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HDFC Used Car Loan
HDFC Bank is one of India's most renowned and well-established banking institutions with a vast and active network of branches. Because of its strategic alliances with several licensed used car dealers in India, the bank is a hugely popular choice regarding used car loans.Powered By
HDFC Used Car Loan
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Here are a few factors
| Foreclosure charges | No foreclosure allowed within 6 months from the date of availing the loan | |
| Part payment charges | Part-payment is allowed subject to completion of 12 months (i.e., post payment of 12 EMIs) | |
| Overdue EMI Interest | 0.5% of Loan Amount subject to a minimum of Rs.3500/- and maximum of Rs.8000/ | |
| Documentation charges | Rs.700/- Charges NOT to be refunded in case of case cancellation | |
| Collateral charges | Rs.600/- To be refunded in case of case cancellation. | |
| Rack interest rate | 13.75% to 16% depending on the segment and age of the vehicle |
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
Are you planning to buy a pre-owned car? Got your eye on the latest high-end sedan? Or, perhaps you are looking for something more practical - a small hatchback with five doors and four seats. Either way, there are numerous choices when it comes to buying a used automobile. If you want to purchase a used car or HDFC Bank, you can avail yourself Up to 95% of the valuation amount; Up to 85% of the valuation amount(refinance loan), at attractive interest rates.
Documents required for HDFC Bank Used Car Loan
Salaried Individuals to Apply for HDFC Bank Used Car Loan
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This includes doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, stat,e and local bodies
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Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure
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Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
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Those who earn a minimum of Rs. 2,50,000 per year, including the income of the spouse
Self-Employed Individuals (Sole Proprietorship):
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This includes self-employed sole proprietors in the business of manufacturing, trading or services
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Individuals who are a minimum of 25 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure
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Those who have been in business for a minimum of 3 years
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Should earn at least Rs. 2,50,000 per annum
Self-Employed Individuals (Partnership Firms):
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This includes self-employed partners in the business of manufacturing, trading or services
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Individuals who earn at least Rs. 2,50,000 per annum
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Those who have a minimum turnover of Rs. 4,50,000 per annum
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Individuals who have a residence or office telephone line. A post-paid mobile phone that is a minimum of three months old is acceptable if only one landline is available
Self Employed Individuals (Private Limited Companies):
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This includes individuals who own a private company in the business of manufacturing, trading or services
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Should earn at least Rs. 2,50,000 per annum
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Individuals who have an office landline
Let us take an example, How EMI is being calculated
| Year | Principal (A) |
Interest (B) |
Total Payment (A + B) |
Balance | Loan Paid To Date |
|---|---|---|---|---|---|
| 2022 | ₹ 83,031 | ₹ 38,627 | ₹ 1,21,658 | ₹ 9,16,969 | 8.30% |
| Jul | ₹ 13,610 | ₹ 6,667 | ₹ 20,276 | ₹ 9,86,390 | 1.36% |
| Aug | ₹ 13,700 | ₹ 6,576 | ₹ 20,276 | ₹ 9,72,690 | 2.73% |
| Sep | ₹ 13,792 | ₹ 6,485 | ₹ 20,276 | ₹ 9,58,898 | 4.11% |
| Oct | ₹ 13,884 | ₹ 6,393 | ₹ 20,276 | ₹ 9,45,014 | 5.50% |
| Nov | ₹ 13,976 | ₹ 6,300 | ₹ 20,276 | ₹ 9,31,038 | 6.90% |
| Dec | ₹ 14,069 | ₹ 6,207 | ₹ 20,276 | ₹ 9,16,969 | 8.30% |
| 2023 | ₹ 1,76,332 | ₹ 66,985 | ₹ 2,43,317 | ₹ 7,40,637 | 25.94% |
| Jan | ₹ 14,163 | ₹ 6,113 | ₹ 20,276 | ₹ 9,02,805 | 9.72% |
| Feb | ₹ 14,258 | ₹ 6,019 | ₹ 20,276 | ₹ 8,88,548 | 11.15% |
| Mar | ₹ 14,353 | ₹ 5,924 | ₹ 20,276 | ₹ 8,74,195 | 12.58% |
| Apr | ₹ 14,448 | ₹ 5,828 | ₹ 20,276 | ₹ 8,59,746 | 14.03% |
| May | ₹ 14,545 | ₹ 5,732 | ₹ 20,276 | ₹ 8,45,202 | 15.48% |
| Jun | ₹ 14,642 | ₹ 5,635 | ₹ 20,276 | ₹ 8,30,560 | 16.94% |
| Jul | ₹ 14,739 | ₹ 5,537 | ₹ 20,276 | ₹ 8,15,821 | 18.42% |
| Aug | ₹ 14,838 | ₹ 5,439 | ₹ 20,276 | ₹ 8,00,983 | 19.90% |
| Sep | ₹ 14,937 | ₹ 5,340 | ₹ 20,276 | ₹ 7,86,046 | 21.40% |
| Oct | ₹ 15,036 | ₹ 5,240 | ₹ 20,276 | ₹ 7,71,010 | 22.90% |
| Nov | ₹ 15,136 | ₹ 5,140 | ₹ 20,276 | ₹ 7,55,874 | 24.41% |
| Dec | ₹ 15,237 | ₹ 5,039 | ₹ 20,276 | ₹ 7,40,637 | 25.94% |
| 2024 | ₹ 1,90,967 | ₹ 52,350 | ₹ 2,43,317 | ₹ 5,49,670 | 45.03% |
| Jan | ₹ 15,339 | ₹ 4,938 | ₹ 20,276 | ₹ 7,25,298 | 27.47% |
| Feb | ₹ 15,441 | ₹ 4,835 | ₹ 20,276 | ₹ 7,09,857 | 29.01% |
| Mar | ₹ 15,544 | ₹ 4,732 | ₹ 20,276 | ₹ 6,94,313 | 30.57% |
| Apr | ₹ 15,648 | ₹ 4,629 | ₹ 20,276 | ₹ 6,78,665 | 32.13% |
| May | ₹ 15,752 | ₹ 4,524 | ₹ 20,276 | ₹ 6,62,913 | 33.71% |
| Jun | ₹ 15,857 | ₹ 4,419 | ₹ 20,276 | ₹ 6,47,056 | 35.29% |
| Jul | ₹ 15,963 | ₹ 4,314 | ₹ 20,276 | ₹ 6,31,094 | 36.89% |
| Aug | ₹ 16,069 | ₹ 4,207 | ₹ 20,276 | ₹ 6,15,025 | 38.50% |
| Sep | ₹ 16,176 | ₹ 4,100 | ₹ 20,276 | ₹ 5,98,848 | 40.12% |
| Oct | ₹ 16,284 | ₹ 3,992 | ₹ 20,276 | ₹ 5,82,564 | 41.74% |
| Nov | ₹ 16,393 | ₹ 3,884 | ₹ 20,276 | ₹ 5,66,172 | 43.38% |
| Dec | ₹ 16,502 | ₹ 3,774 | ₹ 20,276 | ₹ 5,49,670 | 45.03% |
| 2025 | ₹ 2,06,817 | ₹ 36,499 | ₹ 2,43,317 | ₹ 3,42,852 | 65.71% |
| Jan | ₹ 16,612 | ₹ 3,664 | ₹ 20,276 | ₹ 5,33,058 | 46.69% |
| Feb | ₹ 16,723 | ₹ 3,554 | ₹ 20,276 | ₹ 5,16,335 | 48.37% |
| Mar | ₹ 16,834 | ₹ 3,442 | ₹ 20,276 | ₹ 4,99,501 | 50.05% |
| Apr | ₹ 16,946 | ₹ 3,330 | ₹ 20,276 | ₹ 4,82,555 | 51.74% |
| May | ₹ 17,059 | ₹ 3,217 | ₹ 20,276 | ₹ 4,65,495 | 53.45% |
| Jun | ₹ 17,173 | ₹ 3,103 | ₹ 20,276 | ₹ 4,48,322 | 55.17% |
| Jul | ₹ 17,288 | ₹ 2,989 | ₹ 20,276 | ₹ 4,31,035 | 56.90% |
| Aug | ₹ 17,403 | ₹ 2,874 | ₹ 20,276 | ₹ 4,13,632 | 58.64% |
| Sep | ₹ 17,519 | ₹ 2,758 | ₹ 20,276 | ₹ 3,96,113 | 60.39% |
| Oct | ₹ 17,636 | ₹ 2,641 | ₹ 20,276 | ₹ 3,78,477 | 62.15% |
| Nov | ₹ 17,753 | ₹ 2,523 | ₹ 20,276 | ₹ 3,60,724 | 63.93% |
| Dec | ₹ 17,872 | ₹ 2,405 | ₹ 20,276 | ₹ 3,42,852 | 65.71% |
| 2026 | ₹ 2,23,983 | ₹ 19,334 | ₹ 2,43,317 | ₹ 1,18,869 | 88.11% |
| Jan | ₹ 17,991 | ₹ 2,286 | ₹ 20,276 | ₹ 3,24,862 | 67.51% |
| Feb | ₹ 18,111 | ₹ 2,166 | ₹ 20,276 | ₹ 3,06,751 | 69.32% |
| Mar | ₹ 18,231 | ₹ 2,045 | ₹ 20,276 | ₹ 2,88,520 | 71.15% |
| Apr | ₹ 18,353 | ₹ 1,923 | ₹ 20,276 | ₹ 2,70,167 | 72.98% |
| May | ₹ 18,475 | ₹ 1,801 | ₹ 20,276 | ₹ 2,51,691 | 74.83% |
| Jun | ₹ 18,598 | ₹ 1,678 | ₹ 20,276 | ₹ 2,33,093 | 76.69% |
| Jul | ₹ 18,722 | ₹ 1,554 | ₹ 20,276 | ₹ 2,14,371 | 78.56% |
| Aug | ₹ 18,847 | ₹ 1,429 | ₹ 20,276 | ₹ 1,95,523 | 80.45% |
| Sep | ₹ 18,973 | ₹ 1,303 | ₹ 20,276 | ₹ 1,76,550 | 82.34% |
| Oct | ₹ 19,099 | ₹ 1,177 | ₹ 20,276 | ₹ 1,57,451 | 84.25% |
| Nov | ₹ 19,227 | ₹ 1,050 | ₹ 20,276 | ₹ 1,38,224 | 86.18% |
| Dec | ₹ 19,355 | ₹ 921 | ₹ 20,276 | ₹ 1,18,869 | 88.11% |
| 2027 | ₹ 1,18,869 | ₹ 2,789 | ₹ 1,21,658 | ₹ 0 | 100.00% |
| Jan | ₹ 19,484 | ₹ 792 | ₹ 20,276 | ₹ 99,385 | 90.06% |
| Feb | ₹ 19,614 | ₹ 663 | ₹ 20,276 | ₹ 79,772 | 92.02% |
| Mar | ₹ 19,745 | ₹ 532 | ₹ 20,276 | ₹ 60,027 | 94.00% |
| Apr | ₹ 19,876 | ₹ 400 | ₹ 20,276 | ₹ 40,151 | 95.98% |
| May | ₹ 20,009 | ₹ 268 | ₹ 20,276 | ₹ 20,142 | 97.99% |
| Jun | ₹ 20,142 | ₹ 134 | ₹ 20,276 | ₹ 0 | 100.00% |
FREQUENTLY ASKED QUESTIONS
The significant points in favor of the HDFC used car loan can be summed up as follows:
Any model that is on the market. There are no limitations on the kind and brand of vehicles offered on the list. The Maruti-800, Omni, Zen, WagonR, Tata Indica, Indigo, Honda City, Hyundai Santro, Ford Ikon, Toyota Corolla, Skoda Octavia, and other well-known manufacturers are just a few examples.
This process referred to as "refinancing," is unquestionably feasible. Even while actively using the car, the value can be cashed to cover your urgent financial needs. Ideally, if you are a salaried professional, you can receive up to 3 times your yearly salary; if self-employed, you can receive up to 6 times your annual earnings. But you must first have a clean 12-month or more extended repayment history on your current HDFC-used auto loan.
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