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HDFC Bank Car Loan Interest Rates

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08 min read

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HDFC Bank is the fifth-largest bank in India, offering good deals on car loans, such as competitive interest rates compared to other banks and part-payment options to conclude the loan before the tenure. Read on to know more about HDFC Bank car loans.

Types of car loan schemes of HDFC Bank

HDFC Bank Custom-fit Car LoansThe loan scheme offers a host of repayment options to suit the needs of all types of retail customers. Zero foreclosure fees offered subject to certain conditions and top-up facility after 9 months of repayment.
ZipDrive-Instant New Car LoanThis scheme is exclusively designed for the existing customers of HDFC Bank. Apply through the NetBanking portal of the bank and get approval in no time. Enjoy instant disbursal of the loan amount.

Interest rates of HDFC Bank car loans

TypeInterest Rate
Rack Interest Rate for New Cars7.95% p.a. to 8.30% p.a. based on the segment of vehicle

Features and benefits of HDFC Bank car loans

  • Car loans offered at attractive interest rates.
  • Application status tracking facility on the official website of HDFC Bank.
  • Get a repayment tenure of 1 year up to 7 years based on the repayment model you choose.
  • Financing for the car can go up to Rs.3 crore offered on a wide range of cars and multi-utility vehicles.
  • Up to 100% on-road price financing subject to certain conditions for new cars.
  • Get a top-up loan on the existing car loan with no documentation.
  • Existing HDFC Bank customers can get 2x faster loan approval and instant disbursement through ZipDrive-Instant New Car Loan.
  • Get funding for a comprehensive insurance product.
  • Multiple repayment options to suit the needs of borrowers from different backgrounds.
  • Zero foreclosure fees within 6 months from the date of availing the car loan.
  • The Autopedia app by HDFC Bank helps you compare, research, and read reviews on new cars.
  • The bank comes up with multiple offers and discounts from time to time.

Eligibility for HDFC Bank car loans

Salaried ApplicantsEmployees of:

Private limited companies

Public sector undertakings including central, state, and local bodies

Age:

Minimum of 21 years at the time of application

Maximum of 60 years at the end of the loan tenure

Minimum experience: 2 years with a minimum of 1 year with the current employer

Minimum income: Rs.3 lakh per year, including the income of the spouse/co-applicant

Applicants who have a telephone/post-paid mobile
Self Employed Individuals and Professionals (Sole Proprietorship)Type of Business: Manufacturing, trading or services

Age:

Minimum of 21 years of age at the time of application

Maximum of 65 years at the end of the loan tenure

Minimum experience: 2 years

Minimum income: Rs.3 lakh per annum
Self Employed Individuals and Professionals (Partnership Firms)Types of Business: Manufacturing, trading, or services

Minimum turnover: Rs.3 lakh per annum
Self Employed Individuals and Professionals (Private Limited Companies)Individuals who own a private company in manufacturing, trading, or services

Minimum income: Rs.3 lakh per annum
Self Employed Individuals (Public Limited Companies)Includes directors in public limited companies in manufacturing, trading, or services

Minimum income: Rs.3 lakh per annum

Documents required for HDFC Bank car loans

Applicant TypeNecessary Documentation
Salaried Applicants1. Any of the following documents as Identity and Address Proof:
Valid Passport

Permanent Driving license (recent, legible and laminated)

Voter’s ID Card

Job card issued by NREGA

Letter issued by the National Population Register containing details of name and address

Aadhaar Card (only if submitted voluntarily and backed by Aadhar consent letter. First 8 digits of Aadhar Number on physical copy to be redacted). Aadhaar Card can be Physical Aadhaar or Print out of e- Aadhaar (not older than 30 days from the application date).

2. Latest salary slip and Form 16 as income proof
3. Bank statement of the last 6 months
Self-Employed Applicants
(Sole Proprietorship)		1. Any of the following documents as Identity and Address Proof:
Valid Passport

Permanent Driving license (recent, legible, and laminated)

Voter’s ID Card

Job card issued by NREGA

Letter issued by the National Population Register containing details of name and address​​​​​​​

2. Latest income tax returns (ITR) as income proof
3. Bank statement of the last 6 months
Self-Employed Applicants
(Partnership Firms)		1. All the following documents as income proof:
Audited Balance Sheet

Profit & Loss Account of the previous 2 years

Company ITR for the last 2 years

​​​​​​​2. Any of the following documents as address proof:
Telephone Bill

Electricity Bill

Shop & Establishment Act Certificate

SSI Registered Certificate

Sales Tax Certificate​​​​​​

3. Bank statement of the last 6 months
Self-Employed Applicants
(Private Limited Companies)		1. All the following documents as income proof:
Audited Balance Sheet

Profit & Loss Account of the last 2 years

Company ITR for the last 2 years​​​​​​​​​​​​​​

2. Any of the following documents as address proof:​​​​​​​
Telephone Bill

Electricity Bill

Shop & Establishment Act Certificate

SSI Registered Certificate

Sales Tax Certificate​​

3. Bank statement of the last 6 months
Self-Employed Applicants
(Public Limited Companies)		1. All the following documents as income proof:
Audited Balance Sheet

Profit & Loss Account of the last 2 years​​​​​​​

2. Any of the following documents as address proof:
Telephone Bill

Electricity Bill

Shop & Establishment Act Certificate

SSI Registered Certificate

Sales Tax Certificate​​​​​​​

3. Bank statement of the last 6 months

HDFC Bank car loan fees and charges

Fee TypeAmount
Documentation ChargesRs.700 (no refund)
Processing Fees1% of the loan amount; minimum of Rs.5,000 and maximum of Rs.10,000
Foreclosure ChargesWithin 6 months – Nil
7th EMI to 1 year – 6% of principal outstanding
13-24 months from the first EMI – 5% of principal outstanding
Post 24 months from the first EMI – 3% of principal outstanding
Part-Payment ChargesAllowed subject to conditions.
5% on the part-payment amount if paid within 13-24 months from the first EMI
3% on the part-payment amount if paid post 24 months from the first EMI
Stamp DutyAt actuals
Overdue EMI Interest2% per month

How to calculate EMI on HDFC Bank car loans

Our car loan calculator helps you figure out the monthly instalments you must pay for a specific loan amount to finance your dream car.

Frequently Asked Questions

What are the conditions applicable to part-payments?

Part-payment on a car loan is allowed only after the completion of 12 months, i.e. after 12 EMIs. Also, you can only make two part-payments during the loan tenure, and the part-payment amount can only go up to 25% of the outstanding principal amount.

How long does it take for the loan amount to be disbursed post-application submission?

As per the bank’s statement, it may take a minimum of seven working days to process the loan and disburse the amount after submitting all the documents and information required for the processing.

What benefits do the existing HDFC Bank customers get when they apply for a car loan with the bank?

Existing HDFC Bank customers can get 

  • Preferential pricing
  • Unique schemes
  • Loan in 10 seconds without documentation
What does HDFC Bank offer the different repayment options?
SAFE N EASY (for salaried professionals)Up to 75% lower EMI starting at Rs.899 per lakh for the first six months and regularised later to make it pocket-friendly.
SAFE N EASY (for all customers)Up to 70% lower EMI starting at Rs.899 per lakh for the first three months and regularised after that.
11119999You start the repayment at affordable EMIs and increase the EMI gradually. At the end of the tenure, you make a 10% payment. That is, in the first year, the EMI may be at Rs.1,111 per lakh. The last EMI you pay will be Rs.9,999. That tenure will be 7 years.
DIVALOANEspecially designed for women at a low-interest rate starting at 8.20% p.a.
Pay As You Grow – Step-Up SchemeStart with an affordable EMI, and it gradually increases. Every year, the EMI increases about 10%-11%.
FlexiDriveYou can pay up to 50% lower EMIs for any consecutive three months in a year over the tenure.
Premium SegmentApplicable for loans above Rs.20 lakh, there are four scheme options to choose from to purchase your dream car.
3 Months Low EMI Scheme

Bullet Scheme

Balloon Scheme

Regular + Bullet Scheme

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