HDFC Car Loan
HDFC car loan| Eligibility interest rates & Documents Required
There may be numerous numbers of car loan rates found from a number of financial companies through online and offline. Online lenders to stand with their competitors have to abide with low rates and low processing fees for your required loan, unlike the dealership financing. You can find these rates on respective banker’s sites, or you can also get a customized loan quote to find the best available car loan. But the question here is which one to go for? This might ease you with an answer.
HDFC car loanis the cheapest available car loan which is structured as a three year term with at least 20% down and thusit helps you eligible for the lowest rates and keeps your interest costs to the bottom. An extra pay in your down payment will just cost you more savings. Although various banks are providing such structured loans, HDFC car loan is one of the best options.
HDFC Bank provides a personal banking in Loans, Credit Cards, Insurance and Investments, Foreign Exchange and Trade services. Moreover HDFC provides a quick and easy car loans with easy documents, EMI options and low interest rates.
The main highlights of HDFC car loans are:
- Attractive car loan plans and Interest rates
- 100% finance on your desired car(most of the banks don’t offer this service)
- Covers the widest range of cars and multi-utility vehicles in India
- Speedy processing – within 48 hours.
- Borrow up to 3 times your annual salary (for salaried professionals) and 6 times your annual income (for self-employed professionals)
- Repayment with easy EMIs.
- Hassle-free documentation
- Flexible repayment options, ranging from 12 to 84 months
Eligibility and Documentation for HDFC Car Loan is as follows:
HDFC has separate eligibility requirements for salaried individuals and for self-employed individuals. They have same minimum age requirement of 21 years of age as every bank follows this kind of age requirement and as a proof of identity he should present a Passport copy, PAN Card, Voters Id car, driving licence (Laminated, Recentand Legible) and as address proofRation card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card should be submitted to the bank.
For salaried individuals the maximum age of the applicant can be 58 years of age and should have a minimum employment of at least 1 year in the current employment. The minimum annual income should be Rs. 1,00,000/- and a permanent telephone number. Bank statement is not mandatory for salaried employees.
For self-employed the maximum age of the applicant can be 65 years of age with a minimum of Rs. 60,000/- as his net profit per annum. He also should have a minimum employment of 3 years in his present business. As bank statement he must produce document on the basis of the type of car that he plans to purchase and it is given as, waived for small cars, for mid – sized and premium cars if income is greater than Rs. 1.5 lakhs then bank statement requirement can be waived.