HDFC BANK Car Loan Interest Rates in January 2024. Check EMI, Eligibility, Down Payment

HDFC BANK Car Loan Interest Rates in January 2024. Review HDFC BANK BANK Car Loan Scheme with Special Waivers, Eligibility EMI. Processing Fees with Documents.

HDFC BANK Car Loan Interest Rates in January 2024

HDFC Bank Car Loans comes with Trust and low Interest Rate Factor. Unlike Private Sector Banks which offer loans with High Foreclosure Charges and differential rates basis Vehicle Model Classification.

HDFC BANK Car Loan Interest Rates

HDFC BANK Car Loan Interest Rates Offers 

  • Car Loan with Zero Foreclosure Charges after 2 Years.
  • Fixed Interest Rate Car Loans with Interest Rates starts from 8.8% in December 2023.
  • No Advance EMI Clause.
  • Flexibility of Part Payment as per term and condition of Bank after 2 years.
  • 100% Processing Fees Waiver as part of Festive Scheme.

HDFC BANK Car Loan Scheme on New Cars – January 2024.

  • HDFC BANK Car Loan Interest Rates: HDFC BANK offering Car Loan Interest Rates starting from 8.65% for Self Employed and Salaried Customers. Interest rate varies based on CIBIL Score, Profile Relationship and Type of Car been financed (as differential rates for EV and Petrol, Diesel, CNG Cars)
  • Loan Tenure: Finance available for maximum 90% On Road Finance for Upto 7 Year Loan Tenure 
  • Loan Tyre: Fixed Interest Rate. Unlike most other PSU Banks which offers Floating Rate, your Car Loan Rates are Fixed in HDFC BANK BANK and do not change with any fluctuation in rates in coming year.
  • Loan Processing Fees:  NIL
  • Car Loan EMI : EMI starts at Rs 1604 per Lakh (for 7 Years) / Rs 2066 per Lakh EMI (for 5 year) / Rs 3171 per Lakh (for 3 Years) through for Applicants having CIBIL Score over 775 – for buyers taking Finance on Petrol and Diesel Cars.

Click Here to Read ICICI Bank Car Loan Interest Rate

HDFC BANK Car Loan Interest Rate Scheme in January 2024 – New Year Offer

HDFC BANK Car Loan HDFC BANK Car Loan Interest Rate in January 2024
Interest Rate (where CIBIL Score >= 775)8.8% (3 to 5 year) / 8.9% (6 year & 7 year)
Interest Rate (where CIBIL Score > 757 – 774)8.9% (3 to 5 year) / 9% (6 year & 7 year)
Interest Rate (where CIBIL Score is 721 – 756)9.15% (3 to 5 year) / 9.25% (6 year & 7 year)
Interest Rate (where CIBIL Score is 688 – 720)9.4% (3 to 5 Year) / 9.5% (6 year & 7 year)
Interest Rate (where CIBIL Score is under 688)9.6% (3 to 5 Year) / 9.7% (6 year & 7 year)
Waivers on Interest Rate on EV Cars15% additional waiver if customer buying EV
Processing Fees 100% Waiver for Limited Period
Nature of LoanFixed Interest Rate

HDFC BANK Car Loan Foreclosure, Part Payment and Other Terms

  • Zero Foreclosure charges after 1 Years. Yes if you decided to foreclose loan after 1 Years then no Prepayment charges will be deducted.
  • Interest Rates Remains same Across all Loan Tenure i.e Even for Short Tenure Loans for 1 year or 2 year – Loan Rate remains same 
  • No Part Pre Payment Charges for loan seasoning beyond 2 Years. 
  • In case of Part Payment – Interest Calculated on Daily Reducing Balance. Thus – even Mid-Month Part Payment will help you lowering Tenure or Interest Rate
  • Interest Rates remains same from Maruti Alto to Audi A8 or even higher to Aston Martin. No Differential on Interest rate basis car model, profile or occupation 

HDFC BANK Car Loan Rates are considered the benchmark for Finance sector and comes with Zero Prepayment and Flexible on Road Funding and extended tenor of 8 yrs increases affordability too.

HDFC BANK Car Loan Scheme Eligibility Norms

The following people are eligible to apply for a New Car Loan:

Salaried Individuals:​​​​​​​

  • This includes employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
  • Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure
  • Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
  • Those who earn a minimum of Rs. 3,00,000 per year, including the income of the spouse/co-applicant
  • Individuals who have a telephone/post-paid mobile

Self Employed Individuals and Professionals (Sole Proprietorship):

  • This includes self-employed sole proprietors in the business of manufacturing, trading or services
  • Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure
  • Those who have been in business for a minimum of 2 years
  • Should earn at least Rs. Rs. 3,00,000 per annum

Self Employed Individuals and Professionals (Partnership Firms):

  • This includes self-employed partners in the business of manufacturing, trading or services
  • Those who have a minimum turnover of Rs. Rs. 3,00,000 per annum

Self Employed Individuals and Professionals (Private Limited Companies):

  • This includes individuals who own a private company in the business of manufacturing, trading or services
  • Should earn at least Rs. Rs. 3,00,000 per annum

Self Employed Individuals (Public Limited Companies):

  • This includes directors in public limited companies that are in the business of manufacturing, trading or services
  • Should earn at least Rs. Rs. 3,00,000 per annum

%

Loan EMI

Total Interest Payable

Total Payment
(Principal + Interest)

CalculatorsGet One Touch Information
Car Loan EMI CalculatorClick Here
Car Loan Eligibility CalculatorClick Here
Car Loan Repayment ScheduleClick Here

Maximum Amount Financed: Upto 90% Finance of On Road Price (Ex-showroom Price + RTO Road Tax + Insurance).

Documents Required for HDFC BANK Car Loan

Apart from Loan Application Form – Photocopies needs to be submitted of below documents (Originals must be taken along – so that Photocopies can be verified by Bank Official before accepting submission)

KYC & Financial DocumentsSalariedSelf Employed
ID ProofPAN Card + 2 Passport Size PhotosPAN Card + 2 Passport Size Photos
Residence Address Proof (Either of documents)Passport, Election Card, Aadhar ID, Nationalized Bank Account Statement, Post Paid Telephone Bill of BSNL/MTNL, Utility Electricity or Water Bill. If rented – additionally – Permanent Address Proof copy requiredPassport, Election Card, Aadhar ID, Nationalized Bank Account Statement, Post Paid Telephone Bill of BSNL/MTNL, Utility Electricity or Water Bill. If rented – additional Permanent Address Proof copy required
Office Address ProofOffice ID Card or Office Address as per Self declaration in Application FormVAT (Sales Tax Certificate) / Shop Establishment / Service Tax
Income ProofLatest Salary Slip or Form 16 or Latest 2 yr ITRLatest 2 Year ITR with Computation. Audited P&L, Balance Sheet for 2 years
Banking6 Month Salary A/c Statement6 Month Business Current A/c Statement (Main A/c which has Inflow and Outflow of Payment)

Loan Scheme on Used Cars – 2024

  • HDFC BANK Car Loan on Certified Used Cars:  11.25% to 14.75% – which is the lowest Rate across offered by any Bank in Used Car Loan
  • HDFC BANK Car Loan Interest Rates on Used Cars (Direct Sale – Purchase) : Not Available. HDFC BANK only Finance Used Cars bought from Certified Used Car Dealers from Manufacturers
  • Additional Processing Fees Applicable

Other Features

  • Interest Rates Remains same Across all Loan Tenure i.e. Even for Short Tenure Loans for 1 year or 2 year – Loan Rate remains same.
  • No Part Payment Charges for loan seasoning beyond 6 months. No Foreclosure Charges in event of Loan Termination after 6 months.
  • In case of Part Payment – Interest Calculated on Daily Reducing Balance. Thus – even Mid Month Part Payment will help you lowering Tenure or Interest Rate.
  • Based on Floating Interest Rate – where Future Rates will be linked to MCLR Rate. Thus – if Interest rates go down in future – your tenure will be reduced or last EMI will be lower.
  • Interest Rates remains same from Alto to Audi A8 or even higher to Aston Martin. No Differential on Interest rate basis car model, profile or occupation.

HDFC BANK Car Loan Rates are considered the benchmark for Finance sector and comes with Zero Prepayment and Flexible On Road Funding and extended tenor of 7 yrs increases affordability too.

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