HDFC Car Loan Interest Rate 2024
Check out HDFC's car loan interest rates for 2024 to plan your car purchase effectively. Understanding the rates and terms can help you make informed decisions and manage your finances efficiently.Calculate you car loan EMI
If you are looking for convenient car loans from trustworthy banks in India, think no more! Choose HDFC Bank for the best deal on car loans. HDFC offers a newly devised package of quick car loans with zero processing fees.
HDFC car loans are extremely helpful for every potential car owner. With car loans from HDFC, you can choose to be hassle-free while buying your car at low-interest rates and long loan tenures.
The following gives a complete overview of the newest car loan interest rates at HDFC. Read the following to know more about it.
Characteristics of the HDFC Bank Car Loan Schemes
With the right car loan, you can enjoy smooth and comfortable car rides without worrying about your loan settlement. Choosing HDFC car loans will help you go a long way!
Here are some of the characteristics of the car loans from HDFC:
Digital application process: All the new car loan schemes of HDFC allow smooth and easy options for online car loan applications.
Hassle-free documentation: HDFC car loans do not involve any tedious process of documentation. The quick and simple documentation process makes it easy for all car buyers to apply for quick loans.
High loan amounts: HDFC car loans are the best for getting a high quantum of loans. With car loans from HDFC, you can enjoy loans ranging from 1 lakh to 20 lakhs.
Fast loan approvals: With the complete KYC formalities and correct information, it takes only 10 secs to get a Pre-Approved Car Loan from HDFC.
HDFC Bank Car Loan Rate of Interest 2024
While buying your car, always choose HDFC car loans to opt for smooth transactions and maximum benefits. Unlike other banks, HDFC provides you with new loan benefits like flexible repayment, zero foreclosure, and smooth loan top-ups. With these, you can opt to step up your EMI easily.
At HDFC, you can choose from a variety of car loans ranging from 7% to 13% p.a. with negligible processing fees.
You can apply for HDFC car loans anytime, anywhere online. With smooth digital processing, you can get an end-to-end experience in half an hour while avoiding the tedious affair of physical documentation.
HDFC Bank Car Loan Interest Rate based on CIC Score
If you are willing to get car loans from HDFC, you can easily get one only if you have a decent CIBIL score. To get a new car loan, you need to have a credit score of 750 or above.
A high CIBIL score allows you to get a loan tenure ranging from 1 year to 7 years. You can also enjoy low-interest rates starting from 7% p.a.
Factors that Change the HDFC Bank Car Loan Interest
The rates of interest on every car loan depend on the following few factors:
Credit score
It is the most essential factor in the case of car loan interest rates. Your credit score is pivotal in deciding your car loan amount. Try to keep a high credit score to avail of the lowest rate of interest.
Age and type of car
Car loans are inversely proportional to the age of your car. The newer the car, the lower the rate of interest. So, it is advisable to get loans on your newer cars.
Repayment tenure of loans
Your loan repayment tenure should be long enough to benefit from a low rate of interest. This helps you to ease your loan settlement without any astringency.
Debt-to-income ratio
It is customary for lenders to assess your income before finalizing your EMI that can fit into your budget. Such an action decides whether you are capable of getting a new loan while maintaining the debt-to-income (DTI) ratio.
Fluctuations in market
Banks are highly dependent on market fluctuations such as inflation for deciding on the interest rates of car loans. If the market prices change with inflation and recession, the car loan interest rates vary well.
Who is Eligible for an HDFC Bank Car Loan?
The eligibility criteria for getting car loans from HDFC Bank are as follows:
People who are eligible: Salaried class, businessmen, pensioners, NRIs, non-professionals
Individuals with a sustainable job for the last 2 years
For salaried and self-employed individuals: The net annual income should be a minimum of Rs. 3.00 lakhs
For businessmen - The net annual turnover should not be less than Rs. 3.00 lakhs
For firms - Validity proof of significant net profit of the last 2 years
Your age should be a minimum of 21 years old
At the end of your tenure, you should not be more than 65 years old
How to Apply for the HDFC Bank Car Loan?
HDFC Bank offers new and easy car loans starting at very low-interest rates. One of their important features is the ease of loan application and approval. For quick loan applications, simply visit their official website and complete the application easily.
To know more about the application process, have a glance over the following steps:
Visit the official website of HDFC Bank
Go to the "Home" page and click on "car loans"
Read about the eligibility criteria before applying for loans
Check out all the loan rates of interest available now
Scroll down to the bottom of the page
Click on "Apply Now" to get quick loans
How to Negotiate for the Best Car Loan Interest Rates with HDFC Bank?
Nothing can beat a good car loan when you wish to buy a car. But you should be well aware of the few factors that can severely alter the rate of interest on your loans. So, be smart and learn a few tips for the negotiations!
The following tips can help when negotiating for convenient car loan interest rates:
Pay attention to your credit score
Maintaining a good credit score is of utmost importance when it comes to car loans. A high credit score enables you to have a better interest rate. It means you can have loan terms with a much lower interest rate.
Research before saying yes
It is vital to research in-depth before confirming any loan agreement. Go online and learn about the existing rates of interest offered by the leading car insurers.
Negotiate with your car dealer
Most of the car dealers will allow you to negotiate the car price while buying cars. You can easily lower your interest rates for loan settlements with a lower car price.
Go for a larger down payment
If you go for a larger down payment, you will have to worry less about the future EMIs. This helps you get lower the interest rate and long repayment tenure.
FAQ's
Can I take car loans from HDFC Bank?
Yes. HDFC Bank brings you easy car loans for new and used cars.
Which is the best car loan in India?
Car loans from HDFC Bank have low-interest rates for loan amounts starting from 1 lakh.
How can I apply for car loans from HDFC Bank?
You can visit the official website of the bank to apply online.
Are car loans useful for car buyers?
Car loans are always useful for budgeting your expenditures when you buy cars.
Can I get a car loan to buy a used car?
You can use car loans from HDFC Bank to buy a used car. However, the interest rate can be slightly high for used cars.
What is the rate of interest on car loans in India?
HDFC Bank gives you car loans at interest rates ranging from 7%- 13% p.a.
Is my credit score important for a car loan?
Yes. Your credit score is vital to determine your car loan interest rate.
I am a salaried person. What documents do I need for car loans?
If you are a salaried individual, you have to show your salary slip for the last 3 months.
How much time does it take for car loan approvals?
Online loan approvals take much less time than traditional methods. So, you always choose the digital method for quick loan approvals.
What is the processing fee for car loans from HDFC Bank?
There is no processing fee for car loans from HDFC Bank.