Are you planning to buy your dream car anyhow until the year ends? Not sure because you are finding out the sources from where you can suitably arrange for funds. Go nowhere but look for HDFC Car loan that has been designed specifically to fulfill your requirements for getting away with your dream car.
Yes, it is possible. With flexible equated monthly installments, tenure and interest rate give you enough room to classify your household budget that you can spare some portion easily from your budget without sacrificing your other needs.
With the help of car loan, HDFC Bank aspires to open all the gates of possibilities for all kinds of income driven customers can suitably get their car of own choice. No matter whether it is a new car or a pre-owned one, what matters is that it shouldn’t oscillate your budget by any means. So, check out the Car loan interest rate first before you progress on in knowing your eligibility criteria.
HDFC Car Loan Interest Rate 2017 and other details
- The interest rate for 2017 are as follows:
- For New Cars: 11.50%-13.75% p.a.
- For Pre-owned Cars: 11.50%-17.50% p.a.
- The maximum tenure for buying a new car is 7 years whereas the maximum tenure for the pre-owned car is 5 years.
HDFC Bank Car Loan Eligibility Criteria
An applicant needs to fulfill the following eligibility criteria in order to avail car loan:
- Both salaried and self-employed professional are eligible to apply for car loan
- The age criteria for a salaried employee should be 21-60 years whereas the age criteria for a self-employed professional should be 21-65 years.
- The applicant should earn a minimum income of ₹2.50 lakhs per annum
- The salaried employee should have a work experience of 2 years and atleast 1 year with the present employer.
- The self-employed professional needs to have an experience of operating his/her business for atleast 2 years.
- An applicant can avail the maximum loan amount eligibility of upto ₹ 3 crores for new cars and upto ₹ 50 lakhs for pre-owned cars.
- The processing fee is applicable as under:
- For new cars: 0.4% of Loan Amount or ₹10000, whichever is lower
- For pre-owned cars: 2% of loan amount or ₹ 5,000/-, whichever is lower
The prepayment charges stand as applicable:
- No foreclosure allowed within 6 months from date of availing the car loan
- 6% of Principal Outstanding for preclosure within 1 year from 7th EMI
- 5% of Principal Outstanding for preclosure within 13-24 months from 1st EMI
- 3% of Principal Outstanding for preclosure post 24 months from 1st EMI
HDFC Car Loan EMI Calculator
Use EMI Calculator for the Car loan from the website of HDFC Bank so as to ascertain the quantum of loans that need to be availed. The loan amount, interest rate, and tenure need to be entered in the relative fields of the HDFC Car loan EMI Calculator which upon submission helps you to assess the financial obligations that you will require in future due to your monthly installments. However, comparing the value of EMI stands possible by changing the tenure of the loan and the loan amount you wish to avail. Any time at any corner of the world you can access to your online car loan EMI Calculator once you start planning for your budget.
The following are the variable required to input in the fields of SBI Car loan EMI Calculator :
Principal amount: The loan amount filed by an applicant while at the time of his/her applicant process refers to the principal amount. As the principal amount stands higher, the EMIs will escalate.
Tenure: It is the time period selected for your car loan amortization which is a wider criterion that could affect your car loan EMI amount. The higher the tenure, lesser would be your EMIs.
Rate of Interest: It is the rate at which you are supposed to pay for using your borrowed amount for buying your dream car. The interest rate you may get would also impact your EMI as well. The higher the interest rate, higher would be the EMI. It becomes potential to select the most suitable interest rate that can stand beneficial for you in the longer run.
For example : Sulekha has applied for a 7-year car loan of ₹ 20 lakhs with an interest rate 11.50% per annum depending on her eligibility. The expected EMI will be ₹ 34,773 while interest outgo and overall repayments are expected to be ₹9,20,925 and ₹ 29,20,925.