IDFC FIRST Bank Pre-Owned Car Loan

Buy your dream car with IDFC FIRST Bank Pre-owned car loans

Two Wheeler Loan
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For purchase of a Pre-owned car Interest rate – 12.99% LTV - up to 90% of car’s value
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Nil Processing charges
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For loan against your existing car
Interest rate – 13.99%
LTV - up to 120% of car’s value
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Loan tenure up to 5 years

3 steps to apply For Pre-owned Car Loan:

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Eligibility

Apply online and check your eligibility instantly

Key Features

  • Easy documentation
  • Quick process
  • Exciting offers.

Documents

  • KYC proofs
  • 3 months banking for Repurchase
  • 6 months banking for loan against your car (Refinance)
  • Car’s RC

Pre Sanction Document:



  • • KYC Proofs
  • • 3 months banking for Repurchase
  • • 6 months banking for loan against your car (Refinance)
  • • Car’s RC

Post Sanction Document:



  • • Agreement
  • • Car Insurance
  • • Security Post-dated cheque(s)
  • • Repayment track (for Refinance/Car & cash)
  • • Any other scheme specific document that may apply

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Frequently Asked Questions

What is a pre-owned car loan?

With a pre-owned car loan, you no longer have to wait to accumulate the entire purchase amount. You can repay the loan in equated monthly instalments (EMIs) over the loan tenure. IDFC FIRST Bank offers pre-owned car loans at attractive terms with quick and easy paperwork, and gives you a near-instant decision on the approval. We finance up to 125% of the car’s cost and offer flexible loan tenures. It’s time to graduate to four wheels and enjoy the joys of car ownership with a IDFC FIRST Bank pre-owned car loan.

What are the eligibility parameters for a pre-owned car loan?

If you aspire to own a four-wheeler using a pre-owned car loan, you need to be at least 21 years of age. IDFC FIRST Bank provides pre-owned car loans to both salaried and self-employed professionals. You should have at least 1 year of work or business experience. Pre-owned car loans are available for cars that are up to 10 years’ old. If you meet all the conditions, you can speak with a IDFC FIRST Bank representative available at your car dealership or visit our website and leave your details and we will arrange to have you called back. Alternatively you can contact us at 1860-500-9900 or write to us at customer.care@capitalfirst.com.

How long does it take to process a pre-owned car loan?

IDFC FIRST Bank pre-owned car loans can be processed very quickly. All we need from you are your KYC documents and bank details. Please contact a IDFC FIRST Bank representative at your nearest car dealership, who will assist you with the approval process. You can also contact us at 1860-500-9900 or email us at customer.care@capitalfirst.com for further information or fill in your details on our website here and we will get in touch with you.

What are the necessary conditions to get a pre-owned car loan?

Obtaining a pre-owned car loan from IDFC FIRST Bank is easy and requires meeting minimum conditions. These are:

  • You should be at least 21 years’ old and have 1 year of work or business experience.
  • We finance cars that are up to 10 years’ old.
  • You will need to provide proofs of identity and proof of address.
  • You should hold a bank account.

Is it possible to get a pre-owned car loan without proof of income?

Yes, you can get a pre-owned car loan without an income proof. However, please be aware that conditions apply in this case. You can contact us at 1860-500-9900 or email us at customer.care@capitalfirst.com. Alternatively, you can also download our mobile app from the Google Play or Apple App Store and use it to contact us. We will be happy to provide you with details.

I am self-employed; can I get a pre-owned car loan?

We offer pre-owned car loans to self-employed individuals. You should have been in business for a minimum of 1 year. You will need to provide us with the documents listed here.

Can I check my car loan eligibility online? Is it also possible to receive an approval online?

All you need to do is fill in your basic details on our website here and we will call you back to determine if you are eligible for a second hand car loan from IDFC FIRST Bank.

I want to purchase a used car from a relative or a friend, can I still receive a pre-owned car loan?

Yes, it is possible to be eligible for a pre-owned car loan if you are purchasing a car from a relative or a friend. You must meet all the eligibility criterion. It is easy to find out if you are eligible by simply filling a small form online, post which we will get in touch with you to know a few more details and confirm if you are eligible for a pre-owner car loan.

Are there any charges on a pre-owned car loan?

IDFC FIRST Bank charges only processing fees, document charges and applicable stamp duty on pre-owned car loans. We follow a transparent process of levying charges. Information on charges is available with your local IDFC FIRST Bank representative, who will assist you with any queries you may have. You may also contact us at 1860-500-9900 or write to us at customer.care@capitalfirst.com. We will be happy to help you.

Do I have to pay a fixed or floating interest rate on my pre-owned car loan?

We charge a fixed rate of interest on pre-owned car loans. Since the interest remains the same throughout the period of the loan, there are no shocks due to interest rate hikes and your borrowing is locked-in at the rates prevalent at the time when you obtained the loan.

Are there any benefits of taking a pre-owned car loan from IDFC FIRST Bank?

A pre-owned car loan from IDFC FIRST Bank is hassle-free and easy to obtain. We offer the following benefits to our customers:

  • Approval within 5 minutes subject to IDFC FIRST Bank receiving full documentation
  • Loan available on the spot at car dealerships
  • We finance up to 125% of the vehicle’s value
  • Ability to purchase a car of up to 10 years’ old
  • Friendly terms that cater to both salaried and self-employed individuals
  • Easy repayment in EMIs due to flexible tenure
  • No need for a security or a collateral

What facilities does IDFC FIRST Bank provide to its pre-owned car loan customers?

We want our customers to have a good experience when they take a pre-owned car loan from IDFC FIRST Bank. We have made repaying the loan as easy as possible; you can make a payment at any of our branches or even online through our website or mobile app. You can also log in to the PAYTM app and pay through that. Other transactions like downloading a copy of your statement of account can be done through the customer portal.

Where do I have to go to obtain a pre-owned car loan?

Please visit your car dealership to avail a IDFC FIRST Bank pre-owned car loan. Our representative will assist you with your loan application and also inform you if the loan has been approved on the spot. Alternatively, you can also apply for a loan by simply filling in your details on our website; or on our mobile app available on the Google Play or Apple App Store to secure the loan. If you would like to know more about how you can get a IDFC FIRST Bank pre-owned car loan, simply call customer care at 1860-500-9900 or email us at customer.care@capitalfirst.com.

How much loan can I get to buy my second hand car?

You can borrow up to 125% of the value of your car subject to certain conditions. Please remember that the car should not be older than 10 years. Our representative can give you the precise amount that you are eligible for after he assesses your application. In case you have any questions regarding how much loan amount you are eligible for, kindly call us at 1860-500-9900 or email us at customer.care@capitalfirst.com.

Will I have to provide any security for the pre-owned car loan?

No, you do not need to provide any security or collateral for securing a pre-owned car loan. Your vehicle is hypothecated to IDFC FIRST Bank during the loan tenure and acts as a security for the loan.

What is the tenure of the pre-owned car loan?

With IDFC FIRST Bank, you have the flexibility to choose a tenure that suits your individual budget. We offer tenures from a minimum of 11 months up to 84 months, subject to certain conditions. Our representative can work with you to establish the right tenure for your application. In case you have any questions regarding the loan tenure, please feel free to call us at 1860-500-9900 or email us at customer.care@capitalfirst.com.

What are the documents required for a pre-owned car loan?

The documents required for a used car loan by IDFC FIRST Bank are easy to obtain and can be simply self-attested. After you submit the used car loan documents, we will process your application. Documents required for a used car loan are listed here

What if I want to change the tenure of my two-wheeler loan?

You can choose a loan tenure ranging from 06 months to 60 months at the time of taking your loan. In case you would like to change the tenure of your loan, please feel free to call our customer care at 1860-500-9900 or write to us at customer.care@capitalfirst.com. You can also visit one of our branches to get more information. .

How do I repay my pre-owned car loan?

You will repay your loan in Equated Monthly instalments (EMIs). The EMI amount can be deposited directly at a IDFC FIRST Bank branch or you have the flexibility of paying through our website or mobile app, which can be downloaded from the Google Play or Apple App Store. Please contact our customer care at 1860-500-9900 or email us at customer.care@capitalfirst.com for more information about loan repayment.

Can I repay the loan before the expiry of the tenure?

Yes, you have the option to repay the entire loan amount before expiry of the loan tenure by simply visiting our branch or using our mobile app. If you need help with repaying the loan before the tenure expires, please contact customer care at 1860-500-9900 or email us at customer.care@capitalfirst.com.

How can I get my No-objection Certificate (NOC) after loan repayment?

Once you have repaid your loan, we will dispatch the No-objection Certificate (NOC) to your address. If for some reason you have not received your NOC, please contact customer care at 1860-500-9900 or email us at customer.care@capitalfirst.com. You can also visit any of our branches and our representative will assist you in getting a physical copy of your NOC.

How can I release the hypothecation of my car after I have repaid the loan?

You will be issued a No Objection Certificate (NOC) after the loan has been repaid in full. You can take this document to the registration and licensing authorities for release of hypothecation on your vehicle. In case you have any questions regarding releasing hypothecation, please feel free to call us at 1860-500-9900 or email us at customer.care@capitalfirst.com.

Is it possible to get life insurance along with my loan?

Yes, you can get a life insurance at the time of taking your loan. IDFC FIRST Bank makes it really simple to get insurance because you will be able to pay your premium amount along with the loan amount EMIs. This cuts down the need to be able to have to pay a huge one-time premium at the time of purchasing your vehicle. We also make sure that the insurance policies you get have the best possible terms and are made available to you at competitive prices.

How can I get my Statement of Account?

If you would like to download your account statement, select the 'My Loans' tab on the customer portal. The details of your active loans will be displayed by default. Click on the 'Account Statement Download' button to obtain your account statement instantly.

How can I get my Statement of Account?

You can get your statement of account from IDFC FIRST Bank's customer portal. Alternatively, please visit our branch and our representative will help you obtain your statement. You can also visit the dealership and our sales officer will provide you the statement. You can also receive your statement by calling our customer care at 1860-500-9900 or by writing to us at customer.care@capitalfirst.com and we will send a copy of your statement of account to your registered email address.

Is it possible to change the tenure of my used car loan after the loan has been approved?

Yes, it is possible to choose from a tenure ranging from 11 to 84 months. If you would like to change tenure of your loan, you can contact our customer service at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will try to work out the right tenure for repayment of the loan even after it has been processed.

Is it possible to cancel my used car loan application after it has been approved?

Yes, you can cancel your loan application even after it has been approved. We will regret the loss of your patronage. Please call us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will help you with processing your cancellation request.

I have a question that is not listed here; what do I do?

We will be glad to help you with any questions regarding the IDFC FIRST Bank pre-owned car loan. Please feel free to contact our customer representative at 1860-500-9900 or email us at customer.care@capitalfirst.com. If you have a more pressing matter to discuss, feel free to visit any of our branches and speak to our customer representatives

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Contact us

REGISTERED office:

IDFC FIRST Bank Ltd

KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
India

Corporate office:

IDFC FIRST Bank Ltd

Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai - 400051,
India

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