fincash logo SOLUTIONS
EXPLORE FUNDS
CALCULATORS
LOG IN
SIGN UP

Fincash » Vehicle Loan » HDFC Car Loan

HDFC Car Loan

Updated on June 13, 2024 , 41787 views

A few years back owning a car was a dream for many. But, today, having more than one vehicle is getting normal. Thanks to the easy finances and loans banks offer so that common people too can fulfil their luxury needs. HDFC is one such popular Bank Offering various schemes for opting for a car loan.

HDFC Car Loan

HDFC car loan offers easy transitions, quick disbursal modes, flexible repayment schemes, Ballon EMI option, etc. HDFC customers get additional advantages such as quick disbursal of funds, easy documentation, special rates of interest and a lot more.

HDFC Car Loan Interest Rates

HDFC bank offers attractive interest rates on New Car Loan and Pre-Owned Car Loan.

They are mentioned below:

Loan Interest Rate (%)
HDFC New Car Loan 8.8% to 10% based on vehicle segment
HDFC Pre-Owned Car Loan 13.75% to 16% based on segment and age of vehicle

HDFC New Car Loan

HDFC new car loan is a good option to buy your dream car. The bank offers 100% financing on selected vehicles, along with flexible repayment tenure and EMI options.

Features of HDFC New Car Loan

1. Loan Amount

You can get a loan of up to Rs. 3 crore from a wide Range of cars and vehicles offered by the bank. You can enjoy 100% on-road finance on your new car loan.

2. Repayment Tenure

You will get the benefit of a flexible repayment tenure, where you have to choice to pay back the loan from between 12 months to 84 months.

3. Easy Approval

The bank offers quick and easy documentation process so that applicants can get a loan approval in just 10 minutes.

4. ZipDrive-Instant New Car Loan

HDFC bank offers the ZipDrive Instant New Car Loan, especially for HDFC bank customers. Customers can get the loan amount instantly to the car dealers via net banking at any time, anywhere.

Ready to Invest?
Talk to our investment specialist
Disclaimer:
By submitting this form I authorize Fincash.com to call/SMS/email me about its products and I accept the terms of Privacy Policy and Terms & Conditions.

5. Repayment Options

  • Safe N Easy (Salaried Professionals) HDFC offers this scheme for salaried professionals where they can avail the loan with 75% lower as compared to regular EMIs. You can avail the loan with an option of paying Rs. 899/lakh for the initial 6 months and from the 7th month to the completion of 36 months, you will have to pay Rs. 3717 per lakh.

  • Safe N Easy (All Customers) Customers can avail EMI at 70% lower as compared to the regular EMIs. You just have to pay Rs. 899 per lakh for the first three months, which then regularises soon after.

  • 11119999 Scheme This is a popular EMI repayment scheme. The scheme is valid for 7 years. The EMI increases gradually over the tenure. You will have to pay 10% at the end of the tenure. Refer the following table to understand.

EMI from (in months) EMI/Lakh (Rs)
1-12 Months 1111
13-24 Months 1222
25-36 Months 1444
37-48 Months 1666
49-60 Months 1888
61-83 Months 1999
84 Months 9999
  • Divaloan This particular scheme is available for women. The rate of interest in this scheme starts at 8.20% p.a.

  • Set-up Scheme This scheme allows you to start EMI repayment in small amounts per lakh. This would gradually increase the EMI amount every year over the loan tenure.

EMI From EMI/lakh %Increase in EMI
1-12 Months 1234 -
13-24 Months 1378 11%
25-36 Months 1516 10%
37-48 Months 1667 10%
49-60 Months 1834 10%
61-72 Months 2018 10%
73-84 Months 2219 10%
  • Flexidrive

In this scheme, you can pay up to 50% lower EMIs for any three consecutive months for a year over the loan tenure. Following is a table that shows the loan amount to be paid for the initial three months of the year for a period of three years.

EMI From EMI/Lakh
1-3 Months 1826
4-12 Months 3652
13-15 Months 1826
16-24 Months 3652
25-27 Months 1826
28-36 Months 3652

This loan scheme is for above 20 lakhs. It also offers - Three Months Low EMI Scheme, wherein you can pay up to 70% lower EMIs for the first three months.

The following table shows EMI for three years with an amount of 20 lakhs.

EMI From (in months) EMI/Lakhs
1-3 months 20000
4-36 months 67860
  • Bullet Scheme: You will be allowed to pay equal instalments throughout the year. Then you will be required to pay a bullet lump sum amount at the end of the year. The following table shows the EMI payment for 3 years with the amount of 20 lakhs.
EMI from (in months) EMI/Lakh (Rs)
1 - 11 months 44520
12th month 280000
13 - 23 months 44520
24th month 280000
25 - 35 months 44520
36th month 280000
  • Balloon Scheme: You can pay equal instalments throughout the loan repayment tenure and larger lump sum amount towards the end of the term. The following table shows the amount per lakh for a total amount of 20 lakhs.
EMI from (in months) EMI/Lakh (Rs)
1 - 35 months 49960
36th month 600000
  • Regular+ Bullet Scheme: This scheme brings you an offer of regular EMIs combined with a bullet scheme for a seven-year period. You can pay an equal amount of instalments throughout the tenure and 30% of the loan amount as a lump sum value at the end of each year for 5 years.

Here is a table with an example for a sum of Rs. 20 lakhs.

EMI from (in months) EMI/Lakh (Rs)
1 - 11 months 26120
12th month 120000
13 - 23 months 26120
24th month 120000
25 - 35 months 26120
36th month 120000
37 - 47 months 26120
48th month 120000
49 - 59 months 26120
60th month 120000
61 - 84 months 26120

Processing Charges

The processing charges are 1% of the loan amount and are subject to minimum Rs. 5000 and maximum Rs. 10,000. Along with the processing fee for loans, an additional Rs. 3000 will be required for Manufacturer-backed Accessory Funding, Maintenance Package Funding, Manufacturer-backed CNG Kits Funding, Asset Protection Measure Funding.

Eligibility

  • Applicants have to be a minimum of 21 years of age, while applying for the loan. The applicant should not be above 60 years of age.

  • Salaried Persons: If you are a salaried person looking for a loan, then you should have had a job for a minimum of 2 years with a minimum of 1 year with your current organisation.

  • Your Income should be a minimum of Rs. 3 lakhs per year. This income range covers the combination of your income along with that of a co-applicant.

  • Self-Employed Professionals and Persons: You should be running a business for a minimum of two years with an earning of Rs. 3 lakhs per annum.

Other Perks

HDFC provides test drive assistance with a wide range of cars so that you can choose the right car for all your needs. You can download the HDFC Autopedia app for the latest news and apply for a car loan through the app. You can search for different cars with their brand names, price and EMI.

Pre-Owned Car Loan

HDFC bank is considered to be the largest player in the pre-owned car loan. Also, it is a boon for those who need assistance in finding their perfect. You can avail 100% finance for used cars along with hassle-free processing and minimum documentation. Another benefit is quick disbursal of the loan amount.

1. Loan Amount

You can get a loan of up to Rs. 2.5 crore with a wide range of cars to select. The age of the car for this loan should be under 10 years.

2. Loan Repayment Tenure

You can repay the loan within a period of 12 – 84 months with flexible repayment options.

3. No need for Income Documents

You can get a loan with 80% of the car’s value for three years without any income proof.

4. Easy Approval

You can avail fast processing and quick approval for a car loan under the scheme.

5. Processing Charges

The processing charges are 1% of the loan amount and are subject to minimum Rs. 5000 and maximum Rs. 10,000. Along with the processing fee for loans an additional Rs. 3000 will be required for Manufacturer-backed Accessory Funding, Maintenance Package Funding, Manufacturer-backed CNG Kits Funding, Asset Protection Measure Funding.

6. Eligibility

While applying for the loan, applicants should fall under the age bracket of 21 to 60 years.

  • Salaried Persons: If you are a salaried person looking for a loan, you should have had a job for a minimum of 2 years with a minimum of 1 year with your current place of work. Your income should be a minimum of Rs. 2,50,000 per year. This income range covers the combination of your income along with that of a co-applicant.

  • Self-Employed Professionals and Persons: You should be running a business for a minimum of two years with an earning of Rs. 2,50,000 per annum.

Documents Required for HDFC Car Loan

The following documents are required if you are applying for a new car loan or a pre-owned car loan.

Salaried Persons

  • Identity Proof( Aadhar Card, Passport, PAN Card, Voters ID Card, Driving License)
  • Salary Slip and Form 16
  • Address Proof (Aadhar Card, Ration Card, Driving License, Voters ID Card, Passport Copy, Telephone Bill, Electricity Bill, Life Insurance Policy)
  • Bank statement of the previous 6 months

Self-Employed Professionals and Persons

  • Identity Proof( Aadhar Card, Passport, PAN Card, Voters ID Card, Driving License)
  • Latest Income Tax Returns as Income Proof
  • Address Proof (Aadhar Card, Ration Card, Driving License, Voters ID Card, Passport Copy, Telephone Bill, Electricity Bill, Life insurance Policy)
  • bank statement of the previous 6 months

Self-Employed Individuals (Partnership Firms)

  • Income Proof (Audited Balance Sheet, Profit and Loss Account of the previous 2 years, Company ITR for the previous two years)
  • Address Proof (Telephone Bill, Electricity Bill, Shop and Established Act Certificate, SSI Registered Certificate, Sales Tax Certificate)
  • Bank Statement of the previous 6 months

Self-Employed Persons (Private Limited Companies)

  • Income Proof (Audited Balance Sheet, Profit and Loss Account of previous 2 years, Company ITR for previous two years)
  • Address Proof (Telephone Bill, Electricity Bill, Shop and Established Act Certificate, SSI Registered Certificate, Sales Tax Certificate)
  • Bank Statement of the previous 6 months

Self-Employed Persons (Public Limited Companies)

  • Income Proof (Audited Balance Sheet, Profit and Loss Account of the previous 2 years)
  • Address Proof (Telephone Bill, Electricity Bill, Shop and Established Act Certificate, SSI Registered Certificate, Sales Tax Certificate)
  • Bank Statement of the previous 6 months

An Alternative to Finance Car - Invest in SIP

Well, car loan comes with higher interest rates and long tenure. The best way to accomplish your dream car is by Investing in SIP (Systematic Investment plan). With the help of a sip calculator, you can get a precise figure for your dream car from which you can invest a fixed amount in SIP.

SIP is only the easiest and hassle-free way to achieve your Financial goals. Try now!

Speed-up your Savings to Buy you Dream Car!

If you are planning to fulfil a certain goal, then a SIP calculator will help you to calculate the amount you need to invest.

SIP calculator is a tool for investors to determine the expected return of the SIP investment. With the help of a SIP calculator, one can calculate the amount of investment and time period of investing requires to reach one's financial goal.

Know Your SIP Returns

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual Returns:
%
Total investment amount is ₹300,000
expected amount after 5 Years is ₹447,579.
Net Profit of ₹147,579
Invest Now

Conclusion

HDFC Car Loan is widely appreciated by masses. It is a great option to go with if you are looking for 100% financing with quick disbursal. Ensure to check all the loan related documents carefully before applying for the loan.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
How helpful was this page ?
Rated 5, based on 1 reviews.
POST A COMMENT