Securing a new car loan with HDFC Bank is now easier than ever. Our streamlined documentation process ensures a hassle-free experience, allowing you to focus on choosing your dream car while we handle the paperwork efficiently. Here's what you need to know about the required documents for your new car loan application.
Documentation for Car Loans
All you need to know about Car Loan documentation
Salaried Individuals
Salaried Individuals, can provide any of the following acceptable identity and address proofs :
A valid Passport
Permanent Driving License
Voters ID Card,
Job card issued by NREGA
A letter issued by the National Population Register. with details of the applicant’s name and address
Aadhaar Card can be used if submitted voluntarily, backed by an Aadhaar consent letter, with the first 8 digits redacted on the physical copy.
Applicants need to provide their latest salary slipand Form 16 as income proof.It is also mandatory for them to providebank statements for the previous 6 months.
Self-Employed Individuals in Sole Proprietorship
Any of the following documents as identity and Address Proof:
Valid Passport
Permanent Driving license [recent, legible, laminate]
Voters ID Card
Job card issued by NREGA
Letter issued by the National Population Register containing details of name and address
2. Latest Income Tax Returns (ITR) as income proof
3. Bank statement of the previous 6 months
Self Employed Individuals (Partnership Firms)
Self-Employed Individuals in Partnership Firms must provide:
Audited Balance Sheet
Profit and Loss Account of the previous 2 years
Company ITR for the previous 2 years as income proof
Address proof:
Telephone Bill
Electricity Bill
Shop and Establishment Act Certificate
SSI Registered Certificate
Sales Tax Certificate
Bank statement of the previous 6 months
Self-Employed Individuals in Private Limited Companies and Public Limited Companies
Self-Employed Individuals in Private Limited Companies and Public Limited Companies have similar requirements, including audited Balance Sheet, Profit and Loss Account of the previous 2 years, Company ITR for the previous 2 years as income proof,
Address proof:
Telephone Bill
Electricity Bill
Shop and Establishment Act Certificate
SSI Registered Certificate
Sales Tax Certificate
Bank statement of the previous 6 months
Your queries answered here
Yes. HDFC Bank offers you up to 100% on-road funding for selected models of cars.
You can check the status of your New Car Loan by using the HDFC Bank loan status checker.
HDFC Bank offers flexible tenure for Car Loan products. While the minimum tenure is 12 months, the maximum loan tenure you can avail of is up to 8 years for EVs. View tenures for Custom-Fit and Balloon EMI Car Loans here
- When applying for a Car Loan, Salaried Individuals must provide acceptable identity and address proofs such as a valid Passport, Permanent Driving License, Voters ID Card, Job card issued by NREGA, or a letter from the National Population Register. Aadhaar Card is acceptable if submitted voluntarily, with the first 8 digits redacted. Additionally, they need to submit their latest salary slip, Form 16 as income proof, and bank statements for the previous 6 months.
- Self-Employed Individuals in Sole Proprietorship should provide similar identity and address proofs, along with their latest Income Tax Returns (ITR) and bank statements for the previous 6 months.
- Self-Employed Individuals in Partnership Firms must submit an audited Balance Sheet, Profit and Loss Account of the previous 2 years, Company ITR for the previous 2 years, specified address proofs, and bank statements for the previous 6 months.
- Self-Employed Individuals in Private Limited Companies and Public Limited Companies have similar requirements, including audited Balance Sheet, Profit and Loss Account of the previous 2 years, Company ITR for the previous 2 years, specified address proofs, and bank statements for the previous 6 months.
There’s no specified minimum credit score for getting a Car Loan from HDFC Bank. But a lower credit score can reduce the loan amount you can get. A credit score above 750 is considered excellent for loans. This will allow you to get a higher loan amount at the most affordable Car Loan rates.
HDFC Bank offers a seamless and convenient Auto Loan application process. You can apply for your Car Loan through HDFC Bank NetBanking services. Also, if you are an existing HDFC Bank customer, you may be eligible to get a pre-approved Car Loan in just 10 seconds. For more information, you can log into your HDFC Bank NetBanking account.
Existing HDFC Bank Car Loan customers can share their Car Loan documents online through email. You can also request the Sales Manager of your car dealership to pick up the required documents at your convenience. Once the bank receives them, it will proceed with the Physical Approval, Digital Disbursal (PADD) process. You will receive an e-mandate form as consent for deducting EMIs from your HDFC Bank account.
No, you cannot get a Car Loan without valid address proof documents.
HDFC Bank allows you to avail of zero-downpayment Car Loans. For select cars, the bank provides 100% financing of the on-road price of your car. This eliminates the burden of a downpayment.
Before you apply for car finance, it is important to determine how much EMI you are comfortable paying. To know about the EMI you might have to pay, you can use the HDFC Bank Car Loan EMI Calculator.
You should check your Car Loan eligibility before applying. Both steps will let you prepare for your Car Loan application.
- Here are some tips to get your Car Loan approved faster:
- Get your Know Your Customer (KYC) details handy.
- If you apply for a Car Loan online, it can get processed and approved faster.
- Being an existing HDFC Bank customer makes you eligible for a pre-approved Car
- Loan that you can get in just 10 seconds.
If you do not have valid proof of income, you can still obtain a Car Loan by securing a guarantor or co-signer with a stable income and good credit score. These alternative arrangements can enhance your eligibility, although the final approval rests on your lender's discretion.