HDFC Bank Overview

HDFC bank is one of the premier and preferred bank in India with the active branches and the loyal customers. When it comes to used car loans, it is a most popular option. The features of HDFC bank second hand car loan includes funding up to 100% on road price of used cars, easy documentation, fast loan approval, and door step service.

HDFC Bank Used Car loan Interest Rate Feb 2019

Below are the second hand car loan interest rate and charges of HDFC Bank:

Charges Details Paid Amount
Rate of Interest 10.16% – 16.95%
Processing Fee 2.00% Minimum Rs. 5,000
Tenure Period Range 1 to 5 years
Loan Amount Upto 80% of market value
Foreclosure Charges No foreclosure charges for 6 months; 6% pre-closure within 1 year from 7th EMI, 5% pre-closure within 13-24 months from 1st EMI, 3% pre-closure within 24 months from 1st EMI
Overdue EMI Interest 2% per month

HDFC Bank Used Car Loan Eligibility

The following are the eligibility criteria to get the used car loan Hyderabad:

For Salaried Individuals

  • This includes employees of private limited companies, CAs, doctors, public sector undertakings employees

  • Age should be 21 years and above but no more than 60 years at the end of the loan

  • You should have a job for minimum 2 years to get a used car finance

  • Minimum salary should be Rs. 2,50,000 per annum

For Self Employed Individuals (Sole Propretorship)

  • Any business, trading or services comes under this self employment

  • Age should be 25 years to 65 years at the end of the loan

  • Individual who have been in business for atleast 3 years

  • Should get atleast Rs. 2.5 lakhs per annum

Salaried professionals (Partnership Firms)

  • This includes self employeed professionals in trading, manufacturing business or services.

  • Professionals who earn at least Rs. 2.5 lakhs per year.

  • Individuals who have turnover minimum Rs. 4,50,000 per year.

  • Individuals who have office or residential telephone line. Three moths old post paid mobile phone is accepted when you have only one landline.

Self employed professionals (Private Limited Companies)

  • Any individuals who have private company in trading, manufacturing business or service.

  • Should get at least Rs. 2.5 lakhs per year.

  • Should have an office landline.

Self employed professionals (Public Limited Companies)

  • Any individuals who have public limited company in trading, manufacturing business or service.

  • Should get at least Rs. 2.5 lakhs per year.

  • Should have an office landline.

  • Self employed professionals (HUF - Hindu Undivided Family)

  • Any self employed professionals in a business that comes under HUF

  • Should get at least Rs. 2.5 lakhs per year.

  • Should have a office or residential landline. 3 months old post paid mobile phone is accepted when he has only one landline.

Documents Required for HDFC Bank Used Car Loan

To apply for a second hand car finance in hyderabad, the following documents are required:

Salaried Individuals

  • Age Proof - Aadhar Card/ PAN Card/ Passport/ Voters ID Card/ Photo Ration Card with DOB/ Photo Driving License with DOB (recent, legible, laminated)/ School/College leaving Certificate/ Employer Certificate/ID

  • Identity Proof - Aadhar Card/ PAN Card/ Photo Driving License with DOB (recent, legible, laminated)/ Passport Copy/ Voters ID Card/ Photo Ration Card with DOB

  • Income Proof - Latest PaySlip/ Latest Form 16/Latest ITR

  • Address Proof - Photo Ration Card with DOB/ Passport Copy/ Photo Driving License with DOB (recent, legible, laminated)/ Telephone Bill/ Credit Card Statement with Credit Card Copy/ Electricity Bill/ Employer Certificate/ID

  • Sign verification proof - Photo Driving License with DOB (recent, legible, laminated)/ Passport Copy/ Banker's Verification/ Credit Card Statement with Credit Card Copy/ Copy of Margin Money Paid to the Bank

Self Employed Individuals

  • Age Proof - Aadhar Card/ PAN Card/ Passport/ Voters ID Card/ Photo Ration Card with DOB/ Photo Driving License with DOB (recent, legible, laminated)/ School/College leaving Certificate/ Employer Certificate/ID

  • Identity Proof - Aadhar Card/ PAN Card/ Photo Driving License with DOB (recent, legible, laminated)/ Passport Copy/ Voters ID Card/ Photo Ration Card with DOB

  • Income Proof - latest IT assessment/ Latest ITR / Previous ITR with Adv. Tax paid Challan

  • Address Proof - Photo Ration Card with DOB/ Passport Copy/ Photo Driving License with DOB (recent, legible, laminated)/ Telephone Bill/ Credit Card Statement with Credit Card Copy/ Electricity Bill/ Employer Certificate/ID

  • Sign verification proof - Photo Driving License with DOB (recent, legible, laminated)/ Passport Copy/ Banker's Verification/ Credit Card Statement with Credit Card Copy/ Copy of Margin Money Paid to the Bank

HDFC Bank Used Car Loan Emi Calculator

Determinants

Loan Tenure: It is an important factor that can impact on EMI value. If you choose the long tenure, your monthly installments will be decreased. However, at the end of the loan period, the interest rate should be increased. So, it should be chosen as per the requirement.

Principle Amount: The principle amount of loan you can borrow from the bank. If you take high loan amount, you will pay high EMI.

Interest Rate: The EMI will be calculated based on the rate of interest. Banks and other financial institutions will offer different interest rates for different professionals. So, you can choose the interest rate to calculate your monthly installments. If the interest rates are increased, the EMI will be increased.

Pre payment or foreclosure charges are also give variations on the car loan EMIs.

To calculate Your loan EMI, use our EMI calculator. You can also check your hdfc auto loan status here.

Additional Rates and Fees of HDFC Used Car Loan

Documentation charges - Rs. 630/- per case

Charges of Cheque/ ECS swapping - Rs. 500 per instance

Cancellation of Loan - For loan cancellation, the interest charged from starting date to loan cancellation date. In case of loan cancellation, documentation, processing fee, valuation and RTO charges, stamp duty are non refundable.

NOC/ Duplicate no due certificate - Rs. 500 per instance

Cheque/ ECS / SI return charges - Rs. 550 per instance

Schedule Charges - Rs. 200 will be charged at the customer service desk.

Personal/ Commercial Use NOC - Rs. 2250 per NOC

Interest Rate for Rack - 13.75% to 16% depending up on the age of an used car and segment.

Asset verification charges/ Car valuation - Rs. 500/- per case

Features of HDFC Bank Used Car Loans

  • Get the pre owned car loans up to Rs. 2.5 crores. Get a used car loan between 3 to 6 times your annual income, and borrow up to 100% of the car value. The age of a car should not cross 10 years at the end of a loan.

  • Choose a second hand car that meets your requirements. If you are a HDFC customer, enjoy preferential pricing.

  • Get customized and the best repayment plans with pocket friendly EMIs.

  • Flexible repayment loan tenure is from 12 to 84 months.

  • One can track the loan application at any time and anywhere. Get updates on loan application.

  • Quick and simple documentation and enjoy door step service.

  • Check your used car loan eligibility within 60 seconds.

  • Get an used car loan without any income documents.

  • Search the used cars by brand, EMI and cost.

HDFC Bank Used Car Loan Plans

The following are the HDFC Bank second hand car finance plans:

  • Credit Card Plan - If the people who have the credit cards like Citibank diners, Citibank gold, HSBC gold, ANZ grindlays gold, American Express gold cards, American Express charge card, Standard Charted gold, HDFC bank international credit card, he he may be assured of a quicker process of the application

  • No Income Plan - If you don't have a income proof, you can get 60% loan for 5 years and 65% loan for 3 years. This will be calculated under the valuation of the car.

  • NRI Loans Plan - If you have documents like property proof, NRI salary slips, last 3 years endorsement on passport, residential account's postdated cheques, you can apply for your relatives.

  • Fixed Deposit Loan - If you has HDFC Bank's fixed deposit and it's value id above 50% of the car valuation, then you will get a loan up to 95%

FAQs On HDFC Used Car Loan

Why choose HDFC bank for used car loan?

The following are the reasons to choose HDFC bank for used car loan:

1. Loan applications are approved within a time.

2. HDFC pre owned car loan interest rates are very low.

Who will be eligible to get a HDFC second hand car loans?

  • Salaried professionals

  • Self employed professionals

  • Partnership Firms

  • Private and public limited companies

  • Hindu undivided family

How much second hand car loan will be granted to me?

Get upto 80% of the used car loans cost.

What type of cars can be financed for used car loans?

Any cars available in the market.

How much finance can I get on second hand car loans?

One can borrow up to 85% of the value of a car (terms and conditions apply).

Can I balance transfer an auto loan?

When You are paying off your used car loan with a credit card, you will conducting a balance transfer. If you are paying your car loan with a credit card, you will avoid a transfer fee. But most of the lenders didn't like to take credit card payments.

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