IDFC First Bank Car Loan

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Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

IDFC First Bank Car Loan Key Features

Interest Rate 7.35%* per annum
Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 2,311
Minimum Net Monthly Income ₹ 15,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee Up to 0.40% Only
Foreclosure Charges  5% of the principal outstanding
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About IDFC First Bank Car Loan

IDFC First Bank is an Indian banking company with headquarters in Mumbai that forms part of IDFC, an integrated infrastructure finance company. The bank started operations on 1 October 2015. IDFC FIRST received a universal banking licence from the Reserve Bank of India (RBI) in July 2015.

IDFC First Bank provides Car Loans at attractive rates of interest to the consumer for buying their dream car whether new or second hand. It is an easily available loan that can be procured by anyone even by ones who have a slightly low credit/CIBIL score.

Advantages of IDFC First Bank Car Loan

IDFC First Bank Car Loan

IDFC First Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

IDFC First Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.35% p.a. to 11.30% p.a. 14.80% p.a. to 16.80% p.a.
Processing fee Up to 0.40% Only 0.40% 
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 5% of the principal outstanding 5% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

IDFC First Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

 

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

 

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

 

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

IDFC First Bank Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

IDFC First Bank Car Loan Types

IDFC First Bank offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  Those who wish to buy a new car, this is the scheme for you. You can take IDFC First Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you wish to buy a used car then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can opt for this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

IDFC First Bank Car Loan Pre Calculated EMI

How to Apply for IDFC First Bank Car Loan?

  1. Visit Dialabank 
  2. Go to IDFC First bank page.
  3. Complete the car loan application form.
  4. Wait for a call from our Relationship Manager who will guide you throughout the process.
  5. You can compare different offers from banks and NBFCs and choose the one which suits your needs.
  6. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.

IDFC First Bank Car Loan for Top Selling Cars

Other Available Products from IDFC First Bank

IDFC First Bank Personal Loan IDFC First Bank Gold Loan IDFC First Bank Home Loan
IDFC First Bank Credit Card IDFC First Bank Two Wheeler Loan IDFC First Bank Education Loan

FAQs for IDFC First Bank Car Loan

✅ What is the IDFC First Bank Car Loan?

IDFC First Bank car loan is the credit amount granted to its consumers by the organization for the latest or old car.

✅ How can I get a Car Loan from IDFC First Bank?

  1. Minister Dialabank and fill a card.
  2. Please wait for a proposal from our Relationship Director who will lead you during the process.
  3. You can examine distinct offers from banks and other companies and choose the one which suits your requirements.
  4. Thus, instantly apply for a Car Loan through Dialabank and enjoy the most suitable offers.

✅ How does IDFC First Bank Car Loan work?

When you apply for a car loan, then you will get a call from our agent and then, there will a record verification process. Then, the loan expense will be charged to your account.

✅ What is the Car Loan Interest Rate in IDFC First Bank?

The percentage rate on a car loan in the IDFC First Bank is 7.35% only.

✅ How to Check Car Loan status in IDFC First Bank?

You can follow your car loan status online on the Car loan status website.

✅ How to Calculate Car Loan Interest in IDFC First Bank?

Use Dialabank’s EMI calculator to determine the interest as well as the EMI on your loan.

✅ What is the maximum loan amount I can avail of on Car Loan from IDFC First Bank?

The greatest loan sum you can avail of on a car loan is up to 90% of On Road Price.

✅  What is the loan tenure of the IDFC First Bank Car Loan?

The loan tenure of the IDFC First Bank Car Loan is a maximum of 7 years.

✅ Can I get a 100% Car Loan from IDFC First Bank?

Yes, you can get a 100% Ex-showroom Price car loan from IDFC First Bank.

✅ How much Processing Fee is applicable to the IDFC First Bank Car Loan?

IDFC First Bank imposes a processing expense of 0.40% Solely.

✅ What are the EMI options available on the IDFC First Bank Car Loan?

IDFC First Bank Affords pair EMI options Step-up EMI and Balloon EMI.

✅ What are the charges for Prepayment in IDFC First Bank Car Loan?

You can prepay/foreclose your IDFC First Bank Car Loan with 5% as foreclosure costs.

✅ Can I get a top-up loan on my existing IDFC First Bank car loan?

You can get a top-up loan on your current car loan from IDFC First Bank for up to 150% of its value.

✅ Do I need to provide a guarantor to avail a car loan from the IDFC First Bank?

Generally, you don’t need a sponsor for a car loan. However, you may need a guarantor if you don’t fulfill the eligibility standards.

✅ How to get the IDFC First Bank Car Loan Statement?

Get the report in person by touring your office and demanding a detailed report.

                            or

You can perceive the statement online. To do this, you should have IDFC First Bank internet funding initiated.

✅ How to Pay IDFC First Bank Car Loan Interest Online?

Just logon to online IDFC First Bank debt to ‘see and pay’ your bills. You also get an electric acknowledgment for every bill paid by you practicing e-PAY. You can also pay through Paytm.

✅ What if I can’t pay the interest on IDFC First Bank Car Loan for 3 months?

IDFC First Bank imposes 24% of the exceptional amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for three months.

✅ How can I apply for EMI Moratorium on IDFC First Bank Car Loan?

You can apply for EMI Moratorium on IDFC First Bank Car Loans instantly from the IDFC First Bank website’s Loan corner.

✅ What is the number for the IDFC First Bank Car Loan agent?

Call Dialabank at 9878981166 as it is one of the most advanced IDFC First Bank Car Loan agents. Dialabank even ensures the best suggestions on your Car Loan.

✅ Can I close the IDFC First Bank car loan online?

IDFC First Bank car loans can be secured by visiting the nearest branch and clearing the outstanding amount.

✅ What is the IDFC First Bank Car Loan Customer Care Number?

Call 9878981166 and clear any of your questions with us anytime.

✅ How can I get NOC from the IDFC First Bank for a Car loan?

You can get NOC immediately from the branch for IDFC First Bank Car Loans.

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