HDFC Car Loans Documentation and Processing Fees

Five points about Why HDFC Car Loans and Why via Loanyantra.

• HDFC Car Loans has attractive interest rates and Loanyantra makes sure you get the interest rate as low as applicable.
• HDFC Car Loans has easy documentation process and Loanyantra helps you in providing the right information which makes the process faster than expected.
• HDFC Car Loans has longer tenure which reduces the EMI and Loanyantra's services to you continue till you close the loan.
• HDFC Car Loans has seasonal offers on processing fees or legal charges and Loanyantra gets you the right information in just one call.
• EMI calculator helps you understand how much need to be paid and Loanyantra has wide range of calculators where you can manage and understand every loan at a place.

Let us discuss each feature in detail.
HDFC Car Loans interest rate and Car Loans interest rate calculator is the most important factor to determine your EMI. ( Include our emi calculator links) Try to reduce your interest rate to reduce your EMI. You are the master of your loan.Feel free to ask your questions about HDFC Car Loans and interest rate and EMI.Compare and apply for Car Loans if you think the HDFC Car Loans is the best with low interest rates.Or call us if need more discussions on Car Loans.

HDFC Car Loans Documentation Process Check List 2019

Documentation is the crucial stage in home loan processing as the customer waits to finish as fast as possible. But it is very rare that the banker / executive gives the complete picture of what documents the bank needs when applying for Car Loans. Loanyantra clears this communication gap by letting you know about the exact list of documents needed by HDFC Car Loans.
Suggest you to keep all the documents ready before the executive comes to collect the HDFC Car Loans documents to your door step.

Salaried individuals who are eligible for a loan

• Minimum 21 years of age
• Maximum 70 years of age at maturity (conditions apply)
• Minimum Net Annual Salary of Rs. 2,40,000 p.a. for all approved car models
• Income eligibility based on latest salary slip and Form 16
• Minimum of 1 year continuous employment

Self-employed individuals who are eligible for a loan

• Minimum 18 years of age
• Maximum 75 years of age at loan maturity
• Minimum Net Annual Business income of Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others.
• Income eligibility based on latest Income Tax Returns
• Minimum 3 years of employment in the same line of business

Self-employed non-individuals who are eligible for a loan

• Minimum Net Annual Business income or Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others
• Income eligibility based on latest 2 years. Income Tax Returns and audited financials of 2 years along with computation of income
• Minimum 3 years of employment in the same line of business

Priority/Wealth/Privee customers eligible for a loan

• Customers with a vintage of 6 months
• A minimum Average Quarterly Balance (AQB) as below:

An AQB of Rs. 1 lakh for last 2 completed quarters AQB requirement to be met for both the quarters Maximum loan amount restricted to 3 times the AQB in the last 2 quarters

Salary customers eligible for a loan

Customers who have a Salary A/c with Axis Bank since the past 3 months Those who work with the following organisations:

Public Limited and Private Limited Companies ,MNCs
• Permanent employees of State / Central Government
• Permanent employees of Public Sector Undertakings
• Permanent employees of reputed schools / colleges
Other factors
• Minimum 21 years of age
• Maximum 70 years of age at loan maturity
• Minimum Net Annual Salary of Rs. 2,40,000 p.a.
• Income eligibility base on latest salary slip and Form 16
• Minimum 1 year of continuous employment.

Documents Required For a Loan

Use the Loan eligibility calculator to find out whether you can avail of auto finance.

Documents required for a Loan

• Age proof
• ID proof
• Application form
• Photograph
• Residence proof
• Income proof
• Bank statement
• Signature verification proof
• Pro-forma Invoice or Rate List
• All of the above is subject to terms and conditions

HDFC Car loans Application Form

The State Bank of India (HDFC) is one of the most popular nationalised banks in the country. They also have a series of Car loans products targeted at different strata and types of customers, such as HDFC PAL Car loans, HDFC Her Ghar Car loans and HDFC MaxGain Car loanss.

Application forms can be confusing. To make them easier for you to understand, we will explain the components and confusing sections of the HDFC Car loans Application Form here.

HDFC Car loans Application Form Explained:

The standard HDFC Car loans Application Form contains 4 forms – A to D, which are:

1. 1).Form A – Personal Details
2. 2).Form B – Employment and Income Details
3. 3).Form C – Property and Loan Details
4. 4).Form D – Declaration

Form A – Personal Details:

On the topmost part of the form is where you declare whether you are the applicant, co-applicant or guarantor. If you are taking the Car loans alone, then you are the applicant; if you are taking it jointly with someone you are a co-applicant and if you are standing as a collateral guarantee to someone who is taking the loan, you are the guarantor.

In this section you have to fill in your personal details:

• Name (leave spaces between 2 words)
• Gender and salutation (title)
• Date of Birth
• Marital Status
• Name of spouse and father
• The number of people dependent on your income
• Mother’s maiden name (your mother’s surname before she got married)
• Category for special benefits (SC/ST or General)
• Nationality, Residential status and Religion
• Place of Birth
• Photo identification type (Aadhaar, Voter’s ID, Ration card, etc.) and the number of whichever card you are submitting, and its validity
• Driving licence number and its validity
• PAN or GIR number (the older version of PAN)
• Passport number and its validity
• Highest education qualification and the year of completing this course
• Current address in full (you also need to indicate how long you have been staying at this address)
• Contact numbers – telephone and mobile number(s)
• Personal email id
• Permanent address in full (if different from the current address). If the permanent address is the same as current address, just tick ‘Yes’ in this column.
• Telephone number of permanent address
• Office address or address of the place where you run your business
• Office contact details and official email id
• Repayment mode: This refers to which method you’d like to choose to repay the loan/pay the equated monthly instalments (EMIs). You can select any of the following:
  • Check-off: Where your employer will deduct the EMI amount from your salary and deposit it with the bank.
  • Electronic Clearing System (ECS): Where you can have the amount deducted from your account without manual interference. This can be done for an account in another bank as well.
  • Post-dated cheques: Where you provide the bank with cheques dated for a specific date every month and the bank will encash them accordingly.
  • Standing Instruction: Where you provide the bank with an instruction to debit the EMI amount from your account in the same bank.
  • Others: Any other mode of payment you choose. Check with the banker for the options available.
• Relationship with the bank: The number of years you have been associated with HDFC.
• References: You have to provide references of two individuals not related to you to certify your good conduct and debt levels.

Form B – Employment and Income Details:

In this section, you have to first specify whether you are salaried, self-employed or running your own business or a pensioner. Following that, these details need to be filled in if you are a salaried person:

• Name of employer
• Your employment status
• Total professional experience and breakdown in terms of experience in the present job and previous job
• If you are specifying a previous employment, you also have to give the previous employer’s name, contact number and address
• The industry you are involved in currently – for example, media, textile industry, banking or insurance, digital marketing, sales, accountancy, etc.
• The type of organisation you are working in, your department and designation
• Your employee number in the current organisation, and service remaining (if you are close to retirement)
• Website of your current company
• If you are a self-employed individual, the details given below have to be provided:
• Nature of business and type of ownership, and the number of partners if it is a partnership firm
• Name of business and the industry it falls under
• Trade licence number and its expiry date
• The percentage of shares you hold in the company
• Name of the person who holds the power of attorney (POA)
• Income with a detailed break-up of net income, gross income, frequency of receiving income and mode of payment (cheque/net transfer)
• Deduction details including gross obligations, net obligations and the number of times in a month you have to meet these obligations. These could include deductions by your company or bank on overdraft or debts you owe your friends and relatives, etc.
• Details of existing loans with banks, the type of loan (car loan, personal loan, etc), EMI amount, frequency of EMI deduction, the number of EMIs paid and outstanding balance
• Information about the number of bank accounts you hold
• Details of the credit cards you hold
• Information about the fixed deposit accounts you own
• Details of assets owned, such as land, property, shares and bonds, jewellery, etc.

You and your co-applicants and guarantor (if applicable) have to sign at the end of this form with date as a self-notarisation of the information provided.

Form C – Property and Loan Details:

Here you can select the Car loans type that you want to take from HDFC. You also have to indicate whether the builder is part of the tie-up with HDFC or is willing to form a collaboration. If the builder is already linked with HDFC, the tie-up ID has to be provided.

Other details required are:

• Property type
• Builder’s name and name of the project
• Building’s name or survey number and wing name
• Built-up area, plot area and plinth area in square feet (you can find these details from your builder)
• Flat or plot number and block number (if applicable)
• Name and address of the seller (if different from the builder) and name of the registered owner
• Phone number of the seller
• Full address of the property
• Cost of property
• Down payment required and the percentage of down payment sought
• Loan amount sought
• Repayment frequency sought
• The period of loan in months
• Purpose of loan: Indicate whether you want the loan to construct a new house, buy a new or old house or flat, purchase of plot, renovation of existing house, home extension or balance transfer of a Car loans from another bank.
• Interest rate you’d like, whether fixed or floating
• Moratorium period: The period of time where you are not required to pay any EMIs or interest. You also have to specify whether you want interest to be capitalised during this period.
• Insurance option: You can opt for a home insurance from the HDFC. If you wish to, you have to indicate which of the insurance policies you’d like to choose: HDFC Life RiNn Raksha Policy, HDFC Life Saral Shield Policy or HDFC Life Smart Shield Policy. You also have to indicate whether you will pay the premium separately or you want the amount to be added to the Car loans amount. You and your co-applicants and guarantor need to sign at the end of this form as well.

Form D – Declaration:

This section is more about reading the terms carefully. Once you read, you need to indicate your consent or dissent in sharing, disclosing or using the data provided by you. This form needs to be signed by all parties concerned along with place and date.

Once you are clear about what information needs to be filled in each sections of the form, you need not get confused or worried about whether you are making mistakes. If you are unable to understand any part of the form, consult your personal banker or a friend who knows what the details are about. Do not fill in wrong details, or it could lead to rejection of the loan. This will impact not only your chance of getting another loan but also your overall credit score.