IDFC FIRST Bank Car Loan Interest Rate

IDFC First Bank (previously IDFC Bank) is a private Indian bank owned by IDFC, an integrated infrastructure finance corporation. After getting a universal banking license from the Reserve Bank of India (RBI) in July 2015, the bank began operations on October 1, 2015.

The bank does serve corporate and private customers in India, especially consumers in the infrastructure industry, which IDFC has specialized in since its inception in 1997. The bank also intends to serve those in rural areas and the self-employed. IDFC Bank is the first bank in India to offer an Aadhaar-linked cashless merchant solution.

The bank also provides various services and products to its customers, among which even car loans. These car loans have gained popularity in recent times. Along with it, the bank is offering its customers a floating car loan interest rate IDFC First Bank over its new and used car loan schemes.

Characteristics of the IDFC Car Loan

IDFC bank's car loans include all of the necessary elements. The bank offers this loan with a low- IDFC car loan rate of interest and flexible repayment terms, so you should try an IDFC Bank Used Vehicle loan if you haven't found a lender that meets your needs.

  • Get loans up to 200% of the car's value.
  • Interest rates begin at 9%.

IDFC First Bank Car Loan Interest Rate

IDFC Bank Car Loan Interest Rate

8.65%

Who is Eligible to Get the IDFC First Bank Car Loan?

Following are the eligibility criteria to get the IDFC First Bank car loan-

- In the case of Self-employed

  • Residents who are Indians
  • Individuals have to be between the age of 23 and 70
  • A minimum of 4 years in the business
  • Needs to earn Rs. 1.5 lakhs for a year

- In the case of Salaried

  • Indian residents and NRIs can apply.
  • They need to be between the age of 21 and 60.
  • They need to have a minimum of 3 years of experience.
  • They need to earn more than a lakh for a year.

Documents Required to Apply for the IDFC First Bank Car Loan

The generic documents that are needed are-

  • ITR for the previous two years/three months Salary Statements
  • Proof of business (self-attested copy of any one document*)
  • KYC documentation
  • Three months of savings and six months of banking for a loan against your automobile (Refinance)
  • The RC of the car

Other Charges of the IDFC First Bank 

Bounce Charges

Rs. 400

Cheque Swap

Rs. 500

Cancellation

Rs. 10,000

Foreclosure

5%

Processing Fees 

3.5%

How to Apply for the IDFC First Bank Car Loan?

There are two main ways to do this-

1) Offline

If you want to apply for an IDFC bank used car loan, go to the nearest IDFC First bank location, where a bank official will walk you through the used car loan application process. Since you will be required to submit documentation for an IDFC bank second-hand car loan application, bring them with you when you visit the branch.

2) Online

You can apply for IDFC bank pre-owned car loans online, which is simple and time-saving. The following are the processes to apply for an IDFC bank-used automobile loan online-

Step 1: Visit the IDFC First bank's official website.

Step 2: Navigate to the "Loans" dropdown menu.

Step 3: Select "Pre-Owned Car Loan."

Step 4: Click the "Apply Now" button now.

Step 5: Fill out the form with your phone number and personal information.

Step 6: Fill out the loan application.

Step 7: Send it in.

You can also contact IDFC bank customer service to learn more about the second-hand car loan application process.

Customer Care of IDFC First Bank Car Loan

You can contact IDFC bank customer service if you need help with your IDFC bank used automobile loan. Here is the IDFC bank pre-owned car loan customer service number, which you can call if you have any questions, complaints, or feedback-

Numbers:

  1. 1800 419 4332
  2. 1860 500 9900
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