HDFC Car Loan – Have the Pleasure of Drive with Family & Friends

How enjoyable it is to spend time with family and friends. To drive miles on empty roads and enjoy quality time with the people you love. What if, you take this journey in the car you had the desire to drive. The enjoyment just multiplies. I know reading this must have amused you. You too can have this fun of riding in your favourite car. Yes, don’t worry about the cost involved in making the purchase. Why? Because HDFC Car Loan service makes it possible for the people to buy the car of their choice.

The bank offers tailor-made car loans to cater the requirements of potential buyers. The HDFC Bank provides up to 100% finance for the flexible tenure. The funds are granted for the widest range of cars and multi-utility vehicles sold in India. The borrower can take a hassle-free loan for the longest tenure of 7 years. The repayment has to be made in the form of EMI that includes a part of principal and interest. The interest is charged at the nominal rates depending upon the segment of vehicle. The relevant information regarding HDFC car loan is given below:

  • The rate of interest ranges between 11.50% p.a. – 13.75% p.a.
  • The processing fee of ₹ 2,825 to ₹ 4,650 is charged depending upon the loan amount applied for.
  • No foreclosure is permitted before payment of 6 EMI’s. Thereafter foreclosure charges are applicable.
  • The penalty of 2% per month is levied on the late EMI payment.
  • Easy credit up to ₹ 1.50 crores can be availed.

HDFC Car Loan Eligibility Criteria:

All salaried and self-employed individuals, partnership firms, public limited and private limited companies are eligible provided they match the eligibility criteria-

Salaried Individuals:

  • Age of the individual should be 21 years & above but below or equal to 60 years
  • Have had a job experience of 2 years and worked for at least 1 year with current employer
  • The minimum annual income should be ₹ 1,80,000
  • Should have telephone/ postpaid mobile

Self – Employed Individuals:

  • Minimum age should be 21 years at time of application but less than or equal to 65 years at time of maturity
  • Have been in business for 2 years
  • Should earn at least ₹ 60,000 annually if wanting to buy a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Having telephone/ postpaid mobile connection at residence

Partnership Firms:

  • Engaged in the business of manufacturing, trading and services
  • Minimum annual turnover of ₹ 4,50,000
  • Having per annum income of ₹ 60,000 for buying a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Have a landline at both office and home

Private Limited Companies:

  • Should be an owner of private company working in the field of manufacturing, trading or services
  • Having per annum income of ₹ 60,000 for buying a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Minimum annual turnover of ₹ 4,50,000
  • Should have an operating landline at office

Public Limited Companies:

  • Director in a public limited company engaged in the line of manufacturing, trading or services
  • Earning minimum ₹ 60,000 per year if willing to buy a standard car and ₹ 1,50,000 for mid- sized and premium cars
  • Annual Turnover should at least be ₹ 4,50,000
  • Should have a landline connection at office

Documents Required:

Following is the list of documents to be submitted along with the application form.

Identity Proof – ( Applicable only for salaried individuals and sole proprietors )

  • Copy of Passport
  • PAN Card
  • Voters ID Card
  • Driving Licence

Address Proof –  

  • Ration Card
  • Driving Licence
  • Voters Card
  • Copy of Passport
  • Telephone Bill
  • Electricity Bill
  • Life Insurance Policy

Income Proof-

  • For Salaried – Latest salary slip with form 16
  • For Self-Employed Individuals – Latest ITR
  • For Others –
    • Audited balance sheet
    • Profit & Loss Account Statement of previous two years
    • IT returns of the company of last 2 years
  • Bank Statement of last 6 months

Features of HDFC Car Loan:

  • The loans are given for purchase of all types cars including multi-utility vehicles
  • Long repayment tenure lasting up to 7 years
  • Amount disbursed up to ₹ 1.50 crores
  • Loan approved within 30 minutes
  • Attractive rate of interest
  • No income document scheme
  • Special schemes for HDFC Bank customers
  • Lowest down payment
  • Quick disbursal and less documentation
  • Repayment in form of easy installments

The bank makes it possible for the people to access their dream. The candidates that fit the eligibility criteria set by the bank can car loan online and avail the advantage.

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