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Owning a car of your choice is easier today than it was before you could avail a new car loan within minutes. With flexible payment options, you can repay the loan without any difficulty. IDFC FIRST Bank offers you loans for cars, up to 100 percent of on-road price. You can have the best new car loan interest rate in India, click here to know the best rate offering.
Check out the table below to know the new car loan interest.
Types of Fees | Applicable Charges |
---|---|
New car loan interest rate | 9.75% p.a. onwards |
Processing fees | Up to 10000/- to be deducted from Loan Amount |
Late payment fees | 2% per month (Exclusive of GST) of the unpaid EMI or Rs 300 (Exclusive of GST) whichever is higher |
Stamping Charges | As per actuals |
The new car loan interest at IDFC FIRST Bank is subject to customer's risk profile. Refer to the table below to know the current personal loan rates.
Product type | Minimum interest rate | Maximum interest rate |
---|---|---|
New Car Loan(Fixed) | 9.75% | 13.50% |
Disclaimer: The above rate is applicable to loan amount above ₹1 lakh.
IDFC FIRST Bank offers transparency in new car loan schemes and loan charges. We do not have hidden loan interest, prepayment charges, and processing fees. Read on to know the new car loan interest rates we charge.
IDFC FIRST Bank has an online EMI calculator that you can use to check your monthly EMI. The EMI calculator has three parts: loan amount, tenure, and rate of interest. You can use it by entering the loan amount you need, the applicable rate of interest and the tenure for which you want the loan. Once you enter these details, the EMI calculator will give you the EMI. Check it out here.
"I finalised the car I needed to buy on a Sunday, and the dealer gave me few options of banks for the loan, but basis my corporate salary account relationship I called up the IDFC FIRST Bank SPOC. I was impressed with their response on a non-working day. I am very happy to see IDFC FIRST Bank & their employees displaying their customer-first approach from the time of enquiry to delivery of the new car."
"I would like to thank and express my gratitude towards the staff of IDFC FIRST Bank Jamshedpur main branch. To my delight and astonishment my new car loan got disbursed within 3 days with very minimal and hassle-free documentation. I would like to thank my relationship manager and branch manager who went out of the way to provide such nice service. "
IDFC FIRST Bank offers an attractive rate of interest in new car loans which is very competitive in the market. It depends on various aspects such as your credit score, credit payment history, monthly income, higher down-payment, and of course, your relationship with the bank. IDFC FIRST Bank offers you interest rate starting from 9.0% to 10.5% depending upon the overall profile of the customer.
Credit score should be 750 or above for self employed and 700 or above for salaried. You need to meet various criterion beyond credit score to qualify for 100% loan on car.
Yes, IDFC First Bank offers "industry first" 10 years loan tenure on new car loans. Making your dream car emis affordable and easy on your pocket.
Conclusion
Our car loan interest rates are competitive. IDFC FIRST Bank offers you 100% finance on the on-road car price with a tenure up to 7 years payable in flexible EMI options. With a car loan application process being easy and hassle-free, you can apply for it now here.
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Buying a car is a significant milestone in a person’s life. It invokes feelings of pride, joy, and some serious excitement over finally having the freedom to hit the open road any time you want. In addition to figuring out things like your budget, which car to buy, where to buy it from, and what colour it should be, you also need to know how you will make the payment.
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