Used Car Loans

* Age of Car at loan maturity should not cross 10 years subject to maximum loan tenure of 60 months.

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:

• Be between the age of 21 years (at the time of application) and <= 65 years (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. 100000 annually, including the income of your spouse
• Have a telephone at your residence

Documents you will need to submit:

• Age Proof: Any one of Passport copy, PAN Card, Voters ID card, Photo driving license with birth date ( laminated, recent , legible), Photo ration card with DOB, Employer certificate/ID, School/College Leaving certificate.
• Proof of Identity: Any one of Passport copy, PAN Card, Voters ID card, Photo driving license with birth date, Photo ration card with DOB.
• Income Proof: Latest salary slip with latest form 16/latest ITR. HDFC bank corporate salary account statement for salary credits of above Rs. 8000 for three months.
• Address Proof: Any one of Photo Ration card with DOB, Photo Driving license with DOB, Passport copy, Telephone bill, Electricity bill, Credit Card statement with credit card copy, Employer certificate/ID.
• Sign Verification Proof: Any one of Passport copy, Photo driving license with birth date (laminated, recent, legible), Credit Card statement with credit card copy, Banker's verification, Copy of margin money paid to bank.

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:

• Be between the age of 21 years (at the time of application) and <= 65 years (at the end of the loan tenure)
• Be in business for at least 3years
• Earn at least Rs. 60,000 per annum
• Have a telephone at your residence

Documents you will need to submit:

Age Proof: Any one of Passport copy, PAN Card, Voters ID card, Photo driving license with birth date ( laminated, recent , legible), Photo ration card with DOB, Employer certificate/ID, School/College Leaving certificate.

Proof of Identity: Any one of Passport copy, PAN Card, Voters ID card, Photo driving license with birth date ( laminated, recent , legible), Photo ration card with DOB.

Income Proof: Latest ITR / Previous ITR with Adv. Tax paid Challan / latest IT assessment order.

Address Proof: Any one of Photo Ration card with DOB, Photo Driving license with DOB, Passport copy, Telephone bill, Electricity bill, Credit Card statement with credit card copy, Employer certificate/ID.

Sign Verification Proof: Any one of Passport copy, Photo driving license with birth date (laminated, recent, legible), Credit Card statement with credit card copy, Banker's verification, Copy of margin money paid to bank.

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
• Have a minimum turnover of Rs. 4,50,000 per annum
• Have a landline at your office and residence. However, Post-paid mobile phone of three month vintage is acceptable in case of landline at only one place.

Documents you will need to submit:

• Age Proof:, Partnership deed.
• Proof of Identity: Partnership deed.
• Income Proof: Latest ITR and latest Balance Sheet along with Profit and Loss Account. In case of Business turnovers exceeding 40 Lakhs or Professional turnovers exceeding 10 Lakhs, the Balance sheet needs to have been audited and in which case the latest Income Tax Return need not be taken.
• Address Proof: Partnership deed or any of Telephone bill, Electricity bill.
• Sign Verification Proof: Any one of Passport copy, Photo driving license with birth date (laminated, recent, legible), Credit Card statement with credit card copy, Banker's verification, Copy of margin money paid to bank.

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 annually
• Have a landline at office

Documents you will need to submit:

• Age Proof: Memorandum and Articles of Association / Certificate of incorporation.
• Proof of Identity: Memorandum and Articles of Association / Certificate of incorporation.
• Income Proof: Latest ITR and latest audited Balance Sheet along with Profit and Loss Account.
• Address Proof: Memorandum and Articles of Association / Certificate of incorporation or any of Telephone Bill, Electricity Bill.
• Sign Verification Proof: Any one of Passport copy, Photo driving license with birth date (laminated, recent, legible), Credit Card statement with credit card copy, Banker's verification, Copy of margin money paid to bank.

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 annually
• Have a landline at office

Documents you will need to submit:

• Age Proof: Memorandum and Articles of Association / Certificate of incorporation.
• Proof of Identity: Memorandum and Articles of Association / Certificate of incorporation.
• Income Proof: Latest ITR and latest audited Balance Sheet along with Profit and Loss Account
• Address Proof: Memorandum and Articles of Association / Certificate of incorporation or any of Telephone Bill, Electricity Bill.
• Sign Verification Proof: Any one of Passport copy, Photo driving license with birth date (laminated, recent, legible), Credit Card statement with credit card copy, Banker's verification, Copy of margin money paid to bank.

Are you self employed (Hindu Undivided Family- HUF)?

If you are self-employed in a business that falls under a HUF, this is for you.

You should:

• Earn at least Rs. 60,000 per annum
• Have a landline at your office and residence. However, Post-paid mobile phone of three month vintage is acceptable in case of landline at only one place.
• For HUFs, the Karta should be the co-applicant in his individual capacity.

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:

Credit Card Plan

If you are a salaried Individual / self-employed / proprietor and hold any of the cards mentioned below, your loan request gets processed faster than normal.

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

Just submit your credit card statements in place of income documents to avail of Used Car Loans.

To avail of the Credit Card Plan you need:

• To have a credit card from the above mentioned list, that is at least one year old.
• To submit the last two billing statements.

The plan does not include multi-utility vehicles (Tata vehicles, Mahindra vehicles, etc).

NRI Loans

If you are a NRI, you can avail of Used Car Loans from HDFC Bank, for use of the vehicles by your relatives in India.

The additional documents that you will need to 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.

No Income-Document Loan Plan

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

• Under this scheme, you can get the loan amount up to 65% for 3 years and up to 60% for 5 years on the value of the car.

90% 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 95% of the valuation of the used car with the required margin placed as a fixed deposit in HDFC Bank.
• Lien is marked on the specified deposit. Installments can be paid through Standing Instructions/ PDC's/ ECSStands for Electronic Clearing Service. It is a mode by which funds are automatically debited to your account every month to pay or a certain bill or fee. It helps so you don’t have to remember every month to pay your regular bills. It is only done after a standing instruction is given by the account holder..
• Fixed deposit should cover at least 50% of the loan amount.

Interstate NOCs

In the event of a Borrower requiring a NOC for purpose of interstate registration, in the event of a transfer of employment or any other reason, 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.

We advise our customers to only deal with the Bank empanelled Direct sales associates. The Bank shall take no responsibility for any transactions undertaken by the borrower with any unempaneled direct sales associates, who may claim association with 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.

We not only provide you car loans to bring your dream car home, but also help you find a car at the click of a button with Car Bazaar.

With our simple process, search and request for a used car from the wide range of used cars uploaded by select dealers across the country. All this and a lot more right at your desktop!

Visit our Car Bazaar now!

Have more questions, check our FAQs Section