Are you ready to hit the road in your very own set of wheels? Are you looking for a new car to make your daily commute more comfortable & to take on your weekend adventures, one of the first things you’ll need to think about is financing.

And let’s be real, finance can be a daunting topic, but it doesn’t have to be. HDFC car loan is one of the most popular options for car buyers in India, and with a 7% interest rate, it’s one of the most affordable options too.

In this blog post, we’re going to break down the process of applying for an HDFC car loan so you can hit the dealership with confidence.

We’ll cover everything from the eligibility criteria to maximizing your savings, so you can drive away in your dream car without breaking the bank. So, buckle up and let’s get started on the journey towards car ownership.

Highlights of HDFC Car Loan

• HDFC Car Loan offers an attractive interest rate of 7.35% per annum
• Minimum loan amount available is ₹ 100,000
• You can borrow up to 90% of the on-road price or 100% of the ex-showroom price as the maximum loan amount
• The loan tenure can range from 1 year to 7 years
• The lowest EMI per lac is ₹ 1,512
• To be eligible for the loan, you should have a minimum net monthly income of ₹ 20,000
• Minimum ITR required for self-employed individuals is ₹ 2,00,000
• Age criteria for salaried individuals is between 21 years to 60 years and for self-employed individuals is between 21 years to 65 years
• The loan can be availed for all new passenger cars, MUVs and SUVs
• The loan processing fee is 0.5% of the principal amount
• Foreclosure charges would be 6% if done between 7-12 months
• Basic documentation required include Address Proof, Bank Statement, Car Quotation and ID Proof.

Advantages of HDFC Bank Car Loan:

1. High loan amount: HDFC Bank offers loan disbursal up to 100% of the on-road price, including ex-showroom and additional charges for registration, road tax, insurance, and accessories.
2. Faster loan disbursal: The processing and disbursal of HDFC Bank car loans can be completed within 2-3 working days, making the process hassle-free for borrowers.
3. Fixed interest rates: HDFC Bank offers fixed car loan interest rates, meaning the rate of interest will remain constant throughout the loan tenure. This allows borrowers to plan their budget easily with fixed EMIs.
4. Longer loan tenure: HDFC Bank offers loan tenure of up to 7 years for new cars and 5 years for older models, providing borrowers with more time to pay off the loan.
5. Loan approval in 30 minutes: HDFC Bank offers fast loan approval, with decisions made in as little as 30 minutes.
6. Lowest rate of interest: HDFC Bank offers some of the lowest car loan interest rates in the market.
7. Minimum documentation: HDFC Bank requires minimal documentation for car loan applications.
8. Paperless process: The car loan process is fully digital, eliminating the need for paper documents.
9. Flexible repayment: HDFC Bank offers flexible repayment options for car loans.
10. Zero or Minimum foreclosure charges: HDFC Bank does not charge any foreclosure charges on car loans or can charge a minimal charge depending on your credit profile.
11. No hidden charges: HDFC Bank does not have any hidden charges associated with their car loans.

Eligibility Criteria of HDFC Car Loan

Criteria	Salaried	Self-Employed
Age	21-60 years	21-65 years
Net Monthly Income	Minimum ₹20,000	Minimum ₹3,00,000 per annum
Employment Duration	1 year minimum	3 year minimum
Income Eligibility	Based on Form 16 and salary slip	Depends on latest Income Tax Returns
Minimum ITR	–	Rs. 2 lakh
Presentation of IT returns & audited financials	–	2 years with Calculated Income
Income	A minimum annual income of₹ 2,50,000 is required	A minimum annual income of₹ 3,00,000 is required
Job/Business Stability	Must have a work experience of 2 years, with atleast 1 year with the existing employer	Should have been in the business for a minimum period of 2 years
Maximum Loan Amount	up to 100% of the on-road price	up to 100% of the on-road price

Documents Required for HDFC Car Loan

Type of Applicant	Identity & Address Proof	Income Proof	Bank Statement
Salaried Individuals	Valid Passport, Permanent Driving license, Voters ID Card, Job card issued by NREGA, Letter issued by the National Population Register, Aadhar Card (with consent letter)	Latest salary slip and Form 16	Bank statement of the previous 6 months
Self-Employed Individuals (Sole Proprietorship)	Telephone Bill, Electricity Bill, Shop & Establishment Act Certificate, SSI Registered Certificate, Sales Tax Certificate	Latest Income Tax Returns (ITR)	Bank statement of the previous 6 months
Self-Employed Individuals (Partnership Firms)	Telephone Bill, Electricity Bill, Shop & Establishment Act Certificate, SSI Registered Certificate, Sales Tax Certificate	Audited Balance Sheet, Profit & Loss Account of the previous 2 years, Company ITR for the previous 2 years	Bank statement of the previous 6 months
Self-Employed Individuals (Private Limited Companies)	The latest copy of MOA and AOA Copy of Incorporation Telephone Bill, Electricity Bill, Shop & Establishment Act Certificate, SSI Registered Certificate, Sales Tax Certificate	Audited Balance Sheet, Profit & Loss Account of the previous 2 years, Company ITR for the previous 2 years	Bank statement of the previous 6 months
Self-Employed Individuals (Public Limited Companies)	The latest copy of MOA and AOA Copy of Incorporation Telephone Bill, Electricity Bill, Shop & Establishment Act Certificate, SSI Registered Certificate, Sales Tax Certificate	Audited Balance Sheet, Profit & Loss Account of the previous 2 years, Company ITR for the previous 2 years	Bank statement of the previous 6 months

HDFC Car Loan Interest Rate, Fees, and Charges

1. Interest Rate:
   • New Car Loan: 7.35% p.a.
   • Used Car Loan: 11.80% p.a. to 13.80% p.a.
2. HDFC Car Loan Processing Fee: A minuscule 0.40% for both new and used car loans
3. Repayment Schedule Charges:
   • New Car Loan: A nominal fee of around Rs. 500 for a duplicate schedule
   • Used Car Loan: Same as above
4. Foreclosure Charges: A fixed rate of 6% for both types of car loans
5. Penal Interest: A steep 2% per month for late payments on both new and used car loans
6. Part Payment Charges: 6% of the outstanding amount, applicable to both new and used car loans
7. Cheque/Instrument Swap Charge: A small fee of around Rs. 500 for both new and used car loans
8. Documentation Charge: A nominal fee of around Rs. 500 for both types of car loans
9. Duplicate No Dues Certificate Charges: A small fee of around Rs. 500 for both new and used car loans
10. Registration Certification Collection Charge: A minimal fee of around Rs. 200 for both new and used car loans
11. Cheque Bounce/Instrument Return Charges: A small fee of around Rs. 500 for both new and used car loans
12. Duplicate Statement Charges: A small fee of around Rs. 500 for both new and used car loans
13. Loan Cancellation/Re-booking Charges: A moderate fee of around Rs. 1000 for both new and used car loans
14. Issuance of Credit Report: A nominal fee of around Rs. 50 for both types of car loans

How to apply for HDFC car loan in 2023 ?

To apply for an HDFC car loan in 2023, you can follow these steps:

1. Check your eligibility: Before applying for an HDFC car loan, check if you meet the eligibility criteria such as age, income, credit score, etc.
2. Gather required documents: Keep all the necessary documents like ID proof, address proof, income proof, and other relevant documents ready for the loan application process.
3. Choose a car: Choose the car you wish to purchase and its model.
4. Visit the HDFC website: Go to the HDFC website and look for the car loan section.
   
   You can also apply with rapidloans.in for a seamless loan application process and expert advice.
5. Fill in the application form: Fill in the application form with the required details and upload the necessary documents.
6. Submit the application: Submit the application form and wait for the bank to process it.
7. Get the loan approved: Once the loan is approved, you will receive a sanction letter with the loan details.
8. Sign the loan agreement: Sign the loan agreement and submit it to the bank.
9. Disbursement of loan: The loan amount will be disbursed to the car dealer after you submit the required documents.

Note: The process may vary slightly depending on your location and the specific HDFC branch you are applying to. It is recommended to check the HDFC website for more information or contact the bank directly for more details about the process.

HDFC Bank Car Loan Customer Care – Toll-Free Number

To reach HDFC Bank customer care for general enquiries, you can call their 24*7 toll-free number. The number to dial varies depending on your location. For Ahmedabad, Bangalore, Chennai, Delhi & NCR, Hyderabad, Kolkata, Mumbai, and Pune, dial 61606161. For Chandigarh, Cochin, Indore, Jaipur, and Lucknow, dial 61606161.

FAQS (Frequently Asked Questions)