HDFC Car Loan Interest Rate

HDFC Car Loan Interest Rates 2016

Purchasing a new car is a costly proposition that for a lot of middle class Indians directly translates to taking a loan from any bank or financier. Most dealers ask how much the comfortable EMI is. But economists warn customers against being allured into spending more via car loans of longer tenure by paying lesser monthly installments. It is important to think of various parameters other than merely EMIs. A common snag we often see are potential customers only thinking about the car they wish to buy.

Here are the HDFC Bank Car Loans Interest Rates and Charges:          

	Bank Interest Rate
Product	Minimum Interest Rate	Maximum Interest Rate	Average Interest Rate
Car Loan	9.30 percent	14.64 to 14.65 percent	9.91 to 9.97 percent

Type of Charge	New Car Loans
To settle the HDFC car loan before agreed tenure	You cannot prepay before six months of getting the car loan approved.
	Six percent of remaining principal for prepayment within a year from 7th month.
	Five percent of remaining principal for prepayment within 13 months to 24 months from the day car loan is sanctioned.
	Three percent of remaining principal to settle the loan after two years of first EMI.
Charges levied for partial payment	Part-payment is permitted provided one year is completed in EMI payment. But you can pay partially only two times during the entire HDFC loan term and once a year and no more than 25 percent of the balance.
Stamp Duty (Non -refundable)	At actuals
Penalty fee for late payment	Two percent monthly
Processing charges (Not refunded)	Up to 2.5 lacs: INR 2825
	Above INR 2.51 lacs up to 4 lacs: INR 3850
	From INR 4.01 lacs to 5 lacs: INR 4300
	Between INR 5.01 lacs to INR 10 lacs: INR 4650
	10 lacs plus: INR 5150
Charges levied to issue cheque or to swap ECS	INR 500 per case
Charges for loan reschedule or rebooking	INR 1000 will be levied.
Rack interest rate	11.50 percent to 13.75 percent based on the category of vehicle