With only a few days left for 2018 year to end, there will also be a massive demand for vehicles as automakers unveil amazing discounts right from two-wheelers to four-wheelers as a part of their year end sales drive. To allow car buyers to make most of this year end sale, largest private lender HDFC Bank has now launched a custom-fit car loans #AapkeHisaabSe in Mumbai. The lender has given an early Christmas gift as customers will now be able to buy cars at a lower EMI. This unique product is available for all categories of cars, from standard to premium and helps people fulfil their dreams of buying a better car now that is based on future income!

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Nitish Nagori, Executive VP – Auto Loans, HDFC Bank said, "The initiative #AapkeHisaabSe is about customizing our products and services to help fulfill the dreams and aspirations of our customers."

Nagori adds, "This is not just convenience but an experience for customers where we are offering not just lower EMIs but also 10 minute approvals, longer tenures and also insurance in the form of Suraksha Kawach. Both Step Up and Balloon Repayment have been available by the Bank for practically every car category in the country."

Key features of #AapkeHisaabSe are:

  • Zero foreclosure charges
  • Suraksha Kawach: Total protection against Permanent Total Disability, Accidental Death and Accidental Hospitalization
  • Top-up loans
  • Up to 100% funding
  • Up to 7 years Tenure
  • In-principle approval in 10 mins
  • Minimum documentation

There are two ways to lower your EMIs with HDFC Bank's custom fit car loans namely step-up EMI and Balloon Repayment. 

Let's understand by how much your EMIs on car loan will come down at HDFC Bank. 

Step-up EMI! 

A Step-up plan allows the customer to start repayment of your Car Loan with up to 24% lower EMIs in the first three years and gradually increase the EMI. It enables a customer to take a higher loan amount at lower EMIs.

Take the case of a Rs 10 lakh car loan with a tenure of 7 years (84 months).

EMI (Standard):  16,620/-
EMI (Step Up): 12,390/-

Now if a person had paid a standard EMI of Rs 12,390 he would have been eligible for a loan of Rs. 7.50 Lakh whereas now he is eligible for a loan of Rs 10 lakh. With a clear saving of Rs 4,230 per month the affordability has increased for a car that meets the customers’ aspirations.

Balloon Repayment!

A balloon EMI allows customers pay up to 30% lower EMIs through-out the tenure and a larger lump sum amount at the end of the term. So a customer availing of Rs 10 lakh auto loan can pay 60% of the loan as EMI for 59 months (tenure of 5 years). 

The balance 40% is to be paid at the end of the tenure under the Balloon repayment option.

How to avail?

Customers can give a missed call on 9667951616 number and will receive a call back. 

New customers can walk-in to any HDFC Bank branch or car dealership to avail custom-fit car loans and existing HDFC Bank customers can get it instantly on NetBanking.
Hence, what are you waiting for make most of your 2018 year end sale from automakers by opting HDFC Bank's custom fit car loan facility.