HDFC Car Loan Interest Rate for New cars and Used Cars

HDFC Bank is a leader when it comes to providing affordable loans to its customers. The facility of both new car loan and HDFC used car loan helps people live their dream by driving their dream car.

Just like any other loan, a car loan is also offered on the basis of the certain eligibility criteria which is mentioned in this article. Talking about the interest rate, since it is one of the prime values that decide the EMI, customers want to go for the lowest rate.

Keeping this in the mind, HDFC car loan interest rates for both used and new cars are made affordable for the masses.

So, if any latest car has been winning your heart, you can buy your dream car through this loan. You can also calculate the EMI with the help of the car loan EMI calculator online which is simple to use and gives accurate results.

You can check the results for variable values so as to be sure of your repayment capacity and then finalize the loan. Read more to know the details of this loan.

HDFC Car Loan interest rate

The interest rate on car loans is monthly reducing balance for both new as well as HDFC used car loan. The rates for both new and used cars are as follows:

For new cars- 11.50%-13.75% p.a. (Monthly Reducing Balance)

For old cars: 14.50%-17.50% p.a. (Monthly Reducing Balance)

HDFC Car Loan Eligibility-

The eligibility criteria for a car loan under which an individual can apply at HDFC Bank is as follows:

For Salaried:

• The age of the applicant should be between 21-60 years

• The minimum annual income of the applicant should be at least ₹1,80,000

• The minimum work experience of 2 years is required in addition to at least 1 year of experience with the existing employer.

• Telephone at Residence or Office/Postpaid Mobile Connection is also mandatory

For Self-employed:

• The age of the applicant should be between 21-65 years

• The minimum annual income of the applicant should be at least ₹60,000-₹1,50,000

• The minimum experience of 2 years is required in the same profession

• Telephone at Residence or Office/Postpaid Mobile Connection is also mandatory

Car Loan Interest Rate for all banks

Below are the interest rates on car loan offered by top banks in India:

Car loan interest rate SBI

At SBI, the interest rates on car loans are calculated on the basis of 1-Year MCLR and the present 1-Year MCLR=8% p.a. Also, the rates for all car loan schemes are mentioned below:

• SBI New Car Loan Scheme-9.20%-9.25% p.a

• SBI Combo Loan Scheme-9.62%-9.25% p.a.

• NRI Car Loan Scheme-9.20%-9.25% p.a.

• Certified Pre-owned Car Loan Scheme-12.65% p.a.

• SBI Loyalty Car Loan Scheme-9.10%-9.15% p.a.

• SBI Assured Car Loan Scheme-9.20%-9.25% p.a.

ICICI Car Loan Interest Rate

The interest rates on a new car loan and a pre-owned car loan is different depending on the tenure and are as follows:

For New Car/Auto/Vehicle Loans - 12.75% per annum for tenure up to 23 months

                                                      - 12.25% per annum for tenure from 24-35 months

                                                      - 10.75% per annum for the tenure from 36-84 months

For Used Car Loans- 15.57% per annum for all tenures   

Axis Bank Car Loan interest rate

The interest rate on a car loan at Axis Bank ranges from 11.00% - 12.00% and 14.50%-16.25% p.a. (Monthly Reducing Balance) (for old cars).

HDFC Car Loan Customer Care

If you have any query related to the loan, you can contact the bank on the customer care number. The customer care service is available for each state and hence you can contact the nearest branch and coordinate accordingly.

HDFC Car Loan Login

When you will apply for the car loan online, you will get an application ID which is required to login. With the help of the login ID, you can check the status of your application without any hassle.

HDFC Car Loan Status

You can check the application status online through the login ID details provided to you at the time of applying for a car loan online.