hdfc car loan interest rate 2023
Are you looking to buy a car in 2023? But if you need more money you want to take a loan from a bank. If you need clarification about which bank is best for a car loan in 2023, This article help you. car loan interest rate hdfc helps you to buy your dream car.
One of India’s best finance lending institutions, HDFC Bank offers car loans to customers at a competitive interest rate. HDFC Provides the best HDFC bank car loan interest rate.
In this article, we discuss HDFC car loan interest rate, Understand the factors that influence you, and provide you with valuable information about HDFC bank car loan interest rate.
Table of Contents
HDFC Car Loan Interest Rate in 2023
The following table provides more details about the HDFC bank car loan interest rates as of September.
| HDFC Car Loan Scheme | Rack Interest Rate |
| Ev car loan | 8.75% Onwards |
| Used car loan | 13.75% Onwards |
| New car loan | 7.75% Onwards |
Features of hdfc bank car loan interest rate
Following are the key features of HDFC bank car loan schemas.
- Get a car loan up to 100% of the on-road price of the vehicle.
- Get Possible as a low Down payment.
- Get the Best interest rate and fixed interest rate.
- Get loan approvals as soon as possible in 30 min.
- Flexible loan tenure of up to 7 years.
- No paperwork or verification is required for the car loan.
- HDFC offers optional Health coverage.
Eligibility Criteria: HDFC Car Loan Eligibility
To get a car loan from HDFC Bank you must fulfill the following eligibility criteria.
Applicant age: For salaried employees, the Applicant’s age minimum of 21 years is required. while the maximum age is 60 years for applying HDFC bank car loan. For self-employed individuals minimum age is also 21 but the maximum age of the applicant is 65 end of the loan tenure.
Employment Status: The loan applicant must be a salaried employee from a private or public limited company or a self-employed engaged in various businesses. Like he/she is running his own business or partnership with others.
Salary Requirement: To be eligible for an HDFC bank car loan an individual must have Rs. 3lack Rs annual income which includes the income of his co-applicant. The same annual income is required for self-individual employees.
Application process: How to apply for an HDFC bank car loan.
There are two ways of applying HDFC bank car loan. The following section help you to understand How to apply for an HDFC bank car loan.
1st method is online and 2nd is offline:
1. Online method:
You can visit the official HDFC Bank website and select the “Car loan ” Option under the “Borrow” menu.
After choosing the loan type, click on the “Apply Now” button.
Fill in the required details of the car loan and submit the loan application.
2. Offline method:
Following is the list of documents required for an HDFC bank car loan.
Salaried Applicants:
- Identify proof (Aadhar card, PAN card, voter ID, Passport)
- Income proof (Last month’s salary proof)
- The previous six months’ bank statements
- address proof (Aadhar card, Driving license, etc. )
Self-employed Applicants:
- Identify proof (Aadhar card, PAN card, voter ID, Passport)
- Income proof (Latest income tax Returns)
- The previous six months’ bank statements
- address proof (Aadhar card, Driving license, etc. )
Self-Employed Applicants (Partnership of Private/Public Limited Companies)
- Company address proof (Electricity bill, Sales taxes, etc. )
- income proofs (audited balance sheet, profit, and loss account for the last 2 years)
- Previous 6 months’ bank statement.
How to apply for an HDFC car loan
Following Factors Affecting HDFC Bank Car Loan Interest Rates:
1. Credit score: A good credit score indicates the loan applicant’s creditworthiness and repayment ability. If you have a good credit score HDFC Bank may have offered you less interest rate.
2. Loan amount: The loan amount also affects the Interest rate. Sometimes a higher amount of loan has a lower interest rate but less amount of loan has a higher interest rate.
3. Type of car: The type of car and age also affect the interest rate. HDFC bank offers different interest rates for New cars, Used cars, and Specific models of cars.
4. Income: The borrower’s income stability is the crucial factor. A higher income can secure a lower interest rate. car loan interest rate hdfc
5. Relationship with HDFC Bank: The Existing customers of HDFC Bank may be eligible for lower interest rates.
Disclaimer: The above content is for informational purposes only. It is recommended to take the help of an expert before making a decision.
car loan interest rate hdfc
what is the current HDFC bank interest rate?
Currently, HDFC offers an 8.75% Rate.
What is the current HDFC bank car loan?
HDFC bank car loans are based on various factors, Such as loan amount, tenure, and the applicant’s creditworthiness.
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