(Quick Tips for Clinching the Ideal Car Loan from HDFC Bank)
Since time immemorial, humans have dreamt of being able to fly. The desire to move from place to place in less time has been the prime inspiration for all the development in transportation now. Even today, many of us wish to have our own vehicle that would take us to places in no time. Given that, owning a car is a dream for many of us. Thanks to car loans, driving the dream car can become a reality if we plan for it.
HDFC bank car loan is the most sought-after financial product in the market because of the competitive interest rates and flexibility that it offers. But, a lot of planning must be put in before you can actually grab the loan. Here are some quick but effective tips that will help you with the whole process from application to disbursement.
First things first – zero in the car that you want to own. Decide if you want to buy a new car or a used car based on the budget. With HDFC’s New Car Bazaar portal, you can compare cars, talk to experts and read reviews. Once you have finalized the model, it will be easier for you to pan the finances accordingly and proceed with the loan process.
One thing to remember before proceeding with your car loan application is the fact that a car is a depreciating asset. So, it is always better to make a larger down payment if possible. This will also lower your monthly payments and improve the chances of quick approval. Fret not if you don’t have enough savings to make a huge down payment, HDFC bank also offers up to 100% funding for selected car models.
When it comes to HDFC car loans, tenures up to 7 years are offered with attractive interest rates. To be understood is the fact that shorter tenure means higher EMI and vice versa. If you are planning on prepaying, choose the tenure accordingly. Plan your finances and choose the monthly EMI accordingly. Otherwise, you would end up paying more in interest than the actual loan amount.
Be informed about all the hidden charges like stamp duty, prepayment penalty, processing charges, loan cancellation charges and rack interest rate. Know what you are being charged, this will save you from surprises at a later stage. HDFC bank car loans are sanctioned through a very transparent process wherein you will be informed about all the charges that accompany the loan.
Since time immemorial, humans have dreamt of being able to fly. The desire to move from place to place in less time has been the prime inspiration for all the development in transportation now. Even today, many of us wish to have our own vehicle that would take us to places in no time. Given that, owning a car is a dream for many of us. Thanks to car loans, driving the dream car can become a reality if we plan for it.
HDFC bank car loan is the most sought-after financial product in the market because of the competitive interest rates and flexibility that it offers. But, a lot of planning must be put in before you can actually grab the loan. Here are some quick but effective tips that will help you with the whole process from application to disbursement.
The Down Payment Dilemma
One thing to remember before proceeding with your car loan application is the fact that a car is a depreciating asset. So, it is always better to make a larger down payment if possible. This will also lower your monthly payments and improve the chances of quick approval. Fret not if you don’t have enough savings to make a huge down payment, HDFC bank also offers up to 100% funding for selected car models.
EMI’s and Tenures are Indirectly Proportional
When it comes to HDFC car loans, tenures up to 7 years are offered with attractive interest rates. To be understood is the fact that shorter tenure means higher EMI and vice versa. If you are planning on prepaying, choose the tenure accordingly. Plan your finances and choose the monthly EMI accordingly. Otherwise, you would end up paying more in interest than the actual loan amount.
Hassles of Hidden Charges
Be informed about all the hidden charges like stamp duty, prepayment penalty, processing charges, loan cancellation charges and rack interest rate. Know what you are being charged, this will save you from surprises at a later stage. HDFC bank car loans are sanctioned through a very transparent process wherein you will be informed about all the charges that accompany the loan.
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