Before starting the article, I would like to share one incident of my close friend Ajit Sharma who had availed a car loan of ₹5,00,000 somewhere around 3 years back. He wanted to buy a classy and stylish car for his family, thus he was looking eagerly for the same. After searching for months, he finally got the car of his choice, but it was out of his budget. So, he decided to avail a car loan as it was the best option for him. Well, availing a loan is not an easy cake to eat, it is a tedious task, if you want to grab the best deal. So, Ajit was searching the best lenders for availing the loan.
One day he got an email, claiming to offer the loan at lower interest rates. My friend, unfortunately, got into the trap and availed the loan, believing that he had grabbed a good deal by getting the credit at lower interest rates. Moreover, after all the legal formalities and proceedings were over, he started paying the EMIs of the loan, and after paying the same for 1.4 years, he somehow realized that he was paying more bucks to the lender as the rates were higher.
Furthermore, he then realized that it was all fraud, there are few lenders in the market, whose only endeavor is to catch an eye of the borrowers by showing them lucrative offers . And, somehow they succeed in their plan as my friend believed in their false promises and appealing loan offer. Well, Ajit could have avoided the same situation, if he knew the importance of comparing the HDFC car loan interest rates. Yes, if was aware of the fact that instead of getting lure towards these fake and lucrative offers, it would be smart move to choose or pick your lender wisely. And, when it comes to selecting or choosing a lender, it requires a lot of homework and planning. In order to get the best deal, you need to be very careful about the same. Yes, your key focus should not only on getting the attractive interest rates, but you should also pick a lender who is trustworthy so as to avoid the fraud case.
However, to keep you away from that hassle, here we are sharing the nitty and gritty of one of the renowned lenders in the country i.e. HDFC. Being one of the prominent names in the car loan section, it would not be wrong to say that this lender is best known for offering the impeccable deals for the same. The bank offers you this credit facility at an interest rate of 9.25%-11.25% per annum for both new and used cars. However, the best thing about this loan is the fact that it comes to you with up to 80%-`100% car valuation. Hence, this is the reason that it is preferred by many loan borrowers as it is also available with a list of other features and benefits to look at.
So, as you know that HDFC is a leading name in the industry, hence availing this credit facility is surely going to be an enjoyable experience. Now that you are sure about the lender, it is also important to be fully satisfied with the interest rates as well. Yes, all you need to do is just compare the different lenders, offering you this credit facility so that you can easily make your pick and crack the best deal. But, one thing that needs to be mentioned here is the fact that while comparing the lenders, it is vital for you to keep an eye on various key parameters along with interest rate. Thou giving first priority to rate is important, but it is also crucial not to neglect other factors such as tenure, loan type (fixed or floating), fee & charges, etc.
Thus, with the help of keeping the other points in mind, it would be easy for you to grab the best deal for HDFC car loan interest rates. So, hope you will learn from the incident shared above and will have an enjoyable loan journey!