The (HDFC) Housing Development Corporation Limited was founded in 1994. HDFC is the 5th largest bank in India. HDFC bank provides the best car loans in India. It offers car loans at attractive interest rates and covers wide range of cars. In LoanOnMind, one can check the eligibility by filling the online form. Read these things to know about eligibility and documents required for HDFC new car loan.
Below are the HDFC bank car loan interest rate:
|Interest Rate||8.85% to 14.26%|
|Processing Fee||As per banks norms|
|Foreclosure Charges||3% to 6% depending on loan tenure (no foreclosure for loans disbursed <6 months ago)|
|Documentation Fees||Rs. 600 each time|
|Penalty for Late Payment||2% each month|
|Financing Quantum||up to 100% depending on customer profile|
|Loan Amount||75K Min|
|Tenure Range||1-7 years|
Identity Proof – Aadhar Card / Voter Card/ Passport
Address Proof – Elec Bill / Licence / tel Bill / Sales Tax Cert
Income Proof – P&L Ac/ ITR / Form 16
6 months bank statement
Car loan eligibility is based upon various factors but the most important factor is repaying the loan amount. The main factors of getting a car loan depends on:
Age: Age is the main thing to consider to know your repayment capacity and eligibility. HDFC offering car loans to the people who are at least 21 years old at loan approval time and 60 years old at the end of the loan.
Income: Based upon your income, HDFC car loan calculator will calculate your eligibility. HDFC bank sets minimum income to apply for a car loan. The annual income should be Rs. 1.80 lakhs.
Profession and Job Stability: Job stability and profession is the important factors to getting a new car loan from HDFC bank. If you are working in a reputed company, then the probability of getting a car loan is easy and income is considered as stable. The bank offers the best rate of interest to the employees.
CIBIL Score: Your previous CIBIL history and repayment records of your credit card and past loans will directly impact on your car loan eligibility. If you have a poor repayment history, it is difficult to get a car loan. So, it is advisable to repay the loan regularly and increase the chance of getting a loan. HDFC bank gives the new car loan whose CIBIL score is 700 and above.
Loan Amount: Loan amount should be based upon your annual income. HDFC bank offers 100% ex showroom price depending upon the vehicle value. Check your car loan status online and apply for a car loan.
HDFC Bank provides a car loan for up to 100% of the value! check out the exciting offers on loans for cars furthermore as multi-utility vehicles from hdfc bank via Loanonmind.com.
EMI calculator is a tool which is available on lender websites or banks and also presented on the financial websites. By using this calculator, we can calculate the EMI we need to pay for each month to complete the loan amount.
In order to calculate your loan EMI, you should have an idea about how much loan you want, how long you have to pay and what is the rate of interest applicable on it. These three factors are important for calculating the EMI. Once you enter these values , the car loan EMI calculator will display your EMI.
Factors Affeting on HDFC Car Loan EMI
Loan Amount: Loan amount is the money borrowed from HDFC bank. If you are taking higher loan amount means you will be pay high EMI. HDFC bank gives 100% loan of ex-showroom cost of the car.
Interest rate: It is the interest charged by HDFC bank on your auto loan. Higher interest rate will increase your vehicle loan EMI which will increase your entire cost of the loan. The lowest interest rate offered by the HDFC bank is 8.85%
Loan Tenure Period: You can repay the loan within this period. Longer tenure means lower EMI. If you choose longer tenure period, then you have to pay low EMI. The maximum tenure of HDFC bank is 7 years.
Our HDFC bank EMI calculator helps you to calculate the EMIs that you will be required to pay for your dream car. To caluculate the HDFC Bank car loan EMI, use below HDFC car loan emi calculator:
|Fill up loan application form||Fill up loan application form|
|2 Passport Size Photos||2 Passport Size Photos|
|Identity Proof – Driving Licence/ Passport/ PAN/ Voter ID||Identity Proof – Driving Licence/ Passport/ PAN/ Voter ID|
|Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit||Business proof such as GST registration, business address proof, incorporation details in case of companies, copy of partnership deed and proof of business existence and business profile, profit and loss account and balance sheets certified by CA|
|Residential Address Proof – Registered Rent Agreement/ Leave and License/Utility Bill (up to 3 months old), Passport||Residential Address Proof – Registered Rent Agreement/ Leave and License/Utility Bill (up to 3 months old), Passport|
If you are a new one to avail the car loan, follow these tips and guidelines.
Before applying for a car loan, make sure that tour credit score will be optimum. Above 750 credit score is good. The lower rate of interest is added to your loan when you have a higher credit score.
Choose the short tenure option.
Choose a new car within the budget.
Make sure that your debt to income ratio didn't surpass 40% of your annual income.
Make a down payment of 20% of the entire loan amount. This will decrease the interest rate.
Do a regular EMI repayment. If you miss an EMI prepayment, then you will talk with the bank and make an adjustment.
Plan your monthly finances.
Processing fee - 0.4% of the loan amount subject to min. Rs. 3,000 and max. Rs. 10,000
Cheque/ ECS Swapping Charges - Rs. 500/-
Loan Cancellation - For cancellation of loan, the customer should pay the interest from the date of payment to date of cancellation. Processing fee, documentation charges and stamp duty are non refundable charges and didn't get them in case of loan cancellation.
Duplicate no due certificate (NOC) - Rs. 500/-
Loan rebooking charges/ reschedule charges - Rs. 1000 will be charged.
CIBIL Charges - Rs. 50/-
LPG/ Other Special NOC/ CNG NOC - Rs. 500/-
Cheque/ SI/ ECS return charges - Rs. 550/- per instance
Processing fee for New car loan:
Up to Rs. 2.5 lakhs - Rs. 2825/-
Over Rs. 2.51 lakhs to Rs. 4 lakhs - Rs. 3850/-
Over Rs. 4.01 lakhs to Rs. 5 lkahs - Rs. 4300/-
Over Rs. 5.01 lakhs to Rs. 10 lakhs - Rs. 4650/-
Rs. 10 lakhs and above - Rs. 5150/-
HDFC Bank Car loans are very popular among other banks. Features of HDFC Bank car loans:
Flexible Repayment option: Step-up/ Balloon EMI
Step - up EMI
If you are planning to buy a car the way you want, then HDFC step up EMI is your ultimate option.
A step-up plan will allow you to pay your car loan amount at affordable EMIs and increases the EMI amount over the loan tenure.
Step-up EMIs are based on your income increments and a car you like to buy is unaffordable now could be affordable for next year.
Step-up EMI enables you to take high loan amount at low EMIs. So, you can choose a big car.
How does step-up EMI works?
The following example shows how the step-up EMI will work.
Normal EMI on Rs. 1 lakh car loan - Rs. 1609
Initial EMI in a step-up car loan - Rs. 1239 (24% cheaper)
|EMI (in months)||Percentage increase in EMI||EMI|
With HDFC bank custom fit car loans, get your dream car without any hassles of high EMI. In balloon EMI scheme, you can get the loan up to Rs. 50 lakhs at an affordable EMIs.
What is Balloon EMI scheme?
It allows you to buy a big car at low EMI cost. The below example gives you idea about balloon EMI scheme:
|For 60 months||Balloon EMI||Normal EMI|
|Loan amount||Rs. 2,000,000||Rs. 2,000,000|
|EMI||Rs. 31954||Rs. 42004|
The EMI difference is 31%
You can get 100% finance for a new car.
HDFC Car loan is approved within a short span of time(30 Min.)
Competitive and fixed interest rate.
Flexible loan repayment tenure of 7 years.
EMIs for Car loan are low.
Existing customers can get car loans without documentation.
Lowest down payments.
HDFC offers many products and services to their customers. If you have any queries and complaints on processing a car loan or to know the hdfc car loan status, contact hdfc car loan customer care number: 61606161
Do I need a Guarantor for new car loan?
No, If your income doesn't meet the eligibility criteria, then you may require a guarantor for surety.
Is there any option to pre pay the whole loan amount?
Yes, You can pre pay the entire loan amount at any time. You have to pay small pre payment fee on the outstanding loan amount.
What are tenure period options available?
You can choose any tenure period from 12 to 84 months.
What is the maximum loan amount I can borrow from HDFC bank?
If you are a salaried individual, you can borrow 3 times your net salary. If you are a self employed individual, you can borrow 6 times your net income. T&C applies on specific models.
Can I add my spouse's income while applying for a new car loan?
You can add your spouse's income to increase your car loan eligibility and get high amount.