HDFC Used Car Loan

1. Easy documentation: Loan approval is based just on proof of identification and residence. As part of the process, income documents or related proof are not required. 

1. Great Value: Assured funding of up to 100% of the used car's on-road price. 

1. Customer Centric: Transparent functioning and fixed interest rates. Very nominal down payment. EMI repayments are not affected by fluctuation in the financial market. 

1. High Loan Amount: Up to Rs.2.5 crore may be provided as a loan. 

1. Car Age: When the loan matures, the age of the car should not be more than 10 years old. 

1. Repayment Tenure: The repayment tenure of the pre-owned car loan is up to 5 years. 

How to Calculate HDFC Used Car Loan EMI on Bankbazaar.com?

With the friendly 'Used Car Loan EMI Calculator' tool, it's a simple and quick process to calculate the EMI applicable on your overall loan amount. Simply, fire up your basic computer skills, grab a cup of coffee and dedicate the next 30 seconds of your life for some sweet EMI calculation with the following steps-

1. Access the 'Used Car Loan EMI Calculator' tool. 

1. Note the two scales presented before you? One is marked 'Loan Amount' and the other, 'Tenure'. Herein, select the loan amount and the tenure applicable to you on these scales. 

1. Next, insert the applicable interest rate on your pre-owned car loan in the field marked 'Interest Rate in %', similarly insert the applicable processing fee in the field marked 'Processing Fee (% of loan amount)'. Note that default values are already populated here- change them accordingly. 

1. Click on the 'Calculate' button to complete the process. 

1. Displayed before you are the complete breakup of the total interest due, monthly EMI and other relevant details. If you scroll down the page further, you will find a graphical representation titled 'Your Amortization Details (Yearly/Monthly)' that details the amortization information pertaining to your second hand car loan. 

Eligibility Criteria for HDFC Bank Used Car Loan

The following fundamental requirements establish your eligibility for the used car loan,

For Salaried Employees-

1. Minimum age of 21 years (at the loan application stage) and maximum age of the applicant must not exceed 60 years (at the end of loan tenure).
2. Must have a minimum of 2 years work experience, with a minimum of 1 year with the current employer.
3. Annual income must not be lesser than Rs.1,00,000.
4. Should have a landline telephone connection at his/her residence.

For Self Employed Individuals (Sole Proprietorship)-

1. Minimum age of 25 years (at the loan application stage) and maximum age of the applicant must not exceed 65 years (at the end of loan tenure).
2. Must have a minimum of 3 years of experience in the current business establishment.
3. Annual income must not be lesser than Rs.60,000.
4. Should have a landline telephone connection at his/her residence.

For Self Employed (Partnership Firms)-

1. Annual income must not be lesser than Rs.60,000
2. Should have a landline telephone connection at his/her residence. A post-paid mobile number that is at least three months old is also acceptable in specific cases.
3. Annual business turnover of Rs.4,50,000

For Self Employed (Private Limited & Public Limited Companies)-

1. Annual income must not be lesser than Rs.60,000
2. Should have a landline telephone connection at his/her office.

For Self Employed (Hindu Undivided Family- HUF)-

1. Annual income must not be lesser than Rs.60,000
2. Should have a landline telephone connection at his/her residence. A post-paid mobile number that is at least three months old is also acceptable in specific cases.
3. The 'Karta' should be the co-applicant in the case of HUF.

Essential Documentation Required at Loan Application

1. Proof of Age: Herein, any or some of these may be requested- PAN Card, Voter's ID, Passport, Driving license, Photo ration card with DOB, Employer certificate/ID, School or College leaving certificate. For proprietorship or partnership firms- Partnership deed, Memorandum and Articles of Association / Certificate of incorporation. 

1. Proof of Identity: Herein, any or some of these may be requested- PAN Card, Voter's ID, Passport, Driving license, Photo ration card with DOB. For proprietorship or partnership firms- Partnership deed, Memorandum and Articles of Association / Certificate of incorporation. 

1. Proof of Income: Herein, any or some of these may be requested- Latest salary slips, Form 16/recent ITR, Previous ITR with advance tax payment challan, Latest IT assessment order, HDFC bank corporate salary account statements for salary credits of over Rs.8000 for 3 months. For proprietorship or partnership firms- Latest ITR and latest audited Balance Sheet along with Profit and Loss Account. 

1. Proof of Residence: Herein, any or some of these may be requested- Passport, Driving license, Photo ration card with DOB, Telephone and Electricity bills, Credit Card statements, Employer certificate/ID. For proprietorship or partnership firms- Telephone and Electricity bills, Partnership deed, Memorandum and Articles of Association / Certificate of incorporation. 

1. Proof of Signature: Herein, any or some of these may be requested- Passport, Driving Licence, Credit Card statements with copy of Credit Card, Banker's verification, Copy of margin money paid to the bank. Same documents apply for proprietorship or partnership firms too. 

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