Hdfc Car Loan Eligibility

Hdfc Car Loan Eligibility

Bank Finance Amount Interest Rate Tenor Processing Fee Advance Part Payment Action
12,00,00,000/- 9.20 - 12.00 84 3500 - 5500 YES Check Eligibility

HDFC Bank Car Loan Features

  • Loan Amount: HDFC bank offers car loans upto Rupees 12 Crores for purchase of a brand new car. The bank is leading car loan provider with a number of satisfied customers. The amount of car loan that can be disbursed depends on your eligibility which in turn depends on your reliability that depends on your credit score, age, income, etc.
  • Interest Rate: The interest rate at which HDFC bank lends the car loan is 9.65 to 11.60% per annum. The interest rate can be bargained on if you are a reliable customer of HDFC bank or hold a salary account in the bank.
  • Loan tenure: The bank offers loan for loan tenure of 84 months which depends on the choice of the customer. However if you can afford to pay higher EMI you can finish your debt soon and thus pay less rate of interest on your Car Loan.
  • Processing Fee: HDFC bank charges a one-time processing fee of Rs.5150/-
  • Fore-closure Charges: You can close your loan at any point of time during the loan tenure by paying a fore-closure charge of 3-6% of the outstanding amount.

Eligibility for HDFC Car Loan

Eligibility for Salaried

  • Minimum age 21 years and maximum age 60 years.
  • Must be employed for atleast 2 years with current employment of atleast one year.
  • Income Rs. 1.8 lakhs per annum.
  • A fixed landline phone or a post-paid mobile phone bill.

Eligibility for Self Employed

  • Minimum age 21 years and maximum age 65 years.
  • Should be in the current business for at least 2 years.
  • Income should be atleast Rs.2,50,000/- for a standard car loan.
  • A fixed landline or a post paid connection.

Documents Required

The documents that are required to submit at the time of submitting your loan application are

  • Identity Proof
  • Address Proof
  • Income Proof
  • Six Months Bank Statement.