Car Loan FAQs
Car Loan
Apply NowMillions of Indians today are upwardly mobile, and on the move. Many are looking at having their own car to reach their destination on time and with comfort. Now, the years of waiting and saving are over. Our Xpress Car Loan will bring that dream of owning a vehicle within your reach in just a few minutes!
What is the Car Loan Application Process?
HDFC Bank strives to make your loan application process a seamless process. You can apply for your Car Loan through our Online Banking services via HDFC Bank NetBanking. What’s more is, if you’re an existing customer, you may be eligible to avail of a Pre-Approved Car Loan in 10 seconds! Log in to your NetBanking and find out more.
Alternatively, you can visit the nearest branch of HDFC Bank. However, applying online via HDFC Bank NetBanking is faster and saves resources.
How to get your Car Loan Approved Faster?
A critical factor in getting a loan approved fast is determining how much EMI you are comfortable paying. Use our Car Loan EMI calculator to estimate how much you will need to set aside. You can also check you your eligibility online before you begin the application process. These two steps will enable you to plan and prepare for the Car Loan application process.
To make sure your Car Loan is approved faster; the key is to provide all the necessary documents and complete your Know your Customer (KYC) formalities. Online Car Loans applications are processed quicker, too. If you’re an existing HDFC Bank customer, you may be eligible to avail of a Pre-Approved Car Loan in 10 seconds. Log in to your NetBanking and find out more.
Can I get 100% funding to buy a car?
Yes, HDFC Bank offers up to 100% on-road funding for select models of cars. You can get a Car Loan up to Rs 3 crore.
What’s the minimum credit score I need to get a Car Loan?
At HDFC Bank, we haven’t specified a minimum Credit Score for getting a Car Loan. However, a lower Credit Score may lead to the approval of lower loan amounts. Make sure your Credit Score is more than 750, which is generally considered excellent.
How much down payment do I need to make to buy a car?
With HDFC Bank, you can avail a Zero Down Payment Car Loan. This means that on select cars and SUVs, the bank gives you up to 100% finance on your Car Loan. It also means that you need not pay anything towards the down payment. With an HDFC Bank Car Loan, walk into the nearest dealership and drive out with a new car.
What are the minimum and maximum tenures of a Car Loan?
HDFC Bank offers flexible tenures on their Car Loan products. The minimum and maximum tenure are from 12 months to 84 months. View tenures for Custom-Fit and Balloon EMI Car Loans here.
What are the documents required for a Car Loan?
Here’s a summary of documents you will need for a Car Loan:
- Valid Identity Proof (PAN Card/Aadhar Card/Passport/Voter ID)
- Address Proof (Utility Bills/Aadhar Card/Driving License/Passport etc.)
- Income Proofs (Current Salary Slips/Latest Form 16/Current ITR)
- Current Bank Statements (Last 6 Months)
- Here’s a detailed list of documents required for car loan
Is it possible to submit Car Loan documents online?
If you are an existing HDFC Bank customer, it is possible to share your Car Loan documents to the bank via e-mail. You can request the Sales Manager at the dealership to pick up the required documents at your convenience. Once HDFC Bank receives these, the bank will proceed with a physical approval, digital disbursal (PADD) process. The bank will send you an e-Mandate form as consent for deducting EMIs from your HDFC Bank account.