Study on Car Loan of HDFC Bank
Content
BES¶s INSTITUTE OF MANAGEMENT STUDIES AND RESEARCH
REPORT ON ³ HDFC BANK CAR LOAN´
SUBJECTED TO CORPORATE LAW OF MASTERS IN MANAGEMENT STUDIES
Submitted To: Prof.: Anahat Hulyalkar
Submitted By: Name: Madhavi parmar Roll No.: 39
1
HDFC Car Loan Eligibility interest rates and Documents Requirement for Apply HDFC 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. Borrow up to 3 times your annual salary (for salaried professionals) and 6 times your annual income (for self employed professionals). Speedy processing - within 48 hours. Repay with easy EMIs. 2 Attractive car loan plans - To Fastrack your loan, just choose the plan that is right for you. Attractive Interest rates
Hassle-free documentation Customer Privileges y y If you are an HDFC Bank account holder, we have special rates for you. If you have had a Preferred Account or a Corporate Salary Account with HDFC Bank for more than six months, you can get fast approvals on your loans with minimal documentation. y If you are an existing HDFC Bank Car 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.
Fastrack your loan with our attractive car loan plans:
Auto Loan Takeover Plan: If you are a salaried individual holding any of the credit cards mentioned below, your loan gets processed faster.
Requirements:
y y
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 take over product.
y
Minimum 9 month old loan with any approved Financier with clear repayment track record.
3
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:
y y y y y
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.
4
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).
Eligibility & Documentation: Salaried Individuals Self Employed Partnership Firms Private Limited Company Public Limited Company
Salaried Individuals
Eligibility Criteria: y y y 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.
5
y y
Minimum Annual Income: Rs 100000 net annual income. Telephone: Must at residence.
Documents required:
y
Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving license( Laminated, Recent, Legible).
y y
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.
y
Bank Statement:- Not mandatory
Self Employed
Eligibility Criteria:
y y y y
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.
y
Telephone: Must at residence
Documents required:
y
Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving licence (Laminated, Recent, Legible).
y y
Income Proof:- Latest ITR Address Proof:- Ration card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card.
y
Bank Statement:- Waived for small cars, for mid - sized and premium cars if incomee
6
greater than Rs. 1.5 lacs then bank statement requirement can be waived.
Partnership Firms
Eligibility Criteria:
y
Minimum Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p.a. for midsized and premium cars.
y y
Minimum turnover: Turnover Rs. 4.5 lacs. Telephone: One phone at least at business and at residence of the loan executing partner.
Documents required:
y y
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.
y
Address Proof:- Telephone Bill/Electricity Bill/Shop & Establishment Act certificate/SSI registered certificate/Sales Tax certificate.
y
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:
y
Minimum Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p a for midsized and premium cars.
y
Minimum turnover: Turnover Rs 4.5 lacs.
7
y
Telephone: One phone at least at business premises.
Documents required:
y y
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.
y
Address Proof:- Telephone Bill/Electricity Bill/Shop & Establishment Act certificate/SSI registered certificate/Sales Tax certificate.
y
Bank Statement:- NA
Public Limited Company
Eligibility Criteria:
y
Minimum Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p a for midsized and premium cars.
y y
Minimum turnover: Turnover Rs 4.5 lacs. Telephone: One phone at least at business premises.
Documents required:
y y y
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.
y
Bank Statement:- NA
8
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.
9
Approval Plan: If you have an HDFC Bank Preferred Account or a Corporate Salary Account with HDFC Bank 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 Value (In lac) <=2.15 2.2-4.5 Funding % 80-100 90-100 Maruti 800 Alto, Swift, Indica, Santro, Getz, Estillo, A-Star, Palio, i10 i20, Accent, Swift ,Dzire, Honda City, Honda Jazz, Verna, SX4, Linea, Ikon, Fusion, Optra, Fabia, Indigo Toyota Corolla, Civic, Skoda Ocatvia, Hyundai Elantra, Optra Magnum Honda Accord, Camry, Hyundai Sonata, Skoda Laura, Superb, Passat, Jetta, Teana, Fiat 500 Mercedes, BMW, Audi, Porche and all other imported Omni, Innova, Xylo, Scorpio, Tavera, Bolero, Victa, Safari CR-V, Endeavour, Pajero, Montero, X-Trail, Prado, Tucson, Captiva, Grand Vitara, Mitsubishi Outlander Examples
segment A:Mini B:Compact
C:Mid-Size
4.5-10.0
75-100
D:Executive
9.5-16.0
75-95
D+:Premium
16.0-25.0
75-90
D+: Luxury MUV
25.0+ 2.20+
75-85 75-90
SUV
14.0+
75-85
Funding range is indicative. Pre-approved customers could get up to 100% ex-showroom 10
funding in segments A-D.
Fees & Charges for New Car Loans:
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 3% of POS for preclosures post 24 months from 1st EMI No foreclosure allowed within 6 months from date of availing the car loan At actuals 2% per month Upto 2.5 Lacs : Rs.2150/2.51 to 4 lacs : Rs.3150/> 4 Lacs :Rs. 3650/Rs 500/Rs 1000/Rs 500/At actuals Rs 500/Rs 500/- per case As applicable at the time of reschedulement Rs. 500/- per request
FC Charges
Stamp Duty Late Payment Penalty Processing fees Cheque swapping charges Loan cancellation / re-booking charges Duplicate Repayment Schedule charges Legal, Repossession & Incidental charges Duplicate no due certificate / NOC Transaction fees for Suraksha Kavach Loan Reschedulement charges Special NOC
11
Who can avail of HDFC Bank New Car Loans? We offer New Car Loans to the following:
y y y y y
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.
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REPORT ON ³ HDFC BANK CAR LOAN´
SUBJECTED TO CORPORATE LAW OF MASTERS IN MANAGEMENT STUDIES
Submitted To: Prof.: Anahat Hulyalkar
Submitted By: Name: Madhavi parmar Roll No.: 39
1
HDFC Car Loan Eligibility interest rates and Documents Requirement for Apply HDFC 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. Borrow up to 3 times your annual salary (for salaried professionals) and 6 times your annual income (for self employed professionals). Speedy processing - within 48 hours. Repay with easy EMIs. 2 Attractive car loan plans - To Fastrack your loan, just choose the plan that is right for you. Attractive Interest rates
Hassle-free documentation Customer Privileges y y If you are an HDFC Bank account holder, we have special rates for you. If you have had a Preferred Account or a Corporate Salary Account with HDFC Bank for more than six months, you can get fast approvals on your loans with minimal documentation. y If you are an existing HDFC Bank Car 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.
Fastrack your loan with our attractive car loan plans:
Auto Loan Takeover Plan: If you are a salaried individual holding any of the credit cards mentioned below, your loan gets processed faster.
Requirements:
y y
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 take over product.
y
Minimum 9 month old loan with any approved Financier with clear repayment track record.
3
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:
y y y y y
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.
4
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).
Eligibility & Documentation: Salaried Individuals Self Employed Partnership Firms Private Limited Company Public Limited Company
Salaried Individuals
Eligibility Criteria: y y y 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.
5
y y
Minimum Annual Income: Rs 100000 net annual income. Telephone: Must at residence.
Documents required:
y
Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving license( Laminated, Recent, Legible).
y y
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.
y
Bank Statement:- Not mandatory
Self Employed
Eligibility Criteria:
y y y y
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.
y
Telephone: Must at residence
Documents required:
y
Proof of Identity:- Passport copy, PAN Card, Voters Id car, driving licence (Laminated, Recent, Legible).
y y
Income Proof:- Latest ITR Address Proof:- Ration card/Driving licence/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card.
y
Bank Statement:- Waived for small cars, for mid - sized and premium cars if incomee
6
greater than Rs. 1.5 lacs then bank statement requirement can be waived.
Partnership Firms
Eligibility Criteria:
y
Minimum Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p.a. for midsized and premium cars.
y y
Minimum turnover: Turnover Rs. 4.5 lacs. Telephone: One phone at least at business and at residence of the loan executing partner.
Documents required:
y y
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.
y
Address Proof:- Telephone Bill/Electricity Bill/Shop & Establishment Act certificate/SSI registered certificate/Sales Tax certificate.
y
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:
y
Minimum Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p a for midsized and premium cars.
y
Minimum turnover: Turnover Rs 4.5 lacs.
7
y
Telephone: One phone at least at business premises.
Documents required:
y y
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.
y
Address Proof:- Telephone Bill/Electricity Bill/Shop & Establishment Act certificate/SSI registered certificate/Sales Tax certificate.
y
Bank Statement:- NA
Public Limited Company
Eligibility Criteria:
y
Minimum Income: Net profit Rs. 60000 p.a for standard cars and Rs.100000 p a for midsized and premium cars.
y y
Minimum turnover: Turnover Rs 4.5 lacs. Telephone: One phone at least at business premises.
Documents required:
y y y
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.
y
Bank Statement:- NA
8
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.
9
Approval Plan: If you have an HDFC Bank Preferred Account or a Corporate Salary Account with HDFC Bank 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 Value (In lac) <=2.15 2.2-4.5 Funding % 80-100 90-100 Maruti 800 Alto, Swift, Indica, Santro, Getz, Estillo, A-Star, Palio, i10 i20, Accent, Swift ,Dzire, Honda City, Honda Jazz, Verna, SX4, Linea, Ikon, Fusion, Optra, Fabia, Indigo Toyota Corolla, Civic, Skoda Ocatvia, Hyundai Elantra, Optra Magnum Honda Accord, Camry, Hyundai Sonata, Skoda Laura, Superb, Passat, Jetta, Teana, Fiat 500 Mercedes, BMW, Audi, Porche and all other imported Omni, Innova, Xylo, Scorpio, Tavera, Bolero, Victa, Safari CR-V, Endeavour, Pajero, Montero, X-Trail, Prado, Tucson, Captiva, Grand Vitara, Mitsubishi Outlander Examples
segment A:Mini B:Compact
C:Mid-Size
4.5-10.0
75-100
D:Executive
9.5-16.0
75-95
D+:Premium
16.0-25.0
75-90
D+: Luxury MUV
25.0+ 2.20+
75-85 75-90
SUV
14.0+
75-85
Funding range is indicative. Pre-approved customers could get up to 100% ex-showroom 10
funding in segments A-D.
Fees & Charges for New Car Loans:
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 3% of POS for preclosures post 24 months from 1st EMI No foreclosure allowed within 6 months from date of availing the car loan At actuals 2% per month Upto 2.5 Lacs : Rs.2150/2.51 to 4 lacs : Rs.3150/> 4 Lacs :Rs. 3650/Rs 500/Rs 1000/Rs 500/At actuals Rs 500/Rs 500/- per case As applicable at the time of reschedulement Rs. 500/- per request
FC Charges
Stamp Duty Late Payment Penalty Processing fees Cheque swapping charges Loan cancellation / re-booking charges Duplicate Repayment Schedule charges Legal, Repossession & Incidental charges Duplicate no due certificate / NOC Transaction fees for Suraksha Kavach Loan Reschedulement charges Special NOC
11
Who can avail of HDFC Bank New Car Loans? We offer New Car Loans to the following:
y y y y y
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.
12
13
