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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Interest rate up to 11.49% on used car loans
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Tenure of up to 7 years on pre-owned car loans
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Interest rate of up to 13.99% on refinance loans
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LTV of up to 200% of market value of car
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Interest rate up to 11.49% on used car loans
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Tenure of up to 7 years on pre-owned car loans
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Interest rate of up to 13.99% on refinance loans
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LTV of up to 200% of market value of car
Used Car Loan EMI Calculator
Thanks to used car loans, you can now drive the car of your dreams without dipping into your savings. Not sure where to begin? Are doubts about financing holding you back? IDFC FIRST Bank’s used car loan EMI calculator is here to help. Get an idea of how much a pre-owned car loan will cost with our easy-to-use EMI calculator.Read More
IDFC First Bank provides competitive interest rates on second-hand cars, giving you more buying power. We offer interest rates as low as 11.49% (repurchase) and 13.99% (refinance). Apply for a pre-owned car loan online and avail instant sanction with minimal documentation. Our used car EMI calculator is designed to provide the closest estimate of your monthly instalments and the overall cost of repaying your loan. Use it to determine a convenient tenure based on your financial position and confidently make a decision for availing a pre-owned car.Read Less
Used Car Loan EMI Calculator
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Akshay Verma
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M Man Mahon Raj
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Binoy Koshy
Amortization Schedule
Month
Principal
Interest
EMI
Balance
Loan Paid to Date
IDFC First Bank Used Car Loan EMI Calculator: Benefits
Here are the benefits of IDFC FIRST Bank’s car loan EMI calculator:
• Plan your finances: Calculate your EMI based on your preferred payment term to better plan your finances.
• Check affordability: Determine your ideal budget for a used car and choose your loan amount accordingly.
• Save time and effort: Calculating your used car's EMI can be tedious. However, a calculator designed for it can save your precious time and effort.
• User-friendly: IDFC FIRST Bank’s used car loan EMI calculator is specially designed for your convenience. Fill out the specifications and get accurate results in seconds.
• Transparent and clear : The used car EMI calculator is transparent and shows the precise cost of your used car loan.
What is a used car loan EMI calculator/pre-owned car EMI calculator?
A used car loan EMI calculator is a handy tool to estimate the cost of financing a pre-owned car. Determining an EMI involves intricate calculations and can be time-consuming and hectic.
However, with a used car loan EMI calculator, you can instantly calculate your monthly EMIs, the interest you need to pay, and the overall loan cost by providing details like the principal loan amount, interest rate, and the loan tenure. You can change the tenure and loan amounts to find a comfortable EMI range that meets your financial needs.
How to use the EMI calculator to calculate EMI for a used car loan?
Using the EMI calculator for a used car is easy. Follow the steps below and find an EMI payable at your convenience.
· Gather details like principal loan amount, loan tenure, and interest rates.
· Using the slider, set the required principal loan amount you need to purchase a pre-owned car.
· Use the second slider to adjust your used car loan tenure on EMI.
· Input the interest rates offered in the last slider.
After adjusting the values based on your specifications, you can determine EMIs you need to pay to purchase your desired used car.
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Used Car Loan EMI Calculator - Frequently Asked Questions
What is a pre-owned car loan?
A pre-owned car loan is a medium through which buying a second hand car is made easy. IDFC FIRST Bank offers rate of interest as low as 11.49% on pre-owned car loans and tenures up to 7 years for loan repayments.
What is a car loan repayment table?
Also known as an amortisation table, a car loan repayment table depicts the repayment schedule of your used car loan. In the amortisation table, you can verify the total payments (principal and interest) and the outstanding loan balance.
What is the eligibility criteria for availing a pre-owned car loan?
Below is the eligibility criteria for applying a pre-owned car loan at IDFC FIRST Bank Ltd:
- Reside in India
- Be above 21 years of age
- Be employed or self-employed
- Earn at least ₹1.5 lakhs per annum
To know the detailed eligibility for a used car loan, click here
What are the fees and charges for pre-owned car loan?
You can visit the IDFC FIRST Bank website or click here to learn more about the fees and charges of your pre-owned car loan.
How is second-hand car EMI calculated?
EMI calculation for a second-hand car uses the following arithmetic formula:
[P x R x (1+R) ^ N]/[(1+R) ^ N-1]
Where:
- P stands for the principal amount,
- R represents the rate of interest,
- N stands for loan tenure in months
Does loan tenure affect used car loan EMI?
Yes, loan tenure is essential to your used car loan EMIs. A longer tenure ensures lower monthly instalments (EMIs) but a higher interest payment. On the other hand, a shorter tenure increases the EMI but lowers the interest payment.
Conclusion
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.
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