Hey, Reader Welcome to today’s blog topic “HDFC Auto Loan Interest Rate” HDFC Bank is a very famous financial platform offering a range of loan products to its customers in India. In this blog, we will explore the interest rates, charges, and terms associated with HDFC Bank’s New Car Loans during the period of January ’23 to March ’23.
HDFC Auto Loan Interest Rate Details Explain
For the AUTO LOAN product, HDFC Bank offered the following interest rates:
- Minimum Interest Rate (IRR): 7.90%
- Maximum Interest Rate (IRR): 11.00%
- Average Interest Rate (IRR): 8.78%
These rates vary based on factors such as the loan amount, tenure, and the applicant’s creditworthiness.
Charges and Fees:
Documentation Charges: HDFC Bank charges a non-refundable documentation fee of Rs. 650/- for New Car Loans. This fee is not refunded in case of loan cancellation.
Premature Closure Charges (For Full Payment):
- Within 1 year: 6% of the Principal Outstanding
- 13-24 months from the 1st EMI: 5% of the Principal Outstanding
- Post 24 months from the 1st EMI: 3% of the Principal Outstanding
Note: Micro & Small Enterprises availing a Fixed rate loan facility up to Rs. 50 Lakh and closing the loan from their own source are exempt from premature closure charges.
Premature Closure Charges (For Part Payment):
- Part payment is allowed twice during the loan tenure.
- Part payment is allowed once a year.
- Part-payment cannot exceed 25% of the Principal Outstanding.
- Within 24 months from the 1st EMI: 5% on the part payment amount
- Post 24 months from the 1st EMI: 3% on the part payment amount
Note: Micro & Small Enterprises availing a Fixed rate loan facility up to Rs. 50 Lakh and closing the loan from their own source are exempt from premature closure charges for part payment.
Stamp Duty: Customers are required to pay stamp duty charges at actuals.
Delayed Instalment Payment Charge:
If an installment is overdue, HDFC Bank charges 18% per annum (1.50% per month) plus applicable government taxes on the overdue installment amount.
HDFC Auto Loan processing fee of 0.5% of the loan amount, a minimum of Rs. 3500/- & maximum of Rs. 8000/-, is applicable. Micro & Small Enterprises availing a loan facility up to Rs. 5 Lakh and submitting the URC prior to disbursal are exempt from processing fees.
Cheque/ECS Swapping Charges:
HDFC Bank levies a charge of Rs. 500/- per instance for cheque/ECS swapping.
Bank Loan Cancellation:
In the process of loan cancellation, the loan receiver customer is responsible for the loan amount fixed bearing the interest charges from the date of disbursement until the loan cancellation date. The processing fee, stamp duty, and documentation charges are non-refundable.
Legal, Repossession & Incidental Charges: These charges are levied at actuals.
Duplicate No Due Certificate / NOC: Customers are charged Rs. 500/- per instance for a duplicate no due certificate or NOC.
Loan Reschedulement Charges / Rebooking Charges:
HDFC Bank charges Rs. 500/- for loan rescheduling meant or rebooking. In case changes are required on the Registration Certificate (RC), a refundable security deposit of Rs. 5000/- is required.
LPG/CNG NOC / Other Special NOC:
Customers are charged Rs. 250/- per instance for LPG/CNG NOC or other special NOC.
A fee of Rs. 50/- is applicable for CIBIL reports, only upon request.
Payment Return Charges:
HDFC Bank charges Rs. 450/- per instance for payment returns.
Amortisation Schedule Charges:
Customers can download the schedule from E-Delight for free. However, Rs. 50/- per schedule would be charged at the customer service desk.
Commercial / Personal Use NOC:
Conversion of commercial to personal use is subject to credit approval. HDFC Bank charges Rs. 250/- per NOC.
A charge of Rs. 500/- is applicable for collateral, which will be refunded in case of loan cancellation.
Rack Interest Rate:
HDFC Bank offers interest rates starting from 8.85% onwards, depending on the loan amount and tenure.
RTO Transfer Charges:
RTO transfer charges are applicable at actuals.
Conclusion: HDFC Auto Loan Interest Rate 2023-24
HDFC Bank’s New Auto Loans during the period of January ’23 to March ’23 offered competitive interest rates, ranging from 7.90% to 11.00%, with an average of 8.78%.
This is very important for customers to check themselves with the associated charges and fees, including documentation charges, premature closure charges, processing fees, and others. By understanding these details, customers can make informed decisions and manage their car loans effectively.