HDFC Bank's car loans cover the
widest possible range of cars and multi-utility vehicles in India.
HDFC Bank Car Loans
HDFC Bank loans can be availed for purchasing new and used cars. Brief information about the loan-specific requirements of salaried and self-employed have been mentioned below. For partnership firms, private limited companies and public limited companies, separate set of rules and regulation have been set up.
Features
One can borrow up to 80% of the value of any car manufactured in India. Flexible repayment options range from 12 to 60 months. One can borrow up to three times of annual salary (for salaried professionals) and six times the annual income (for self employed professionals). One can also get additional amount on existing loans. Existing HDFC Bank customers get preference in getting bank approval for loans.
Documents Needed
Salaried individuals need to produce
- As Proof of Identity, one can produce Passport copy, PAN Card, Voters Id car, or driving licence.
- As Income Proof, one can produce Latest salary slip with form 16.
- As Address Proof, one can produce Ration card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy.
Self-employed applicants need to produce the above mentioned documents as proofs of address and identity. They have to produce the latest ITR as income proof. Bank Statement are not needed for purchasing of small cars. For mid - sized and premium cars, if income is greater than Rs 1.5 lakhs, the bank statement can be waived.
Eligibility Criteria
At the time of application, an applicant�s minimum age must be 21 years while the maximum age of applicant at loan maturity is 58 years. One must have passed one year in current employment and have minimum two years of total employment. The minimum annual income must be Rs 100000 net annual income. One must also have a telephone at the residence.
Prepaying a Loan
A loan customer can pre-pay the loan any time after 6 months of availing the loan. One just has to pay a small prepayment fee on the outstanding loan amount.
Need of Guarantor
One does not usually need a guarantor. However, if one�s income does not meet the bank�s credit criteria, then one is required to rope in a guarantor to avail a loan.
| Particulars |
Salaried Individual |
Self-Employed Individual |
Partnership Firm |
Private Limited Company |
Public Limited Company |
| Age |
The applicant should be at least 21 years old at the time of
application, and below 60 years of age at the time of maturity of
the loan |
The applicant should be at least 21 years old at the time of
application, and below 65 years of age at the time of maturity of
the loan |
- |
- |
- |
| Minimum Employment |
At least 1 year in current employment and minimum 2 years of
employment |
At least 3 years in business |
- |
- |
- |
| Annual Income / Turnover |
Rs 100000 net annual income |
Net profit must be at least Rs. 60000 p.a for standard cars and
Rs.100000 p a for mid-sized and premium cars. |
Net profit must be at least Rs. 60000 p.a for standard cars and
Rs.100000 p a for mid-sized and premium cars. Turnover should be at
least 4.5 lacs. |
Net profit must be at least Rs. 60000 p.a for standard cars and
Rs.100000 p.a. for mid-sized and premium cars. Turnover should be at
least 4.5 lacs. |
Net profit must be at least Rs. 60000 p.a for standard cars and
Rs.100000 p.a. for mid-sized and premium cars. Turnover should be at
least 4.5 lacs. |
| Telephone |
Must at residence |
Must at residence |
One phone at least at business and at residence of the loan
executing partner |
One phone at least at business premises |
One phone at least at business premises |
Documentation Required
| Salaried Individual |
Self-Employed Individual |
Partnership Firm |
Private Limited Company |
Public Limited Company |
| Proof of Identity: Passport copy, PAN Card, Voters Id car,
driving licence( Laminated, Recent , Legible) |
Proof of Identity: Passport copy, PAN Card, Voters Id car,
driving licence( Laminated, Recent , Legible) |
Proof of Identity: NA |
Proof of Identity: NA |
Proof of Identity: NA |
| Income Proof: Latest salary slip with form 16 |
Income Proof: Latest ITR |
Income Proof: Audited balance sheet, Profit & loss Account
for the last 2 years and IT returns of the company for the last 2
years |
Income Proof: Audited balance sheet, Profit & loss Account
for the last 2 years and IT returns of the company for the last 2
years |
Income Proof: Audited balance sheet, Profit & loss Account
for the last 2 years |
| Address Proof: Ration card / Driving licence / Voters
card/passport copy/telephone bill/ electricity bill/Life insurance
policy PAN Card. |
Address Proof: Ration card/Driving licence/Voters card/passport
copy/telephone bill/ electricity bill/Life insurance policy PAN
Card. |
Address Proof: Telephone Bill / Electricity Bill/Shop &
Establishment Act certificate/SSI registered certificate/Sales Tax
certificate |
Address Proof: Telephone Bill/Electricity Bill/Shop &
Establishment Act certificate/SSI registered certificate/Sales Tax
certificate |
Address Proof:- Telephone Bill/Electricity Bill/Shop &
Establishment Act certificate/SSI registered certificate/Sales Tax
certificate |
| Bank Statement: Not mandatory |
Bank Statement: Waived for small cars. For mid-sized and
premium cars if income is greater than Rs 1.5 lacs then bank
statement requirement can be waived. |
Bank Statement: Waived for small cars. For mid-sized and
premium cars if income is greater than Rs 1.5 lacs then bank
statement requirement can be waived. |
Bank Statement: NA. |
Bank Statement: NA |
New Car Loans
HDFC Bank gives maximum loan of 90% of the invoice value on new cars.
The minimum loan amount is Rs 50000. The loan tenure varies from 12 to
84 months. One can pre-pay the loan any time after 6 months of availing
of the loan by paying a small prepayment fee on the outstanding loan
amount.
Used Car Loans
The maximum loan amount given for used cars is up to 80% of the invoice
value. One can choose from loan tenure options of 12, 24, 36, 48, or 84
months.
