IDFC First Bank Car Loan

Features and Benefits of IDFC First Bank Car Loan

New Car Loan

The main features and benefits of the new car loan offered by IDFC First Bank are mentioned below:

1. Up to 100% of the on-road price of the car may be offered as a loan.

1. Repayment tenure of up to 10 years.

1. Interest rates starting at 9.99% p.a.

1. Doorstep assistance is offered.

Used Car Loan

Given below are the benefits and features of the used car loan offered by IDFC First Bank:

1. Refinance and repurchase car loans are offered.

1. Loans are offered at attractive interest rates.

1. Repayment tenure may be up to seven years.

1. Up to 200% of the value of the car may be offered as a loan.

1. Up to Rs.2 crore may be offered as a loan.

Eligibility Criteria

Depending on whether you are a salaried employee or a self-employed individual, the eligibility criteria will vary and are mentioned below:

Salaried Employees

1. Resident Indians

1. Non-Resident Indians (NRIs) 

1. You must earn at least Rs.1.8 lakh in a year. 

1. You must have work experience for at least a year. 

1. You must be between 21 and 60 years of age. 

Self-Employed Individuals

1. Only Resident Indians can apply.

1. You must earn at least Rs.1.5 lakh in a year.

1. You must be between 21 and 70 years of age.

1. You should run a business for two years continuously.

Documents Required

The list of documents that must be submitted are mentioned below: 

New Car Loan

1. New car dealer documents such as tax invoice, margin money, insurance, and proforma invoice. 

1. Bank statement for the last six months. 

1. Proof of income. 

1. Proof of address. 

1. Proof of identity. 

Used Car Loan

1. Insurance copy of the vehicle. 

1. RC of the vehicle. 

1. Bank statement for the last three to six months. 

1. Proof of income. 

1. Proof of address. 

1. Proof of identity. 

How to Apply for an IDFC First Bank Car Loan?

The process that must be followed to apply for an IDFC First Bank car loan are mentioned below: 

Used Car Loan

1. Visit https://www.idfcfirstbank.com/personal-banking/loans/pre-owned-car-loan#features.

1. Click on ‘Apply Now’.

1. Enter your mobile number.

1. Enter the OTP that is sent to the registered mobile number.

1. Enter personal details such as gender, date of birth, PAN Card, and complete identity verification.

1. Enter address details.

1. Enter details of your employment.

1. Select the preferred car and loan amount.

1. You will receive a call from an IDFC First Bank representative to process the request.

New Car Loan

1. Visit https://www.idfcfirstbank.com/personal-banking/loans/car-loan#doc.

1. Click on ‘Apply Now’.

1. Enter your mobile number.

1. Enter the OTP that is sent to the registered mobile number.

1. Enter your personal details.

1. Click on ‘Submit’.

1. You will receive a call from an IDFC First Bank representative to process the request.

IDFC First Bank Car Loan Fees and Charges

The fees and charges that are levied by IDFC First Bank are mentioned in the table below:

EMI Calculator

You can use BankBazaar’s car loan EMI calculator to check the monthly payments if you are buying a car by availing a loan. The calculator is easy to use and details such as the loan amount, interest rate, processing fee, and repayment tenure must be entered. Using the calculator helps to save time as results are displayed immediately. No charges are levied to use the calculator.

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