HDFC Bank Decreases Car Loan Interest Rates

GURGAON, India - Jan. 9, 2018 - PRLog -- In this fast paced life, we do need little rest and convenience. Self-independence and safety are the necessity of a human life. To make our daily traveling easy and convenient, we prefer to use our own vehicle. It is the best option to avoid the rush in public transports. But it is not easy for everyone to arrange such huge amount at once. Therefore Bank and NBFCs offer car loans. Many lenders offer Car loan at low-interest rates and HDFC is one of the best among them.

As we are in New Year with new hopes and goals, HDFC Bank is giving gift to their customers by decreasing the car loan interest rates. In last year, HDFC car loan interest rates were started from 11.50% but now HDFC has reduced their interest rates on car loans. Now the HDFC Car Loan is starting from 9.25% which is almost 2.25% less than earlier. It's a great chance for car buyers to save money and get a car loan from HDFC bank and opt their own car. Here are some important things about HDFC car loan which Banknomics thinks you should know:

Interest Rates  9.25% – 11.25%
Processing Fee  0.4% of Loan Amount or Rs.10000, whichever is lower
Repayment  7 Years
Loan Amount  Up to 100%
Foreclosure Charges  Nil
Monthly Income  15000

As you can see in the table above, the rates are now affordable and one can save a good amount while repaying the loan so it's a great opportunity for car buyers now.

Apart from the monthly income, it's suggested to check the CIBIL score and repayment capacity before going to apply for a Car Loan (http://www.banknomics.com/loan/car-loan). Bank and NBFC check the borrower's Credit history before sanctioning the loan. If you want to check your Car loan eligibility and other related terms like interest rates and tenure for a particular loan amount then you can use Loan EMI Calculator (http://www.banknomics.com/emicalculator) for better understanding.

Let us clear your other doubt regarding the documents required for Car Loan. You will need following documents for a successful car loan approval:

· Identity Proof – Aadhaar Card / Passport / Voter Card

· Income Proof – ITR / Form 16 / P & LAc

· Address Proof – License / Tel Bill / Electricity Bill / Sales Tax Cert

· Bank Statement of last 6 months

· Salary Slip

You can contact HDFC representatives or Financial advisors like Banknomics for a hassle free Car Loan approval. Banknomics have tied up with HDFC and other 40+ banks and can help you with other financial products.

With HDFC bank, owning your dream car is very easy. Just follow few easy steps and you can get your loan disbursal within a couple of days. HDFC Bank can offer a car loan for up to 100% of the value. Learn more about car loan and avail best deals at low-interest rates with Banknomics India.