HDFC Bank Car Loan Interest Rates 2026
HDFC Bank is one of India's leading private sector banks, known for competitive car loan rates and quick processing. Their car loan offering covers both new and used vehicles with flexible tenure options.
| Car Type | Interest Rate | Max Tenure |
|---|---|---|
| New Car | 8.20% - 9.40% | 7 years |
| Used Car | 11.50% - 13.50% | 5 years |
HDFC offers among the lowest starting rates for private banks. Actual rate depends on profile.
HDFC Car Loan Eligibility
- Age: 21-60 years (salaried), 21-65 years (self-employed)
- Income: Minimum Rs. 20,000/month (salaried) or Rs. 2 lakh/year (self-employed)
- Employment: Minimum 1 year total experience, 6 months in current job
- CIBIL Score: 700+ for best rates
- Loan-to-Value: Up to 100% of ex-showroom (new), 85% (used)
Documents Required for HDFC Car Loan
- KYC: Aadhaar Card, PAN Card
- Income Proof: Latest 2 months salary slips
- Bank Statements: Last 3 months (salary account)
- Form 16 or ITR (if available)
- Car Quotation/Proforma invoice
- Business registration documents
- ITR for last 2 years
- Bank statements: Last 6 months
- Balance sheet (if applicable)
Note: Existing HDFC customers may get instant approval with minimal documentation.
HDFC Car Loan Charges
- Processing Fee: 0.5% of loan amount (max Rs. 3,000 for new cars)
- Prepayment Charges: Nil for floating rate, 2% for fixed rate
- Loan Cancellation: Rs. 3,000 after disbursement
- Duplicate Statement: Rs. 250 per statement
- Late Payment: 2% per month on overdue amount
Why Choose HDFC Bank Car Loan?
- Among the lowest interest rates for private banks
- 100% ex-showroom financing available
- Instant approval for pre-approved customers
- Doorstep documentation service
- No prepayment penalty on floating-rate loans
- EMI flexibility with step-up/step-down options
- Balance transfer from other banks at lower rates
HDFC vs Other Banks: Car Loan Comparison
| Bank | Interest Rate | Processing Fee |
|---|---|---|
| HDFC Bank | 8.20% - 9.40% | 0.5% (max Rs. 3,000) |
| SBI | 8.75% - 9.85% | 0.5% |
| ICICI Bank | 8.50% - 9.75% | 0.5-1% |
| Axis Bank | 8.60% - 9.80% | 1% |
Frequently Asked Questions
How to apply for HDFC car loan online?
Visit HDFC Bank website or use the HDFC Bank app. Enter your details, upload documents, and get instant eligibility check. Existing customers can check pre-approved offers in their account.
Does HDFC offer car loan for used cars?
Yes, HDFC Bank finances used cars up to 7 years old. Interest rates range from 11.50% to 13.50% with maximum tenure of 5 years. The car must be in good condition and pass HDFC's valuation.
Can I transfer my existing car loan to HDFC Bank?
Yes, HDFC offers balance transfer facility. If your current bank charges higher interest, you can transfer to HDFC at lower rates. Processing fee for balance transfer is typically waived.
What is HDFC car loan EMI bounce charges?
HDFC charges Rs. 500 per EMI bounce plus applicable bank charges. Multiple bounces may affect your credit score and trigger a review of your loan account.