New Car Loans

HDFC Bank offers Car Loan for up to 100% Car Finance

Owning your dream car is now easy. HDFC Bank can offer a car loan for up to 100% of the value! Simply visit the nearest HDFC Bank branch and learn about exciting offers on loans for private cars as well as multi-utility vehicles.

Why take a Car Loan from HDFC Bank?Apply now for an HDFC Bank Car Loan.

Features

  • Up to 100% finance
  • Loan disbursal in 2 days
  • Fixed interest rates
  • No Income Document Scheme
  • Flexible tenure of up to 7 years

Check Eligibility

Benefits

  • Fast and hassle free loan processing
  • Stability in EMI repayment, not affected by fluctuating market rates
  • Lowest down payment and best deals for customers
  • Lower EMI

Fastrack your car loan:

You can now fastrack your loan with our attractive car loan plans which help us to serve you faster.

Know more Check Eligibility

Car Loan EMI Calculator

Use our Car Loan EMI Calculator to find out how much EMI you will have to pay for your Car Loan.

 

Status of Loan Application

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

Why avail a New Car Loan from HDFC Bank?

HDFC Bank offers a wide range of car loans that can be tailored to your needs. This comprehensive product offering and a robust disbursal process make HDFC the frontrunner for car loans. Enjoy three-fold benefits when you avail a new car loan from HDFC bank.

  • Quick Disbursal – We offer hassle-free car loan at your doorstep. Experience ease of documentation, quick sanction and disbursal.
  • Attractive Interest Rates – Our car loan interest rates and processing charges are highly competitive.
  • Customer-Friendly Policies – Our loan process is completely transparent, with no hidden charges. We handhold you at each stage of the process and offer continuous status updates for your loan application.

Features and Benefits of New Car Loans

Features

HDFC Bank New Car Loan offers the following exclusive features and benefits:

  • Get up to 100% finance on your favourite car.**
  • Avail loans for the widest range of cars and multi-utility vehicles in India.
  • Experience flexible loan repayment tenures – from 12 months up to 84 months.
  • Avail a car loan of up to 6 times your yearly income.
  • Processing of documents within two days.
  • Pocket-friendly EMI repayment options.
  • Fastrack your loan by choosing the plan that is right for you.
  • Reasonable interest rates.
  • Swift and customer-friendly documentation process.
  • Unique schemes for existing HDFC bank customers.
  • Easy loans up to Rs. 1.5 Cr.

**Offers on specific models. Terms & conditions apply.

Eligibility and Documentation of New Car Loans

Get details on eligibility criteria & documents required for HDFC Bank 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. 1,80,000 annually, including the income of your spouse/Co-applicant.
  • Have a tele-phone/ post paid mobile

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:Last 6 months

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 21 years (at the time of loan application) and <=65 (at the end of the loan tenure)
  • Be in business for at least 2 years
  • 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 residence / Post Paid mobile connection

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:Last 6 months

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. 1,50,000 lakh/anum for car loan
  • 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:Last 6 months

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. 1,50,000 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:Last 6 months

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. 1,50,000 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:Last 6 months

New Car Loans Interest Rates & Charges

Enclosed below are HDFC Bank New Car Loans Interest Rates & Charges

Description of charges New Car Loans
Foreclosure charges No foreclosure allowed within 6 months from date of availing the car loan
6% of Principal Outstanding for preclosures within 1 year from 7th 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
 
Part-Payment charges Part-payment is allowed subject to completion of 12 months (i.e., Post payment of 12 EMIs)
Part payment will be allowed twice only during loan tenure. Part payment is allowed only once a year. At any point of time, part payment will not increase beyond 25% of Principal Outstanding.
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
 
Stamp Duty At actuals
Late Payment Penalty 2% per month
Processing fees (Non - refundable) Up to 2.5 Lakhs: Rs. 3175/-
Over Rs. 2.51 Lakhs up to 4 Lakhs: Rs. 4325/-
Over Rs. 4.01 Lakhs to 5 Lakhs: Rs. 4830/-
Over Rs. 5.01 Lakhs up to 10 Lakhs: Rs. 5225/-
10 Lakhs plus: Rs. 5785/
Cheque/ SI/ ECS swapping charges Rs 500/- Instance
Loan cancellation In the event of cancellation, interest charges from disbursement date till refund of disbursement amount will be borne by the customer. Processing Fee, Stamp duty and RTO charges (Used Car Purchase / Refinance/Rewards) are non-refundable charges and would not be waived/refunded in case of loan cancellation.
Legal, Repossession & Incidental charges At actuals
Duplicate no due certificate / NOC Rs 500/- Instance
Loan Reschedulement charges/ rebooking charges Rs. 1000/- will be charged. If changes are required on RC, refundable Security Deposit – non-interest bearing of Rs. 5000 would be required. It will be the borrower's responsibility to provide the transferred Registration Certificate to the bank.
LPG/ CNG NOC/ Other Special NOC Rs 500/- Instance
CIBIL Charges (only on request) Rs. 50/-
Cheque/ SI/ ECS Return Charges Rs. 618/- per instance
Amortisation Schedule Charges Rs 200/- per schedule
Commercial / Personal Use NOC (conversion subject to credit approval) Rs. 2250/- per NOC
Collateral Charges Rs.337 per case 
Rack interest rate 11.50% to 13.75% depending on the segment of vehicle

Inter State NOC

Refundable Security Deposit (non-interest bearing) of Rs. 5000 will be taken. It will be the borrower's responsibility to provide the transferred Registration certificate to the bank. In addition NOC charge would be Rs. 500/-

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.

 

Note: Foreclosure charges and partpayment charges are exclusive of service tax. Service tax and other government levies, as applicable, would be charged additionally.

What are the different car segments and funding ranges?

The different car segments and funding range are as follows:

Segment Ex-Showroom Value (In lakhs)Funding % Examples
A: Mini <=2.15 80-100 Maruti 800
B: Compact 2.2-4.5 90-100 Alto, Swift, Indica, Santro, Getz, Estillo, A-Star, Palio, i10, Indigo
C: Mid-Size 4.5-10.0 75-100 i20, Accent, Swift ,Dzire, Honda City, Honda Jazz, Verna, SX4, Linea, Ikon, Fusion, Optra, Fabia, Ritz
D: Executive 9.5-16.0 75-95 Toyota Corolla, Civic, Skoda Ocatvia, Hyundai Elantra, Optra Magnum
D+: Premium 16.0-25.0 75-90 Honda Accord, Camry, Hyundai Sonata, Superb, Passat, Jetta, Teana, Fiat 500
D+: Luxury 25.0+ 75-85 Mercedes, BMW, Audi, Porsche and all other imported
MUV 2.20+ 75-90 Omni, Innova, Xylo, Scorpio, Tavera, Bolero, Victa, Safari
SUV 14.0+ 75-85 CR-V, Endeavour, Pajero, Montero, X-Trail, Prado, Tucson, Captiva, Grand Vitara, Mitsubishi Outlander

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

What is the New Car Bazaar?

We not only help you in buying a car but we also help you in selecting one.

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!

Visit New Car Bazaar now!

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