HDFC Xpress Car Loan 2024: Millions of Indians today are upwardly mobile and on the move. Many are looking at having their car to reach their destination on time and with comfort. Now, the years of waiting and saving are over. HDFC Xpress Car Loan will bring that dream of owning a vehicle within your reach in just a few minutes. In this article, we will read about HDFC Xpress Car Loan: Feature, Eligibility, Fees and Charge, Documents, and Reviews in a detailed way.
HDFC Xpress Car Loan Feature
Get a Car Loan at attractive rates in just 30 minutes!
The thrill of bringing your brand-new car home is special. Car Loan has been the driver behind fulfilling the dreams of people to own cars. What if we told you that there was an easy, quick, and seamless way to get your car? HDFC Bank Xpress Car Loan is committed to making your car buying experience smoother than ever. It provides 100% financing on select vehicles, pocket-friendly EMIs, and flexible repayments.
100% digital loan
HDFC Bank Xpress Car Loan is 100% digital and you can apply for it anytime, anywhere. You can instantly apply for the loan and it only takes 30 minutes with our end-to-end digital process. There is no physical verification process and you don’t need to submit any physical documents.
Quick disbursal in just 30 minutes
It does not matter where you stay, you can apply for the loan from anywhere in India. HDFC Bank Xpress Car Loan ensures that your Auto Loan is disbursed instantly to your car dealer through NetBanking.
You can avail of this facility with the following simple steps:
Log into your HDFC Bank NetBanking account —> go to the Borrow tab —> Click on the New Car Loan.
High loan amount
With HDFC Bank Car Loans, you can get an Auto Loan of up to ₹25 lakhs on a wide range of cars and multi-utility vehicles. You can enjoy up to 100% on-road finance on your New Car Loan.
You can apply for Top-Up Loans for extra financing. HDFC Bank’s existing Car Loan customers can avail of the Top-Up Loan facility without any extra documentation.
Flexible repayments
HDFC Bank Xpress Car Loan comes with flexible repayment tenures tailored to your needs at the most affordable Car Loan rates. You get to select the repayment tenure from 12 to 84 months along with quick and easy processing and approval.
3,000+ car dealers
HDFC Bank has created a vast network of dealers to ensure hassle-free loan processing. As the name suggests, the Xpress Car Loan supports 3,000+ car dealers and all HDFC Bank branches across India. This allows the bank to process your New Car Loan application in just 30 minutes while you enjoy quick and transparent loan application and processing.
Preferred pricing
Are you an existing HDFC Bank customer? Well, you can enjoy the privilege of preferred pricing. HDFC Bank allows its existing customers to benefit from the unique schemes designed exclusively for them. Now, you can avail of a loan instantly without any documentation.
Insurance
While you enjoy your ride, the bank has got you covered with its insurance facility. HDFC Bank offers a comprehensively packaged insurance product that offers you protection against uncertainties like accidental death, permanent total disability as well as accidental hospitalization.
HDFC Xpress Car Loan Eligibility
The following people are eligible to apply for a New Car Loan:
Salaried Individuals:
- This includes employees of private limited companies, and employees from public sector undertakings, including central, state, and local bodies.
- Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure.
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.
- Those who earn a minimum of Rs. 3,00,000 per year, including the income of the spouse/co-applicant.
- Individuals who have a telephone/post-paid mobile.
Self-Employed Individuals and Professionals (Sole Proprietorship):
- This includes self-employed sole proprietors in the business of manufacturing, trading, or services.
- Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure.
- Those who have been in business for a minimum of 2 years.
- Should earn at least Rs. Rs. 3,00,000 per annum.
Self-Employed Individuals and Professionals (Partnership Firms):
- This includes self-employed partners in the business of manufacturing, trading, or services.
- Those who have a minimum turnover of Rs. Rs. 3,00,000 per annum.
Self-Employed Individuals and Professionals (Private Limited Companies):
- This includes individuals who own a private company in the business of manufacturing, trading, or services.
- Should earn at least Rs. Rs. 3,00,000 per annum.
Self-Employed Individuals (Public Limited Companies):
- This includes directors in public limited companies that are in the business of manufacturing, trading, or services.
- Should earn at least Rs. Rs. 3,00,000 per annum.
HDFC Xpress Car Loan Eligibility
Features of HDFC Bank Car Loans
- Flexible repayment tenure: HDFC Bank Car Loans come with flexible repayment tenures ranging from 12 months to 84 months.
- Step-up / balloon EMI options: You can step up your EMIs at your convenience. This helps you save significantly on your interest costs.
- Zero foreclosure charges: Are you planning to prepay or foreclose your loan? Now you can do that at zero costs. HDFC Bank allows you to foreclose your loan at zero cost after 24 months.
- Top-Up Loans: Need more funds? You can simply apply for a top-up on your HDFC Bank Car Loan just after nine months.
HDFC Xpress Car Loan interest rates and charges
Vehicle Loan interest rates are quite affordable when you borrow from HDFC Bank. Here are HDFC Bank’s new car interest rates and charges:
Description of charges | New Car Loans |
Documentation charges* | ₹650 (charges NOT to be refunded in case of case cancellation.) |
Premature closure charges (for full payment)* | For pre-closures within one year, the charges will be 6% of the outstanding principal. For pre-closures within 13-24 months from the first EMI, the charges will be 5% of the outstanding principal. For pre-closures post 24 months from the first EMI, the charges will be 3% of the outstanding principal. If you own a micro or small enterprise and have availed a fixed rate loan facility up to ₹50 lakhs, you will not be charged any premature closure fees if you make a full payment from your source. |
Premature closure charges (for part payment)* | During the loan tenure, part payment will be allowed twice only. In a year, only one part payment is allowed. You can make a part payment at any time, but it cannot exceed 25% of the outstanding principal amount. If the part prepayment is within 24 months from the first EMI, a charge of 5% will be levied on the part payment amount. If the part prepayment is post 24 months from the first EMI, a charge of 3% will be levied on the part payment amount. If you own a micro or small enterprise and have availed a fixed rate loan facility up to ₹50 lakhs, you will not be charged any premature closure charges if you make a part payment from your source. |
Stamp duty (non-refundable) | At actuals |
Delayed installment payment charge | 18% p.a. (1.5% per month), plus applicable government taxes on overdue installment amounts. |
Processing fees* (non-refundable) | 0.5% of the loan amount subject to a minimum of ₹3,500 and a maximum of ₹8,000. For loan facilities up to ₹5 lakhs availed by micro and small enterprises subject to URC submission before disbursal, no processing fees will be charged. |
Repayment Mode change charge | ₹500 per instance |
Loan cancellation | If you cancel your loan, you will be responsible for paying the Auto Loan interest rate charges from the date the loan was disbursed until the date of cancellation. Processing fees, stamp duty, and documentation charges are non-refundable and will not be waived or refunded in the event of loan cancellation. |
Legal, repossession, and incidental charges | At actuals |
Duplicate no due certificate / NOC | ₹250 per instance |
Loan reschedule meant charges / rebooking charges | ₹400 (To make changes on RC, you will need to pay a refundable security deposit of ₹5,000. This deposit is non-interest bearing and will be repaid once you provide the transferred Registration Certificate to the bank.) |
LPG / CNG NOC / other special NOC | ₹200 per instance |
CIBIL charges (only on request) | ₹50 |
Payment return charges* | ₹450 per instance |
Amortization schedule charges | Rs 50/ per schedule for physical copy. Customers can also download the schedule from the link free of cost |
Commercial/personal use NOC (conversion subject to credit approval) | ₹250 per NOC |
Registration Certificate (RC) Collection Fees | ₹500 (To be refunded in case of case cancellation.) |
Rack interest rate | 8.80% onwards depending on loan amount, tenure & CIBIL score |
RTO transfer charges | At actuals |
Inter-State NO The bank will charge a Refundable Security Deposit (non-interest bearing) of ₹5,000 from you. You must provide the transferred Registration Certificate to the bank along with a NOC charge of ₹500.
Points to remember
You are advised not to engage in any cash transactions with the bank’s direct sales associates. You should also avoid making any payments in cash, bearer cheques, or any kind in connection with your loan to the executive handling the loan application. Apply for an HDFC Bank Car Loan today!
Rates offered to customers during the period of July’23 to September’23
Bank IRR | |||
Product | Min IRR | Max IRR | Avg IRR |
AUTO LOAN | 8.01% | 11.50% | 9.05% |
Annual Percentage Rate offered to customers during the period of July’23 to September’23
APR | |||
Product | Min APR | Max APR | Avg APR |
AUTO LOAN | 8.01% | 11.50% | 9.05% |
Note: *Foreclosure, part-payment, processing fees, documentation charges, cheque / SI / ECS return, and collateral charges are exclusive of government taxes. Government taxes and other levies (as applicable) would be charged additionally. All promotional offers will be null and void in case of third-party payments towards foreclosure and shall attract charges as per the standard grid.
**Collateral charges / PDD collection charges are refundable in case of loan cancellation
HDFC Xpress Car Loan Document Required
Salaried Individuals
1. Any of the following documents as identity and Address Proof
- Valid Passport
- Permanent Driving license [recent, legible, laminate]
- Voters ID Card
- Job card issued by NREGA
- Letter issued by the National Population Register containing details of name & address
- Aadhar Card(only if Submitted voluntarily & backed by Aadhar consent letter 1st 8 digits of Aadhar Number on physical copy to be redacted)Aadhar Card can be Physical Aadhar or Print out of e- Aadhar (not older than 30 days from the date of application).
2. Latest salary slip and Form 16 as income proof
3. Bank statement of the previous 6 months
Self Employed Individuals
(Sole Proprietorship)
1. Any of the following documents as identity and address Proof:
- Valid Passport
- Permanent Driving license [recent, legible, laminate]
- Voters ID Card
- Job card issued by NREGA
- Letter issued by the National Population Register containing details of name & address
2. Latest Income Tax Returns (ITR) as income proof
3. Bank statement of the previous 6 months
Self Employed Individuals
(Partnership Firms)
1. All the following documents as income proof:
- Audited Balance Sheet
- Profit & Loss Account of the previous 2 years
- Company ITR for the previous 2 years
2. Any of the following documents as address proof:
- Telephone Bill
- Electricity Bill
- Shop & Establishment Act Certificate
- SSI Registered Certificate
- Sales Tax Certificate
3. Bank statement of the previous 6 months
Self Employed Individuals
(Private Limited Companies)
1. All the following documents as income proof:
- Audited Balance Sheet
- Profit & Loss Account of the previous 2 years
- Company ITR for the previous 2 years
2. Any of the following documents as address proof:
- Telephone Bill
- Electricity Bill
- Shop & Establishment Act Certificate
- SSI Registered Certificate
- Sales Tax Certificate
3. Bank statement of the previous 6 months
Self Employed Individuals
(Public Limited Companies)
1. All the following documents as income proof:
- Audited Balance Sheet
- Profit & Loss Account of the previous 2 years
2. Any of the following documents as address proof:
- Telephone Bill
- Electricity Bill
- Shop & Establishment Act Certificate
- SSI Registered Certificate
- Sales Tax Certificate
3. Bank statement of the previous 6 months
HDFC Xpress Car Loan Review
With HDFC Bank Car Loan, you get the best interest rates and doorstep service. Interest rates start at 9.35%. You don’t need a guarantor to be eligible for this Loan. HDC Bank also gives you prepayment and foreclosure options after a waiting period of 30 months. You can get your Car Loan e-approved and even opt for a top-up.
Most reviewers said that they were very happy with the interest rates provided by the bank. Many stated that the follow-up on the Loan process needed improvement while others mentioned that the customer service was average.
S Ravi, Chennai
have taken car loans directly through HDFC Bank. The car model was TATA Nixon and still this loan is active. The rate of interest and the processing fee are medium it was 10.99% and this loan was sanctioned immediately within 2 to 3 days got the loan. Everything was fine so far until this loan was sanctioned.
Akash, Jaipur
I got a car loan from HDFC Bank 3 years ago. I made the down payment of Rs. 1.50L and the loan amount was Rs. 4.80L. The rate of interest was normal and I am paying an EMI amount of Rs. 12,157 and I have purchased Swift BSI. I gave my documents to the showroom itself without any difficulty.
Guru, Kanchipuram
Maruti showroom suggested taking a car loan from HDFC on a few months back. They have sanctioned the loan within one week. The amount was 6L with a tenure period of 7 years. An interest rate of 9%. I did a down payment of 1L. EMI needs to pay 9637 rupees. The car model is the Maruti new Swift. Their service is good.
Kumar, Jammu
My car loan is going to be completed this November. My salary goes into HDFC bank hence the guy keeps on calling me to take the loan I have selected the car loan from the same bank. In 2013, I purchased a car loan by paying a down payment of Rs. 3.5L. Took the loan amount of Rs. 3.8L. I pay an EMI amount of Rs. 6948 every month.
For more reviews and ratings – Click Here