Unlimited benefits with a start-to-finish digital process with IDFC First Bank Home Loans
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You want to drive your dream car but you can’t afford it. You think it is a long-term commitment of saving enough money to fulfil your dream. Don’t worry! You don’t have to be rich or save enough to buy a car of your choice. With a car loan, you can realize your dream of buying a car.Read More
"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 Car Loans are offered at very competitive interest rates, flexible EMI options, low processing fee, on-road price funding of 100 percent, and a tenure up to 10 years. Existing customers can avail a pre-approved car loans based on their income and credit score.
Now you can get ready to drive your own car through IDFC First Bank’s simple and hassle-free application process. The Equated Monthly Instalments facility help you repay your loan easily. With our online car loan EMI calculator, you can know what would be your EMI and decide the car loan amount you want to apply for.
IDFC First Bank brings you a user-friendly online car loan EMI calculator tool to help you in making an informed decision on what is the amount of EMI affordable to you on the funding to buy your dream car. The results generated solely and completely depend on the information provided by you. IDFC First Bank does not guarantee accuracy, completeness or correctness of any details provided therein.
An EMI is an amount that is calculated using a mathematical formula:
E = P. R. (1+R)^n/[(1+R)^n -1]
Where ‘E’ is the EMI payable, ‘P’ is the principal amount, ‘r’ is the interest rate and ‘n’, the tenure of the loan in months.
You do not have to use the above formula; IDFC First Bank makes it easy for you to calculate the EMI using its Car Loan EMI calculator. All you have to do is provide the details like:
The car loan calculator helps you plan your budget and arrive at the EMI affordable to you.
To know the current Car Loan interest rate, click here.
Car Loan Calculator: Benefits and Features
When it comes to the current interest rate, IDFC First Bank offers 8.5 percent floating rate of interest for a new car. The lowest or minimum EMI for a car loan is Rs 1584 per month for 7 years on one lakh loan amount. However, the EMI amount can change based on the loan amount, loan tenure and interest rate. You can use our car loan interest rate calculator on the website.
The borrower has to pay Rs 15,836 every month for 7 years on the loan of Rs 10 lakhs at 8.5 percent interest rate. You can reduce the funding by increasing your down payment.
You can visit the IDFC First Bank website here to access our car loan EMI calculator. On the website, you can either use the slider or type in the loan amount you want to borrow, loan tenure and interest rate to get the EMI amount instantly. It also serves as the used car loan EMI calculator and pre owned car loan calculator.
The car loan EMI is usually paid by signing an ECS mandate, which gives the clearinghouse the authority to debit the EMI amount from your savings account and credit it in your car loan account. The National Automated Clearing House (NACH)/ECS is faster and more preferable than any other payment mode.
The most reliable and convenient way of paying your car loan EMI is by signing ECS mandate in favour of the bank that offered you the EMI payable loan. The other mode of paying is through post-dated cheques, which is accepted in non-ECS locations. In some cases, you can also give standard instructions to your bank to debit automatically the EMI amount from your savings or current account.
The usual car loan tenure is 7 years, but IDFC First Bank offers a tenure up to 10 years. The more the number of years, the less the amount of EMI. For instance, your EMI for the loan amount of 8 lakhs for 7 years is Rs 12,669, and for 10 years is Rs 9,919. IDFC First Bank helps you with a flexible repayment tenure that suits your budget. Our representative will discuss with you to determine the right loan tenure for you.
There may be some situations in which the car loan EMI can change, and they are:
A car loan can help you realize your dream of owning a car of your choice. It keeps you indebted for a minimum of 7 years, and therefore, it is essential to check your EMI affordability using the car loan EMI calculator on the IDFC First Bank’s website. To learn more about it, click here.