New Car Loan Overview
HDFC Bank offers car loans to help fund your dream vehicle, from a no-frills compact car to a top-end luxury sedan. Apply for car loans at HDFC Bank to get up to 100% financing for your car. Enjoy 30-minute approvals when you apply for car loans, and receive funds quickly. With our attractive interest rates and flexible loan tenure of up to seven years, car loans are now affordable and pocket-friendly.
Easy and fast disbursals, pocket-friendly interest rates and just a 60-seconds Online Eligibility Check – there’s a lot to like about our New Car Loans. The 100% finance option is a cherry on the top.
Benefits
- Up to 100% Funding
- 7 Year Loan Tenure
- Quick Disbursals
- 30 Minute Approvals
ZipDrive – Instant New Car Loan
ZipDrive is instant New Car Loan disbursal, exclusively for HDFC Bank customers. Customers eligible for ZipDrive can see the Offer on their Netbanking page under offer tab. Customers can get instant loan for the car model of their own choice from anywhere and anytime online. This is truly a hassle free digital journey; which customers can never experience elsewhere for their Car Loan.
Features
- Instant disbursal of loan
- 24/7 Online Loan
- Negligible Paper work
New Car Loan Features
Enjoy a range of features and benefits on car loans. The special features of our car loans include flexible repayment tenure and EMIs, along with 100% financing on select vehicles. Other benefits on car loans include the option to compare and research cars with our New Car Bazaar and check your car loan eligibility online. Get additional benefits on car loans, with quick disbursal of funds, and enjoy special rates on car loans if you are an existing HDFC Bank customer.
Flexible Repayment Tenure
Choose a loan tenure to your liking: just 12 months, or 84 months, with our pocket-friendly EMI repayment options.
Fulfil Your Every Need
Get up to 100% finance** on a wide range of cars and multi-utility vehicles.
Competitive Rates
Get an easy loan up to Rs. 3 Crores with ease, and enjoy our competitive rates of interest, with no hidden charges.
Quick Eligibility Check & Disbursal
Check your New Car Loan eligibility online or at select branches in just 60 seconds. Our documentation process is transparent, quick and easy, and loans can be approved in just 30 minutes!Loan processing and disbursement will take atleast 7 working days post submission of all requisite documents and information as may be required by Bank as per Bank’s criteria.
Special Benefits for HDFC Bank Customers
Existing HDFC Bank customers can enjoy added benefits with unique schemes just for them.
-
Salaried Individuals:
- Any of the following identity proof documents:
- Aadhar Card
- Passport
- PAN Card
- Voters ID Card
- Driving License (recent, legible, laminated)
- Latest salary slip and Form 16 as income proof
- Any of the following documents as address proof:
- Aadhar Card
- Ration Card
- Driving License (recent, legible, laminated)
- Voters ID Card
- Passport Copy
- Telephone Bill
- Electricity Bill
- Life Insurance Policy
- Bank statement of the previous 6 months
- Any of the following identity proof documents:
-
Self Employed Individuals (Sole Proprietorship):
- Any of the following identity proof documents:
- Aadhar Card
- Passport
- PAN Card
- Voters ID Card
- Driving License (recent, legible, laminated)
- Latest Income Tax Returns (ITR) as income proof
- Any of the following documents as address proof:
- Aadhar Card
- Ration Card
- Driving License (recent, legible, laminated)
- Voters ID Card
- Passport Copy
- Telephone Bill
- Electricity Bill
- Life Insurance Policy
- Bank statement of the previous 6 months
- Any of the following identity proof documents:
-
Self Employed Individuals (Partnership Firms):
- All the following documents as income proof:
- Audited Balance Sheet
- Profit & Loss Account of the previous 2 years
- Company ITR for the previous 2 years
- Any of the following documents as address proof:
- Telephone Bill
- Electricity Bill
- Shop & Establishment Act Certificate
- SSI Registered Certificate
- Sales Tax Certificate
- Bank statement of the previous 6 months
- All the following documents as income proof:
-
Self Employed Individuals (Private Limited Companies)
- All the following documents as income proof:
- Audited Balance Sheet
- Profit & Loss Account of the previous 2 years
- Company ITR for the previous 2 years
- Any of the following documents as address proof:
- Telephone Bill
- Electricity Bill
- Shop & Establishment Act Certificate
- SSI Registered Certificate
- Sales Tax Certificate
- Bank statement of the previous 6 months
- All the following documents as income proof:
-
Self Employed Individuals (Public Limited Companies):
- All the following documents as income proof:
- Audited Balance Sheet
- Profit & Loss Account of the previous 2 years
- Any of the following documents as address proof:
- Telephone Bill
- Electricity Bill
- Shop & Establishment Act Certificate
- SSI Registered Certificate
- Sales Tax Certificate
- Bank statement of the previous 6 months
- All the following documents as income proof:
New Car Loan Rates & Fees
- HDFC Bank offers attractive interest rates on car loans.
- Read below to know more about our car loan interest rates, along with car loan fees and charges.
| Description of charges | New Car Loans |
|---|---|
| Documentation Charges* | As applicable |
| Foreclosure charges* | No foreclosure allowed within 6 months from date of availing the car loan |
| 6% of Principal Outstanding for preclosures within 1 year from 7th EMI | |
| 5% of Principal Outstanding for preclosures within 13-24 months from 1st EMI | |
| 3% of Principal Outstanding for preclosures post 24 months from 1st EMI | |
| Part-Payment charges* | Part-payment is allowed subject to completion of 12 months (i.e., Post payment of 12 EMIs) |
| Part payment will be allowed twice only during loan tenure. Part payment is allowed only once a year. At any point of time, part payment will not increase beyond 25% of Principal Outstanding. | |
| 5% on the part payment amount in case part prepayment is within 13-24 months from 1st EMI | |
| 3% on the part payment amount in case part prepayment is post 24 months from 1st EMI | |
| Stamp Duty (Non -refundable) | At actuals |
| Late Payment Penalty | 2% per month |
| Processing fees* (Non – refundable) | As applicable |
| Cheque/ ECS swapping charges | Rs 500/- per Instance |
| Loan cancellation | In the event of cancellation, interest charges from date of disbursement till the date of cancellation of loan will be borne by the customer. Processing Fee, Stamp duty and Documentation Charges are non-refundable charges and would not be waived/refunded in case of loan cancellation. |
| Duplicate no due certificate / NOC | Rs 500/- per Instance |
| Cheque/ SI / ECS Return Charges* | Rs. 550/- per instance |
| Commercial / Personal Use NOC (conversion subject to credit approval) | Rs. 2250/- per NOC |
| Interest rate | As applicable |
New Car Loan FAQs
Got questions on car loans? Read our car loan FAQs below.
Do I have the option to pre-pay the entire loan amount?
Yes. You can pre-pay the loan any time after 6 months of availing of the loan. You just have to pay a small pre-payment fee on the outstanding loan amount.
Do I need a guarantor for New Car Loans?
No, but if your income does not meet our credit criteria then you may be required to have a Gurantor/co-applicant. To stand surety for your loan.
What is the maximum amount I can borrow with an HDFC Bank New Car Loans?
You can borrow up to 3 times your annual salary if you are a salaried professional and 6 times your annual income if you are a self-employed professional **.**Offers on specific models .Terms & conditions apply.
What are the tenure options available?
The choice is yours. You can choose any repayment option from 12 to 84 months all specially designed to suit your requirements.
Which cars can be financed for New Car Loans?
We finance most passenger cars and multi-utility vehicles manufactured by India’s leading automobile companies.