HDFC charges interest rates according to the following brackets while offering two wheeler loans:
IRR (Internal Rate of Return) for super bike two wheeler loan
- Minimum IRR- 9.65%
- Maximum IRR- 15.00%
- Average IRR- 11.55%
IRR (Internal Rate of Return) for Regular Two Wheeler Loan
- Minimum IRR- 14.03%
- Maximum IRR-27.53%
- Average IRR-21.79%
APR (Annual Percentage Rate) for Super Bike Loan
- Minimum APR- 9.68%
- Maximum APR-15.12%
- Average APR-11.74%
APR (Annual Percentage Rate) for Regular Two Wheeler Loan
- Minimum APR- 14.14%
- Maximum APR- 33.35%
- Average APR- 23.09%
*The values specified above are the maximum limits offered to customers for the loans taken during October 2016 to December 2016.
Apart from interest rate the other applicable charges include:
- Pre-payment Charge:
- You are not allowed to prepay the loan before 6 months.
- If you prepay the loan within 7-12 months since the first EMI was paid, you will be liable to pay penalty at the rate of 6% of the outstanding principal.
- If you prepay the loan after 12 months but before 24 months since the first EMI, you will be liable to pay prepayment fee at the rate of 5% of the outstanding principal.
- After 2 years of repayment tenure i.e. 24 installments, the prepayment charges are reduced to 3% of the outstanding principal.
- No applicable charges for No Due Certificate or No Objection Certificate(NOC)
- Late Fee: You will be liable to pay penalty at the rate 2.5% on the pending installment, in case you fail to pay your EMIs on time.
- EMI return or Cheque Bounce Charges: Rs. 550 for every failed EMI payment and for each instance of cheque bounce.
- Stamp Duty: According to the norms of the respective state government.
- Rs. 500 per request is charged for issuing a duplicate NOC
- PDD collection charges up to Rs. 450 may be charged. (These charges are refundable in case of loan cancellation)
- If you wish to opt for loan rebooking or are looking for loan reschedulement, you are liable to pay Rs.1000 for it.
- Amortization schedule provides a breakup of applicable charges along with details of each periodic payment and when do they fall due. You can view the amortization schedule for your loan by simply paying an amount of Rs. 200
- Cheque or ECS swapping charges: Rs. 500