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HDFC BankCar LoansFixed Interest Rate

HDFC Bank New Car Loan

Up to 100% on-road funding on select vehicle models · 30-minute approval for HDFC Bank accountholders via NetBanking · Flexible step-up EMI repayment schemes

Starting rate8.75%p.a. onwards
Max LTV100%Asset value
Max tenure7 years84 months
Customize this example for your borrowing needs.
Customize repaymentApply on HDFC BankBank site · opens in a new tab
Mathematical Grounding

True Cost & Day-1 Cash Breakdown

Representative scenario for ₹10,00,000 loan over 7 years at CIBIL 750+.

Day-1 Upfront Cash Outflow₹5,900

This cash must be paid out-of-pocket before disbursement and is not added to your loan EMI.

Processing Fee₹5,000
18% GST₹900
Legal & Valuation₹0
Estimated Monthly EMI₹15,962Per month for 84 installments
Total Lifetime Interest₹3,40,808Net interest outgo over 7 years
Total Lifetime Outgo (Principal + Interest + Day-1 Cash):₹13,46,708
CredSutra Intelligence

Decision Verdict & Mathematical Edge

Our algorithmic evaluation balances starting benchmark spreads against upfront processing loads and fine print restrictions.

Maths for it

  • +Reputable lending network of HDFC Bank with predictable servicing and flexible tenures.
  • +RBI-mandated 0% prepayment penalty: Accelerate principal amortization without exit penalties.

Maths against

  • −Processing fee of 0.5% (cap ₹8,500) + 18% GST adds to initial disbursement overhead.
  • −Self-employed applicants face a +25 BPS (0.25%) risk adjustment spread over base card rates.
Customize this scenario
Credit Score Sensitivity

CIBIL Tier Rate Ladder

Self-employed risk loading: +25 BPS
CIBIL score bandBorrower tierIndicative salaried rateIndicative self-employed rateEst. monthly EMI (₹10,00,000)
750 – 900Prime borrower8.75% – 9.15%9.00% – 9.40%₹15,962
700 – 749Good standing9.15% – 9.75%9.40% – 10.00%₹16,165
650 – 699Standard / fair9.75% – 10.25%10.00% – 10.50%₹16,472
Contract Details

Contract Fine Print & Clauses

Rate Reset Frequency

Fixed rate tenure structure across standard loan term

Overdraft / Smart Saver Facility

Not available on this product tier

RBI 0% Foreclosure Penalty Mandate

Under RBI Master Directions, no bank, HFC, or NBFC can charge prepayment penalties or foreclosure charges on floating rate term loans sanctioned to individual borrowers.

Bank notes: Foreclosure fee of 3-5% for fixed rate contracts within 24 months; 3% thereafter.

Borrower Verification

Eligibility Highlights

  • Salaried employees earning minimum ₹20,000/month
  • Self-employed individuals with minimum annual ITR of ₹2,50,000
  • Age 21-65 years
Loan amount range

₹1,00,000 up to ₹1,50,00,000

Lender Alternatives

Compare alternatives in Car Loans

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State Bank of India

SBI Car Loan

Starting at 8.65% p.a.
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Kotak Mahindra Bank

Kotak Mahindra Car Finance

Starting at 8.70% p.a.
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Axis Bank

Axis Bank New Car Loan

Starting at 8.80% p.a.
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Frequently Asked Questions

What is the current interest rate and benchmark spread for HDFC Bank New Car Loan?
HDFC Bank New Car Loan offers interest rates starting from 8.75% up to 10.25% p.a., structured as Fixed Interest Rate.
Are there prepayment or foreclosure charges on HDFC Bank New Car Loan?
Under RBI Master Directions, banks and lending institutions are strictly prohibited from charging prepayment or foreclosure penalties on floating-rate retail loans to individual borrowers. Foreclosure fee of 3-5% for fixed rate contracts within 24 months; 3% thereafter.
What is the Day-1 upfront cash requirement for HDFC Bank New Car Loan?
For a representative principal of ₹10,00,000, the total Day-1 upfront cash outflow is approximately ₹5,900, comprising ₹5,000 processing fee + ₹900 GST (18%) + ₹0 estimated legal and valuation inspection charges.

These loan records do not include a verification date. Check the lender’s current terms before applying.

Official Sources & Citations
Sources
  • hdfcbank.com
  • RBI Master Directions on Advances & Floating Rate Loans (Commercial Banks)
  • RBI Regulatory Framework for Retail Loan Interest Rate Resets