Have you been postponing your plan of buying a car for a long time? Now, you need not delay it any longer. With HDFC Bank Xpress Car Loan, you can bring home your dream car within days. Apply for your Xpress Car Loan online and get approved for it within 30 minutes. Enjoy flexible repayment tenures, easy EMIs, and high loan amounts. With our online and paperless application process, you can enjoy a hassle-free loan experience and a quick loan disbursal process.
Xpress Car Loan Eligibility Criteria
Eligibility Based On Nationality, Age and KYC requirements
Nationality: You can apply for the Xpress Car Loans if you are a Resident Indian.
Age: You must be at least 18 years of age to be eligible for the loan. Also, your age at the time of final EMI repayment should not be over 60 and 65 years, respectively, if you are a salaried individual or self-employed professional.
KYC: You should give consent to the Aadhar OTP based eKYC and be in India while completing the video KYC process.
Eligibility Based On Employment and Income
Your eligibility also depends on your current employment, status, and income.
Xpress Car Loan Eligibility for Salaried Individuals
Company Type: You can apply for an Xpress Car Loan if you are employed with private sector companies or public sector undertakings (PSUs), including Central, State, and Local Bodies.
Employment Duration: You should be employed for a minimum of two consecutive years, with a minimum employment period of one year with the current employer.
Minimum Income: Your minimum annual income, including the income of your co-applicant, should be ₹ 3,00,000 annually.
Xpress Car Loan Eligibility for Self-employed Individuals
Company type: Self-employed individuals working in manufacturing, trading, or services business can apply for an Xpress Car Loan provided they are:
- Sole proprietors
- Partners in partnership firms
- Private limited company owners
- Directors of public limited companies
Minimum Income: The minimum annual income or company turnover of self-employed individuals should be ₹3,00,000 per annum.
Additional Eligibility-related Information
Besides fulfilling the above eligibility criteria for Xpress car loans, you must also comply with the following to ensure your loan is instantly approved during the eKYC and Video KYC stage.
You must submit scanned copies of your ID, address, and income proof documents to be eligible for the loan.
You must check the maximum loan amount you are eligible for based on your net monthly income and obligatory expenses.
If your required loan amount exceeds the amount you are deemed eligible for initially, you must submit your net banking credentials or bank account statement for the last six months (in a pdf format) for income analysis.
You must maintain a good credit score, to enhance your loan eligibility.
You may submit scanned copies of any additional income sources you may have to obtain maximum financing.
Apply for Xpress Car Loans with HDFC Bank
With HDFC Bank Xpress Car Loans, you can get the keys to your dream car within days. Simply Check your Xpress Car Loan eligibility and upload the necessary documents. Thanks to our end-to-end digital loan application process, you can get approved for the loan within just 30 minutes. What’s more, you can enjoy up to 90% on road funding on select vehicles and repay your loan in pocket-friendly EMIs over flexible repayment tenures lasting up to seven years.
Whether you are an existing HDFC Bank customer or a new one, HDFC Bank Xpress Car Loans have you covered. Click here to apply.
Read more about the features and benefits of the Xpress Car Loan here.
*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.