HDFC bank vehicle loan

hdfc bank car loan banking zoneBasic 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)
  1. Latest salary slip and Form 16 as income proof
  2. 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​​​​​​​
    ​​​​​​​
  1. 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)
  1. Latest Income Tax Returns (ITR) as income proof
  2. 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
    ​​​​​​​
  1. 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

​​​​​​​

  1. Any of the following documents as address proof:
  • Telephone Bill
  • Electricity Bill
  • Shop & Establishment Act Certificate
  • SSI Registered Certificate
  • Sales Tax Certificate
    ​​​​​​​
  1. 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

​​​​​​​​​​​​​​

  1. Any of the following documents as address proof:​​​​​​​
  • Telephone Bill
  • Electricity Bill
  • Shop & Establishment Act Certificate
  • SSI Registered Certificate
  • Sales Tax Certificate
    ​​​​​​​
  1. 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

​​​​​​​

  1. Any of the following documents as address proof:
  • Telephone Bill
  • Electricity Bill
  • Shop & Establishment Act Certificate
  • SSI Registered Certificate
  • Sales Tax Certificate
    ​​​​​​​
  1. Bank statement of the previous 6 months

 

That’s all for HDFC bank vehicle loan. Hope you have understood better. Thanks for visiting us !

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