IDFC First Bank Pre-Owned Car Loan Interest Rate 2024

Avishek January 19, 2024 Aadhar Loan, Bank Loan, Car Loan, EMI Loan, Loan in English, Online Loan, Pan Card Loan, Self-Employed Loan Leave a comment 281 Views

IDFC First Bank Pre-Owned Car Loan

Having your own vehicle amidst the hustle and bustle of the city is no less than a dream, especially in the busy metros of India. But often budget limitations force us to postpone this dream. But what if you choose a pre-owned car and not a new one? These are cars that were previously owned by someone else, but are now in great condition waiting for your ownership. And for such cars, IDFC First Bank’s Pre-Owned Car Loan works to give wings to your dreams. In today’s post we will provide you all the information about IDFC First Bank Pre-Owned Car Loan. IDFC First Bank Pre-Owned Car Loan Interest Rate, IDFC First Bank Pre-Owned Car Loan Eligibility Criteria, IDFC First Bank Pre-Owned Car Loan Customer Number, today we will provide you all the information about IDFC First Bank Pre-Owned Car Loan.

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IDFC First Bank Pre-Owned Car Loan Features

Attractive Interest Rate & Flexible Tenure: IDFC First Bank offers an initial interest rate of 11.49% on its Pre-Owned Car Loan, which is one of the lowest rates in the market. Additionally, the bank also offers flexible loan tenures ranging from 12 months to 84 months, so you can easily manage your monthly installments.
High Loan To Value (LTV): The bank gives loan up to 200% of the market value of the car, due to which your down payment amount gets reduced and you can easily buy the car of your choice. Especially the “Car n Cash” scheme of the bank is very helpful in this matter, under which you can sell your old car and include the same amount in the new loan.
Easy & Fast Process: To make the loan taking process as simple and fast as possible, the bank offers the facility of application through both online and offline modes. With minimal documentation, loan approval is also faster, so you can start enjoying your dream car sooner.
Fastag and other benefits: With IDFC First Bank Pre-Owned Car Loan, you also get the benefit of Fastag service, which makes highway toll payment simple and fast. The bank also offers special discounts on petrol pumps and parking, allowing you to reduce the cost of driving a car.
Trustworthy & Secure: IDFC First Bank is a reputable financial institution regulated by the Reserve Bank of India, which means your money is completely safe. The bank is also known for providing high levels of service and support to its customers.

IDFC First Bank Pre-Owned Car Loan Amount

IDFC First Bank Pre-Owned Car Loan amount ranges from ₹1 Lakh to ₹2 Crore. In IDFC First Bank you can get Pre-Owned Car Loan for at least ₹ 1 Lakh. If you want maximum loan from here then you can get a loan of ₹ 2 crore.

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IDFC First Bank Pre-Owned Car Loan Interest Rate

IDFC First Bank Pre-Owned Car Loan interest rates start from 11.49%. In IDFC First Bank you can get Pre-Owned Car Loan with an interest rate of minimum 11.49% and maximum 18%.

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IDFC First Bank Pre-Owned Car Loan Tenure Rate

The tenure of IDFC First Bank Pre-Owned Car Loan ranges from 11 months to 84 months. You can get loan for minimum 1 year. From here you can take a loan for a maximum of 7 years, which is a very long time.

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IDFC First Bank Pre-Owned Car Loan Processing Fees

A processing fee of 5% is seen in IDFC First Bank Pre-Owned Car Loan.

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IDFC First Bank Pre-Owned Car Loan EMI bounce Charges

If you bounce any of your EMIs in IDFC First Bank Pre-Owned Car Loan, you will be charged EMI bounce charges of ₹ 500.

IDFC First Bank Pre-Owned Car Loan कैसे लें? Interest Rate 2024

IDFC First Bank Pre-Owned Car Loan Late payment/Penal charges/ Default interest/Overdue (per month)

In IDFC First Bank Pre-Owned Car Loan, you get Late payment/Penal charges of 2% per month.

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IDFC First Bank Pre-Owned Car Loan Documents Required

Identity Proof:

Passport (with valid expiry date)
Voter ID card
Aadhaar Card
Driving License
NREGA Job Card (Signed by State Government Official)

Address Proof:

Passport
Aadhaar Card
Utility bills (electricity, telephone, water, gas, post-paid mobile bills – not older than 2 months)
Ration Card
Driving License
With tenancy agreement and latest utility bill
Property or Municipal Tax Receipt

Income Proof:

For salaried individuals: With last three months salary slips and Form 16.

For self-employed individuals: ITR filing certificate of last three financial years and bank statement of last 6 months.

For Salaried:

Employment Certificate from current employer.
Experience Certificate.
Appointment letter from current employer.
One passport size photo:

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How to Apply for IDFC First Bank Pre-Owned Car Loan?

First of all you will go to IDFC First Bank website.
After this you have to select your Pre-Owned Car Loan.
After this you have to choose which Pre-Owned Car Loan you want.
After this you have to click on the Apply Online button.
After this you have to upload the required documents.
Now the bank will check your profile.
After applying, bank employees will give you loan related information.

Digital Loan Application: IDFC First Bank also provides you the facility to apply for Pre-Owned Car Loan online. The online application process may require uploading of digital copies of certain documents.

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IDFC First Bank Pre-Owned Car Loan Customer Care Number

1800 10 888

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So, if you are thinking of buying a pre-owned car, then IDFC First Bank’s Pre-Owned Car Loan can be a great option for you. This loan will help you acquire your dream car and enjoy your ride in comfort, free from financial burden. Then what are you waiting for? Visit an IDFC First Bank branch or visit their website today and make your dream car a reality!

Note: The above information is for informational purposes. Please read and understand the terms and conditions of the bank carefully before taking the loan.

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FAQ

Ques: What is Pre-Owned Car Loan?

Ans: Pre-Owned Car Loan is a loan given to help you buy your Pre-Owned Car at an affordable monthly EMI.

Ques: What can Pre-Owned Car Loan be used for??

Ans: If you want to buy a car loan, then you can take a car loan.

Ques: What is the difference between car buyback and refinance/loan?

Ans:

Repurchase is when a loan is taken for the purchase of a pre-owned car, it is a repurchase loan.
Refinance loan/loan against car is when a loan is taken against an existing car owned by the applicant to avail funds for financial needs.

Ques: Why should I get a pre-owned car loan from IDFC FIRST Bank?

Ans: With the first-in-industry instant approval process with waivers in verifications and valuation, IDFC FIRST Bank provides an opportunity to buy your dream car without stressing your finances.

Ques: Why should I get a loan against car/refinance loan from IDFC FIRST Bank?

Ans: With the first-in-industry instant approval process, IDFC FIRST Bank provides an opportunity to avail a loan against car that is twice your car’s current value to solve your financial needs at affordable rates.