HDFC Zip drive/ride pre approved loan

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Has anyone availed these loans thru netbanking? If yes, pls share ur experience.

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Yes how does HDFC pre-approved loans works. If I want to purchase a car. They are showing I have a pre-approved car loan

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ZitOO wrote:

Yes how does HDFC pre-approved loans works. If I want to purchase a car. They are showing I have a pre-approved car loan

Nowadays, everything is pre-approved until you submit docs electronically or physical form.
Then, they process them and let you know that you are eligible or not eligible. Which takes at least one day.
That means they are not pre-approved.

The pre-approved tag is to lure you to apply.

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ramadesidime wrote:

Nowadays, everything is pre-approved until you submit docs electronically or physical form.
Then, they process them and let you know that you are eligible or not eligible. Which takes at least one day.
That means they are not pre-approved.

The pre-approved tag is to lure you to apply.

In this case the fund is transferred to the dealer in seconds after we fill the form & enter the otp. We get a letter that has to be submitted to dealer along with kyc documents.

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arunrush680 wrote:

In this case the fund is transferred to the dealer in seconds after we fill the form & enter the otp. We get a letter that has to be submitted to dealer along with kyc documents.

See.. so first we have to go to dealer shop and finalize the bike/car then fill the HDFC form (choose the dealer name in the list) and submit the form? Do we need to contact HDFC laon agent there or just inform the dealer that we are paying him through HDFC loan?

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ZitOO wrote:

See.. so first we have to go to dealer shop and finalize the bike/car then fill the HDFC form (choose the dealer name in the list) and submit the form? Do we need to contact HDFC laon agent there or just inform the dealer that we are paying him through HDFC loan?

Get the ex-showroom price from the dealer you want to buy from, select the dealer/car model, submit the otp, print the sanction letter, pay the difference amt & submit the kyc docs to their agent at dealer or directly to dealer. I asked the dealer if they’re ok with this hdfc loan & he said yes. I haven’t applied yet.

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Better opt for a personal loan if available to you at less than 12% and buy car in cash

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karanoshan wrote:

Better opt for a personal loan if available to you at less than 12% and buy car in cash

I think HDFC ’s pre-approved loan is a car loan /bike loan. Which is coming under secured loan and a personal loan is always a unsecured loan. It is better to have balance of secured and unsecured loan in your portfolio. It will give your CIBIL score a boost.

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karanoshan wrote:

Better opt for a personal loan if available to you at less than 12% and buy car in cash

BTW any suggest where can we get a personal loan at that interest rate you mentioned? I have offers from various financial organisation like bank and loan apps. They are giving loan starting from 16-18%+ tax.

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