Basic details for HDFC bank two wheeler loan
- Minimum age of an individual should be 21 years and should not be older than 65 year at the end of loan tenure
- Minimum annual income for salaried individual should be Rs. 84,000/-
- Minimum annual income for non-salaried individual should be Rs. 74,000/-
- Minimum terms of employment should be 1 yea
- Processing charge is 3% maximum
- Documentation charge is maximum 3% of loan amount
- Cheque bounce/ EMI return charges is Rs. 500/-
- On the request of borrower copy of CIBIL report is provided for Rs. 50/-
- Rate of Interest for HDFC bank two wheeler loan is 20.90% p.a.
- Legal, Repossession and Incidental charges to be borne by borrower
- Maximum tenure for loan repayment is 48 months
- 2% lower rate of interest is charged for existing HDFC bank account holder
- Margin is 10% of the loan amount
Prepayment charges
| Tenure | Prepayment charges |
| Within 4 to 6 months from the date of 1st EMI | 10% of principal outstanding |
| Within 7 to 12 months from the date of 1st EMI | 6% of principal outstanding |
| Within 13 to 24 months from the date of 1st EMI | 5% of principal outstanding |
| Above 24 months from the date of 1st EMI | 3% of principal outstanding |
Basic details for HDFC bank car loan
- Minimum age of an individual should be 21 years and maximum should be 60 years
- Maximum loan amount offered is 100% of Ex-showroom price of vehicle
- Interest rate starts from 9.25% depending upon CIBIL score, down-payment, net income and other factors. Generally Interest rates is in the range of 9.25% to 10%
- Processing fee if 0.40% of the cost of car subject to minimum of Rs. 3,000/- and maximum of Rs. 10,000/-
- Lowest EMI is of Rs. 774 per 1 Lakhs of loan amount
- Annual income of salaried individual should be Rs. 3 Lakhs
- Annual income of non-salaried/Professional/Companies/firms/HUFs should also be Rs. 3 Lakhs
- Individual having a job of at least 2 years with minimum of 1 year with current employer are eligible
- Non-salaried/Professionals/Companies/firms must have been in business for 2 years
- Documentation charge is Rs. 630/- per case
- Cheque bounce/ EMI return charges is Rs. 500/-
- On the request of borrower copy of CIBIL report is provided for Rs. 50/-
- Collateral charges are Rs. 475 per case
- Maximum tenure for loan repayment is 84 months
- Maximum quantum of loan can be financed for car/MUVs is Rs. 3 Crore
Zero Drive Car loan scheme- Under this scheme, existing HDFC bank customer can avail car loan in double quick time. There is a process of instant disbursal of loan amount with negligible paper work. To avail the loan:
- log into your HDFC Net-banking
- Go to offers tab
- Click on ZipDrive menu
- After that the car loan amount will be disbursed instantly to car dealer’s account
Balloon EMI- Apart from normal EMI scheme, there is a concept of balloon EMI in HDFC bank. In this scheme, you can pay lower EMIs throughout the loan tenure and a larger lump sum amount at the end of the term.
Documents required for availment of HDFC bank vehicle loan
Salaried Individuals
1. Any of the following documents as identity proof
- Aadhaar 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)
1. Any of the following documents as identity proof
- 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)
1. 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)
1. 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)
1. 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
That’s all for HDFC bank vehicle loan. Hope you have understood better. Thanks for visiting us !