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With IDFC FIRST Bank pre-owned car loan, we give you the best interest rates on pre-owned car loans . Get Interest rates as low as 11.49% (repurchase) & 13.99% (refinance). Apply for pre-owned car loan online with us and avail instant sanction with minimal documentation. You can also avail loan up-to 200% LTV of your asset value with our Car N Cash scheme.
Attractive pre-owned car loan rate of interest
Instant sanction of ₹15 lacs in 15 mins for repurchase & refinance loan
Digitalized pre-owned car loan process for a hassle-free customer experience
Loan offerings from ₹1 lakh to ₹2 Cr depending upon your requirement for repurchase car loan
Loan against car up-to 200% of your car’s value
Longer pre-owned car loan tenure varying from 12 months to 84 months
CPV waivers & straight through loan sanctioning process for loan amount up to ₹15 lacs
Various surrogate programs to arrive at eligibility to cater to higher pre-owned car loan amount requirements for Self Employed customers
Specialized insurance products
Integrated branch network across India for availing and servicing the pre-owned car loan
Transfer your existing pe-owned car loan in a few steps with the Car n Cash program.
Enjoy amazing features such as:
Applying for a Used Car Loan from IDFC FIRST Bank – Fast, Secure, and Convenient
Experience the convenience of our used car loan online application process, bringing you one step closer to owning the perfect pre-owned car. Trust IDFC FIRST Bank for a seamless and transparent loan application journey.
Step 1: Mobile Verification for Your Used Car Loan
Kickstart your journey by entering your mobile number for secure OTP verification. This is a crucial step in our quick and reliable online loan application process.
Step 2: Enter Personal Details
Select your gender, enter your date of birth, and provide your PAN card number to expedite your identity verification. IDFC FIRST Bank ensures a seamless application experience and swift processing.
Step 3: Provide Address Information
Enter your current address information. IDFC FIRST Bank prioritizes the security of your personal information throughout the application process, so rest assured that your data is in safe hands.
Step 4: Add Employment Details to Complete your Application
Share your employment details and income information, along with your office address. We collect essential employment information to help process used car loan applications efficiently.
Step 5: Select the Loan Amount and Preferred Car
Specify your desired loan amount and choose from a wide range of pre-owned cars with our intuitive and user-friendly interface.
Step 6: Receive a Call from Our Sales Representative
Shortly after you submit your application, our sales representative will contact you. Personalized assistance awaits to guide you through the next steps in your used car financing journey.
For Self-Employed Individuals:
For Salaried Individuals:
Repurchase is when the loan is availed for the purchase of a pre-owned car, it is a repurchase loan.
A Refinance Loan/Loan against Car is when the loan is availed on an existing car owned by the applicant to avail funds for financial needs.
With the first-in-industry instant approval process with waivers in verifications and valuation, IDFC FIRST Bank provides an opportunity to buy your dream car without stressing your finances.
With the first-in-industry instant approval process, IDFC FIRST Bank provides an opportunity to avail a loan against car that is twice your car's current value to solve your financial needs at affordable rates.
It takes 1 day to sanction the loan and further 2 days to process the payment after all the relevant documents have been provided.
You can get loan up to 100% of the valuation of your desired pre-owned car basis your credit score and Bank's internal assessment criteria.
You can get loan of up to 200% of the valuation of your pre-owned car basis your credit score and Bank's internal assessment criteria.
Re-purchase:
Re-finance/Loan against Car:
The maximum amount you can avail is ₹1 Cr and maximum tenure can be up to 7 years basis your credit score and Bank's internal policies
You can click here to apply online or apply through mobile app of IDFC FIRST Bank or give us a missed call at 1800 10 888 and our representative will get in touch with you.
Our range of car loan products is designed keeping your needs and preferences in mind, offering a seamless and efficient financing experience. Here's why choosing IDFC FIRST Bank for your pre-owned car purchase is a wise decision:
Repurchase Loans
• 100% Loan-to-Value Ratio: Enjoy the flexibility of financing the entire value of your chosen pre-owned car
• Same Day Disbursal (Up to Rs.25,00,000): Swift and hassle-free loan processing ensures you can drive away with your dream car on the same day
• Attractive Rate of Interest at 10.49%: Benefit from competitive interest rates, making your car ownership journey affordable
• Wide Range of Certified Cars: Choose from a diverse selection of certified and verified cars available through our trusted partner dealerships across India
• Flexible loan terms: Tenure of up to 7 years, offering extended flexibility for budget-friendly repayments on your used car purchase
Refinance Loans
• Up to 200% Financing of Car Value: Obtain the financial support you need by refinancing up to 200% of your existing car's value
• Same Day Disbursal (Up to Rs.25,00,000): Experience quick and seamless loan disbursal, allowing you to address your financial requirements promptly
• Attractive Rate of Interest at 13.49%: Our refinance loans come with competitive interest rates, ensuring a cost-effective solution for your financial needs
• Flexible tenure: Tenures of up to 5 years, ensuring a seamless and manageable repayment plan for your refinanced car loan
Choosing IDFC FIRST Bank for your pre-owned car financing needs means partnering with a trusted ally committed to simplifying your car ownership journey. With a focus on transparency, quick processing, and attractive interest rates, we stand out as the preferred choice for savvy car buyers.
Applying for a car loan with IDFC FIRST Bank is designed to be a hassle-free and secure experience. Follow these steps, and you'll be on your way to owning your dream car in no time. If you have any additional questions or need further assistance, our team is ready to help—simply reach out to us for personalized support.
Considering a pre-owned car loan with IDFC FIRST Bank? Here's a breakdown of the eligibility criteria and documents you'll need:
Eligibility Criteria
Indian Citizenship: Applicants must be Indian citizens.
Age Requirement: You should be at least 21 years old.
Income Criteria
Salaried Individuals: A minimum monthly income of Rs. 25,000 is required.
Self-Employed Individuals: An annual income of Rs. 1,50,000 or more is necessary.
Vehicle and Ownership Documents
Driving License and Vehicle Registration: When it comes to vehicle documents, you need a valid driving license and the registration certificate of the vehicle you're purchasing or using as collateral.
Identity Proof
You can choose from the multiple identify proof options and provide either your PAN card, Aadhaar card, passport, or voter ID.
Address Proof
You can choose from multiple address proof options and submit either a bank statement, electricity bill, telephone bill, or rent agreement as your address proof.
Income Proof
Choose from the diverse income proof options and furnish a salary slip, income tax return, or bank statement as proof of income.
Applying for IDFC FIRST Bank Pre-Owned Car Loans – A Seamless Process
Meet these eligibility criteria and gather the required documents for a smooth and efficient pre-owned car loan application with IDFC FIRST Bank.
FEATURED
As a borrower, your repayment capacity and loan category determine your ideal term for a car loan. You pay less EMIs over the course of your loan when you have a longer loan tenure, but you pay more in interest over the course of the loan. Therefore, you need to choose a loan tenure that fits your budget while allowing you to pay off the loan within a reasonable timeframe.
Team FinFIRST24 Jul 2023 • 3 mins read
24 Jul 2023 • 3 mins read
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