HDFC Bank New Car Loan
- Maximum Loan Amount
- Rs. 90% of ex-showroom price of the car
- Minimum Loan Amount
- Rs. 1 Lakh
- Loan To Value Ratio
- 90%
- Interest Rate
- 13% for upto 4 yrs %
- Interest Type
- Fixed
- Rate Type
- Monthly reducing
- Processing Fees
- Rs 1600 to Rs 3000
- Prepayment Charges
- Anytime after 6 months small prepayment fees
- Repayment Years (Max)
- 7 year(s)
- Repayment Years (Min)
- 1 year(s)
Features and Benefits of HDFC Bank New Car Loan
Features:
- Loan is available for widest range of cars & multi utility vehicles
- Loan repayment tenure ranging from 12 to 60 months
- Speedy processing within 48 hours
- Hassle free documentation
- Preferred account or a corporate salary account with HDFC bank for more than 6 months can get fast approval on loan with minimal documentation
Eligibilty:
- For salaried minimum age to apply for car loan is 21 years and maximum age at maturity is 58 years with minimum annual income of Rs 1 lakh and minimum total experience of 2 years , and 1 year in current company
- For self-employed minimum age to apply is 21 years and maximum age of applicant at loan maturity is 65 years with minimum experience of 3 years. Minimum net profit of Rs.60000 p.a. for standard cars and Rs.100000 p.a. for mid-sized and premium cars. Partnership firms & Private Ltd. Companies must also have minimum turnover of Rs 4.5 lakh.
Charges:
- Foreclosure charges: 6% of principal outstanding for pre closure within 1 year, 5% of principal outstanding for pre closure within 1 to 2 years and after that 3%.
- Late Payment Penalty: 2% per month
- Processing fee:
|
Loan Amount |
Charges |
|
Upto 2.5 lakh |
Rs 2625/- |
|
Over 2.5 lakh to 4 lakh |
Rs 3650/- |
|
Over 4 lakh to 5 lakh |
Rs 4100/- |
|
Over 5 lakh to 10 lakh |
Rs 4450/- |
|
Over 10 lakh |
Rs 4950/- |
- Cheque swapping charges, Duplicate Repayment charges & Dupllicate NOC or no due certificate charges 500/-each
- Loan cancellation/Re booking charges: Rs 1000/-
Documents Required for HDFC Bank New Car Loan
Salaried Individuals
- Application form with recent photograph
- Latest salary slips with Form 16
- Proof of Identity (any one): Passport/Driving license/Photo Credit Card/Employee license/Voter’s ID/PAN card
- Proof of Residence(any one): Driving license/Any utility bill/Govt. or authority bill
Self Employed
- Application form with recent photograph
- IT returns of last 2 years
- Bank statement waived for small cars, for mid-sized and premium cars if income is greater than 15 lakh
- Proof of Identity (any one): Passport/Driving licence /Photo credit card/Employee licence/Voter's ID/PAN card
- Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
-
Balance sheet and Profit & Loss Account for the last 2 years certified/audited by CA
Expert Review of HDFC Bank New Car Loan
User Reviews
- Product Rating -
Average user rating
- Member's Recomendation
By: Suparna, Bangalore | 23 May 2010
This bank gave me loan at time of need and i do appriciate the effort this bank take....[Read]
- Product Rating -
Average user rating
- Member's Recomendation
By: Chetan, Agra | 21 May 2010
HDFC is the most arrogant bank i have accome accross. The service level is so bad. Their employees treat very badly. ...[Read]
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