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Car Loan

Bring home your dream car with IDFC FIRST Bank Car Loans. With a hassle-free application process, you can apply for a car loan and get doorstep loan assistance from our associates.Read More

IDFC FIRST Bank Car Loan can help you drive home your new car with a flexible EMI scheme and loan tenures up to 10 years.Read Less

Key Features

CAR LOAN EMI CALCULATOR

Get tempting new car loan interest rates at IDFC FIRST Bank

Amount

1L 50L

Period

1 Year 30 Year

Interest Rate

8 % 15 %

You will pay an EMI of only monthly

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    Ravikanth KK

    "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."

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    Saud Alam

    "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. "

ELIGIBILITY

How To Apply?

  • Step 1: Give us a missed call on 8448986445, and our representative will contact you
  • Step 2: Submit the requested document to representative & get your loan sanctioned
  • Step 3: Submit the post-sanction documents and drive away in your new car

Documentation

  • KYC
  • Proforma invoice
  • Bank statement
  • Any other document required for specific program

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FEES & CHARGES

Find out about our minimal and transparent fees & charges

View Fees & Charges

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FREQUENTLY ASKED QUESTIONS

How to get a car loan?

Give us a missed call on 8448986445 and our bank representative will approach you to process your new car loan as per your eligibility.

What is my loan eligibility?

IDFC FIRST Bank offers up to 90% of the ex-showroom price as a new car loan. Loan amount up to Rs. 50 lakhs basis income and banking.

What are the documents required for the loan?

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

How much time does it take to process the loan?

It would generally take 1 day to sanction the loan, 2 days for post-sanction processing and disbursal. Apply for a car loan today! 

How to pay EMIs? What about pre-payment?

You will repay your loan in Equated Monthly Instalments (EMIs). You can pay EMIs through ECS/Mandate option. When it comes to in-car loans, you cannot make part payments. You'll have to pre-pay the entire loan. You can also use our online car loan EMI calculator and decide accordingly. Additionally, please check our charges section for knowing foreclosure charges.

Can I get a loan to purchase a pre-owned car?

Yes, IDFC FIRST Bank offers loans to purchase second-hand cars. Check out our pre-owned car loans.

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

Yes, you can get it without income proof. However, please be aware that conditions apply in this case. You can give us a missed call on 8448986445. We will be happy to provide you with details.

I am self-employed. Can I get a car loan?

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

Are there any charges on a car loan?

IDFC FIRST Bank charges only processing fees, document charges, and applicable stamp duty on car loans. We follow a transparent process of levying charges. Information on charges is available here.

Do I have to pay a fixed or floating interest rate for my loan?

We offer both fixed as well as floating online car loan interest rates.

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

We want our customers to have a good experience when they take a new 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 and pay through the PAYTM app. Other transactions, like downloading a copy of your account statement, can be done through the customer portal or customer app on Google Pay and App Store.

Will I have to provide any security for the loan?

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

What is the tenure of the car loan?

With IDFC FIRST Bank, you have the flexibility to choose a tenure that suits your car finance budget. We offer tenure of up to 10 years, subject to certain conditions. Our representative can work with you to establish the right tenure for your application.

Is it possible to cancel my loan application after it is approved?

Yes, you can cancel your application even after it is approved. We will regret the loss of your patronage. 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 your car finance needs. If you have a more pressing matter to discuss, feel free to visit any of our branches and speak to our customer representatives.

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. You can also visit any of our branches. 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?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 is repaid in full. You can take then this document to the registration and licensing authorities for release of hypothecation on your vehicle.

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

Yes, you can get life insurance at the time of taking your loan. IDFC FIRST Bank makes it 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 pay a huge, one-time premium at the time of purchasing your vehicle. We also ensure 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?

You can get your statement of account from IDFC FIRST Bank's Customer Portal or WhatsApp Banking.

More FAQs

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