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IDFC Used Car Loan
From new cars to used cars and even two-wheelers, IDFC FIRST Bank provides finance for all kinds of motor vehicles. Take the hassle out of financing your next vehicle by applying online now. Get a personalized quote in seconds with our online application process and walk away with an instant pre-approved car loan offer. You can also avail of loans up to 200% LTV of your asset value with our Car N Cash scheme.Powered By
IDFC Used Car Loan
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Here are a few factors
| Location | 50Km from Branch |
| CIBIL Score | 700+ |
| Loan Amount & Tenure | 1
Lac to 1 Cr (12 month to 84 month) |
| Loan to Value(LTV) | 1.
Sale-Purchase: Up to 90% of Value of Car 2. Refinance:140% of value of Car 3. External BT & Internal BT- Top up-Up to 175% of Value of Car |
| Type of Funded Vehicle | Funding to 3rd Owner |
| Rate of Interest & Type | 10.50% to 19% (Reducing) |
| Processing Fees | 1% of Loan amount |
| TAT | Sanction-2 Days Disbursement-4 Days |
| Foreclosure Charges | 5% after 6 month |
| Applicant | Any Salaried or Self Employed Person |
| Applicant Age | 25 Year-65 Year |
| Applicant Minimum Income | Which is sufficient to Serve EMI |
| Business Vintage for Self Employed Applicant | 2 Year |
| Minimum Job Experience for Salaried Applicant | 2 Year |
| Whether Co-Applicant Mandatory | No |
| Part Payment Allowed | Yes, after 6 month |
| Product | 1.
Sale-Purchase 2. Refinance 3. External BT 4. Internal BT +Top up |
| Program | 1.
Banking Program -20 Lac 2. Income Program-Up to 3X of total income subject to maximum 1 Cr |
| Negative Profile | 1.
No BT +Top up to Advocate, NRI, DSA Profile 2. Employee working in Proprietorships Firm |
| USP | 1.
Up to 175% of Finance of Car Value in case of Internal & External BT+ Top
2. No Financial Required up to 20 lac Loan |
Required Documents to Apply for IDFC Used Car Loan
Salaried Person
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KYC of applicant
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Last 3 Month Salary Slip of Applicant
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Last 12 month Bank Statement of applicant
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Last 3 year ITR with computation of income of applicant or Last 2 Year Form 16 of applicant
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26AS of last 2 year of applicant
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RC of CAR
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Insurance Copy
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Sanction letter of all running loan
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Latest utility Bill if owned residence or rent agreement if rented
Self Employed
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KYC of applicant
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Last 3 year ITR with computation of income of applicant
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Last 3 year audited balance sheet of applicant if available
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Last 3 year Tax audit report of applicant if applicable
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Last 12 month Bank Statement of applicant
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RC of CAR
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Insurance Copy
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Copy of GST registration if available
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Copy of Last 12 month GST return if applicable
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Sanction letter of all running loan
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Latest utility Bill of residence if owned or rent agreement if rented
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Latest utility Bill of Office if owned or rent agreement if rented
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List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership Firm/LLP
About IDFC Used Car Loan
Are you eager to own your dream car? Begin your journey to car ownership with an IDFC Used Car Loan immediately!"
IDFC Used Car Loan is here to make your ambitions come true. You may travel in comfort and style instead of breaking the bank with their customized financing options. Bid a final goodbye to vehicle loan headaches and hello to a more enjoyable journey. Trust IDFC for all of your used car finance needs and enjoy the satisfaction of buying your dream car.
Interest Rates That Are Competitive, Loan Amounts That Can Be Changed, Swift and Simple Approval, and Repayment Options That Are Convenient are the reasons to choose an IDFC Used Car Loan.
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
Let us take an example, How EMI is being calculated
| Year | Principal (A) |
Interest (B) |
Total Payment (A + B) |
Balance | Loan Paid To Date |
|---|---|---|---|---|---|
| 2022 | ā¹ 83,031 | ā¹ 38,627 | ā¹ 1,21,658 | ā¹ 9,16,969 | 8.30% |
| Jul | ā¹ 13,610 | ā¹ 6,667 | ā¹ 20,276 | ā¹ 9,86,390 | 1.36% |
| Aug | ā¹ 13,700 | ā¹ 6,576 | ā¹ 20,276 | ā¹ 9,72,690 | 2.73% |
| Sep | ā¹ 13,792 | ā¹ 6,485 | ā¹ 20,276 | ā¹ 9,58,898 | 4.11% |
| Oct | ā¹ 13,884 | ā¹ 6,393 | ā¹ 20,276 | ā¹ 9,45,014 | 5.50% |
| Nov | ā¹ 13,976 | ā¹ 6,300 | ā¹ 20,276 | ā¹ 9,31,038 | 6.90% |
| Dec | ā¹ 14,069 | ā¹ 6,207 | ā¹ 20,276 | ā¹ 9,16,969 | 8.30% |
| 2023 | ā¹ 1,76,332 | ā¹ 66,985 | ā¹ 2,43,317 | ā¹ 7,40,637 | 25.94% |
| Jan | ā¹ 14,163 | ā¹ 6,113 | ā¹ 20,276 | ā¹ 9,02,805 | 9.72% |
| Feb | ā¹ 14,258 | ā¹ 6,019 | ā¹ 20,276 | ā¹ 8,88,548 | 11.15% |
| Mar | ā¹ 14,353 | ā¹ 5,924 | ā¹ 20,276 | ā¹ 8,74,195 | 12.58% |
| Apr | ā¹ 14,448 | ā¹ 5,828 | ā¹ 20,276 | ā¹ 8,59,746 | 14.03% |
| May | ā¹ 14,545 | ā¹ 5,732 | ā¹ 20,276 | ā¹ 8,45,202 | 15.48% |
| Jun | ā¹ 14,642 | ā¹ 5,635 | ā¹ 20,276 | ā¹ 8,30,560 | 16.94% |
| Jul | ā¹ 14,739 | ā¹ 5,537 | ā¹ 20,276 | ā¹ 8,15,821 | 18.42% |
| Aug | ā¹ 14,838 | ā¹ 5,439 | ā¹ 20,276 | ā¹ 8,00,983 | 19.90% |
| Sep | ā¹ 14,937 | ā¹ 5,340 | ā¹ 20,276 | ā¹ 7,86,046 | 21.40% |
| Oct | ā¹ 15,036 | ā¹ 5,240 | ā¹ 20,276 | ā¹ 7,71,010 | 22.90% |
| Nov | ā¹ 15,136 | ā¹ 5,140 | ā¹ 20,276 | ā¹ 7,55,874 | 24.41% |
| Dec | ā¹ 15,237 | ā¹ 5,039 | ā¹ 20,276 | ā¹ 7,40,637 | 25.94% |
| 2024 | ā¹ 1,90,967 | ā¹ 52,350 | ā¹ 2,43,317 | ā¹ 5,49,670 | 45.03% |
| Jan | ā¹ 15,339 | ā¹ 4,938 | ā¹ 20,276 | ā¹ 7,25,298 | 27.47% |
| Feb | ā¹ 15,441 | ā¹ 4,835 | ā¹ 20,276 | ā¹ 7,09,857 | 29.01% |
| Mar | ā¹ 15,544 | ā¹ 4,732 | ā¹ 20,276 | ā¹ 6,94,313 | 30.57% |
| Apr | ā¹ 15,648 | ā¹ 4,629 | ā¹ 20,276 | ā¹ 6,78,665 | 32.13% |
| May | ā¹ 15,752 | ā¹ 4,524 | ā¹ 20,276 | ā¹ 6,62,913 | 33.71% |
| Jun | ā¹ 15,857 | ā¹ 4,419 | ā¹ 20,276 | ā¹ 6,47,056 | 35.29% |
| Jul | ā¹ 15,963 | ā¹ 4,314 | ā¹ 20,276 | ā¹ 6,31,094 | 36.89% |
| Aug | ā¹ 16,069 | ā¹ 4,207 | ā¹ 20,276 | ā¹ 6,15,025 | 38.50% |
| Sep | ā¹ 16,176 | ā¹ 4,100 | ā¹ 20,276 | ā¹ 5,98,848 | 40.12% |
| Oct | ā¹ 16,284 | ā¹ 3,992 | ā¹ 20,276 | ā¹ 5,82,564 | 41.74% |
| Nov | ā¹ 16,393 | ā¹ 3,884 | ā¹ 20,276 | ā¹ 5,66,172 | 43.38% |
| Dec | ā¹ 16,502 | ā¹ 3,774 | ā¹ 20,276 | ā¹ 5,49,670 | 45.03% |
| 2025 | ā¹ 2,06,817 | ā¹ 36,499 | ā¹ 2,43,317 | ā¹ 3,42,852 | 65.71% |
| Jan | ā¹ 16,612 | ā¹ 3,664 | ā¹ 20,276 | ā¹ 5,33,058 | 46.69% |
| Feb | ā¹ 16,723 | ā¹ 3,554 | ā¹ 20,276 | ā¹ 5,16,335 | 48.37% |
| Mar | ā¹ 16,834 | ā¹ 3,442 | ā¹ 20,276 | ā¹ 4,99,501 | 50.05% |
| Apr | ā¹ 16,946 | ā¹ 3,330 | ā¹ 20,276 | ā¹ 4,82,555 | 51.74% |
| May | ā¹ 17,059 | ā¹ 3,217 | ā¹ 20,276 | ā¹ 4,65,495 | 53.45% |
| Jun | ā¹ 17,173 | ā¹ 3,103 | ā¹ 20,276 | ā¹ 4,48,322 | 55.17% |
| Jul | ā¹ 17,288 | ā¹ 2,989 | ā¹ 20,276 | ā¹ 4,31,035 | 56.90% |
| Aug | ā¹ 17,403 | ā¹ 2,874 | ā¹ 20,276 | ā¹ 4,13,632 | 58.64% |
| Sep | ā¹ 17,519 | ā¹ 2,758 | ā¹ 20,276 | ā¹ 3,96,113 | 60.39% |
| Oct | ā¹ 17,636 | ā¹ 2,641 | ā¹ 20,276 | ā¹ 3,78,477 | 62.15% |
| Nov | ā¹ 17,753 | ā¹ 2,523 | ā¹ 20,276 | ā¹ 3,60,724 | 63.93% |
| Dec | ā¹ 17,872 | ā¹ 2,405 | ā¹ 20,276 | ā¹ 3,42,852 | 65.71% |
| 2026 | ā¹ 2,23,983 | ā¹ 19,334 | ā¹ 2,43,317 | ā¹ 1,18,869 | 88.11% |
| Jan | ā¹ 17,991 | ā¹ 2,286 | ā¹ 20,276 | ā¹ 3,24,862 | 67.51% |
| Feb | ā¹ 18,111 | ā¹ 2,166 | ā¹ 20,276 | ā¹ 3,06,751 | 69.32% |
| Mar | ā¹ 18,231 | ā¹ 2,045 | ā¹ 20,276 | ā¹ 2,88,520 | 71.15% |
| Apr | ā¹ 18,353 | ā¹ 1,923 | ā¹ 20,276 | ā¹ 2,70,167 | 72.98% |
| May | ā¹ 18,475 | ā¹ 1,801 | ā¹ 20,276 | ā¹ 2,51,691 | 74.83% |
| Jun | ā¹ 18,598 | ā¹ 1,678 | ā¹ 20,276 | ā¹ 2,33,093 | 76.69% |
| Jul | ā¹ 18,722 | ā¹ 1,554 | ā¹ 20,276 | ā¹ 2,14,371 | 78.56% |
| Aug | ā¹ 18,847 | ā¹ 1,429 | ā¹ 20,276 | ā¹ 1,95,523 | 80.45% |
| Sep | ā¹ 18,973 | ā¹ 1,303 | ā¹ 20,276 | ā¹ 1,76,550 | 82.34% |
| Oct | ā¹ 19,099 | ā¹ 1,177 | ā¹ 20,276 | ā¹ 1,57,451 | 84.25% |
| Nov | ā¹ 19,227 | ā¹ 1,050 | ā¹ 20,276 | ā¹ 1,38,224 | 86.18% |
| Dec | ā¹ 19,355 | ā¹ 921 | ā¹ 20,276 | ā¹ 1,18,869 | 88.11% |
| 2027 | ā¹ 1,18,869 | ā¹ 2,789 | ā¹ 1,21,658 | ā¹ 0 | 100.00% |
| Jan | ā¹ 19,484 | ā¹ 792 | ā¹ 20,276 | ā¹ 99,385 | 90.06% |
| Feb | ā¹ 19,614 | ā¹ 663 | ā¹ 20,276 | ā¹ 79,772 | 92.02% |
| Mar | ā¹ 19,745 | ā¹ 532 | ā¹ 20,276 | ā¹ 60,027 | 94.00% |
| Apr | ā¹ 19,876 | ā¹ 400 | ā¹ 20,276 | ā¹ 40,151 | 95.98% |
| May | ā¹ 20,009 | ā¹ 268 | ā¹ 20,276 | ā¹ 20,142 | 97.99% |
| Jun | ā¹ 20,142 | ā¹ 134 | ā¹ 20,276 | ā¹ 0 | 100.00% |
FREQUENTLY ASKED QUESTIONS
A loan-to-value (LTV) ratio is the amount of money you borrow compared to the value of the car. It helps calculate the risk of the loan, which is important to both you and the lender before applying for a car loan.
IDFC FIRST Bank offers instant approval on all car loans with a waiver in verification and valuation. You can now buy a car by managing your finances with a variety of offers.
Once all the documents are provided, the sanctioning process takes 1 day, and the payment can be processed in 2 days.
With IDFC Bank, you can avail of Used Car Loans upto Rs. 2 crores
The maximum age to apply for an IDFC Bank Used Car Loan is 70.
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