Pre-owned Car Loans

Now buy your dream car with our Pre-owned Car Loan.

We have tie-ups across the widest range of authorised pre-owned car dealers. Enjoy a convenient car buying experience with faster approval and doorstep service.

Apply now for an HDFC Bank Pre-owned Car Loan.

Features

  • Up to 100% funding
  • Loan basis ID and address proof
  • Transperant and fixed interest rate

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Benefits

  • Lowest down payment
  • No income documents required
  • Stability in EMI repayment, not affected by fluctuating market rates

Fastrack your Pre-owned Car Loans:

 

Status of Loan Application

Click here to view the status of your Pre-owned Car Loans application.

 

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Why take a Pre-owned Car Loan 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 Pre-owned Car Loan 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 Pre-owned Car Loans

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

Managing for funds for buying a used car isn’t always an easy thing to do. But HDFC Bank’s Pre-owned Car Loans put you in the driver’s seat easily. Get Pre-owned Car Loans of almost 3 – 6 times of your annual income for all car models. HDFC Bank also helps you select a good quality used car at competitive prices, from the wide range of used cars uploaded by select dealers across the country!

Features

You will get some exclusive features and benefits with your HDFC Bank Pre-owned Car Loans

  • Choose any car manufactured in India within a certain age*.
  • Borrow up to 80% of the value of the car.
  • Get flexible repayment options, ranging from 12 to 60 months.
  • Borrow up to 3 – 6 times your annual income**
  • Available for almost all car models at attractive interest rates.
  • Repay with easy EMIs.
  • Attractive car loan plans
  • Fastrack your loan by choosing the plan that is right for you.
  • Get an additional loan on your existing HDFC Bank Auto loan
  • Special privileges for HDFC Bank account holders
  • Special privileges for HDFC Bank account holders
  • Max Loan Rs. 50 Lakhs

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

Eligibility and Documentation of Pre-owned Car Loans

Get details on eligibility criteria & documents required for HDFC Bank Pre-owned 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. 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:

  • 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
  • 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.

How can I fastrack my car loan?

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 Pre-owned 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 Pre-owned 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.

Pre-owned Car Loans Interest Rates & Charges

Enclosed below are HDFC Bank Pre-owned Car Loans Interest Rates & Charges

Description of chargesPre-owned Car Loans
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) Used cars - 2% of loan amount + Rs. 200 or Rs. 5200/-, 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/-
Rack interest rate 14.50% to 17.50% depending on the segment and age of vehicle
Cheque/ ECS Return Charges

Rs. 450/-

 

Inter State NOC

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 Pre-owned Car Loans?

What can you do online?

You can benefit from

  • A Motor Insurance Renewal policy to ensure your car insurance does not expire.

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