New Car Loan:

We are proud to have had the patronage of over 5 million people who have availed of car loan from us. Whether you want to buy a compact hatchback or a luxury sedan, you can get upto 100% finance for a new car from HDFC Bank and make your dream come true. You can get an in-principle approval for your loan in just 10 minutes We offer easy car loans to both salaried and the self-employed. What’s more, we not only help you raise funds but also assist you in researching and finding your dream car.

    Loan Amount

  • Get loans up to Rs.3 crore on a wide range of cars and multi-utility vehicles
    Enjoy 100% finance** on-road finance on your New Car Loan

  • Top Up Loans

  • Existing car loan customers can get a top-up loan with no documentation

  • Flexible Repayment Tenure

  • Flexible repayment tenures from 12 months to 84 months

  • Quick and easy Processing and Approval

  • Check your New Car Loan eligibility online or at select branches in just 60 seconds

    Enjoy transparent, quick and easy documentation process

    Get a New Car loan approval in just 10 minutes
    (Loan processing and disbursement will take at least 7 working days post submission of all required documents and information required by the bank)

  • Preferred Pricing for HDFC Bank customers

  • Existing HDFC Bank customers can get a loan in 10 seconds with minimal documentation

  • Buying assistance

  • Compare, research and read reviews on new cars on HDFC Bank’s New Car Bazaar/ Autopedia Mobile App

    Search for cars by Brand, Price and EMI

    Test drive assistance available on a wide range of cars for enabling to choose the right car for your needs.

    Download the Autopedia mobile app for research, latest news and apply for car loan.

    **Offers on specific models. Terms & conditions apply.

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

Enclosed below are Home Tree New Car Loans Interest Rates & Charges

Description of charges New Car Loans
Documentation Charges* Rs. 600 per case
Foreclosure charges* No foreclosure allowed within 6 months from date of availing the car loan
6% of Principal Outstanding for preclosures within 1 year from 7th EMI
5% of Principal Outstanding for preclosures within 13-24 months from 1st EMI
3% of Principal Outstanding for preclosures post 24 months from 1st EMI
 
Part-Payment charges* Part-payment is allowed subject to completion of 12 months (i.e., Post payment of 12 EMIs)
Part payment will be allowed twice only during loan tenure. Part payment is allowed only once a year. At any point of time, part payment will not increase beyond 25% of Principal Outstanding.
5% on the part payment amount in case part prepayment is within 13-24 months from 1st EMI
3% on the part payment amount in case part prepayment is post 24 months from 1st EMI
 
Stamp Duty (Non -refundable) At actuals
Late Payment Penalty 2% per month
Processing fees* (Non - refundable) 0.4% of Loan Amount or Rs.10000, whichever is lower
Cheque/ ECS swapping charges Rs 500/- Instance
Loan cancellation In the event of cancellation, interest charges from date of disbursement till the date of cancellation of loan will be borne by the customer. Processing Fee, Stamp duty and Documentation Charges are non-refundable charges and would not be waived/refunded in case of loan cancellation.
Legal, Repossession & Incidental charges At actuals
Duplicate no due certificate / NOC Rs 500/- Instance
Loan Reschedulement charges/ rebooking charges Rs. 1000/- will be charged. If changes are required on RC, refundable Security Deposit – non-interest bearing of Rs. 5000 would be required. It will be the borrower's responsibility to provide the transferred Registration Certificate to the bank.
LPG/ CNG NOC/ Other Special NOC Rs 500/- Instance
CIBIL Charges (only on request) Rs. 50/-
Cheque/ SI / ECS Return Charges* Rs. 550/- per instance
Amortisation Schedule Charges Customer can download the schedule from E-Delight free of cost. Rs. 200/- per schedule would be charged at customer service desk.
Commercial / Personal Use NOC (conversion subject to credit approval) Rs. 2250/- per NOC
Collateral Charges* Rs.450 per case 
Rack interest rate 9% to 10.25% depending on the segment of vehicle

Inter State NOC

Refundable Security Deposit (non-interest bearing) of Rs. 5000 will be taken. It will be the borrower's responsibility to provide the transferred Registration certificate to the bank. In addition NOC charge would be Rs. 500/-

It is also advised, that the customers should refrain from any dealings in cash with the Bank's Direct Sales associates. Borrowers should also not make any payments in cash/bearer cheque or kind in connection with the loan, to the executive, dealing with the borrower for purpose of the loan.

Rates offered to customer during the period of Apr'18 to Jun'18

  Bank IRR
Product Min IRR Max IRR Avg IRR
AUTO LOAN 8.25% 14.26% 9.40%

Annual Percentage Rate offered to customer during the period of Apr'18 to Jun'18

  APR
Product Min APR Max APR Avg APR
AUTO LOAN 8.26% 14.60% 9.50%

Note: *Foreclosure, Part-Payment, Processing fees, Documentation Charges, Cheque/SI/ECS Return and Collateral charges are exclusive of Government Taxes. Government Taxes and other levies as applicable would be charged additionally.

Collateral charges / PDD Collection charges are refundable in case of loan cancellation.

List of papers/ documents applicable to all applicants:

Salaried Individuals:

  • Any of the following identity proof documents:
    • Aadhar Card
    • Passport
    • PAN Card
    • Voters ID Card
    • Driving License (recent, legible, laminated)
  • Latest salary slip and Form 16 as income proof
  • Any of the following documents as address proof:
    • Aadhar Card
    • Ration Card
    • Driving License (recent, legible, laminated)
    • Voters ID Card
    • Passport Copy
    • Telephone Bill
    • Electricity Bill
    • Life Insurance Policy
  • Bank statement of the previous 6 months

Self Employed Individuals (Sole Proprietorship):

  • Any of the following identity proof documents:
    • Aadhar Card
    • Passport
    • PAN Card
    • Voters ID Card
    • Driving License (recent, legible, laminated)
  • Latest Income Tax Returns (ITR) as income proof
  • Any of the following documents as address proof:
    • Aadhar Card
    • Ration Card
    • Driving License (recent, legible, laminated)
    • Voters ID Card
    • Passport Copy
    • Telephone Bill
    • Electricity Bill
    • Life Insurance Policy
  • Bank statement of the previous 6 months

Self Employed Individuals (Partnership Firms):

  • All the following documents as income proof:
    • Audited Balance Sheet
    • Profit & Loss Account of the previous 2 years
    • Company ITR for the previous 2 years
  • Any of the following documents as address proof:
    • Telephone Bill
    • Electricity Bill
    • Shop & Establishment Act Certificate
    • SSI Registered Certificate
    • Sales Tax Certificate
  • Bank statement of the previous 6 months

Self Employed Individuals (Private Limited Companies)

  • All the following documents as income proof:
    • Audited Balance Sheet
    • Profit & Loss Account of the previous 2 years
    • Company ITR for the previous 2 years
  • Any of the following documents as address proof:
    • Telephone Bill
    • Electricity Bill
    • Shop & Establishment Act Certificate
    • SSI Registered Certificate
    • Sales Tax Certificate
  • Bank statement of the previous 6 months

Self Employed Individuals (Public Limited Companies):

  • All the following documents as income proof:
    • Audited Balance Sheet
    • Profit & Loss Account of the previous 2 years
  • Any of the following documents as address proof:
    • Telephone Bill
    • Electricity Bill
    • Shop & Establishment Act Certificate
    • SSI Registered Certificate
    • Sales Tax Certificate
  • Bank statement of the previous 6 months
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