New Delhi (Delhi, India), July 21, 2020<\/p>\n
The HDFC Bank Limited has decreased its new car loan interest rates by 0.20 percent, or 20 basis points with effect from Tuesday, July 07, 2020.<\/p>\n
HDFC Bank Ltd has revised its new car loan minimum interest rate from 8.80 percent to 8.60 percent per annum for up to 84 months loan tenure and used car loan minimum interest rate from 8.90 percent to 8.70 percent per annum for up to 60 months loan tenure.<\/p>\n
HDFC Bank Limited’s current interest rate cut will reduce the cost of funds for those people who want to avail auto loans for buying their new or used cars.<\/p>\n
HDFC Bank New Car Loan Interest Rate for Women:<\/strong> 7.70% to 13.55% Per Annum<\/p>\n HDFC Bank New Car Loan Interest Rate for Men:<\/strong> 7.70% to 16.50% Per Annum<\/p>\n HDFC Bank New Car Loan Interest Rate for HUF, Partnership Firms, Trusts, Societies and Companies:<\/strong> 7.70% to 16.50% Per Annum<\/p>\n HDFC Bank New Car Loan Rate of Interest is Floating or Fixed:<\/strong> Fixed Interest Rate (Reset Period 1 Year)<\/p>\n HDFC Bank New Car Loan Interest Amount Calculation Method<\/strong> Monthly Reducing Balance<\/p>\n HDFC Bank New Car Loan Processing Fee:<\/strong> 0.40% of the Loan Amount (Maximum \u20b910,000 plus GST)<\/p>\n HDFC Bank New Car Loan Documentation Charges:<\/strong> \u20b9700 plus GST<\/p>\n Minimum Tenure for the HDFC Bank New Car Loan:<\/strong> Minimum Tenure for HDFC Bank New Car Loan is 12 Months<\/p>\n Maximum Tenure for the HDFC Bank New Car Loan:<\/strong> Maximum Tenure for HDFC Bank New Car Loan is 84 Months<\/p>\n Minimum Age Limit for Getting the HDFC Bank New Car Loan Sanctioned:<\/strong> Minimum Age 21 Years for Salaried Applicants and 21 Years for Self-Employed Applicants at the Time of New Car Loan Commencement<\/p>\n Maximum Age Limit for Getting the HDFC Bank New Car Loan Sanctioned:<\/strong> Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of New Car Loan Maturity<\/p>\n HDFC Bank New Car Loans Minimum Income Eligibility Criteria for Salaried Individuals:<\/strong> (i) Minimum Net Annual Salary of \u20b9300,000 based on Latest Salary Slip and Form 16, and (ii) Minimum of 1 Year of Continuous Employment<\/p>\n HDFC Bank New Car Loans Minimum Income Eligibility Criteria for Self-Employed Individuals:<\/strong> (i) Minimum Net Annual Business Income of \u20b9300,000 based on Latest 2 Years Income Tax Returns, Audited Financials and Computation of Income, and (ii) Minimum 2 Years of Employment in the Same Line of Business<\/p>\n HDFC Bank New Car Loans Minimum Borrowing Amount:<\/strong> HDFC Bank’s Minimum New Car Loan Amount is \u20b9100,000<\/p>\n Maximum Quantum of HDFC Bank New Car Loan:<\/strong> Up to 90% of the Ex-Showroom Value or Up to 85% of the On-Road Price of Vehicle (Maximum New Car Loan Amount is \u20b920,000,000)<\/p>\n Different Options for Making HDFC Bank New Car Loan EMI Payments:<\/strong> The four options for making EMI payments are Internet Banking, Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)<\/p>\n Charges for HDFC Bank New Car Loan EMI Late Payment:<\/strong> Minimum 2% Per Month of the HDFC Bank New Car Loan EMI Outstanding Amount plus GST<\/p>\n HDFC Bank New Car Loan EMI Cheque, SI, or ECS Bounce Charges:<\/strong> \u20b9500 plus GST<\/p>\n HDFC Bank New Car Loan Security Requirement:<\/strong> Hypothecation of New Car to be Purchased out of Loan is Compulsory<\/p>\n HDFC Bank New Car Loan Guarantor Requirement:<\/strong> No Guarantor is Required<\/p>\n HDFC Bank New Car Loan Foreclosure or Pre Closure Charges:<\/strong><\/p>\n No foreclosure or prepayment allowed within 6 months from the date of disbursement of the new car loan<\/p>\n 6% of the Principal Outstanding plus GST within 7 to 12 months from the date of first EMI of the new car loan<\/p>\n 5% of the Principal Outstanding plus GST within 13 to 24 months from the date of first EMI of the new car loan<\/p>\n 3% of the Principal Outstanding plus GST after 24 months from the date of first EMI of the new car loan<\/p>\n HDFC Bank New Car Loan Part Payment or Prepayment Penalty:<\/strong><\/p>\n No part-payment allowed within 12 months from the date of disbursement of the new car loan<\/p>\n 5% of the part-payment plus GST within 13 to 24 months from the date of first EMI of the new car loan<\/p>\n 3% of the part-payment plus GST after 24 months from the date of first EMI of the new car loan<\/p>\n Minimum Amount Equal to One EMI and Maximum Amount 25% of the Balance Principal in One Year<\/p>\n HDFC Bank Used Car Loan Interest Rate for Up to 3 Years Tenure:<\/strong> 8.80% to 16.50% Per Annum<\/p>\n HDFC Bank Used Car Loan Interest Rate for Above 3 Years Tenure:<\/strong> 8.80% to 16.50% Per Annum<\/p>\n HDFC Bank Certified Pre-Owned Car Loan Interest Rate for Up to 5 Years Tenure:<\/strong> 8.80% to 16.50% Per Annum<\/p>\n HDFC Bank Used Car Loan Rate of Interest is Floating or Fixed:<\/strong> Fixed Interest Rate (Reset Period 1 Year)<\/p>\n HDFC Bank Used Car Loan Interest Amount Calculation Method<\/strong> Monthly Reducing Balance<\/p>\n HDFC Bank Used Car Loan Processing Fee:<\/strong> 2.00% of the Loan Amount (Maximum \u20b95,000 plus GST)<\/p>\n HDFC Bank Used Car Loan Documentation Charges:<\/strong> \u20b9500 inclusive of GST<\/p>\n Minimum Tenure for the HDFC Bank Used Car Loan:<\/strong> Minimum Tenure for HDFC Bank Used Car Loan is 12 Months<\/p>\n Maximum Tenure for the HDFC Bank Used Car Loan:<\/strong> Maximum Tenure for HDFC Bank Used Car Loan is 60 Months<\/p>\n Minimum Age Limit for Getting the HDFC Bank Used Car Loan Sanctioned:<\/strong> Minimum Age 21 Years for Salaried Applicants and 21 Years for Self-Employed Applicants at the Time of Used Car Loan Commencement<\/p>\n Maximum Age Limit for Getting the HDFC Bank Used Car Loan Sanctioned:<\/strong> Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of Used Car Loan Maturity<\/p>\n HDFC Bank Used Car Loans Minimum Income Eligibility Criteria for Salaried Individuals:<\/strong> (i) Minimum Net Annual Salary of \u20b9180,000 based on Latest Salary Slip and Form 16, and (ii) Minimum of 1 Year of Continuous Employment<\/p>\n HDFC Bank Used Car Loans Minimum Income Eligibility Criteria for Self-Employed Individuals:<\/strong> (i) Minimum Net Annual Business Income of \u20b9120,000 based on Latest 2 Years Income Tax Returns, Audited Financials and Computation of Income, and (ii) Minimum 3 Years of Employment in the Same Line of Business<\/p>\n HDFC Bank Used Car Loans Minimum Borrowing Amount:<\/strong> HDFC Bank’s Minimum Used Car Loan Amount is \u20b9100,000<\/p>\n Maximum Quantum of HDFC Bank Used Car Loan:<\/strong> Up to 60% of the Market Value of Vehicle (Maximum Used Car Loan Amount is \u20b92,000,000)<\/p>\n Different Options for Making HDFC Bank Used Car Loan EMI Payments:<\/strong> The four options for making EMI payments are Internet Banking, Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)<\/p>\n Charges for HDFC Bank Used Car Loan EMI Late Payment:<\/strong> 2% Per Month of the HDFC Bank Used Car Loan EMI Outstanding Amount plus GST<\/p>\n HDFC Bank Used Car Loan EMI Cheque, SI, or ECS Bounce Charges:<\/strong> \u20b9500 plus GST<\/p>\n HDFC Bank Used Car Loan Security Requirement:<\/strong> Hypothecation of Used Car to be Purchased out of Loan is Compulsory<\/p>\n HDFC Bank Used Car Loan Guarantor Requirement:<\/strong> No Guarantor is Required<\/p>\n HDFC Bank Used Car Loan Foreclosure or Pre Closure Charges:<\/strong><\/p>\n No foreclosure or prepayment allowed within 6 months from the date of disbursement of the used car loan<\/p>\n 6% of the Principal Outstanding plus GST within 7 to 12 months from the date of first EMI of the used car loan<\/p>\n 5% of the Principal Outstanding plus GST within 13 to 24 months from the date of first EMI of the used car loan<\/p>\n 3% of the Principal Outstanding plus GST after 24 months from the date of first EMI of the used car loan<\/p>\n HDFC Bank Used Car Loan Part Payment or Prepayment Penalty:<\/strong><\/p>\n No part-payment allowed within 12 months from the date of disbursement of the Used Car loan<\/p>\n 5% of the part-payment plus GST within 13 to 24 months from the date of first EMI of the used car loan<\/p>\n 3% of the part-payment plus GST after 24 months from the date of first EMI of the used car loan<\/p>\n Minimum Amount Equal to One EMI and Maximum Amount 25% of the Balance Principal in One Year<\/p>\nHDFC Bank Car Finance – Current Auto Loan Interest Rates for Used Cars<\/h3>\n
Current Deposits and Loans Interest Rates of HDFC Bank Ltd<\/h6>\n