New Car Loans

Check which category you fit into first. Depending on the kind of work you do, our requirements to give you a loan will be different.

Are you a salaried employee?

This category includes salaried doctors, CAs, employees of select public and private limited companies, government sector employees such as public sector undertakings and central, state and local bodies.

You should:

• Minimum age for Salaried is 21 years (at time of loan application) and <=60 (at the end of the loan tenure)
• Have had a job for at least 2 years, and a minimum of 1 year with your current employer
• Earn at least an income of Rs. 1,00,000 annually, including the income of your spouse
• Have a telephone at your residence

Documents you will need to submit:

• Proof of Identity: Passport copy, PAN Card, Voters Id card, driving licence( Laminated, Recent, Legible)
• Income Proof: Latest salary slip with form 16.
• Address Proof: Ration card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card.
• Bank Statement: Not mandatory

Are you a self employed individual (Sole Proprietorship)?

This category includes self-employed sole proprietors in the business of manufacturing, trading or services.

You should:

• Minimum age for Self Employed is 25 years (at the time of loan application) and <=65 (at the end of the loan tenure)
• Be in business for at least 3years
• Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1,00,000 per annum for mid-sized and premium cars.
• Have a telephone at your residence

Documents you will need to submit:

• Proof of Identity: Passport copy, PAN Card, Voters Id car, driving licence( Laminated, Recent, Legible)
• Income Proof: Latest ITR
• Address Proof: Ration card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card
• Bank Statement: Waived for small cars, for mid - sized and premium cars if income is greater than Rs. 1.5 Lakhs then bank statement requirement can be waived.

Are you self employed (Partnership Firms)?

This category includes self-employed partners in the business of manufacturing, trading or services.

You should:

• Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1,00,000 per annum for mid-sized and premium cars
• Have a minimum turnover of Rs. 4,50,000 per annum
• Have a landline at your office and residence.

Documents you will need to submit:

• Proof of Identity: NA
• Income Proof: Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company
• Address Proof: Telephone Bill/Electricity Bill/Shop & Establishment Act certificate/SSI registered certificate/Sales Tax certificate
• Bank Statement: Waived for small cars, for mid - sized and premium cars if income Is greater than Rs. 1.5 lacs then bank statement requirement can be waived

Are you self employed (Private Limited Companies)?

If you own a private company in the business of manufacturing, trading or services, this is for you.

You should:

• Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1,00,000 per annum for mid-sized and premium cars
• Have a minimum turnover of Rs. 4,50,000 per annum
• Have a landline at office

Documents you will need to submit:

• Proof of Identity: NA
• Income Proof: Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company
• Address Proof: Telephone Bill/Electricity Bill/Shop & Establishment Act certificate/SSI registered certificate/Sales Tax certificate
• Bank Statement: NA

Are you self employed (Public Limited Companies)?

If you are a director in a public limited company in the business of manufacturing, trading or services, this is for you.

You should:

• Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1,00,000 per annum for mid-sized and premium cars
• Have a minimum turnover of Rs. 4,50,000 per annum
• Have a landline at office

Documents you will need to submit:

• Proof of Identity: NA
• Income Proof: Audited balance sheet, Profit & Loss Account for latest two years
• Address Proof: Telephone Bill/Electricity Bill/Shop & Establishment Act certificate/SSI registered certificate/Sales Tax certificate
• Bank Statement: NA

You can now fastrack your loan with our attractive car loan plans. Check which category you fit into first, which will then help us to serve you faster:

Auto Loan Takeover Plan

If you are a salaried individual holding any of the credit cards mentioned below, your loan gets processed faster.

• This facility is available to only HDFC bank account holders (CASA).
• All terms and conditions applicable for the used car product are applicable for the Loan take over product.
• You should have a minimum 9 month old loan with any approved Financier with a clear repayment track record

Advantage platinum Credit Card Plan

If you are a salaried individual holding any of the credit cards mentioned below, your loan gets processed faster.

• HDFC Bank International Credit Card
• Citibank Diners
• HSBC Gold
• ANZ Grindlays Gold
• American Express Gold Card
• American Express Charge Card
• Standard Chartered Gold

To avail of the Advantage platinum Credit Card Plan you need:

A credit card from the above mentioned list which is at least one year old.

Last two billing statements.

For small cars you can get normal funding for up to three years. Funding on premium cars is restricted to 70% under this plan. The plan does not include multi-utility vehicles.

No Income-Document Loan Plan

Now, you can get a car loan without proof of income.

• Under this scheme, you get the loan amount up to 60% of the car invoice value.
• The tenure of loan can be a maximum of 3 years.

100% Loan Plan with Fixed Deposit Lien

This allows you to take a loan against your deposit at HDFC Bank.

• You can get a loan for 100% of the invoice value amount with the required margin placed as a fixed deposit in HDFC Bank.
• Lien is marked on the specified deposit. Installments can be paid separately or out of the deposit (if deposit is large enough).

NRI Loans

NRIs can avail of new car loans from HDFC Bank for the use of the vehicles by their relatives in India.

The additional documents that you must submit are:

• Contract copy and salary slip of NRI.
• Endorsement on passport for last 3 years.
• Proof of ownership of property.
• Post-dated cheques must be from the resident account of the borrower.

Past re-payment history

This is a plan for customers who have taken a car loan and have repaid that loan fully without any outstandings. The credit is approved on the basis of the past re-payment record.

Approval Plan

If you have an HDFC Bank Preferred Account or a Corporate Salary Account with HDFC Bank for more than six months, you can get fast approvals on your loans with minimal documentation

Interstate NOCs

In the event of a Borrower requiring a NOC for purpose of interstate registration, fees of Rs. 500 along with a refundable Fixed Deposit of Rs. 5000 will be charged. It will be the borrower's responsibility to provide the transferred Registration certificate to the bank.

It is also advised,that the customers should refrain from any dealings in cash with the Bank's Direct Sales associates. Borrowers should also not make any payments in cash/bearer cheque or kind in connection with the loan,to the executive,dealing with the borrower for purpose of the loan.

In the event of a transfer of employment or any other reason

Funding range is indicative. Pre-approved customers could get up to 100% ex-showroom funding in segments A-D.

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With our New Car Bazaar you can compare cars, research information about cars, read reviews about cars by users and experts, locate dealers and a lot more! All this and much more all under one roof!

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