About Hyundai i20

Are you looking for a quick and hassle-free way to own a Hyundai i20? HDFC's Xpress Car Loan can make your dream a reality in just a few minutes! With up to 100% financing on selected vehicles, pocket-friendly EMI, and flexible repayment tenure, this loan for a Hyundai i20 is designed to bring the joy of owning a car within your reach. Whether you are salaried or self-employed, HDFC offers easy car loans and helps you find your dream car and the right dealer. So, do not wait any longer to get behind the wheel of your very own Hyundai i20.

Hyundai i20 Car Loan: Features & Benefits

Under HDFC's Xpress Car Loan facility, the bank provides ZipDrive Instant Car Loan. This instant car loan for a Hyundai i20 is the process that is exclusively designed for customers who want to disburse the car loan amount instantly to car dealers through Net Banking anytime, anywhere. This hassle-free process comes with the following features and benefits:

• Instant Disbursal of loans, 24/7 online loans, and negligible paperwork make it easy and convenient for customers to apply for a loan and get it approved in no time.

• You can acquire a loan of up to INR 20 crore on various cars and multifunctional vehicles, including the Hyundai i20. It provides you with the benefit to enjoy up to 100% on-road finance with no documentation.

• If you are an existing car loan customer, you can get a top-up loan for a Hyundai i20 with no documentation.

• It provides flexible repayment tenure from 12 months to 84 months. Therefore, you can choose the tenure at your convenience.

• It provides fast and effortless processing and approval with support at more than 1000 car dealers and all HDFC bank branches in India. The end-to-end car loan procedure can now happen in just 30 minutes, completely paperless and digital.

• If you are an existing HDFC Bank customer, you can enjoy preferential pricing with unique schemes designed just for them. You can also avail of the loan for a Hyundai i20 in 10 seconds with no documentation.

• HDFC Bank offers to fund comprehensive package insurance products that offer protection to individuals like permanent total disability, accidental hospitalization, and accidental death.

Hyundai i20 Car Loan Eligibility Criteria

For a smoother loan application process and an increase in the chances of loan approval, applications must meet certain eligibility criteria. Here are the eligibility criteria for a New Car Loan from HDFC Bank:

• Salaried Individuals

  • These include employees of private limited companies, and employees of public sector undertakings, like central, state, and local bodies.

• Age

  • To be eligible for a car loan, applicants must be at least 21 years old at the time of application and a maximum of 60 years old at the end of the loan tenure.

• Employment

  • People who have been employed for a minimum of two years, with at least one year of experience with their current employer.

• Income

  • To be eligible for a car loan, applicants must have a minimum annual income of Rs. 3,00,000, which includes the spouse or co-applicant's income.

• Telephone/Post-Paid Mobile

  • Individuals with a telephone/post-paid mobile.

Documents Required for Hyundai i20 Car Loan

To apply for a loan for a Hyundai i20, salaried individuals need to provide the following documents:

1. Identity Proof

   • Valid Passport

   • Permanent Driving license (recent, legible, laminated)

   • Job card issued by NREGA

   • Aadhaar Card (The submission of Aadhaar consent letters is voluntary and will only be accepted if accompanied by the redaction of the first 8 digits of the Aadhar number on the physical copy.) Aadhar card can be Physical Aadhar or Printed out of e-Aadhar (not older than 30 days from the date of application.)

   • Voters ID Card

   • Letter issued by the National Population Register containing details of name & address.

2. Income Proof

   • Latest salary slip

   • Form 16

3. Bank Statement

   • Previous 6 month's bank statement

Hyundai i20 Car Loan EMI Calculator

A car loan EMI (Equated Monthly Installment) calculator is a tool that helps you calculate your monthly instalments towards your car loan. It takes into account the loan amount, interest rate, and loan tenure to determine the EMI that you will have to pay.

To calculate the EMI for a car loan for a Hyundai i20, the following formula is used:

EMI= [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

P= Principal Amount (Loan Amount0

R= Interest Rate per month (Interest Rate/12)

N= Loan Tenure in months

Although the formula may look complex, the car loan EMI calculator uses it to calculate your EMI instantly. All you need to do is enter the loan amount, interest rate, and loan tenure in the calculator, and it will provide you with the EMI amount.

For example, if you take a loan of Rs. 8 lakhs for a tenure of 5 years at an interest rate of 9%, the EMI for your loan will be around Rs.16,232 per month.

Using a car loan EMI calculator can provide you with an idea of how much your monthly payments will be before you take out the loan. This way, you can plan your finances better and ensure that you do not default on your payments.

Hyundai i20 Car Loan Interest Rate, Fees, and Charges

If you are planning to take a car loan for a Hyundai i20, it is essential to be aware of the interest rate, fees, and charges associated with it. The interest rate offered on a car loan for a Hyundai i20 starts at 8.85% per annum and may vary depending on the loan amount, tenure, and other factors.

Besides the interest rate, several charges apply to Hyundai i20 car loans, including documentation charges, processing fees, stamp duty, delayed instalment payment charges, and more. Premature closure charges and part payment charges may also apply, depending on the specific terms and conditions of the loan.

Borrowers should be aware that in case of loan cancellation, the processing fee, stamp duty, and documentation charges are non-refundable. So, carefully read and understand all the terms and conditions, fees, and charges before availing of a car loan for a Hyundai i20. This way, you can make an informed decision and avoid any surprises or unexpected costs in the future.

Down payment required for Hyundai i20 Car Loan

HDFC Bank provides Zero Down Payment Car Loans. With this scheme, you can get up to 100% finance for your new Hyundai i20 without having to pay anything towards the down payment. This means that you can walk into the nearest dealership and drive out with your new car, hassle-free.

HDFC Bank offers this option on select cars and SUVs, and the Hyundai i20 is one of them. With this loan, you can get the car of your dreams without any financial burden. So, if you are planning to buy a new Hyundai i20, consider HDFC's Zero Down Payment Car Loan and make your purchase a reality.

How to get Hyundai i20 Car Loan?

Before applying for a car loan for a Hyundai i20, there are a few things you need to consider to ensure you get the best deal:

1. Choose a reputable lender that offers car loans in India and compare their interest rates, loan tenure, maximum loan amount, and other features to make an informed decision.

2. Check your eligibility by using the lender's online eligibility calculator and make sure you meet their criteria, which may include your age, employment status, monthly income, and work experience.

3. Select the loan amount and tenure that best suits your needs. Many lenders offer car loans of up to 100% of the on-road price of the car.

4. Submit the required documents online or at the lender's branch. You will typically need to provide proof of ID, address, and income.

5. Once your documents are approved and you meet the eligibility criteria, the lender will disburse the loan amount to your bank account. You can then use the funds to book your dream Hyundai i20.

Following these steps can get you a car loan for a Hyundai i20 and be on your way to driving your dream car.