HDFC Bank Car Loan Interest Rates

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 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.

Interest rates of HDFC Bank car loans

Type	Interest Rate
Rack Interest Rate for New Cars	7.95% 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 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

Documents required for HDFC Bank car loans

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

HDFC Bank car loan fees and charges

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

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.
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