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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.
| HDFC Bank Custom-fit Car Loans | The 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 Loan | This 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. |
| Type | Interest Rate |
| Rack Interest Rate for New Cars | 7.95% p.a. to 8.30% p.a. based on the segment of vehicle |
| Salaried Applicants | Employees 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 |
| Applicant Type | Necessary Documentation |
| Salaried Applicants | 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 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 |
| Fee Type | Amount |
| Documentation Charges | Rs.700 (no refund) |
| Processing Fees | 1% of the loan amount; minimum of Rs.5,000 and maximum of Rs.10,000 |
| Foreclosure Charges | Within 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 Charges | Allowed 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 Duty | At actuals |
| Overdue EMI Interest | 2% per month |
Our car loan calculator helps you figure out the monthly instalments you must pay for a specific loan amount to finance your dream car.
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.
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.
Existing HDFC Bank customers can get
| 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. |
| 11119999 | You 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. |
| DIVALOAN | Especially designed for women at a low-interest rate starting at 8.20% p.a. |
| Pay As You Grow – Step-Up Scheme | Start with an affordable EMI, and it gradually increases. Every year, the EMI increases about 10%-11%. |
| FlexiDrive | You can pay up to 50% lower EMIs for any consecutive three months in a year over the tenure. |
| Premium Segment | Applicable 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 |
