A complete guide on the Xpress Car Loan application process

Buying a car is a major milestone, but paying for it in cash can be costly. Fortunately, a Car Loan can make owning your dream vehicle more achievable. If you're considering investing in a car, the HDFC Bank Xpress Car Loan is an excellent option to explore. This article will guide you through the entire Xpress Car Loan application process, helping you understand how to make your dream car a reality.

The HDFC Bank Xpress Car Loan offers a fast, digital solution for financing your car purchase. This end-to-end online platform allows you to apply for a car loan and receive approval within 30 minutes. You can secure up to 90% of the car's on-road cost for selected vehicles, with loan amounts ranging from ₹1 lakh to ₹20 lakhs for other options.

HDFC Bank has designed Xpress Car Loans to be easy and accessible. All you need to do is follow three simple steps.

Step 1: Check the eligibility criteria

To start the Xpress Car Loan application, visit the HDFC Bank website and go to the loans menu on the Home Page. Begin by checking your eligibility. The loan is available to salaried professionals, self-employed individuals, business owners, and others. Applicants must also:

• Be Resident Indians above 18 years of age.
• Hold an original PAN Card.
• Consent to Aadhaar OTP based eKYC and video KYC.
• Be present in India to complete the KYC video process.

You must determine the loan amount you're eligible for based on your net monthly income and expenses. If you need more than this amount, you will need to provide additional documents as requested by the bank.

Click here to read more about the eligibility criteria for Xpress Car Loan.

Step 2: Upload the documents

The Xpress Car Loan application is quick and requires minimal documentation in the prescribed format. To expedite approval, submit scanned copies of the required documents with your completed form and have these documents ready in advance.

• A copy of your PAN card
• A copy of a government-approved, valid ID proof document card featuring your photograph and date of birth, e.g., Driving License, Passport, Employee ID card, etc., is also required if your EKYC fails.
• A copy of a government-approved, valid address proof document featuring your current/permanent address, e.g., Driving License, Aadhaar Card, Passport, Bank Passbook, Rental Agreement, etc.
• Income proof documents, including a copy of your latest salary slip and Form 16
• If your required loan amount exceeds the approved limit, you must submit details of your net banking credentials or bank account statements for the last six months (pdf format) for income analysis.

Step 3: The Approval Process:

After you have submitted the documents, the bank should approve the loan application, typically within 30 minutes. If approved, the loan is disbursed directly to the car dealer within 48-72 hours. Once the bank disburses the funds to the car dealer, you must submit additional documents like an invoice, margin money receipt supplied by the dealer, signed key fact sheet, etc., within ten days, thereby completing the loan process.

With HDFC Bank’s simple Xpress Car Loan process, you can bring home your dream car effortlessly. The entirely digital process, coupled with flexible repayment terms, makes the Xpress Car Loan an attractive option for anyone looking for quick and easy Car Loan financing. Are you ready to buy your dream car yet? If you are, click here to get started.

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Car Loan at the sole discretion of HDFC Bank limited. Loan disbursal is subject to documentation and verification as per Banks requirement.