life Insurance Policy

Income Proof-

  • For Salaried – Latest salary slip with form 16
  • For Self-Employed Individuals – Latest ITR
  • For Others –
    • Audited balance sheet
    • Profit & Loss Account Statement of previous two years
    • IT returns of the company of last 2 years
  • Bank Statement of last 6 months

Features of HDFC Car Loan:

  • The loans are given for purchase of all types cars including multi-utility vehicles
  • Long repayment tenure lasting up to 7 years
  • Amount disbursed up to ₹ 1.50 crores
  • Loan approved within 30 minutes
  • Attractive rate of interest
  • No income document scheme
  • Special schemes for HDFC Bank customers
  • Lowest down payment
  • Quick disbursal and less documentation
  • Repayment in form of easy installments

Bring home a car of your choice with HDFC Car Loan

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.

HDFC Car Loan

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%.

Eligibility Criteria:

Salaried Employee-

  • 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.