HDFC Car Loan
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HDFC Bank, incorporated in August 1994, is operating in the country with around 2,000 branches and a network of 5624 ATMs. The bank provides various personal and corporate loans, including loans for new and used cars, two-wheelers and commercial vehicles. Let’s look at few of the important features of HDFC car loans to find out how economical will it be to get your car financed through HDFC.
Interest Rates
Interest is 11%-11.5% for new cars and 15%-15.5% for used cars.
Charges
^All charges are liable to change, without notice, at the discretion of the bankCharges^
Amount
Fore-Closure Charges
- 6 % of principal outstanding amount, for pre-closures within 1 year from 1st EMI
- 5% of principal outstanding amount, for pre-closures within 13-24 months from 1st EMI
- 3% of principal outstanding amount, for pre-closures after 24 months from 1st EMI
- No foreclosure allowed within 6 months from the date of availing car loan
Stamp Duty
At actuals
Late Payment Penalty
2% per month
Processing fees
Up to Rs 2.5 lakh: Rs 2325
Between Rs 2.51-4 lakh: Rs 3350
Between Rs 4.01-5 lakh: Rs 3800
Between Rs 5.01-10 lakh: Rs 3950
Over 10 lakh: Rs 4275Cheque swapping charges
Rs 500
Loan cancellation
Charges Rs 1,000
During cancellation, both cancellation and interest charges, will be borne by customer. Here interest charges will be applicable on the time, after which you are cancelling the loan, after its sanction.
Duplicate Repayment Schedule charges
Rs 500
Legal, Repossession & Incidental charges
At actuals
Duplicate no-dues certificate/ NOC
Rs 500
Loan Re-schedulement charges
As applicable at the time of re-schedulement
Special NOC, per request
Rs 500
Flexibility
Eligibility
The following types of customers are eligible for car loan:
- Salaried individuals
- Self-employed individuals
- Partnership firms
- Public & private limited companies
- HUFs and Trusts
Eligibility conditions for salaried individuals:
Criteria
Limit
Minimum age of applicant
21 years
Maximum age of applicant at the time of loan maturity
58 years
Minimum employment
1-year in current employment and minimum 2 years of employment
Minimum Annual Income
Rs 100000 net annual income
Telephone
Must at residence
Eligibility conditions for Self Employed:
Criteria
limit
Minimum age of Applicant
21 years
Maximum age of Applicant at loan maturity
65 years
Minimum employment
At least 3 years in business
Minimum Annual Income
Net profit Rs 60,000 p.a. for standard cars and Rs 1 lakh p.a. for mid-sized and premium cars
Telephone
Must at residence
- Loan To Value, is the maximum percentage, for which, the loan is given by the bank.
Car segment
Amount/ margin
Mini 80-100% Compact 90-100% Mid-Size 75-100% Executive, premium, MUV
75-90% Luxury, SUV
75-85% - Repayment options: Repayment tenure, ranging from 12 to 84 months, is available. You can borrow up to three times your annual salary, in case, you are salaried, and up to six times your annual income, in case you are self-employed.
- Time taken for processing: The bank claims to process all car loans within up to 48 hours.
- Special options:
- HDFC Bank account holders will get special interest rates.
- Corporate salary account holders will get fast approval with speedy documentation
- Existing car loan customers, with clear repayment record of 12 months, will get top-up to the extent of original loan.
Example
Loan amount: Rs 4 lakh
Interest rate: 11.25%
Tenure in months: 36 months
Repayment schedule
Repayment amount (Rs)
Interest repayment (Rs)
Principal repayment (Rs)
Year 1
1,57,715
39,003
1,18,712
Year 2
1,57,715
24,937
1,32,778
Year 3
1,57,715
9,205
1,48,632
EMI calculated: Rs 13,142
You end up paying: Rs 4,73,144
Other Details
- Pre Sales Information: The official website contains adequate pre-sales information in a clear and precise format. Other than current interest rates, all information is available. For interest rates, you will have to call the customer care center, who will in-turn get a sales call arranged and you would be able to get in touch with the sales staff, who will try to bargain with you the interest rates.
- Customer Support: For support, customer-care numbers are available on the website. Apart from this, loan agreement formats are also available for you to go through. Else, you can also leave your number on the website and sales team will contact you, within 5 working days.
Documents Required
Documents required
Salaried applicants
Self-employed applicants
Proof of Identity
Passport copy, PAN card, voter’s ID card, driving license (laminated, recent, legible)
Passport copy, PAN card, voter’s ID card, driving license (laminated, recent, legible)
Income Proof
Latest salary-slip with form 16
Latest income tax return
Address Proof
Ration card/ driving license/ voter’s ID card/ passport copy/ telephone bill/ electricity bill/ Life insurance policy, PAN card.
Ration card/ Driving license/ Voter’s ID card/ passport copy/ telephone bill/ electricity bill/ Life insurance policy, PAN card
Bank Statement
Not mandatory
Bank statement is waived for small cars; whereas bank statement is required for mid-sized and premium cars, if income is not more than Rs 1.5 lakh
Ratings
@ Customer service levels are adjudged through number and types of consumer complaints across consumer forums, user reviews, blogs and sample customer care calls.Parameter
Rating out of 5
Speed of processing
4
Documentation
3
Customer service
2
Value for money
2.5
Overall
3
Published on June 1, 2011 · Filed under: Car Loan; Tagged as: Car Loan, HDFC car loan, HDFC car loan charges, HDFC car loan interest rates, HDFC car loan rates
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