Car Loan Eligibility Criteria

Car Loan

We are proud to have had the patronage of over 5 million customers who have availed of car loan from us.

Our unique Step-Up EMI and Balloon EMI schemes enable you to buy your dream car at more affordable EMIs – get a bigger car at the EMI of a smaller car.

Whether you want to buy a compact hatchback or a luxury sedan, you can get upto 100% finance for a new car from HDFC Bank and make your dream come true.

You can get an in-principle approval for your loan in just 10 minutes

We offer easy car loans to both salaried and the self-employed. What’s more, we not only help you raise funds but also assist you in researching and finding your dream car.

Click to view the status of your New Car application.

TERMS & CONDITIONS

The following people are eligible to apply for a New Car Loan:

Salaried Individuals:

This includes employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
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
Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
Those who earn a minimum of Rs. 3,00,000 per year, including the income of the spouse/co-applicant
Individuals who have a telephone/post-paid mobile

Self Employed Individuals and Professionals (Sole Proprietorship):

This includes self-employed sole proprietors in the business of manufacturing, trading or services
Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure
Those who have been in business for a minimum of 2 years
Should earn at least Rs. Rs. 3,00,000 per annum

Self Employed Individuals and Professionals (Partnership Firms):

This includes self-employed partners in the business of manufacturing, trading or services
Those who have a minimum turnover of Rs. Rs. 3,00,000 per annum

Self Employed Individuals and Professionals (Private Limited Companies):

This includes individuals who own a private company in the business of manufacturing, trading or services
Should earn at least Rs. Rs. 3,00,000 per annum

Self Employed Individuals (Public Limited Companies):

This includes directors in public limited companies that are in the business of manufacturing, trading or services
Should earn at least Rs. Rs. 3,00,000 per annum

Overview Documentation Rates & Fees

Car Loan Articles

How to choose the perfect car loan?

You put in a lot of research into buying the car that’s just right for you and your family. But do you end up taking the first loan your dealer offers you? A good auto loan can make car ownership a smooth, enjoyable and hassle-free experience. So, how do you get a good car loan? We have lined up some great car loan tips that will help you make the right choice