One of the first significant milestones many of us hope to achieve in life is to buy our own car. But purchasing a car with cash can prove to be an expensive affair. Thankfully, you can obtain a Car Loan and fulfil your dream of becoming a car owner. If you are looking at investing in a car, look no further than HDFC Bank Xpress Car Loan to help you make your dream purchase. In this article we will attempt to cover the entire Xpress Car Loan application process.
What is an Xpress Car Loan?
HDFC Bank Xpress Car Loan is a revolutionary way of obtaining funds to buy a car. It is an end-to-end digital Car Loan application platform that provides funds to purchase your preferred car quickly You can complete the Xpress Car Loan process online and get instant approval within 30 minutes. You can obtain 90% of the car's on road funding as a loan; on selected vehicles and high-value loans ranging from ₹1 lakh up to ₹20 lakhs on others.
How to Get an Xpress Car Loan – The Steps
HDFC Bank has designed Xpress Car Loans to be easy and accessible. All you need to do is follow three simple steps.
Step 1: Check if you fit the eligibility criteria
To begin the Xpress Car Loan application process, you first need to visit the HDFC Bank website and access the loans menu on the Home Page. You can then begin with the first step, i.e., checking if you are eligible for the loan. HDFC Bank Xpress Car Loan is available to salaried professionals, self-employed individuals, business owners and others. All applicants must also:
Be Resident Indians above 18 years of age.
Hold an original PAN Card.
Consent to Aadhaar OTP based eKYC and video KYC.
Be present in India to complete the KYC video process.
Besides this, you must ascertain the loan amount you are eligible for, i.e., the maximum financing you can get based on your net monthly income and expenses. If you need a loan amount exceeding the amount you are eligible for, you need to provide certain additional documents, as requested by the bank.
Click here to read more about the eligibility criteria for Xpress Car Loan.
Step 2: Upload the documents required in the prescribed format in case higher loan requirement is there
The Xpress Car Loan application process involves minimal documentation. You can submit scanned copies of the required documents with your duly-filled loan application form. It would be helpful if you kept scanned copies of the following documents ready to expedite the loan application process.
A copy of your PAN card
A copy of a government-approved, valid ID proof document card featuring your photograph and date of birth, e.g., Driving License, Passport, Employee ID card, etc. is also required if your EKYC fails.
A copy of a government-approved, valid address proof document featuring your current/permanent address, e.g., Driving License, Aadhaar Card, Passport, Bank Passbook, Rental Agreement, etc.
Income proof documents, including a copy of your latest salary slip and Form 16.
If your required loan amount exceeds the approved limit, you must submit details of your net banking credentials or bank account statements for the last six months (pdf format) for income analysis.
Step 3: The Approval Process:
After you have submitted the documents, the bank should approve the loan application, typically within 30 minutes. If approved, the loan is disbursed within 48-72 hours directly to the car dealer. Once the bank disburses the funds to the car dealer, you must submit additional documents like an invoice, margin money receipt supplied by the dealer, signed key fact sheet, etc., within 10 days, thereby completing the loan process.
Get Xpress Car Loans with HDFC Bank
With HDFC Bank’s simple Xpress Car Loan process, you can bring home your dream car effortlessly. The entirely digital process, coupled with flexible repayment terms, make the Xpress Car Loan an attractive option for anyone looking for quick and easy Car Loan financing. Are you ready to buy your dream car yet? If you are, click here to get started.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Car Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.