MyLoanCare is a FREE of cost service for borrowers Apply Online

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

HDFC Car Loan

HDFC Bank Auto Loan- Loan for Car

Last Updated 12th Jul 2021

Features and Eligibility HDFC Bank New Car Loan Scheme HDFC Bank Used Car Loan Scheme
Rate of Interest 13.75% Fixed 13.75% Fixed
Loan Amount Eligibility 100% of ex-showroom price 100% of market value
Lowest EMI per Lakh ₹ 1,860 ₹ 1,860
Apply for Car Loan @ 8.65%*

HDFC Car Loan

Factors Affecting HDFC Car Loan Interest Rates

Interest rates on car loan varies from bank to bank. Car Loan interest rate in HDFC Bank depends upon

  • Loan amount: Generally banks offer lower interest rates for higher amount. However HDFC Bank offers 100% of ex-showroom price of your car.
  • Your Salary: Higher salary bracket individuals are offered loans at lower interest rates. HDFC Bank interest rate varies with your net monthly income.
  • Employer Category: Employer category of the borrower is a major deciding factor in order to determine his/her rate of interest. HDFC Bank has a list of company categories of salaried individuals to which they avail car loan. So, a higher company category leads to a low rate of interest.
  • Relationship with the Bank - HDFC Bank offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in the past will get the benefit of low HDFC Bank Car loan interest rate.
  • Loan Tenure - HDFC car loans are of longer repayment tenure of 7 years.
  • Repayment Capacity - Before giving loan to the borrower, HDFC Bank checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

HDFC Bank Car Loan Eligibility

Eligibility of car loan in HDFC relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. HDFC offers car loan to those who are atleast 21 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Income: HDFC Bank car loan calculator calculates your eligibility based upon your income. Usually bank set minimum levels of income to apply for car loan. HDFC Bank asks for net annual income of minimum Rs. 999.99 lakh.
  • Job stability and Profession: Job stability is important to improve your status and eligibility for car loan from HDFC Bank. You must be in a full time job for at least 12 months. If you are working with a reputed company, probability of getting a Car loan from HDFC Bank increases as the income is considered to be more stable and the bank offers low interest car loan to the employees of reputed companies.
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has a direct impact on your HDFC Bank car loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your car loan eligibility.
  • Loan Amount: HDFC Bank gives you a car loan depending upon your income. HDFC Bank gives you 100% of ex-showroom price depending upon the value of the car. To improve chances of approval, apply for a loan amount that you can comfortably service.

How to increase HDFC Bank Car Loan Eligibility?

The dream to own a car that you thought you couldn't afford in this lifetime can now be fulfilled by a car loan. Getting a car loan is easy if you improve your car loan eligibility by following these tips.

Tips to improve your car loan eligibility

  • Opting for pre-approved car loans: Like every bank, HDFC Bank also provides better offers in the form of less paperwork, instant loan approval, and loan disbursal than its competitors. It is done to retain existing customers. You should not miss such car offers as if you apply for the car loan with the existing bank, you can save yourself from cumbersome paperwork and approval process.
  • Maintaining a good credit score: To improve your eligibility for availing a car loan without any hurdle, you should clear all your credit card dues, make the payment of other loans on time and also, strike a balance between secured and unsecured loans.
  • Opting for a co-applicant: You can opt for a co-signer or co-applicant for your car loan. A co-applicant with good credit history and score can improve the chances of approval of a car loan.
  • Using the online eligibility calculator: You can use the online eligibility calculator to determine the tenure of the loan. The lower mandate would imply higher EMI's and vice versa. The online eligibility calculator can also help to maintain a low debt-to-income ratio, which may improve your chances of getting a loan approved.

HDFC Bank Car Loan EMI

Car Loan EMI of HDFC Bank is a fixed amount that you pay each month towards the repayment of your car loan till the end of tenure. Lowest EMI offered by HDFC Bank is Rs. per lakh loan amount at lowest car loan interest rate of 13.75%. Car Loan EMI of HDFC Bank depends on factors like:

  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as longer tenure reduces your monthly EMI per lakh
  • Your EMI depends upon the amount of loan you are going to borrow. Loan EMI will be high if you apply for a high loan amount

Documents Required for HDFC Car Loan

Car loan HDFC Bank documents for salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Car loan HDFC Bank documents for self-employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Quotation of car
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 3 months payslip, 2 years Form 16, 3 months bank statement showing salary credit and any EMI debit
  • R.C of Vehicle and Insurance of Car.

Fee and Charges on Car Loan HDFC Bank

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. HDFC Bank allows prepayment of car loan after paying 1 EMI’s with 5% from 13-24 months, 3% after 24 months
  • Processing Fee - HDFC Bank asks for a processing fee of 0.50% of loan amount Min. Rs. 3,500 and Max. Rs. 8,000 with applicable service tax

HDFC Bank Car Loan Top up, Balance Transfer

  • HDFC offers car loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of HDFC Bank
  • You can avail additional top-up car loan from HDFC Bank, subject to your eligibility

FAQs

How much interest is charged by HDFC Bank on car loan?

HDFC car loan interest rates today are 13.75% to 16.00%.

What is the lowest EMI per lakh on HDFC Bank car loan?

If you apply for a car loan from HDFC Bank, your lowest EMI per lakh will be Rs. 1860.22.

What is the maximum tenure of HDFC Bank car loan?

You can repay your car loan from HDFC Bank in a flexible period of 7 years.

How much car loan can I borrow from HDFC Bank?

HDFC Bank offers you 100% of ex-showroom price of the car as loan.

How much processing fee is charged by HDFC Bank on car loan?

HDFC Bank charges a processing fee of 0.50% of loan amount Min. ₹ 3,500 and Max. ₹ 8,000 with applicable service tax.

Is age an eligibility factor to get car loan from HDFC Bank?

Yes, age is an important eligibility factor to get HDFC Bank car loan as you should be at least 21 years old at loan approval time and 60 years old at loan maturity time.

Are there any prepayment charges on HDFC Bank car loan?

You can take a car loan from HDFC Bank with 5% from 13-24 months, 3% after 24 months prepayment charges.

Can I add my spouse's income while applying for car loan from HDFC Bank ?

You can combine your income with the income of your spouse to increase your loan eligibility and to get a higher loan amount.

Compare Car Loan Interest Rates of HDFC with other banks

HDFC Bank Car Loan in India

HDFC Bank Car Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 993-590-3333
Ahmedabad 079-61606161
Ambala 999-624-3333
Anand 079-61606161
Aurangabad Bihar 022-61606161
Bangalore 080-61606161
Bhilai 1860-266-6161
Bhilwara 987-500-3333
Bhiwadi 022-61606161
Bhopal 0731-6160616
Bhubaneswar Cuttack 993-790-3333
Bikaner 987-500-3333
Chandigarh 0172-6160616
Chennai 044-61606161
Cochin 0484-6160616
Coimbatore 044-61606161
Dehradun 993-590-3333
Delhi 011-61606161
Durg 1860-266-6161
Faridabad 011-61606161
Gandhinagar 079-61606161
Ghaziabad 011-61606161
Goa 989-060-3333
Greater Noida 011-61606161
Gurgaon 011-61606161
Guwahati 995-719-3333
Gwalior 0731-6160616
Hyderabad 040-61606161
Indore 0731-6160616
Jabalpur 0731-6160616
Jaipur 0141-6160616
Jalandhar 981-533-1111
Jodhpur 987-500-3333
Kanpur 993-590-3333
Karnal 999-624-3333
Kolhapur 989-060-3333
Kolkata 033-61606161
Kota 987-500-3333
Kozhikode 989-566-3333
Lucknow 0522-6160616
Ludhiana 981-533-1111
Madurai 984-067-3333
Meerut 993-590-3333
Mehsana 079-61606161
Mohali Sas Nagar 981-533-1111
Mumbai 022-61606161
Mussoorie 993-590-3333
Nagpur 989-060-3333
Nashik 989-060-3333
Noida 011-61606161
Noida Extn 011-61606161
Panipat 999-624-3333
Patna 1860-266-6161
Pondicherry 984-067-3333
Pune 022-61606161
Raipur 1860-266-6161
Rajkot 079-61606161
Ranchi 1860-266-6161
Rohtak 999-624-3333
Roorkee 993-590-3333
Salem 984-067-3333
Shimla 999-624-3333
Sonipat 999-624-3333
Surat 079-61606161
Trichy 984-067-3333
Udaipur 987-500-3333
Vadodara 079-61606161
Varanasi 993-590-3333
Vijaywada 994-949-3333
Vizag 994-949-3333

HDFC Bank Car Loan Reviews 4.5/5  by 17 customers
MyLoanCare Service
4.5/5.0
Banks Service
4.5/5.0
Sellamuthu P, Namakkal
Reviewed on 08th Sep 2018
4 / 5 stars
HDFC Bank Car Loan Availed in Aug 2018

Fast processing, easy documents collection, interest rate is reasonable, repayment options need to iRead more...

Nimish Goswami,
Reviewed on 19th Jul 2018
5 / 5 stars
HDFC Bank Car Loan Availed in Jul 2018

Mr. Sudhir Kumar helped so much and has great knowledge about market.Read more...

Sinto Jacob, Trichur
Reviewed on 23rd May 2018
5 / 5 stars
HDFC Bank Car Loan Availed in May 2018

applied car loan through myloancare. it was fast processing and got the amount without any delayRead more...

Mohamed Yunus, Pondicherry
Reviewed on 22nd Nov 2017
5 / 5 stars
HDFC Bank Car Loan Availed in Nov 2017

Good and fast service, door step documents collection.Read more...

jagmal singh makwana, Banswara
Reviewed on 02nd Nov 2017
5 / 5 stars
HDFC Bank Car Loan Availed in Oct-17

HDFC Bank finance is good. I like good service and fast processing.Read more...

Rahul Srivastava,
Reviewed on 26th Sep 2017
5 / 5 stars
HDFC Bank Car Loan Availed in Sep-17

The process is very good. Fasten disbursement. Very responsive executive.Read more...

Sandip Patil, Thane
Reviewed on 25th Sep 2017
4 / 5 stars
HDFC Bank Car Loan Availed in Sep-17

Provide Good Analysis in WebSite, it is very useful for getting loan related information.Read more...

CHETAN BHATI, Tirunelveli
Reviewed on 28th Apr 2017
4 / 5 stars
HDFC Bank Car Loan Availed in Apr-17

my loan care Is a good service and very nice response I am request my friend Read more...

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.75%. Cashback of up to ₹ 1,000.

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000 .

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.50% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 8.50%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
HDFC Bank Car Loan News - Jul 2021
  • 2021-07-08 : HDFC Bank loan growth hit amidst covid-19 pandemic
    Private lender HDFC Bank numbers for the June quarter showed loan growth moderation and contraction in its retail credit book. The bank slowed its retail disbursements which were down 30% sequentially, reflecting the impact of the second Covid wave. The continued weakness in the retail segment led to retail segment share in total loans that include Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, Two-wheeler Loan, Car Loan, Education Loan and Top-up Loan slipping down to 45% from 47% in June quarter last year.
  • 2021-06-21 : HDFC Bank to refund GPS device charges to customers
    India’s largest private-sector lender, HDFC Bank Ltd, on Thursday said that it will refund commissions to auto loan customers who had availed of a bundled GPS device between FY14 and FY20. HDFC Bank executives pushed auto loan customers to buy GPS devices for ₹18,000-19,500 from 2015 to December 2019. The device in question was sold by Trackpoint GPS, a Mumbai-based firm.
  • 2021-05-28 : HDFC Bank commits Rs 100 cr towards COVID relief in FY22
    HDFC Bank committed Rs 100 crore for setting up medical infrastructure for COVID-19 relief in 2021-22. The bank is planning to set up 20 oxygen plants in hospitals besides three 100-bed COVID care facilities as part of the plan.
  • 2021-04-19 : HDFC Bank Q4 net profit rises 18% YoY to Rs 8,186.5 crore
    In Q3FY21, HDFC Bank had reported a net profit of Rs 8,758.3 crore and an operating profit of Rs 15,186 crore. The bank advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan along with business and mudra loans aggregated to Rs 11,320 billion. Further, The bank’s deposits which include fixed and recurring deposits grew 16.3% at approximately Rs 13,350 billion as of March 31, 2021, as compared to Rs 11,475 billion year-on-year (YoY).
  • 2021-01-18 : HDFC Bank net profit rose by 18%
    HDFC Bank net profit grew by 18% over a year ago in the December-ended quarter on the back of improved net interest income. Advances which include home, personal, car, two-wheeler and gold loans along with business and mudra loans during the quarter rose 15.6% year-on-year to Rs 10.82 lakh crore. Deposits which includes FD and RD grew by 19% from last year to Rs 12.7 lakh crore. Further, The CASA ratio for the bank stood at 43%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...