Loan against Car

Your Car Loan makes you eligible for a pre-approved cash loan.

With no income documents required, getting a loan couldn’t get any easier.

Apply now for an HDFC Bank Loan against Car.

Features

  • Up to 2% lower interest compared to personal loan availabe in the market
  • Maximum loan based on assesed car value
  • Approval in 3 hours

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Benefits

  • Lower EMI
  • Highest loan value as compared to market
  • Fast and hassle free processing

What should be the age of my car?

The vehicle age at the end of Loan against Car tenure should not exceed:

  • 7 Years for Private Usage and
  • 6 Years for Commercial Usage

 

Status of Loan Application

Click here to view the status of your Loan against Car application.

 

Why take a Loan against Car from HDFC Bank?

Whatever be your need we have a loan for you. Over the years we have won the trust of our customers and have become market leader in loan products.

Enjoy triple benefits when you take a Loan against Car from HDFC Bank:

  • Faster loan - Our loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.
  • Competitive pricing – Our loan rates and charges are very attractive
  • Transparency – Complete clarity on loan process and No hidden charges. Update on status of loan application at each stage.

Features and Benefits of Loan against Car

HDFC Bank only offers the trasparency of Fixed Reducing Rate of Interest (No Floating Rates)

Did you paid your car loan installments on time for at least 9 months? If yes, then you can top-up your car loan with HDFC Bank’s Loan against Car. Loan against Car allows you to avail of an additional loan till the extent of your original loan amount, at an attractive rate of interest. This top-up loan is a benefit that you get for keeping a clear repayment track record.

Features

You will get some exclusive features and benefits with your HDFC Bank Loan against Car

  • Borrow up to 100% of the original loan value of the car.
  • Valuation of the car is not mandatory.
  • Wide range of approved models/variants and manufacturers are considered.
  • We make quick and hassle-free disbursals.

Eligibility and Documentation of Loan against Car

Get details on eligibility criteria & documents required for HDFC Bank Loan against Car

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.
  • 9 month repayment track for vehicle under personal usage and 12 month repayment track for vehicles under commercial usage.
  • Foreclosure statement (if non HDFC Bank Car-loan on the vehicle).

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.
  • 9 month repayment track for vehicle under personal usage and 12 month repayment track for vehicles under commercial usage.
  • Foreclosure statement (if non HDFC Bank Car-loan on the vehicle).

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.
  • 9 month repayment track for vehicle under personal usage and 12 month repayment track for vehicles under commercial usage.
  • Foreclosure statement (if non HDFC Bank Car-loan on the vehicle).

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.
  • 9 month repayment track for vehicle under personal usage and 12 month repayment track for vehicles under commercial usage.
  • Foreclosure statement (if non HDFC Bank Car-loan on the vehicle).

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.

Loan against Car Interest Rates & Charges

Enclosed below are HDFC Bank Loan against Car Interest Rates & Charges

Description of ChargesLoan against Car
FC Charges 6% of Principal Outstanding for preclosures within 1 year from 1st EMI
5% of Principal Outstanding for preclosures within 13-24 months from 1st EMI
3% of Principal Outstanding for preclosures post 24 months from 1st EMI
No foreclosure allowed within 6 months from date of availing the car loan.
Pre-Payment Charges 5 % on the part payment amount in case part prepayment is within 13-24 months from 1st EMI
3% on the part payment amount in case part prepayment is post 24 months from 1st EMI
Part-payment is allowed subject to completion of 12 months (i.e., Post payment of 12 EMIs)
Part payment will be allowed twice only
At any point of time, part payment will not increase beyond 25% of Principal Outstanding
Stamp Duty At actuals
Late Payment Penalty 2% per month
Processing fees (Non - refundable) Car n Cash - 2% of loan amount + Rs. 200 or Rs. 4200/-, whichever is lower
Cheque swapping charges NIL
Loan cancellation / re-booking charges In the event of cancellation, interest charges from disbursement date till refund of disbursement amount will be borne by the customer
Legal, Repossession & Incidental charges At actuals
Duplicate no due certificate / NOC NIL
Loan Reschedulement charges Rs. 1000/-
Special NOC NIL
CIBIL Charges (only on request) Rs. 50/-
Cheque Bouncing Charges Rs. 450/-
Rack interest rate 14.50% to 17.50% depending on the segment and age of vehicle

Inter state NOCs

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.

Already have a Loan against Car?

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  • A New Car loan to get a second car for your family.

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