Nowadays, Car is a status symbol and luxury item for society in India. Car is basically a need of modern society in the materialistic and luxury world. Everyone looks for comfort and convenience, and a car is one of those items. These days people go out for work from one place to another place. So, their personal vehicle helps them to save their valuable time and energy. In India, to buying a car is a challenging task for middle-income families. But, Bank helps to buy a car in India as a car loan. All the Indian Bank offer a car loan. With the help of a car loan, it is very easy to oven a car and pay into EMI.
Today we will discuss India’s leading private bank HDFC Bank’s car loan scheme. HDFC Bank provides all types of loans at a lower interest rate, minimum processing fees, and less processing time.
The Procedure for Getting HDFC Bank Car Loan
Applicant have to complete all required application processor HDFC Bank car loan. Provide all required documents, fulfill eligibility criteria, and complete bank’s terms and conditions.
Loan Amout for Loan
HDFC Bank finance almost 100% of Car cost. But, in certain case or profile bank gives 80% to 100% loan on car amount. Bank also disburse loan based on cibil score.
Eligibility Criteria of HDFC Bank Car Loan for Salaried Person
- Applicant must have a employees of private companies, PSU,Centeral, state and local bodies.
- Age of applicant should be 21 to 60 years.
- Minimum earning of applicant should be 3 lac per annum.
Eligibility Criteria of HDFC Bank Car Loan for Self employed Person
- Age of applicant should be 21 to 65 years.
- Minimum earning of applicant should be 3 lac per annum from business.
- Should have been business for at least 2 year.
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Document Required for HDFC Car Loan
To get a car loan from HDFC Bank applicant have to provide following documents to the bank,
1. Any of the following documents as identity & Address Proof
- Valid Passport
- Permanent Driving license [recent, legible, laminate]
- Voters ID Card
- Job card issued by NREGA
- Letter issued by the National Population Register containing details of name & address
- Aadhar Card(only if Submitted voluntarily & backed by Aadhar consent Letter.1st 8 digits of Aadhar Number on physical copy to be redacted)Aadhar Card can be Physical Aadhar or Print out of e- Aadhar (not older than 30 days from the date of application).
2. Latest salary slip and Form 16 as income proof and Latest Income Tax Returns (ITR) as income proof
3. Bank statement of the previous 6 months
Interest Rate of HDFC Car Loan:
Bank charge interest rate between 6.70% to 10.00% Per annum. On an average 7.31% interest has to be paided by customer. The interest rate subject of customer profile and cibil score report.
| Bank IRR | |||
| Product | Min IRR | Max IRR | Avg IRR |
| Car LOAN | 6.70% | 10.00% | 7.31% |
Processing Fees and Charges of HDFC Bank Car Loan
While, anyone avail car loan from HDFC Bank, customer have to pay processing fees as well as some other charges to the bank which is dudected from loan amount which are followings
| Fees and Charges | |
|---|---|
| Processing Fees | Rs.5,000 to Rs.10,000 |
| Foreclosure Charges | No foreclosure are levied within 6 months.Before 1 year from 7th EMI – 6% of principal outstandingWithin 13 months to 24 months from 1st EMI – 5% of principal outstandingAfter 24 months from 1st EMI – 3% of principal outstanding |
| Documentation Charges | Rs.700 per case |
| Part-payment Charges | Within 13 months to 24 months from 1st EMI – 5% on the part-payment amountAfter 24 months from 1st EMI – 3% on the part-payment amount |
| Overdue EMI Interest | 2% per month |
| Cheque Swapping Charges | Rs.500 per instance |
| Loan Rebooking/reschedule charges | Rs.1,000 |
| Duplicate no-due certificate/no-objection certificate | Rs.500 per instance |
| Cheque/ECS/SI Return Charges | Rs.550 per instance |
| Collateral Charges | Rs.600 per case |
Finally, HDFC bank is one of the bant bank who provide car loan to the customers at attractive interest rate, with minimal document required, and fast disbursment of loan. With the help of HDFC Car Loan it is very easy for Indian to buy a dream car for their joy and happiness.
Click Here to apply HDFC Car Loan
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