The TATA Nexon is a popular compact SUV that offers a perfect combination of style, performance, and safety. Launched in 2017, it has gained a reputation for being a reliable and practical car that is perfect for Indian roads. The Nexon is available in both petrol and diesel engines and comes with a host of features like a touchscreen infotainment system, automatic climate control, and safety features like dual front airbags, ABS with EBD, and more. With its impressive looks and performance, the TATA Nexon has become a popular choice for car buyers in India.
HDFC Bank, one of India's leading private sector banks, offers attractive car loan options for purchasing the TATA Nexon. The bank provides car loans with a variety of features, including competitive interest rates, flexible repayment tenures, and convenient application processes.
HDFC Bank offers car loans for the Tata Nexon with several benefits and features. Here are some of the key features and benefits of availing a car loan from HDFC Bank:
High loan amount: HDFC Bank offers up to 100% funding for the TATA Nexon car loan, which means you can get a loan for the entire amount of the car's cost.
Attractive interest rates: HDFC Bank offers competitive interest rates on car loans, making it an affordable option for those looking to buy a TATA Nexon.
Flexible repayment tenure: You can choose the repayment tenure for the TATA Nexon car loan at your convenience, with options ranging from 12 to 84 months.
Quick loan disbursal: HDFC Bank ensures quick disbursal of the car loan amount, with minimal documentation and hassle-free processing.
Easy application process: You can apply for a TATA Nexon car loan from HDFC Bank online or by visiting a nearby branch. The process is simple, and you can track your application status online.
Doorstep service: HDFC Bank offers doorstep service for TATA Nexon car loan applicants, making it convenient for customers to complete the loan application process.
Insurance options: HDFC Bank offers car insurance options for TATA Nexon owners, ensuring complete protection for the vehicle and its passengers.
In summary, HDFC Bank's car loan for the TATA Nexon comes with several benefits, including high loan amounts, competitive interest rates, flexible repayment tenure, quick disbursal, an easy application process, doorstep service, and insurance options. These features make it a popular choice among car buyers in India.
To be eligible for a TATA Nexon car loan from HDFC Bank, you need to meet the following criteria:
Age: You should be between 21 and 65 years of age at the time of applying for the loan.
Income: You should have a minimum income of ₹25,000 per month to be eligible for the TATA Nexon car loan.
Employment: You should be employed for a minimum of 2 years and should have a stable source of income. In case you are self-employed, you should have a stable business for a minimum of 3 years.
Credit score: Your credit score should be good, and you should have a clean credit history.
Residency: You should be an Indian citizen and should be residing in the country at the time of applying for the loan.
It is important to note that meeting the eligibility criteria does not guarantee approval of the TATA Nexon car loan. HDFC Bank will also consider other factors such as your loan repayment history, credit utilization, and debt-to-income ratio before approving the loan. Additionally, the loan amount and interest rate offered to you may also vary based on your eligibility criteria and creditworthiness.
To apply for a car loan for the TATA Nexon from HDFC Bank, you need to provide the following documents:
Identity proof: Aadhaar card, PAN card, passport, or driving license
Address proof: Aadhaar card, passport, driving license, or utility bills
Income proof: Latest salary slips for the past 3 months, Form 16, and bank statements for the past 6 months
Employment proof: Offer letter, appointment letter, and employment contract
Car documents: Proforma invoice, registration certificate, and insurance policy
Passport-size photographs
It is advisable to check with HDFC Bank for the updated list of required documents as it may vary depending on the borrower's profile and the specific loan product.
A car loan EMI calculator is an online tool that helps you calculate your monthly loan repayments for your car loan. It takes into account factors such as the loan amount, interest rate, and loan tenure to provide you with an estimated monthly instalment (EMI) amount. To use the EMI calculator, you simply need to enter the loan amount, interest rate, and tenure, and the calculator will display the estimated EMI amount.
The formula used to calculate the EMI for a car loan in India is:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where,
P = Principal amount of the loan
R = Rate of interest per month (calculated as Annual Interest Rate / 12)
N = Loan tenure in months
This formula takes into account the loan amount, interest rate, and tenure to calculate the monthly instalment amount.
The interest rates for a car loan for TATA Nexon from HDFC Bank can range from 7.35% to 13.95% depending on the borrower's profile, loan amount, loan tenure, and other factors. The interest rates are subject to change from time to time, and the bank may offer special rates during festive seasons and other promotional periods. It is recommended to check with HDFC Bank for the latest interest rates and other charges applicable to car loans for TATA Nexon.
HDFC Bank charges processing fees and other charges for car loans for TATA Nexon.
The processing fee is typically up to 1% of the loan amount, and there may be other charges like documentation fees, foreclosure charges, late payment fees, and bounce charges for EMI payments.
The exact fees may vary depending on the borrower's profile and the specific loan product.
It is advisable to check with HDFC Bank for the updated list of fees applicable to car loans for TATA Nexon.
The minimum and maximum down payment required for a car loan on TATA Nexon from HDFC Bank can vary based on the borrower's profile, credit history, and other factors. However, typically, the down payment can range from 10% to 25% of the ex-showroom price of the car. It is advisable to check with HDFC Bank for the latest down payment requirements and eligibility criteria for a car loan on TATA Nexon.
To apply for a car loan for TATA Nexon in India, individuals can follow these general steps:
Check the eligibility criteria and required documents for a car loan from the preferred bank/financial institution.
Visit the nearest branch or apply online on the bank's website.
Submit the required documents, including income proof, identity proof, address proof, and car-related documents.
After verification of the documents and credit score, the bank may approve the loan and offer the loan amount and interest rate.
Once the loan is approved, the borrower needs to sign the loan agreement and submit post-dated cheques or give standing instructions for EMI payments.
It is advisable to compare the loan offers from different banks and financial institutions and choose the one that offers the best interest rates, processing fees, and other features.
HDFC Bank offers car loans up to 100% of the ex-showroom price of TATA Nexon. The loan amount depends on the borrower's eligibility based on income, credit score, and other factors.
Yes, you can prepay your TATA Nexon car loan at any time before the end of the loan tenure. HDFC Bank does not charge any prepayment penalty for floating-rate loans.
HDFC Bank offers loan tenures ranging from 12 months to 84 months for TATA Nexon car loans.
HDFC Bank requires a minimum credit score of 750 to be eligible for a TATA Nexon car loan.
Yes, self-employed individuals can apply for a TATA Nexon car loan from HDFC Bank. They need to provide proof of income, such as income tax returns and balance sheets.
Yes, HDFC Bank allows customers to apply for TATA Nexon car loans online through its website. The process is quick and convenient.
HDFC Bank processes TATA Nexon car loan applications within 2-3 working days from the date of receipt of all required documents.
HDFC Bank has a maximum age limit of 60 years for salaried individuals and 65 years for self-employed individuals at the time of loan maturity.