HDFC Car Loan Interest Rate – Complete Guide & EMI Tips

Key Takeaways
 

• The HDFC car loan interest rate for new cars starts from 9.40% per annum as per the official HDFC Bank rate card. It is competitive for salaried and self-employed borrowers. Eligible customers may also receive benefits under the HDFC car loan interest rate for salary account.
   
• The HDFC car loan interest rate calculator on the bank website helps estimate EMIs accurately before applying. It also helps compare different tenures, including the HDFC car loan interest rate for 5 years.
   
• Interest cost increases for longer tenures, like the HDFC car loan interest rate for 5 years, so EMI planning becomes essential.
   

It is very exciting to buy a car, but loan confusion can spoil the mood. “EMI kitni aayegi?” is a question always asked first. This blog explains the HDFC Car Loan Interest Rate to apply for an HDFC bank car loan now!

The HDFC car loan interest rate represents the price I pay for spreading my car purchase cost over time instead of paying the full amount up front. It reflects how the bank prices risk and tenure. A longer loan period increases the total interest paid.

When I choose a ₹8,00,000 car loan at 9.40% per annum for 5 years, my monthly EMI stays fixed, but the total repayment changes with tenure. I can compare different tenures and select the most cost-effective option before applying by using the HDFC car loan interest rate calculator.

Types of Car Loans Offered by HDFC Bank 

HDFC Bank offers different car loan options depending on the vehicle type and ownership.

These options cover HDFC car loan interest rate for govt employees, HDFC car loan interest rate for used cars, and HDFC second hand car loan interest rate under official schemes. You can choose a loan that matches your budget and vehicle choice.

Bonus Tip: Do you know? HDFC Bank now allows two part-payments per tenure, each up to 25% of the outstanding principal, helping reduce interest costs.

HDFC Bank Car Loan Processing Fees & Charges

Check the processing fees and charges because these costs directly affect the total amount beyond the interest rate before finalising a car loan.

These charges ensure smoother loan management and better planning.

How to Apply for an HDFC Bank Car Loan?

HDFC Bank provides a structured car loan application process that helps borrowers understand eligibility, estimate EMIs, and complete documentation before loan approval. 

Step 1: Visit the official HDFC Bank car loan page and review the eligibility criteria and required documents.

Step 2: Use the HDFC car loan interest rate calculator to check the estimated EMI and confirm that the loan fits your monthly budget.

Step 3: Complete the online application form by entering personal, employment, and income details accurately.

Step 4: Upload the requested KYC documents and income proofs as part of the verification process.

Step 5: The bank reviews the application, verifies the details, and communicates the loan approval status.

Step 6: After approval, sign the loan agreement either digitally or in person at the nearest HDFC Bank branch.

Step 7: The loan amount is disbursed directly to the car dealer or seller as per the approved terms.

This step-by-step process helps complete the HDFC car loan application smoothly. 

Conclusion 

HDFC Bank car loans combine transparent interest rates, digital application tools, and flexible repayment options. Eligibility depends on factors such as age, income stability, and credit profile as defined by the bank. Review official rates, fees, EMIs, and eligibility criteria in advance to select the most suitable loan and tenure.

FAQs Related to HDFC Bank Car Loan Interest Rates 

Can I transfer my HDFC Bank car loan to another bank without losing an interest rate subsidy?

Yes, you can transfer an HDFC Bank car loan to another bank through a balance transfer. However, interest rate subsidies usually do not continue after transfer unless the new bank offers a similar benefit. The process involves loan foreclosure and fresh approval by the new bank.

How do HDFC Bank car loan interest rates and EMIs work?

HDFC Bank offers car loans with interest rates starting from around 9.40% per year for new cars. Your EMI stays fixed for the chosen tenure, and you can use the bank’s EMI calculator to check your monthly payment before applying.

Is it possible to get an HDFC Bank car loan with a low credit score, and should I apply through a dealer or the bank?

Yes, getting a car loan is possible even with a low credit score, but approval is stricter, and the interest rate is usually higher. Apply directly with HDFC Bank to maintain transparency on interest rates and charges, while dealer-assisted loans may offer convenience but limited rate negotiation.

Should I choose a fixed or floating interest rate for an HDFC Bank car loan?

Choose a fixed-rate car loan from HDFC Bank if you want stable EMIs for the full tenure. Pick a floating rate only if you can handle EMI changes and expect interest rates to stay low.

Does HDFC offer lower interest if I have a salary account?

Yes. Customers with an HDFC car loan interest rate for salary account may receive preferential pricing based on internal eligibility and relationship value.
 

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About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.