Housing Development Finance Corporation Limited commonly known as HDFC Bank was established in the year 1994 and commenced operations from January 1995. It was one of the first banks to receive an in principle approval from the RBI for settling up a bank in the private sector.
HDFC Bank Plans for four wheelers
HDFC Bank offers a number of unique plans for four wheelers to its customers they are as follows:
- No Income-Document Loan Plan: This car loan scheme offered by HDFC bank does not require one to provide any proof of income and offers a car loan up to 60% of the car invoice value
- 100% Loan Plan with Fixed Deposit Lien: This plan facilitates you to take a car loan against your deposit at HDFC Bank. You can get a loan of 100% of the invoice value of the deposit and you can repay in installments separately or through your deposit of it is large enough.
- NRI Loans: NRI's can avail new car loans which could be used by their relatives in India, this loan would however require some specific documents like contract copy and salary slip of NRI, endorsement on passport for last 3 years, proof of ownership of property and post-dated cheques that must be from the resident account of the borrower.
- Past re-payment history: This plan is for customers who have already taken a car loan earlier and have paid it successfully.
- Approval Plan: This loan is meant for people who have an HDFC Bank Preferred Account or a Corporate Salary Account with HDFC Bank for more than six months, they get the benefit of fast approvals on their car loans with minimum documentation.
|New Car||Used Car|
|Loan Type||Term Loan||Term Loan|
|Loan Amount||Min ` 50,000||Min ` 50,000|
|Max ` 90,000||Max ` 70,000|
|Tenure||Min. - 12 Yrs.||Min. - 12 Yrs.|
|Interest Rate||12.75 %||16 %|
|Time to Process Loan||2 days||2 days|
|Preferred Manufacturers||Maruti||Chevorlet, FIAT, Ford, General Motors India|
Two wheeler loans offered by HDFC Bank
The two kinds of loans that HDFC Bank provides for two wheelers are :
- Fast Track Loans: This is a spot approval loan with loan amount up to 70% of the cost of the vehicle with minimum interest rates
- Easy Loans: This great scheme offers loan up to 85% of the cost of the vehicle with minimum documentation. The only document required would be a substitute income proof which could be a copy of the credit and credit card billing statement for the last two months, a repayment track record or a bank statement of the last three months.
Flexible repayment options, quick and hassle free loan approvals, loans available for almost all models of two wheelers with attractive interest rates and loan processing fees which not exceed ` 600
The applicant should be either salaried or self employed, he should be between the age of 21 -65 with a minimum gross annual income of ` 54,000 if he is a resident of a metropolitan city, and ` 42,000 for any other city, he should have a phone in his resident and he has to be residing in that particular city for the past 1 year.
Any identity proof like Passport, Credit car, Voters ID card, Driving License or PAN card
Documents stating address proof like Passport, Credit car, Voters ID card, Driving License, Telephone Bill, Electricity bill, Gas Connection
Bills or Ration Card etc
And proof of salary
A table representing the loan amount and rate of interest by HDFC Bank for two wheelers.
|Loan Type||Loan Amount||Rate of interest|
|Fast Track||Upto 70% of the cost of two wheeler||15%|
|Easy Loans||Upto 85% of the cost of two wheeler||15%|
Last Updated on 26 june 2011