Know about HDFC Car Loan Rates and make way for your dream car

From being a status symbol to a dream come true, a car means so much more than just a vehicle. Having a car of our own is a proof of our capability, commitment and prudence. HDFC is one of the premium banks with unblotted reputation amongst its competitors and customers. With its credit facilities such as HDFC Car Loan, HDFC has given that much needed nudge to all those who aspired to have a private vehicle but couldn’t afford it.

Car Loan Rates make affording your dream car easier for you. With easy installments, flexible repayment tenure and fitting Loan Rates, notching up the car of your desire is just a step away!

HDFC Car Loan Rates differ for new cars, pre-owned cars and for credit taken against a car. This helps the customers in securing the best offer at the most reasonable pricing.

HDFC Car Loan Rates:

The loan for a new Car Loan ranges between 9.25% and 11.25% p.a. (Monthly Reducing Balance) and for old cars ranges between 14.50% and 17.50% p.a. (Monthly Reducing Balance).

Features of HDFC Car Loan:

HDFC offers multiple features which not only make its Car Loan attractive but also easily affordable.

• Complete finance available available for the car of your choice.

• Loans available on a wide range of vehicles ranging from hatchbacks to MUVs.

• Flexible loan repayment tenure ranging from 12 months to 84 months.

• Availability of loan up to 6 times your yearly income

• Car Loan Eligibility Calculator for quick calculation of EMIs

• Car Loan approval in 30 minutes

• Easy EMI options

• Options to fastrack the loan available

• Easy and quick documentation process

• Availability of loan up to?1.5Cr

Benefits of HDFC Car Loan:

• Quick and Easy loan processing

• EMI repayment not affected by fluctuations in market rates

• Low down payment

• Convenient EMIs

• Ease of documentation, quick sanction of loan and easy disbursal

• Customer-friendly policies

Eligibility:

Salaried Individuals: This category includes those who are salaried doctors, CAs, employees of certain public and private limited companies, government sector employees such as public sector undertakings and central, state and local bodies.

• Age limit- 21 years to 60 years

• Annual Income- Net Annual Salary of?1,80,000 pa (including the salary of the spouse or the co-applicant)

• Work Experience- minimum of 2 years with at least 1 year of work experience with the current employer

• Have a landline connection or a post-paid mobile connection

Self-Employed Individuals (Sole Proprietors): This category includes those who are sole proprietors in the business of manufacturing, trading and/or services.

• Age limit- 21 years to 65 years

• Annual Income- Net Annual Business Income of?60,000 pa for standard car models and?1,00,000 pa for mid-sized and premium models

• Work Experience- minimum of 2 years in the same business line

• Have a landline connection or a post-paid mobile connection

Self-Employed Individuals (Partnership Firms): This category includes those who are partners in the business of manufacturing, trading and/or services.

• Annual Income- Net Annual Business Income of?60,000 pa for standard car models and?1,50,000 pa for mid-sized and premium models

• Minimum Turnover- Minimum turnover should be at least?4,50,000 pa

• Have a landline connection or a post-paid mobile connection

Self-Employed Individuals (Private Limited Companies): This category includes those who own a private company in the business of manufacturing, trading and/or services.

• Annual Income- Net Annual Business Income of?60,000 pa for standard car models and?1,50,000 pa for mid-sized and premium models

• Minimum Turnover- Minimum turnover should be at least?4,50,000 pa

• Have a landline connection or a post-paid mobile connection

Self-Employed Individuals (Public Limited Companies): This category includes those who are at directorial position in a public limited company in the business of manufacturing, trading and/or services.

• Annual Income- Net Annual Business Income of?60,000 pa for standard car models and?1,50,000 pa for mid-sized and premium models

• Minimum Turnover- Minimum turnover should be at least?4,50,000 pa

• Have a landline connection or a post-paid mobile connection

Anvi Sharma is a professional writer who has written on various financial products like personal loans, home loans, credit cards & mutual fund investment, etc. She believes in delivering best of her knowledge so as to help the readers und