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The document discusses the different parameters of auto loans provided by HDFC Bank. It outlines the eligibility requirements, including that salaried individuals must be between 21-60 years old and self-employed individuals must earn a minimum annual income. It also discusses the loan purposes of new and used vehicles up to 5 years old, loan amounts up to 100% of new car price and 80% of used car value, and interest rates starting from 8.7% for new cars and 13% for used. The document provides details on processing fees, loan tenures up to 7 years for new cars and 5 years for used, EMIs, prepayment charges and margin amounts required.

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Vasudev Kashyap
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64 views

Assignment: Submitted By:-Submitted To

The document discusses the different parameters of auto loans provided by HDFC Bank. It outlines the eligibility requirements, including that salaried individuals must be between 21-60 years old and self-employed individuals must earn a minimum annual income. It also discusses the loan purposes of new and used vehicles up to 5 years old, loan amounts up to 100% of new car price and 80% of used car value, and interest rates starting from 8.7% for new cars and 13% for used. The document provides details on processing fees, loan tenures up to 7 years for new cars and 5 years for used, EMIs, prepayment charges and margin amounts required.

Uploaded by

Vasudev Kashyap
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ASSIGNMENT

FUNCTIONAL ASPECTS OF BANKING

TOPIC - DIFFERENT PARAMETERS OF AUTO LOANS


PROVIDED BY HDFC BANK

SUBMITTED BY:- SUBMITTED TO:-


PALAK SONI MR. PRASHANT TIWARI

PALLAVI YADAV ASST. PROF-DEPT.OF MGMT.

PAVITRA JAIN GLA UNIVERSITY, MATHURA

PAWAN KUMAR

POONAM PATEL
AUTO LOANS

An auto loan is a loan that person takes out in order to purchase a motor vehicle. Auto
loans are typically structured as installment loans and are secured by the value of vehicle
being purchased.

DIFFERENT PARAMETERS ARE AS FOLLOWS:-

1)ELIGIBILITY

The following people are eligible to apply for a auto Loan:

 Salaried Individuals:
o This includes employees of private limited companies, employees from
public sector undertakings, including central, state and local bodies.
o Individuals who are a minimum of 21 years of age at the time of applying
for the loan, and no older than 60 at the end of the loan tenure.

 Self Employed Individuals and Professionals (Sole Proprietorship):


o Individuals who are a minimum of 21 years of age at the time of applying
for the loan, and no older than 65 at the end of the loan tenure.
o Those who have been in business for a minimum of 2 years.
o Should earn at least Rs. Rs. 3,00,000 per annum.

 Self Employed Individuals and Professionals (Partnership Firms):


o This includes self-employed partners in the business of manufacturing,
trading or services
o Those who have a minimum turnover of Rs. Rs. 3,00,000 per annum.
 Self Employed Individuals and Professionals (Private Limited Companies)
o This includes individuals who own a private company in the business of
manufacturing, trading or services.
o Should earn at least Rs. Rs. 3,00,000 per annum.

 Self Employed Individuals (Public Limited Companies):

o This includes directors in public limited companies that are in the business of
manufacturing, trading or services.
o Should earn at least Rs. Rs. 3, 00,000 per annum.

2)PURPOSE:-

o To buy new car or used car.


o B) In case of used car , the age of car should not be more than 5 years.

3) AMOUNT:-

o In case of new car, upto 100% of ex-showroom price.


o In case of used car, upto 80% of market value.

4) PRICE AND INTEREST RATE:-

o HDFC Bank New Car Loan interest rate starts from 8.70%
o HDFC Bank Used Car Loan interest rates starts from 13.00% .
o These are fixed rate loans and are one of the best car loan rates in India.
o Rate of interest vary by borrower occupation, loan amount and loan tenure.
5)MARGIN:-

Used Car Loan


New Car Loan

Features
2.00% Min Rs.
Processing Fee 0.40% Max Rs. 10,000
5,000
Loan Tenure Upto 7 years Upto 5 years
Lowest EMI Rs. 1,594 per lake Rs. 2,061 per lakh
Upto 80% of
Loan Amount
market value
Not allowed for 6 months; 6% fee from 7-
Prepayment
12 months, 5% from 13-24 months, 3%
Charges
after 24 months

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