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Enjoy Zero Charges on All Commonly Used Savings Account Services
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- Letter to Shareholders on the 1st Annual Report after Merger
- Letter to Shareholders on the 2nd Annual Report after Merger
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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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Car Loan Interest Rates
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.
Rate of Interest on New Car Loan
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 |
Interest Rate Range for New Car Loans
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.
Service Charges and Fees for New Car Loans
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.
- • 5 % of principal outstanding amount (if booked on fixed rate of interest) (Exclusive of GST); Nil if booked on floating rate of interest
- • Part pre-payment facility is not available for new car loans at IDFC FIRST Bank.
Calculate your New Car Loan Interest Rate
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.
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NEW CAR LOAN EMI CALCULATOR
Get tempting new car loan interest rates at IDFC FIRST Bank
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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. "
Benefits of New Car Loan with IDFC FIRST Bank
FREQUENTLY ASKED QUESTIONS
What is a good interest rate for a new car loan?
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.
What credit score do you need to get 100% financing on a car?
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.
Can I avail a loan up to 10 years?
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.
Car Loan Blogs
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