Planning to buy your first car or looking to get a used car? Whatever your demand is, you can easily get the same by taking a car loan. It is so easy to buy a car in 2016, as one can get car loan from the leading banks. In this article I will share mostly about HDFC bank car loan application process, interest rates, eligibility criteria and many other details.
HDFC bank is a leading bank in home loan segment and they are also doing good in personal loan & car loan section as well. Whatever it is, when you are planning to take a car loan from a bank the major criteria everyone is looking for is how much interest you have to pay, for how much tenure you have to pay the car loan EMI and how much down payment you have to pay. Let’s find out all these details one by one below.
Key Features of HDFC Car Loan, Eligibility, Interest rates in 2016
Let’s check out few of the key highlights of HDFC bank Car Loan below.
|Interest Rate (Monthly reducing balance)||9.35% to 11.60%|
|Processing Fees||Up to Rs.2250|
|Loan Tenure||1 year to 7 years|
|Duration of Processing car Loan||Car Loan eligibility in 1 minute. Approval of Car loan in 30 minutes. Loan amount will be disbursed in just 2 days|
|Maximum Loan Amount||Loan amount equals up to 100% of the cost of the vehicle. Equates also to lowest down payment.
|Interest Rate Fixed or Floating||Fixed Interest Rate|
|Pre-closure Charges||Pre-closure permitted after 6 months. 6% of principal outstanding (plus ST) from 7 to 12 months. 5% (plus ST) in 2nd year. No pre-closure charges thereafter.|
|Guarantor Requirement||No guarantor required and also there is no need to provide income document as well|
If you are a salaried professional, you can get a loan amount of up to three times of your annual salary. But in case you are a self-employed person, you can get six times of your annual salary. Check out the list of cars or types of cars considered under HDFC car loan application process.
There is a minimum annual salary slab of Rs 1,80,000 for a salaried employee and Rs 60,000 per annum for a self-employed person. You can read more about the HDFC bank car loan eligibility criteria and also use the HDFC car loan calculator to find out how much car loan you are going to get.
Documents Required to Apply HDFC Car Loan
- 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
So, do not wait much if you are planning to buy a new car this year. Just approach HDFC bank or any other bank where you can find the interest rate is less compared to others and book your first car. Share your experience about applying for a car loan in India by writing a simple comment below.