BES’s INSTITUTE OF MANAGEMENT STUDIES AND RESEARCH

REPORT

ON

“ HDFC BANK CAR LOAN”

SUBJECTED TO

CORPORATE LAW

OF

MASTERS IN MANAGEMENT STUDIES

Submitted To: Submitted By:

Prof.: Anahat Hulyalkar Name: Madhavi parmar
Roll No.: 39

HDFC Car Loan Eligibility interest rates and Documents Requirement for Apply HDFC

1
Bank Car Loans

HDFC Car Loan: HDFC Provides a Quick and Easy car loans with Easy Documents, EMI
Options and Low Interest Rates. HDFC Car loan interest rates start from 9.25 to 11.50 percent.
Click for Apply Car Loan.

HDFC Bank provides a personal banking in Loans, Credit Cards, Insurance and Investments,
Forex and Trade services.

Car Loan Plans By HDFC

Auto Loan Takeover Plan NRI Loans Past re-payment history

No Income-Document Loan 100% Loan Plan with Fixed Advantage platinum Credit
Plan Deposit Lien Card Plan

Features & benefits:

Covers the widest range of cars and multi-utility vehicles in India.

Avail 100% finance on your favourite car.
Flexible repayment options, ranging from 12 to 84 months.
Borrowyour
Fastrack up toloan
3 times your
with ourannual salary
attractive (for
car salaried
loan plans:professionals) and 6 times your
annual income (for self employed professionals).
Speedy
Auto Loanprocessing
Takeover- Plan:
within 48 hours.
Repay
If you arewith easy EMIs.
a salaried individual holding any of the credit cards mentioned below, your loan gets
Attractive car loan plans - To Fastrack your loan, just choose the plan that is right for you.
processed faster.
Attractive Interest rates
Hassle-free documentation
Requirements:
Customer Privileges
 Facility is available to only HDFC bank account holders (CASA).
 All terms and conditions applicable for the used car product are applicable for the Loan
 If you are an HDFC Bank account holder, we have special rates for you.
take over product.
 If you have had a Preferred Account or a Corporate Salary Account with HDFC
 Minimum 9 month old loan with any approved Financier with clear repayment track
Bank for more than six months, you can get fast approvals on your loans with
minimal documentation.
 If you are an existing HDFC Bank Car2 Loan customer with a clear repayment of
12 months or more we can Top-Up your car loan to the extent of the original loan
value.
 record.

Advantage platinum Credit Card Plan:

If you are a salaried individual holding any of the credit cards mentioned below, your loan gets
processed faster.
HDFC Bank International Credit Card
Citibank Gold
Citibank Diners
HSBC Gold
ANZ Grindlays Gold
American Express Gold Card
American Express Charge Card
Standard Chartered Gold

Requirements:
 Your card has to be at least one year old.

 You need to submit the last two billing statements.

 Small cars, normal funding up to three years.
 Funding on premium cars restricted to 70% under this plan.
 The plan does not include multi-utility vehicles.

Contract copy and salary slip of NRI.

Endorsement on passport for last 3 years.
Proof of ownership of property.
Post-dated cheques must be from the resident account of the borrower.

3
No Income-Document Loan Plan:
Now, you can get a car loan without proof of income.
Under this scheme, you get the loan amount up to 60% of the car invoice value.
The tenure of loan can be a maximum of 3 years.

100% Loan Plan with Fixed Deposit Lien:

This allows you to take a loan against your deposit at HDFC Bank.
You can get a loan for 100% of the invoice value amount with the required margin placed as a
fixed deposit in HDFC Bank.
Lien is marked on the specified deposit. Installments can be paid separately or out of the
deposit (if deposit is large enough).

Salaried Individuals
Self Employed
Partnership Firms
Private Limited Company
Public Limited Company
Eligibility & Documentation:

Salaried Individuals

Eligibility Criteria:
 Minimum age of Applicant: 21 years.
 Maximum age of Applicant at loan maturity: 58 years.
 Minimum employment: 1 year in current employment and minimum 2 years employment.
 Minimum Annual Income: Rs 100000 net annual income.
 Telephone: Must at residence.

Documents required:

 Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving license( Laminated,

4
 Recent, Legible).
 Income Proof:- Latest salary slip with form 16.
 Address Proof:- Ration card/Driving license/Voters card/passport copy/telephone bill/
electricity bill/Life insurance policy PAN Card.
 Bank Statement:- Not mandatory

Self Employed

Eligibility Criteria:

 Minimum age of Applicant: 21 years.

 Maximum age of Applicant at loan maturity: 65 years.
 Minimum employment: Atleast 3 years in business.
 Minimum Annual Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p.a.
for mid-sized and premium cars.
 Telephone: Must at residence

Documents required:

 Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving licence (Laminated,
Recent, Legible).
 Income Proof:- Latest ITR
 Address Proof:- Ration card/Driving licence/Voters card/passport copy/telephone bill/
electricity bill/Life insurance policy PAN Card.
 Bank Statement:- Waived for small cars, for mid - sized and premium cars if incomee
greater than Rs. 1.5 lacs then bank statement requirement can be waived.

5
Partnership Firms

Eligibility Criteria:

 Minimum Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-
sized and premium cars.
 Minimum turnover: Turnover Rs. 4.5 lacs.
 Telephone: One phone at least at business and at residence of the loan executing partner.

Documents required:

 Proof of Identity:- NA
 Income Proof:- Audited balance sheet, Profit & Loss Account for latest two years and the
latest 2 years IT returns of the company.
 Address Proof:- Telephone Bill/Electricity Bill/Shop & Establishment Act certificate/SSI
registered certificate/Sales Tax certificate.
 Bank Statement:- Waived for small cars, for mid - sized and premium cars if income Is
greater than Rs 1.5 lacs then bank statement requirement can be waived.

Private Limited Company

Eligibility Criteria:

 Minimum Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p a for mid-
sized and premium cars.
 Minimum turnover: Turnover Rs 4.5 lacs.
 Telephone: One phone at least at business premises.

6
Documents required:

 Proof of Identity:- NA
 Income Proof:- Audited balance sheet, Profit & Loss Account for latest two years and thee
latest 2 years IT returns of the company.
 Address Proof:- Telephone Bill/Electricity Bill/Shop & Establishment Act certificate/SSI
registered certificate/Sales Tax certificate.
 Bank Statement:- NA

Public Limited Company

Eligibility Criteria:

 Minimum Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p a for mid-
sized and premium cars.
 Minimum turnover: Turnover Rs 4.5 lacs.
 Telephone: One phone at least at business premises.

Documents required:

 Proof of Identity:- NA
 Income Proof:- Audited balance sheet, Profit & Loss Account for latest two years.
 Address Proof:- Telephone Bill/Electricity Bill/Shop & Establishment Act certificate/SSI
registered certificate/Sales Tax certificate.
 Bank Statement:- NA

7
NRI Loans:
NRIs can avail of new car loans from HDFC Bank for the use of the vehicles by their relatives in
India. Additional documents required are as follows :
Contract copy and salary slip of NRI.
Endorsement on passport for last 3 years.
Proof of ownership of property.
Post-dated cheques must be from the resident account of the borrower.

Past re-payment history:

Plan for customers who have taken a car loan and have repaid that loan fully without any
outstandings.
Credit approval on the basis of past re-payment record.

Approval Plan:
If you have an HDFC Bank Preferred Account or a Corporate Salary Account with HDFC Bank

8
for more than six months, you can get fast approvals on your loans with minimal documentation

Eligibility & Documentation:

Best Guide to Car Segments and Funding

Ex-Showroom
Funding % Examples
segment Value (In lac)
A:Mini <=2.15 80-100 Maruti 800
Alto, Swift, Indica, Santro, Getz,
B:Compact 2.2-4.5 90-100
Estillo, A-Star, Palio, i10
i20, Accent, Swift ,Dzire, Honda
City, Honda Jazz, Verna, SX4,
C:Mid-Size 4.5-10.0 75-100
Linea, Ikon, Fusion, Optra, Fabia,
Indigo
Toyota Corolla, Civic, Skoda
D:Executive 9.5-16.0 75-95 Ocatvia, Hyundai Elantra, Optra
Magnum
Honda Accord, Camry, Hyundai
D+:Premium 16.0-25.0 75-90 Sonata, Skoda Laura, Superb, Passat,
Jetta, Teana, Fiat 500
Mercedes, BMW, Audi, Porche and
D+: Luxury 25.0+ 75-85
all other imported
Omni, Innova, Xylo, Scorpio,
MUV 2.20+ 75-90
Tavera, Bolero, Victa, Safari
CR-V, Endeavour, Pajero, Montero,
SUV 14.0+ 75-85 X-Trail, Prado, Tucson, Captiva,
Grand Vitara, Mitsubishi Outlander
Funding range is indicative. Pre-approved customers could get up to 100% ex-showroom
funding in segments A-D.

Fees & Charges for New Car Loans:

9
Description of charges New Car Loans
6 % of POS for preclosures within 1 year from 1st EMI
5% of POS for preclosures within 13-24 months from
1st EMI
FC Charges 3% of POS for preclosures post 24 months from 1st
EMI
No foreclosure allowed within 6 months from date of
availing the car loan
Stamp Duty At actuals
Late Payment Penalty 2% per month
Upto 2.5 Lacs : Rs.2150/-
Processing fees 2.51 to 4 lacs : Rs.3150/-
> 4 Lacs :Rs. 3650/-
Cheque swapping charges Rs 500/-
Loan cancellation / re-booking
Rs 1000/-
charges
Duplicate Repayment Schedule
Rs 500/-
charges
Legal, Repossession & Incidental
At actuals
charges
Duplicate no due certificate / NOC Rs 500/-
Transaction fees for Suraksha
Rs 500/- per case
Kavach
Loan Reschedulement charges As applicable at the time of reschedulement
Special NOC Rs. 500/- per request

10
Who can avail of HDFC Bank New Car Loans?
We offer New Car Loans to the following:

 Salaried individuals in the age group of 21 to 60 years (at the end of the tenure)
 Self-employed individuals in the age group of 21 to 65 years (at the end of the tenure)
 Partnership Firms
 Public & Private Ltd. companies
 HUFs and Trusts

Which cars can be financed?

HDFC Bank finances most passenger cars and multi-utility vehicles manufactured by India's
leading automobile companies.

How much finance can I avail of?

You can borrow up to 90% of the invoice value. However, the minimum loan amount is
Rs.100000.

What are the tenure options?

The choice is yours. You can choose any repayment option from 12 to 84 months all specially
designed to suit your requirements.

How long will it take to process the loan?

Within 48 hours of completing documentation.

Do I have the option of pre-paying the entire loan amount?

Yes. One can pre-pay the loan any time after 6 months of availing of the loan. One merely has to
pay a small prepayment fee on the outstanding loan amount.

If I don't have an account with HDFC Bank, can I still avail of loans?
Of course, you can get HDFC Bank Car Loans. You need not necessarily have an account with
us.

Do I need a guarantor?
Generally no. But if your income does not meet our credit criteria, then you may be required to
have a guarantor to stand surety for your loan.

11
12