IDFC First Bank Car Loan Interest Rate

Interest Rates

Eligibility Criteria

The eligibility criteria that must be met by self-employed individuals and salaried employees are mentioned below:

Salaried Employees

1. Your annual income must be above Rs.1 lakh.
2. Your total work experience must be at least 3 years.
3. You must be between the ages of 21 years and 60 years.
4. Non-Resident Indians (NRIs) and Indian residents can apply.

Self-Employed Individuals

1. Your annual income must be at least Rs.1.5 lakh.

1. You must run a business for at least four years.

1. You must be between the ages of 23 years and 70 years.

1. Indian residents can apply.

Process to Apply for a Car Loan

You can apply for a car loan from IDFC Bank both online and offline and the process is simple.

Online

The process that must be followed to apply for a car loan from IDFC First Bank online is mentioned below:

1. Visit https://www.idfcfirstbank.com/personal-banking/loans/car-loan.Click on ‘Apply Now’.
2. Enter the mobile number.Agree to the terms and conditions.Click on ‘Verify’.
3. An OTP will be sent to the registered mobile number. 
4. Enter the OTP and click on ‘Next’.On the next page, you will need to enter your personal details.
5. Enter the relevant details to apply for a loan online,

Offline

You can visit the nearest IDFC First Bank to apply for a car loan offline. You will need to submit the relevant documents and meet the eligibility criteria. In case you wish to avail a loan for a used car, you must visit the bank.

Documents Required

The documents that must be submitted when you apply for a car loan are mentioned below:

1. Bank statement.
2. The relevant Know Your Customer (KYC) documents.
3. Business proof.
4. Income Tax Returns for the last two years.

Other Charges

The other charges that are levied by the bank are mentioned in the table below:

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