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HDFC Used Car Loan

HDFC offer Used Car Loan at competitive interest rates, Get up to 100% finance on used car loan. HDFC also offer end-to-end advisory services.
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 HDFC Bank is one of the most prominent banking sectors offering a wide range of loan products, one such product is HDFC used car loans. Apart from offering it also listed down dealers across the country in car bazaar from where a borrower can get several options to choose as per their specific needs filtering brand name, location or EMI. HDFC off offers best used car loan interest rate in India, rates begin from just 13.75% per annum.  

Features

  • Up to 100% finance for used car loan 
  • Avail loans up to 2.5 Crores 
  • HDFC offer end-to-end advisory services 
  • Existing HDFC customer will get additional benefits 
  • Pocket friendly EMI’s for a convenient repayment 
  • Flexible tenure period ranges from 12 – 84 months 
  • HDFC enables you to track application from anytime & anywhere 
  • Get 80% - 85% of car value as a maximum loan amount without income document 

HDFC Used Car Loan Interest Rate & Details 2021

Interest Rate 13.75% onwards
Loan Amount Max Up to 100% of market value
Repayment Period 12 months to 84 months

Compare HDFC Used Car Loan Interest Rate with Top Banks 

Bank Name Interest Rate 
HDFC Bank 13.75% Onwards
SBI Bank 9.90% Onwards
Axis Bank 14.80% Onwards
ICICI Bank 10.20% Onwards
Kotak Mahindra Bank 11.20% Onwards

Factors affecting HDFC Used Car Loan Interest Rate 

Consider the following factors that affect HDFC used car loan interest rate as given below: - 

CIBIL Score: - HDFC Used Car Loan interest rate is determined on borrowers CIBIL score, if the CIBIL score range is below 700 chances of getting loan at low interest will be lowered & a higher interest rate will be applicable while if the score is above 750, lowest interest rate offered by HDFC Bank. 

Loan Amount: Opting for higher loan amount can affect your interest rate because higher loan amount means high risk of default & to equalize it higher rates are levied, therefore opt for lower amount for lower rates. 

Borrowers Income: - Lender prefer funding to higher-income borrowers rather than lower-income borrowers. Generally, higher-income borrowers will be capable of repaying loans within the scheduled time frame. Hence, borrowers income affects interest rate. 

Other charges  

Apart from Interest rates, there are few other charges levied by PNB it includes the followings:

Processing Fees  0.5% on loan amount subject to min Rs.35000 & max Rs.8000/-
Foreclosure Charges
  • Nil Charges for initial 6 months of availing loan 
  • Pre-closure within 1 year of availing loan will be 6% on outstanding principal amount 
  • Pre-closure within 13-24 months of availing loan will be 5% on outstanding principal amount 
  • Pre-closures of post 2 years of availing loan will be 3% on outstanding principal amount
Stamp Duty (Non-Refundable)  At Actuals 
Documentation Charges On case to case cancellation charges not be refunded of Rs.700 
Duplicate No Due Certificate  Rs.500 per instance 
Assest Verification/Car Valuation Charges Rs.500 per case 
Cheque/ECS Swapping Charges  Rs.500 per instance
Overdue EMI Interest  2% per month
Overdue EMI Interest HDFC Charges Rs.50 for each report generating 

 Also Read:-HDFC Loan Against Property

HDFC Used Car Loan EMI Calculator 

HDFC offers customized Used Car Loan EMI Calculator tool to calculate applicable EMI on loan amount. The calculation portion takes less than 30 seconds to complete. 

All you have to do is access the Used Car Loan EMI Calculator tool!  Enter required loan amount, tenure period & applicable interest rate than simply click on the Calculate button to get entire detail on monthly payable interest, remaining balance on month-to-month basis. Along with that it will also forecast a graphical chart. 

Eligibility Criteria for HDFC Used Car Loans 

To avail HDFC Used Car Loans, borrowers are required to meet following criteria: - 

Individual Category  Requirements
Salaried
  • Salaried individual of pvt ltd/public ltd companies (includes central, state & local bodies), CA & doctors can apply 
  • Applicant age group should fall between 21 – 60 years 
  • Min 2 years of total experience & especially 1 year with current employer 
  • Annual income should be Rs.2,50,000 include spouse income
Self Employed (Partnership Firms)
  • Business engaged in manufacturing, trading & services sector 
  • Applicant age group should fall between 25 – 65 years 
  • Min 3 years of business existence required 
  • Income should be Rs.2,50,000 per annum
Self Employed (Sole Proprietorship)
  • Business engaged in manufacturing, trading & services sector 
  • Turnover of business should be at least Rs. 4,50,000 per annum 
  • Min Income of sole proprietorship needs to be Rs.2,50,000 per annum 
  • Individual must have residential or office telephone line with 3 months older 
Self Employed (Private Limited Companies/ Public Limited Companies) 
  • Individual owning a private company in business of manufacturing, trading & services sector 
  • Income should be Rs.2,50,000 per annum 
  • Office landline is essential 
Self Employed (Hindu Undivided Family-HUF) 
  • Annual income should not less than Rs.60,000/- 
  • Karta need to be co-applicant of HUF 
  • Individual must have residential telephone line with 3 months older

HDFC Used Car Loan Documents Required 

HDFC require certain documentation to process “borrowers application” which are listed below: - 

  1. Duly filled application form with 2 passport sized photographs 
  2. Proof of Identity: - Aadhar Card/ Pan Card or Voter ID 
  3. Residence Proof: - Utility Bill/ Aadhar Card/ Passport/ Driving License or Bank Statement 
  4. Income Proof: - Latest salary slip, latest form 16/ITR, HDFC bank corporate salary account statement 
  5. Signature Proof: - Driving License,Passport,Copy of credit card statement, copy of margin money to be paid to banker. 
  6. Business Proof: -Partnership deed as an age/identity proof, Incorporation certificate, MOA &AOA 

How to Apply HDFC Used Car Loan Online via Financeseva? 

To avail HDFC used car loan via Financeseva, you are required to follow few simple steps: - 

  • Financeseva offers you to compare HDFC used car loan with other banks at single platform. 
  • Get a detailed comparison of used car loan benefits, interest rates, EMI calculator offered by various banks. 
  • Click on Get Quote & fill required details to submit the form, shortly concern representative will get in touch with you for further formalities.

Also Read:-HDFC Personal Loan

FAQs 

What is used car loan interest rate? 

Usually, used car loans interest rate begins from 13.75% Onwards per annum. 

How to check HDFC used car loan status? 

To check used car loans status, you can visit HDFC official website the select the product to check your application status. 

How to foreclose HDFC car loan online? 

There are no such ways to foreclose HDFC car loans online, to close borrowers are required to follow below steps: - 

  1. Pay off dues prior to foreclose  
  2. Visit your bank branch & submit a request for loan closure  
  3. Bank will issue a no due certificate (NDC) or no objection certificate (NOC) along with fill a form to submit to the regional transport office (RTO). 
  4. When you apply for loan your car is hypothecated to lenders & to remove his name you need to submit NOC/NDC to the RTO. 
  5. Therefore, RTO will issue a new RC by updating the details. 

What is the maximum tenure for car loans? 

Maximum tenure for car loans can go upto 84 months. 

How to get HDFC Bank used car loan statement? 

Get HDFC Bank used car loan statement in following ways: - 

  • To get used car loans statement online you must visit HDFC official website, tap on Access My Loan Account & enter the required details Loan account number which will be 11 digits start with A or B format & simply enter the password. 
  • To get used car loans statement offline, you need to visit nearest bank branch & request for a statement with mentioning reference no/loan ac number.  

How can I track HDFC used car loan application status? 

HDFC allows you to track loan application status from anywhere anytime, all you need to do is visit web portal- on loan category-dropdown will be shown from where you have to select loan product-& tap on track my application to check the status. 

Which bank car loan is best? 

Below listed bank are known to be best for car loan: - 

  • HDFC Bank 
  • Axis Bank 
  • SBI Bank 
  • ICICI Bank 
  • Kotak Mahindra Bank 

Is there any processing fee charge by HDFC Bank? 

Yes, generally a 0.50% of processing fee charged by HDFC Bank. 

What is the maximum loan amount offered in used car loan from HDFC? 

HDFC Bank finance used car loans up to 100% of market value. 

How can I improve my eligibility on HDFC used car loan? 

Borrower can pay off their existing loan & prefer to opt for lower loan amount to improve eligibility. 

What should be my minimum salary to get used car loan from HDFC? 

Minimum 25,000 is required to get used car loans from HDFC. 

How can I get used car loan without Income proof? 

HDFC offer used car loans without Income proof/documents with certain terms. Get up to 80% of car value for 3 years repayment periods & get up to 85% of car value for 5 years repayment periods. 

HDFC Used Car Loan Customer Care Number 

To contact HDFC Customer Care, borrowers can dial toll free numbers – 1860 267 6161 which is available all 7 days from 8:00 AM to 8.00 P.M Or chat online to get your query resolved within seconds. 

Apply Now:- Personal Loan

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