FAQs Of HDFC New Car Loan
If you are dreaming to buy a car and looks for varied loan options in the market then here we have outlined some of the HDFC Bank new car loan related queries which would help you in getting a clear view about loan structuring market in India-
(1) Who can apply for HDFC new car loans?
Following can apply for new car loans:
Salaried individuals of the age-group between 21-60 years (the maximum loan providing year)
Self-employed individuals of the age-group between 21 to 65 years (the maximum loan providing year)
Partnership firms
Public & private Ltd. firms
Hindu undivided families and trusts
(2) Which cars are eligible for loan?
HDFC Bank offers loan for passenger cars and multi-utility vehicles which are manufactured by reputable companies of India.
(3) How much loan amount can I avail of?
You can borrow maximum 90 per cent of the invoice value. The minimum loan amount is Rs Rs.1,00,000.
(4) What are the different tenure options?
It depends upon individual choice as he/she can select any repayment option from 12 months-84 months; all are specially designed to cater divergent requirements.
(5) How much time is taken for loan processing?
The process of HDFC car loan processing gets started within 48 hours of completing documentation work.
(6) Is there any option of pre-payment of loan amount?
Yes, one can pre-pay the loan amount at any point of time after 6 months of availing of the loan. Borrower will require paying a prepayment fee on the outstanding loan amount.
(7) Is it necessary to have an account with HDFC Bank to avail loans?
No, it is not necessary to have an account with HDFC Bank to avail car loan.
(8) Is it necessary to have a guarantor?
Generally it is not required to have a guarantor to get loan but if the annual income of the person doesn’t meet criteria then it is necessary to have a guarantor.
