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Revision in charges & fees structure of your Car Loan

Revision in charges & fees structure of your Car Loan


We have an important update for you regarding your Car Loan. There is a revision in the Fees & Charge with effect from 1st April '23 :


Pre-Payment/ Foreclosure/ Part-Payment charges have been renamed to Premature closure charges.

 Sr. No.

 Current Charges

 New Charges

1


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
​​​​​​​
NIL Foreclosure Charges for Fixed rate loan facility up to Rs. 50 Lakh availed by Micro & Small Enterprises and Closure from Own Source


Premature Closure Charges (For Full Payment)*



6% of Principal Outstanding for pre-closures within 1 year
5% of Principal Outstanding for pre-closures within 13 – 24 months from
1st EMI
3% of Principal Outstanding for pre-closures post 24 months from 1st
EMI

NIL Premature Closure Charges (For Full Payment) for Fixed rate loan facility up to Rs. 50 Lakh availed by Micro & Small Enterprises and Closure
from Own Source

2


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

NIL Pre-payment Charges for Fixed rate loan facility up to Rs. 50 Lakh availed by Micro & Small Enterprises


Premature Closure Charges (For Part Payment)*


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 24
months from 1st EMI
3% on the part payment amount
in case part prepaymet is post 24 months from 1st EMI

NIL Premature Closure Charges(For Part Payment) for Fixed rate loan facility up to Rs. 50 Lakh availed by Micro & Small Enterprises and Closure
from Own Source


* GST and other Govt Taxes and Levies as applicable from time to time, would be charged additionally.



  • ​​​​​​​Overdue EMI Interest charge (24% per annum on EMI Overdue ) has been withdrawn with immediate effect
  • Delayed instalment payment charge of 18% p.a. (1.5% per month) would be charged on overdue instalment amount  + applicable GST / government taxes, w.e.f 1st May ’23.



​​​​​​​All other fees and charges remain unchanged. You may refer to the below links for details:


New Car Loan : https://www.hdfcbank.com/personal/borrow/popular-loans/new-car-loan/fees-and-charges

EV Car Loan : https://www.hdfcbank.com/personal/borrow/popular-loans/electric-vehicle-ev-car-loan


Used Car Loan :  https://www.hdfcbank.com/personal/borrow/popular-loans/pre-owned-car-loan/fees-and-charges



We assure you the best of our services always.