HDFC Used Car Loan | Financeseva

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: -

Duly filled application form with 2 passport sized photographs
Proof of Identity: - Aadhar Card/ Pan Card or Voter ID
Residence Proof: - Utility Bill/ Aadhar Card/ Passport/ Driving License or Bank Statement
Income Proof: - Latest salary slip, latest form 16/ITR, HDFC bank corporate salary account statement
Signature Proof: - Driving License,Passport,Copy of credit card statement, copy of margin money to be paid to banker.
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: -

Pay off dues prior to foreclose
Visit your bank branch & submit a request for loan closure
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).
When you apply for loan your car is hypothecated to lenders & to remove his name you need to submit NOC/NDC to the RTO.
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