HDFC Bank not only will finance your used car, also will help you search for one through wide range of used car listings by its preferential dealers across the county, with various search options like search by Brand, Location, EMI etc.
Our HDFC Bank Pre-Owned Car Loans provide you with up to 100% of the finances you need, while providing you with doorstep service, quick processing, and a completely transparent application process.
Benefits
- Up to 100% Funding
- Fixed Interest Rate
- Lowest Down Payment
- No Income Document Requirement
Pre – Owned Car Loan Features
It’s time to take the leap and purchase that car you’ve always dreamed of. With up to 100% funding and 7 year loan options, the HDFC Bank Pre-Owned Car Loan is the most convenient way to meet all your car dreams.
Flexible Repayment Tenure
Decide whether you’d like your loan tenure to be just 12 months, or 84 months, with our pocket-friendly EMI repayment options.
Fulfil Your Every Need
Get between 3 to 6 times your yearly income, and borrow up to 100% of the value of the car, on a wide range of cars manufactured within India, that are of a certain age*.
*Age of Car at loan maturity should not cross 10 years, subject to maximum loan tenure of 60 months
Competitive Rates
Get an easy loan up to Rs.1 crore with ease, and enjoy our competitive rates of interest, with no hidden charges.
Fast Track Your Application
Find the plan that best suits your needs, and fast track your HDFC Bank Pre-Owned Car Loan application.
NRI Loans:
As an NRI, you can avail of our Pre-Owned Car Loan, and provide your relatives in India a car to use. You would need to submit the following documents along with your loan application:
- Contract copy and salary slip
- Endorsement on passport for the previous 3 years
- Proof of ownership of property
- Post-dated cheques from a resident account of the borrower
No Income-Document Loan Plan:
It is possible to apply for an HDFC Bank Pre-Owned Car Loan. This plan comes with the following conditions
- Get up to 65% of the car value as the loan amount for a 3 year tenure
- Get up to 60% of the car value as the loan amount for a 5 year tenure
Quick & Transparent Loan Disbursal
Our loan disbursal process isn’t just quick, it’s also completely transparent. You’ll get status updates about your loan application at each and every stage of the process. Our quick documentation and doorstep service also means that our loans are sanctioned and disbursed faster.
Special Benefits for HDFC Bank Customers
Existing HDFC Bank customers can enjoy added benefits with unique schemes just for them. You can also get an additional loan on your existing HDFC Bank Auto Loan.
The following documents are required along with your New Car Loan application:
Salaried Individuals:
- Any of the following age proof documents:
- Passport
- PAN Card
- Voters ID Card
- Photo Driving License with DOB (recent, legible, laminated)
- Photo Ration Card with DOB
- Employer Certificate/ID
- School/College Leaving Certificate
- Any of the following documents as proof of identity:
- Passport Copy
- PAN Card
- Voters ID Card
- Photo Driving License with DOB (recent, legible, laminated)
- Photo Ration Card with DOB
- All the following documents as proof of income:
- Latest Salary Slip
- Latest Form 16/Latest ITR
- HDFC Bank corporate salary account statement for salary credits above Rs. 80,000 for the previous 3 months
- Any of the following documents as address proof:
- Photo Ration Card with DOB
- Photo Driving License with DOB (recent, legible, laminated)
- Passport Copy
- Telephone Bill
- Electricity Bill
- Credit Card Statement with Credit Card Copy
- Employer Certificate/ID
- Any of the following as sign verification proof:
- Passport Copy
- Photo Driving License with DOB (recent, legible, laminated)
- Credit Card Statement with Credit Card Copy
- Banker’s Verification
- Copy of Margin Money Paid to the Bank
Self Employed Individuals (Sole Proprietorship):
- Any of the following age proof documents:
- Passport
- PAN Card
- Voters ID Card
- Photo Driving License with DOB (recent, legible, laminated)
- Photo Ration Card with DOB
- Employer Certificate/ID
- School/College Leaving Certificate
- Any of the following documents as proof of identity:
- Passport Copy
- PAN Card
- Voters ID Card
- Photo Driving License with DOB (recent, legible, laminated)
- Photo Ration Card with DOB
- Latest ITR / Previous ITR with Adv. Tax paid Challan / latest IT assessment order as proof of income
- Any of the following documents as address proof:
- Photo Ration Card with DOB
- Photo Driving License with DOB (recent, legible, laminated)
- Passport Copy
- Telephone Bill
- Electricity Bill
- Credit Card Statement with Credit Card Copy
- Employer Certificate/ID
- Any of the following as sign verification proof:
- Passport Copy
- Photo Driving License with DOB (recent, legible, laminated)
- Credit Card Statement with Credit Card Copy
- Banker’s Verification
- Copy of Margin Money Paid to the Bank
Self Employed Individuals (Partnership Firms):
- Partnership deed as age proof
- Partnership deed as identity proof
- Latest ITR/Previous ITR with Adv. Tax paid Challan / latest IT assessment order as proof of income. In case the business turnover exceeds Rs. 40 Lakhs, or the professional turnover exceeds Rs. 10 Lakhs, the balance sheet needs to have been audited, and in which case the latest Income Tax Return need not be taken
- Any of the following documents as address proof:
- Partnership Deed
- Telephone Bill
- Electricity Bill
- Any of the following as sign verification proof:
- Passport Copy
- Photo Driving License with DOB (recent, legible, laminated)
- Credit Card Statement with Credit Card Copy
- Banker’s Verification
- Copy of Margin Money Paid to the Bank
Self Employed Individuals (Private Limited Companies)
- Memorandum and Articles of Association/Certificate of Incorporation as age proof
- Memorandum and Articles of Association/Certificate of Incorporation as identity proof
- Latest ITR and audited balance sheet along with profit & loss account as proof of income
- Any of the following documents as address proof:
- Memorandum and Articles of Association
- Certification of Incorporation
- Telephone Bill
- Electricity Bill
- Any of the following as sign verification proof:
- Passport Copy
- Photo Driving License with DOB (recent, legible, laminated)
- Credit Card Statement with Credit Card Copy
- Banker’s Verification
- Copy of Margin Money Paid to the Bank
Self Employed Individuals (Public Limited Companies):
- Memorandum and Articles of Association/Certificate of Incorporation as age proof
- Memorandum and Articles of Association/Certificate of Incorporation as identity proof
- Latest ITR and audited balance sheet along with profit & loss account as proof of income
- Any of the following documents as address proof:
- Memorandum and Articles of Association
- Certification of Incorporation
- Telephone Bill
- Electricity Bill
- Any of the following as sign verification proof:
- Passport Copy
- Photo Driving License with DOB (recent, legible, laminated)
- Credit Card Statement with Credit Card Copy
- Banker’s Verification
- Copy of Margin Money Paid to the Bank
Pre – Owned Car Loan Rates & Fees
The HDFC Bank Pre-Owned Car Loan Rates & Fees are as follows:
| Description of charges | Amount to be Paid |
|---|---|
| Foreclosure charges* | No foreclosure allowed within 6 months from date of availing the loan |
| 6% of Principal Outstanding for pre-closures within 1 year from 7th EMI | |
| 5% of Principal Outstanding for pre-closures within 13-24 months from 1st EMI | |
| 3% of Principal Outstanding for pre-closures post 24 months from 1st EMI | |
| * Service tax, Krishi Kalyan Cess, Swatch Bharat Cess etc additional | |
| 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 only twice during the loan tenure, and is allowed only once per year. At any point of time, part-payment will not increase beyond 25% of Principal Outstanding | |
| 5% of the part-payment amount in case part prepayment in within 13-24 months from 1st EMI | |
| 3% on the part-payment amount in case part prepayment is post 24 months from 1st EMI | |
| * Service tax, Krishi Kalyan Cess, Swatch Bharat Cess etc additional | |
| 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 and Stamp Duty and RTO charges (Used Car Purchase/Refinance) are non-refundable charges and would not be waived/refunded in case of loan cancellation |
| 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 |
How many times of my annual salary can I borrow with HDFC Bank Auto Loan?
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 **.
**This would also vary with higher loan value
What is the maximum amount I can borrow with an HDFC Bank Pre-owned Car Loans?
You can get an additional loan on your existing HDFC Bank Auto loan if you have a clear repayment track record of 12 months or more, till the extent of your existing loan amount at an attractive rate of interest.
Which cars can be financed for Pre-owned Car Loans?
We finance most of passenger cars manufactured by India’s leading automobile companies
Who can avail of HDFC Bank Pre-owned Car Loans?
We offer Pre-owned Car Loans to the following:
- Salaried individuals in the age group of 21 to 60 years (at the end of the tenure)
- Self-employed individuals in the age group of 21 to 65 years (at the end of the tenure)
- Partnership Firms
- Public & Private Ltd. Companies
- HUFs and Trusts
How much finance can I avail of on Pre-owned Car Loans?
You can borrow up to 85% of the car valuation