Mumbai, Maharashtra is home to the Indian financial services and banking company HDFC Bank.It is India’s second-largest private sector bank by assets.
It was ranked 69th in 2016 BrandZ Top 100 Most Valuable Global Brands list. This bank was incorporated in August 1994 with its registered office in Mumbai. The bank has over 18,500 branches and serves over 80 million customers. The bank offers a wide range of products and services such as personal banking, corporate banking, investment banking, treasury, and more.
What Is HDFC Car Loan?
This is a personal loan for the purchase of a new or used car. The loan is repaid in monthly installments over a period of time, typically 2 to 5 years.
It offers competitive interest rates and flexible repayment options to make your dream car affordable. You can also avail of pre-approved offers on these, which makes the process of availing a loan quicker and easier. To apply for an HDFC Car Loan, you can visit the nearest HDFC Branch or call the HDFC Customer Care.
HDFC Bank offers car loans starting from Rs. 1 lakh. The loan amount is determined by the bank based on the value of the car, your income and repayment capacity.
When you apply for an HDFC automobile loan, you’ll be charged a processing fee. This is a one-time fee that’s charged by the bank in order to cover the cost of processing your loan application. HDFC charges a processing fee of 0.5% of the loan amount or Rs 3,000 (whichever is higher), plus applicable taxes. It’s payable at the time you submit your loan application.
Some Of The Main Benefits Of HDFC Car Loans Include:
1. Competitive interest rates: It offers some of the most competitive interest rates on car loans in the market, making it an affordable option for financing your car.
2. Flexible repayment options: Flexible repayment options for its car loans, which helps to make the loan more affordable.
3. Pre-approved loans: HDFC offers pre-approved loans for its customers, which means you can get loan approval quickly and easily.
4. Doorstep service: Doorstep service for its car loan customers, which makes it convenient and easy to apply for a loan.
5. Quick disbursal:Offers quick disbursal of car loans, which means you can get the funds you need to finance your car quickly and easily.
6. Balance transfer: Balance transfer facility for its car loan customers, which helps to make the loan more affordable.
7. Top-up loans: HDFC offers top-up loans for its car loan customers, which helps to make the loan more affordable.
8. Nil prepayment charges: This bank doesn’t charge any prepayment charges on its car loans, which makes them more affordable.
The Different Types Of HDFC Car Loans
There are two types of automobile loans
1. New automobile Loan: You can use this loan to finance the purchase of a new car from a showroom. The maximum loan amount is up to 3cr, and the interest rate starts from 7.95% onwards. The repayment tenure for this loan is up to 7 years.
2. Used automobile Loan: This loan can be used to finance the purchase of a pre-owned or second-hand car. The maximum loan amount is up to 50% of the value of the car, and the interest rate starts from 7.50%. The repayment tenure for this loan is up to 5 years.
Eligibility Criteria For The Loan
-Age restriction of 21 at the time of application
-Maximum age of 65 years at the time of loan maturity
-Salaried individuals with a minimum annual income of Rs. 2 lakh
-Self-employed people making at least Rs. 2 lakh each year
Documents Required For The Automobile Loan By HDFC
-Proof of identity (PAN Card, Passport, Aadhaar Card, Voter ID Card)
-Proof of residence (Utility bill, Aadhar card, Passport)
-Income proof (salaried – last 3 months’ payslips, self-employed – last 2 years’ Income Tax Returns)
-Bank statements for the last 6 months
-Vehicle registration certificate (RC)
-Vehicle insurance policy
-Quotation from the dealer or seller
How To Apply For?
If you’re looking to finance a new or used car, HDFC offers attractive car loan interest rates and a host of benefits. Here’s a step-by-step guide on how to apply for an HDFC car loan:
1. Log on to the HDFC Bank website and click on the ‘Apply Online’ link under the ‘Car Loans’ section.
2. Fill in the online application form with your personal, financial and employment details.
3. Upload the required documents (ID proof, address proof, income proof, bank statements etc.)
4. Once your application is complete, submit it online and our representative will get in touch with you shortly.
5. Alternatively, you can also visit your nearest HDFC Bank branch to apply.
Frequently Asked Questions
1. What is an HDFC car loan?
They are personal loans that can be used to finance the purchase of a new or used car. The loan can be repaid over a period of time, typically 3 to 5 years.
2. How do HDFC automobile loans work?
Once your application has been approved, you will be given a loan amount and repayment schedule. You will then make regular payments towards the loan, until it is paid off in full.
3. What are the benefits of an automobile loan by HDFC?
They offer competitive interest rates and easy repayment terms. You can also use the loan to finance other expenses related to your car purchase, such as down payments, registration fees, and insurance premiums.
4. How much can I borrow?
The amount you can borrow with an HDFC car loan depends on your individual circumstances. Factors such as your income, employment history, and credit score will all be taken into account when determining the size of the loan.
5. How do I repay?
HDFC car loans are typically repaid in monthly installments over a period of 3 to 5 years. You can make your payments online, by phone, or in person at any HDFC branch.
6. What is the interest rate on an automobile loan?
The interest rate on an HDFC car loan depends on a number of factors, including your credit score, income, and employment history.
7. Can I pre-pay my loan?
Yes, you can pre-pay your HDFC automobile loan at any time without penalty. This will reduce the total amount of interest you pay on the loan.