HDFC Car Finance
Corporate Profile
HDFC Bank has an enormous network of 2000 branches spread in 996 cities across the country along with 6520 ATMs. All the branches are connected to each other through an online real-time basis and customers are also catered to through telephone banking services in more than 500 locations across India. With its focus on building a strong retail customer base for deposits and loan products, the bank also has incorporated in its expansion plans to take into account the major industrial and corporate hubs to serve its corporate clients.
The bank has engaged in integrating the latest technology and innovations to the banking process for high operational efficiency as well as convenience to the clients. This has enabled various services and easier access to banking products for the customers such as speedy funds transfer facilities and multi-branch access.
The three key segments of the bank are wholesale banking services, retail banking services and treasury. In the wholesale banking segment, HDFC bank provides a range of commercial and transactional services and cash management services to Indian corporations and businesses. The retail banking services are aimed at providing individual customers a complete one stop shop for all kind of banking and financial assistance. It also includes investment advisory services and wealth management. The treasury segment comprises product areas such as Foreign exchange and Equities for corporate clients and managing their investment portfolio.
The deposit programs of the bank have been majorly rated by Credit Analysis and Research Limited (CARE) and Fitch Ratings India Private Limited, who have awarded the bank with ratings signifying high stability and high credit quality. It also holds the ‘CRISIL GVC Level 1’ rating by the Credit Rating Information Services of India Limited (CRISIL), indicating the bank’s high level of capability for wealth creation for stakeholders in accordance with corporate governance practices.
TopCompany History
In 1994, the HDFC bank was among the
first few banks to receive approval to be set up in the private sector,
from the Reserve Bank of India as a part of the liberalization in the
Indian Banking industry. Incorporated in August 1994, the bank
commenced operations in January 2005 as a Scheduled Commercial bank.
In 2000, the Times bank was merged with the HDFC Bank, which marked the first ever merger between two private banks in India. Also, the bank acquired Centurion Bank of Punjab in 2008, which significantly increased the number of branches across the country.
It operates through a cast network of 298 offices and caters to more than 2,400 cities and towns across India. Further, it also has presence in Dubai, London and Singapore where it provides home loans and housing assistance to the Non-resident Indians and Persons of Indian origin.
HDFC has become an example and a model company for developing countries with nascent housing finance markets. Moreover, as a part of its Corporate Social Responsibility initiatives, it has contributed significantly towards the economic development and welfare of the weaker sections of the society through programs in the areas of education, medical research and welfare for children and the elderly.
In 2000, the Times bank was merged with the HDFC Bank, which marked the first ever merger between two private banks in India. Also, the bank acquired Centurion Bank of Punjab in 2008, which significantly increased the number of branches across the country.
Promoter
HDFC Bank is promoted by Housing Development Finance Corporation Limited (HDFC Ltd.). HDFC, established in 1977, is a pioneer in housing finance in India. It has the objective to address the social need of encouraging home ownership through long term finance solutions.It operates through a cast network of 298 offices and caters to more than 2,400 cities and towns across India. Further, it also has presence in Dubai, London and Singapore where it provides home loans and housing assistance to the Non-resident Indians and Persons of Indian origin.
HDFC has become an example and a model company for developing countries with nascent housing finance markets. Moreover, as a part of its Corporate Social Responsibility initiatives, it has contributed significantly towards the economic development and welfare of the weaker sections of the society through programs in the areas of education, medical research and welfare for children and the elderly.
TopManagement Team
HDFC Bank boasts of a highly skilled and
experienced team of professionals who have helped the bank achieve a
successful reputation in the Indian Banking sector. With their efforts
and dedication along with their strategic management, the bank has
carved a niche for itself in the industry and established itself among
the Big Four Banks of India.
Mr. CM Vasudev, the chairman of the bank, is a person with wide experience earned through key positions in India and oversees, among which are Finance Secretary with Government of India and Executive Director of World Bank. He leads the Board of Directors which consists of individuals seasoned in various fields such as commercial banking and administration and public policy.
The board of Directors comprises the following personnel:
Mr. CM Vasudev, the chairman of the bank, is a person with wide experience earned through key positions in India and oversees, among which are Finance Secretary with Government of India and Executive Director of World Bank. He leads the Board of Directors which consists of individuals seasoned in various fields such as commercial banking and administration and public policy.
The board of Directors comprises the following personnel:
- Mr. C. M. Vasudev (Chairman)
- Mrs. Renu Karnad (up to 16.07.2010 & re-appointed on 27.01.2011)
- Mr. Ashim Samanta
- Dr. Pandit Palande
- Mr. Partho Datta
- Mr. Bobby Parikh
- Mr. Anami N Roy
- Mr. Jagdish Capoor (up to 05.07.2010)
- Mr. Gautam Divan (up to 21.07.2010)
- Mr. Arvind Pande (up to 14.01.2011)
- Mr. Keki Mistry (up to 26.03.2011)
- Mr. Aditya Puri (Managing Director)
- Mr. Harish Engineer (Executive Director)
- Mr. Paresh Sukthankar, (Executive Director)
TopAwards & Recognition
Since 1995, HDFC Bank has been operating
with the mission of becoming a ‘World Class Indian Bank’. Constant
innovation and efficiency has helped the bank work its way towards
achieving its goals. With primary focus on product quality and
providing services of convenience to its customers, the bank has
created a niche for itself in the banking and finance sector. It
endeavors to provide its customers with excellent services and effective
wealth management and investment solutions. Over the years, the bank’s
contribution has been recognized in India and oversees, winning it
numerous awards across the globe.
Following are some of the awards and goals it won in the years 2010 and 2011:
Following are some of the awards and goals it won in the years 2010 and 2011:
Awards 2010
| Outlook Money 2010 Awards | Best Bank |
| Businessworld Best Bank Awards 2010 | Best Bank (Large) |
| The Banker and PWM 2010 Global Private Banking Awards | Best Private Bank in India |
| Forbes Asia | Fab 50 Companies - 5th year in a row |
| NDTV Business Leadership Awards 2010 | Best Private Sector Bank |
| The Banker Magazine | World's Top 1000 Banks |
| MIS Asia IT Excellence Award 2010 | BEST BOTTOM-LINE I.T. Category |
| Dun & Bradstreet Banking Awards 2010 | Overall Best Bank |
| Best Private Sector Bank | |
| Best Private Sector Bank in SME Financing | |
| IDRBT Technology 2009 Awards | Winner |
| 1) IT Infrastructure | |
| 2) Use of IT within the Bank | |
| Runners-up - IT Governance (Large Banks) | |
| ACI Excellence Awards 2010 | Highly Commended - Asia Pacific HDFC Bank |
| FE-EVI Green Business Leadership Award | Best performer in the Banking category |
| Celent's 2010 Banking Innovation Award | Model Bank Award |
| Avaya Global Connect 2010 | Customer Responsiveness Award - Banking & Financial Services category |
| Forbes Top 2000 Companies | Our Bank at 632nd position and among 130 Global High Performers |
| Financial Express - Ernst & Young Survey 2009-10 | Best New Private Sector Bank |
| Best in Growth | |
| Best in strength | |
| Asian Banker Excellence Awards 2010 | Best Retail Bank in India |
| Excellence in Automobile Lending | |
| Best M&A Integration | |
| Technology Implementation | |
| The Asset Triple A Awards | Best Cash Management Bank in India |
| Euromoney Private Banking and Wealth Management Poll 2010 | 1) Best Local Bank in India (second year in a row) |
| 2) Best Private Banking Services overall (moved up from No. 2 last year) | |
| Financial Insights Innovation Awards 2010 | Innovation in Branch Operations - Server Consolidation Project |
| Global Finance Award | Best Trade Finance Provider in India for 2010 |
| 2 Banking Technology Awards 2009 | 1) Best Risk Management Initiative and 2) Best Use of Business Intelligence. |
| SPJIMR Marketing Impact Awards (SMIA) 2010 | 2nd Prize |
| Business Today Best Employer Survey | Listed in top 10 Best Employers in the country |
Awards 2011
| Financial Express Best Bank Survey 2010-11 | Best in Strength and Soundness |
| 2nd Best in the Private Sector | |
| CNBC TV18's Best Bank & Financial Institution Awards | Best Bank |
| Mr. Aditya Puri, Outstanding Finance Professional | |
| Dun & Bradstreet Banking Awards 2011 | Best Private Sector Bank - SME Financing |
| ISACA 2011 award for IT Governance | Best practices in IT Governance and IT Security |
| IBA Productivity Excellence Awards 2011 | New Channel Adopter (Private Sector) |
| DSCI (Data Security Council of India) Excellence Awards 2011 | Security in Bank |
| Euromoney Awards for Excellence 2011 | Best Bank in India |
| FINANCE ASIA Country Awards 2011: India | BEST BANK |
| BEST CASH MANAGEMENT BANK | |
| BEST TRADE FINANCE BANK | |
| Asian Banker | Strongest Bank in Asia Pacific |
| BloombergUTV's Financial Leadership Awards 2011 | Best Bank |
| IBA Banking Technology Awards 2010 | Winner - |
| 1) Technology Bank of the Year | |
| 2) Best Online Bank | |
| 3) Best Customer Initiative | |
| 4) Best Use of Business Intelligence | |
| 5) Best Risk Management System | |
| Runners Up - | |
| Best Financial Inclusion | |
| IDC FIIA Awards 2011 | Excellence in Customer Experience |
TopContact Details
Postal Address:
HDFC Bank Limited
26-A Narayan Properties, Chandivali Farm Road,
Off Saki Vihar Road, Chandivali, Andheri (East),
Mumbai – 400 072
Tel No.:
Ahmedabad / Bengaluru / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune:
(022) 66056825
Fax No.:
(022) 67259086
HDFC Bank Limited
26-A Narayan Properties, Chandivali Farm Road,
Off Saki Vihar Road, Chandivali, Andheri (East),
Mumbai – 400 072
Tel No.:
Ahmedabad / Bengaluru / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune:
(022) 66056825
Fax No.:
(022) 67259086
TopNew Car Loans
HDFC Bank provides numerous options for
availing finance for buying a new car with minimal paperwork and
hassle. The bank’s loan schemes for new cars covers all kind of cars
and enable the customer to be free of any kind of apprehension about
financial burden with 100 percent financing options. The loan repayment
schedule varies from 12 to 60 months and the rate of interest also
varies accordingly. Salaried applicants can avail a loan of up to three
times their annual salary, while the self-employed individuals may
avail up to 6 times their annual income.
HDFC ensures that their customers are serviced quickly and with efficiency and provide all necessary assistance in a hassle free documentation. In case the applicant is a preferred account holder or has a corporate salary account with HDFC, they get preferential treatment and their loans get quicker approval.
Moreover, if the applicants are an existent car loan customer with HDFC and have a clean track record of 12 months or more, they may be offered an option of car loan top-up to the extent of the original value of the loan. Other loan schemes for new car purchase include the following:
The credit card is required to be at least one year old and must be submitted with the two last billing statements. This plan provides normal funding on small cars up to three years while funding on premium cars is up to 70 percent. Moreover, the plan doesn’t include multi-utility vehicles.
Eligibility
The eligibility for availing the various schemes and plans under the New Car Loan, there are certain requirements which the applicant must meet in order to ensure approval of the loan proposal. These are also different for salaried and self-employed individuals. The eligibility and the documentation needed for each are given below.
HDFC ensures that their customers are serviced quickly and with efficiency and provide all necessary assistance in a hassle free documentation. In case the applicant is a preferred account holder or has a corporate salary account with HDFC, they get preferential treatment and their loans get quicker approval.
Moreover, if the applicants are an existent car loan customer with HDFC and have a clean track record of 12 months or more, they may be offered an option of car loan top-up to the extent of the original value of the loan. Other loan schemes for new car purchase include the following:
Auto Loan Takeover Plan
Under this plan, the existing loan on a car owned by the loan applicant is taken over and updated with the new liability. Accordingly, the rate of interest, the EMI and the tenure of the loan is ascertained. This facility is available only for HDFC bank account holders. Further, all the terms and conditions applicable for the used car product are carried to the Loan take over. The loan being taken over must be at least 9 months old and must have a clean repayment track record.Advantage platinum Credit Card Plan
The Advantage platinum credit card plan is offered to salaried individuals who hold premium credit card(s) of certain banks. It enables them with faster loan processing and disbursement. The credits cards through which the plan can be availed are as follows:- HDFC Bank International Credit Card
- Citibank Gold
- Citibank Diners
- HSBC Gold
- ANZ Grindlays Gold
- American Express Gold Card
- American Express Charge Card
- Standard Chartered Gold
The credit card is required to be at least one year old and must be submitted with the two last billing statements. This plan provides normal funding on small cars up to three years while funding on premium cars is up to 70 percent. Moreover, the plan doesn’t include multi-utility vehicles.
The documents required for availing this plan are as follows:
- Contract copy and salary slip of NRI
- Endorsement on passport for last 3 years
- Proof of ownership of property
- Post-dated cheques must be from the resident account of the borrower
No Income-Document Loan Plan
The No Income-Document loan plan enables people with no proof of income to avail loans for new car purchase and the loan amount sanctioned can be up to 60 percent of the car’s invoice value. The loan through this scheme can be repaid in a period up to 3 years.100% Loan Plan with Fixed Deposit Lien
Under the 100 percent loan plan, the applicants may take a loan against their deposit at their HDFC bank account. The loan can be availed for 100 percent of the invoice value and a requisite margin amount is put under a fixed deposit at HDFC bank on which lien is marked. The repayment installments are paid through post dated cheques or may also be paid out of the deposit, if it is large enough.NRI Loans
The NRI loan scheme allows NRI or Non-resident Indians to avail new car loans for use of the new vehicle by their relatives in India. The documents required for availing this scheme are as follows:- Contract copy and salary slip of NRI
- Endorsement on passport for last 3 years
- Proof of ownership of property
- Post-dated cheques must be from the resident account of the borrower
Eligibility
The eligibility for availing the various schemes and plans under the New Car Loan, there are certain requirements which the applicant must meet in order to ensure approval of the loan proposal. These are also different for salaried and self-employed individuals. The eligibility and the documentation needed for each are given below.
Salaried individuals
- Eligibility Criteria:
- Minimum age of Applicant: 21 years
- Maximum age of Applicant at loan maturity: 58 years
- Minimum employment: 1 year in current employment and minimum 2 years of employment
- Minimum Annual Income: Rs 1,00,000 net annual income
- Telephone: Must at residence
- Documents required:
- Proof of Identity: Passport copy, PAN Card, Voters Id car, driving license (Laminated, Recent, Legible)
- Income Proof: Latest salary slip with Form 16
- Address Proof: Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy/PAN Card
- Bank Statement: Not mandatory
Self Employed Individuals
- Eligibility Criteria:
- Minimum age of Applicant: 21 years
- Maximum age of Applicant at loan maturity: 65 years
- Minimum employment: At least 3 years in business
- Minimum Annual Income: Net profit Rs. 60,000 per annum for standard cars and Rs. 1,00,000 p.a. for mid-sized and premium cars
- Telephone: Must at residence
- Documents required:
- Proof of Identity: Passport copy, PAN Card, Voters Id car, driving license(Laminated, Recent, Legible)
- Income Proof: Latest ITR
- Address Proof: Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy PAN Card
- Bank Statement: Waived for small cars, for mid - sized and premium cars if income Is greater than Rs. 1,50,000 then bank statement requirement can be waived
TopUsed Car Loans
HDFC’s Old Car Loan schemes enable
customers to buy pre-owned cars without the headache of sudden
financial burden and complemented by easy payment solutions and
flexibility in the rate of interest and the tenure of the loan. The
bank also provides assistance in selection of good quality used cars
through its team of experts.
Any car within a certain age of manufacturing can be financed with HDFC. The age is important in terms of the repayment tenure lasting up to a maximum of 5 years. The loan can be availed for up to 80 percent of the car’s value with flexible repayment solutions over a period of 12 to 60 months as suitable to the customers. The rate of interest will vary accordingly. Further, various plans may be chosen for used cars as per the preference of the customers.
HDFC allows salaried individuals to borrow up to three times their annual salary and the self employed individuals to borrow up to six times their annual income.
A loan may be granted on an existing loan if the customers are existing HDFC loan customers and have a clear track record of 12 or more months. The additional loan is approved up to the extent of the existing loan amount with suitable interest rates. Also, HDFC customers with a Preferred Account or a Corporate Salary Account may avail fast approvals on loans and minimal documentation. The accounts should be more than 6 months old.
Other loan schemes under the “Fast track you loan” for used cars are similar to the New Car schemes. Kindly refer to the same.
Eligibility
The eligibility criteria for the loan applicants are segmented on the basis of salaried and self employed individuals. For each, different documents are required to be submitted as proof for various details such as residence, income and signature verification.
Any car within a certain age of manufacturing can be financed with HDFC. The age is important in terms of the repayment tenure lasting up to a maximum of 5 years. The loan can be availed for up to 80 percent of the car’s value with flexible repayment solutions over a period of 12 to 60 months as suitable to the customers. The rate of interest will vary accordingly. Further, various plans may be chosen for used cars as per the preference of the customers.
HDFC allows salaried individuals to borrow up to three times their annual salary and the self employed individuals to borrow up to six times their annual income.
A loan may be granted on an existing loan if the customers are existing HDFC loan customers and have a clear track record of 12 or more months. The additional loan is approved up to the extent of the existing loan amount with suitable interest rates. Also, HDFC customers with a Preferred Account or a Corporate Salary Account may avail fast approvals on loans and minimal documentation. The accounts should be more than 6 months old.
Other loan schemes under the “Fast track you loan” for used cars are similar to the New Car schemes. Kindly refer to the same.
Eligibility
The eligibility criteria for the loan applicants are segmented on the basis of salaried and self employed individuals. For each, different documents are required to be submitted as proof for various details such as residence, income and signature verification.
Salaried Individuals
- Eligibility Criteria
- Minimum age of Applicant: 21 years
- Maximum age of Applicant at loan maturity: 60 years
- Minimum employment: 1 year in current employment and minimum 2 years of employment
- Gross household income i.e. including income of the spouse: Rs 1,00,000 net annual income
- Telephone: Necessary at residence
- Documents required:
- Age Proof: Any one of Passport copy, PAN Card, Voters ID card, Photo driving license with birth date ( laminated, recent , legible), Photo ration card with DOB, Employer certificate/ID, School/College Leaving certificate
- Proof of Identity: Any one of Passport copy, PAN Card, Voters ID card, Photo driving license with birth date, Photo ration card with DOB
- Income Proof: Latest salary slip with latest form 16/latest ITR. HDFC bank corporate salary account statement for salary credits of above Rs 8000 for three months.
- Address Proof: Any one of Photo Ration card with DOB, Photo Driving license with DOB, Passport copy, Telephone bill, Electricity bill, Credit Card statement with credit card copy, Employer certificate/ID
- Sign Verification Proof: Any one of Passport copy, Photo driving license with birth date (laminated, recent, legible), Credit Card statement with credit card copy, Banker's verification, Copy of margin money paid to bank
Self Employed Individuals
- Eligibility Criteria
- Minimum age of Applicant: 21 years
- Maximum age of Applicant at loan maturity: 65 years
- Minimum employment: At least 3 years in business
- Minimum Annual Income: Rs. 60,000
- Telephone: Necessary at residence
- Documents required
- Age Proof: Any one of Passport copy, PAN Card, Voters ID card, Photo driving license with birth date (laminated, recent , legible), Photo ration card with DOB, Employer certificate/ID or School/College Leaving certificate
- Proof of Identity: Any one of Passport copy, PAN Card, Voters ID card, Photo driving license with birth date (laminated, recent, legible) or Photo ration card with DOB
- Income Proof: Latest ITR / Previous ITR with Adv. Tax paid challan / latest IT assessment order
- Address Proof: Any one of Photo Ration card with DOB, Photo Driving license with DOB, Passport copy, Telephone bill, Electricity bill, Credit Card statement with credit card copy or Employer certificate/ID
- Sign Verification Proof: Any one of Passport copy, Photo driving license with birth date (laminated, recent, legible), Credit Card statement with credit card copy, Banker's verification, Copy of margin money paid to bank
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