IDFC Bank Used Car Loan Overview

IDFC bank is an Indian private sector bank which is headquartered in Mumbai. The bank offers business loans, personal loans, used car loans to meet your all requirements. When it comes to pre owned cars, IDFC is the best option which offers used car loans at affordable interest rates. Effective 18th December 2018 Capital First IDFC bank have merged. The merged entity is now IDFC First bank.

Interest Rates of IDFC Bank Used Car Loan

  • Interest rate charges are depending on the vehicle's scheme.

  • Foreclosure charges can be done by service manager or visiting any IDFC Bank.

  • The loan amount is depending on the customer's profile and laid down policies of the bank.

Eligibility Criteria for IDFC Bank Used Car Loan

For salaried individuals

  • Applicant's age should be 21 to 70 years old but no more than 70 years old at the end of a loan.

  • Salary should be Rs. 2.4 lakhs per annum for all approved car models (terms and conditions apply)

  • The eligibility of income based on salary slip and form 16 of the applicant.

  • He/She should have minimum 1 year experience in the same organization.

For Self Employed Individuals

  • Applican's age should be 18 to 75 years old but no more than 75 years at the end of a loan.

  • He/She should earn Rs. 1.8 lakhs per year (monthly income Rs.15,000).

  • The income eligibility is based on the latest Income Tax returns.

  • Should be employed minimum 3 years in the same business.

For Self Employed Non Individuals

  • Should earn minimum Rs. 1.8 lakh per annum.

  • Income eligibility is based upon the IT returns and 2 years audited financials with computation of income.

  • Should be employed minimum 3 years in the same business.

For wealth/ priority/ privee customers

  • Customers with vintage of six months.

  • Minimum Average Quarterly Balance is Rs. 1,00,000 for last two completed quarters. The Max. loan amount restricted to three times in the past 2 quarters.

Doumentaion Required for IDFC Bank Used Car Loan

  • Age Proof

  • ID Proof

  • Passport size photos

  • Application Form

  • Address Proof

  • Bank Statement

  • Income Proof

  • Rate list or Pro forma invoice

  • Signature verification proof

IDFC Bank Used Bank Car Loan EMI Calculator

Our EMI calculator is easy to use and provide accurate results. You can calculate your loan amount to know your loan eligibility.

To calculate the EMI, enter the following details in the EMI calculator.

1. Loan Amount

2. Loan Tenure

3. Rate of Interest

Enter these values in the EMI calculator to compare the loan interest rates of various banks and get the best deals on pre owned car loans.

To check your used car loan Hyderabad EMI for IDFC Bank, use below EMI calculator.

Why IDFC Bank Used Car Loan?

1. IDFC bank used car loans has affordable interest rates.

2. IDFC bank documentation process for used car loans are simple and hassle free.

3. IDFC bank provides car loans with longer tenure options.

4. IDFC bank offers more deals on pre owned car loans.

IDFC Bank Used Car Loan Application Form

IDFC bank is one of the leading bank in India. They have number of products targeted at various customers at different states. Here, we provide you the used car loans application forms to understand them well.

The standard pre owned car loan application form contains 4 forms. Which are,

1. Form A

2. Form B

3. Form C

4. Form D

1. Form A: In this form, you will give your personal details like age gender, name, DOB etc.

2. Form B: In this form, you will give your employment and income details such as employment type, company name, gross income etc.

3. Form C: In this form, you will give your property and loan details like property type, address, contact details, purpose of loan, insurance policy etc.

4. Form D: In this form, you will read the terms and conditions carefully before you are going to sign them. If you didn't understand anything, you will contact the bank agent to know more about it. Don't fill the wrong information which lead to the rejection from the bank. It will be impact on your credit score. The banks also check your past credit report history.

Features and Benefits of IDFC Bank Used Bank Loan

  • Hassle free loan sanction

  • Less Documentation

  • Loan Tenure up to 5 years

  • No hidden charges

IDFC Bank Customer Care Number

If you have any queries regarding pre owned car loans, contact us at 1800-419-4332

FAQs about IDFC Bank Used Car Loan

1 How loan Does it take to process a second hand car loan?

IDFC bank used car loans can be processed quickly. If you submit all KYC documents, then your loan will be approved quickly.

2. Can I check the loan eligibility online? Does it possible to get a loan approval online?

If you are apply for a loan, you will fill the details on the website and the agents of our bank will call you if you are eligible for a pre owned car.

3. I want to purchase a pre owned car from my friend, can I get a second hand car loan?

Yes, you will get a second hand car loan when you meet all eligibility criteria.

4. Are there any additional charges on a second hand car loan?

You have to pay processing fees, applicable stamp duty, documents charges on second hand car loans. For any queries, contact us at 1800-419-4332 to clarify your doubts.

5. What are the tenure range of second hand car loan?

The tenure range of second hand car loan is between 11 to 84 months.

6. How can I get NOC after loan repayment?

If you repay your loan completely, we will send the NOC (No Objection Certificate) to your address.