Pre-owned cars are a great option if you want the convenience of a four wheeler without spending too much. In fact nowadays banks and lending institutions are offering loans for pre-owned cars so that you do not have to shell out a large amount of money in a single go. HDFC bank is one of the reputed private banks and it offers used car loan with really simple terms and conditions . Even the interest charged on the loan is quite affordable and the repayment terms are flexible. Let us look at the different features of an HDFC used car loan.
You can enjoy triple benefits with a used car loan from HDFC bank:
- Faster loan processing – the loan sanction and disbursal process of this bank is one of the fastest along with easy documentation and doorstep service.
- Competitive pricing – The loan interest rates and charges are very affordable and competitive
- Transparency – There is complete clarity on the loan process and no hidden charges exist. The consumers are given an update on the status of the application of loan at every stage
Features and Benefits of HDFC pre-owned car loans
Managing the money to buy a used car is not easy all the time, but with reputable and reliable banks like HDFC taking a loan for this purpose has got easier. With this bank you can get a loan of about 3 to 6 times of your annual income for all models of cars. This bank also helps you to opt for a good quality car at competitive price from a wide range of used cars uploaded by reliable dealers all over India.
You will be able to get some exclusive features and benefits with an HDFC pre-owned car loan
- You can choose any car within a certain age and manufactured within the country
- You can get a loan of up to 80% of the quoted price.
- The repayment options are quite flexible as you can repay from 12 to 60 months
- You can borrow up to 3-6 times of your annual income
- The loan is available for all models of cars
- The EMIs are easy to pay
- You can also fast track your loan with the plan that is suitable for you
- You can get an additional loan based on your existing bank auto loan
- Special privileges are offered to account holders of this bank
- The maximum used car loan is up to 50 lakhs
Eligibility and Documentation
First check the category that you fit into. It depends on the kind of work that you do, because the requirements of the bank to give you a loan will depend on that
- Minimum age of salaried employees is 21 years and one should be less than 60 years of age at the end of the loan tenure
- You should be employed for at least the last 2 years and a minimum of 1 year with your current employer
- The annual income should be at least 1,00,000 including the income of your spouse
- You should have a telephone at your residence
- Age proof – any one of the passport copy, voter’s ID card, PAN card, photo driving license with birth date, photo ration card with DOB, employer certificate/ID, school/college leaving certificate
- Proof of identity – Any one of this would work. PAN card, passport, photo driving license with DOB, voter’s ID card etc.
- Income proof – Latest salary slip with latest form 16/latest ITR. HDFC bank corporate salary account statement for salary credit above Rs. 8000 for three months
- Address proof – Any one of photo driving license with DOB, photo ration card with DOB, passport copy, electricity bill, telephone bill, credit card statement with copy of credit card, Employer certificate/ID
- Signed verification proof – Any one of it is required. Photo driving license with DOB, photo ration card with DOB, banker’s verification, credit card statement with credit card copy, copy of margin money paid to bank.