IDFC FIRST Bank Used Car Loan

IDFC FIRST Bank provides used car loans with interest rates starting from 11.99% p.a., and flexible tenures of up to 7 years. Apply online for quick approval with minimal documentation. Benefit from competitive rates, easy repayment, and a smooth online process to finance your pre-owned car.

The used car loan EMI calculator allows you to quickly estimate your monthly repayments and total loan cost. By entering the principal amount, interest rate, and tenure, you can instantly calculate your EMI, total interest payable, and overall repayment amount.

You can also modify the loan amount or tenure to explore different EMI options and select the one that best fits your budget.

To calculate the EMI for a used car loan, you can use the following formula:

EMI=[PxRx(1+R)^N]/[(1+R)^N-1]

Where:

P = Principal loan amount

r = Monthly interest rate 

n = Loan tenure in months

IDFC FIRST Bank Used Car Loan is available for salaried and self-employed individuals who meet the following eligibility criteria:

For Self-Employed Individuals

• Resident Indians

• Age between 21 and 70 years

• Minimum 2 years of business continuity

• Annual income of at least ₹1.5 Lakh

For Salaried Individuals

• Resident or Non-Resident Indians

• Age between 21 and 60 years

• Minimum 1 year of work experience

• Annual income of at least ₹1.8 Lakh

To apply for an IDFC FIRST Bank Used Car Loan, you need to submit essential documents for verification:

• Identity Proof: PAN Card, Aadhar Card, Passport, or Voter ID

• Address Proof: Aadhar Card, Driving License, Passport, etc.

• Income Proof: Current salary slips, latest Form 16, or current ITR

• Bank Statements: Last 3 to 6 months

• Vehicle Documents: RC Book and insurance copy

Follow these simple steps to apply for an IDFC FIRST Bank pre-owned car loan:

1. Visit the IDFC FIRST Bank website or download the mobile banking app

2. Navigate to the “Pre-Owned Car Loan” section under the Loans menu

3. Click “Apply Now” and select the Used Car Loan option

4. Enter your details, including name, contact information, loan amount, and vehicle information

5. Submit the required documents and receive loan approval within 2 days after verification

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