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Pre Owned Car Loan

Get ready to drive your dream vehicle with IDFC FIRST Bank Pre-Owned Car Loans. Our partner dealerships offer premium pre-owned vehicles at the best Pre-Owned Car Loan interest rates. What’s more? Avail a low interest rate of 12.99% (repurchase) & 13.99% (refinance) on your pre-owned vehicles.Read More

Plan your purchase with our used car loan calculator. Own your dream vehicle today with IDFC FIRST BankRead Less

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Repurchase

  • Interest as low as 12.99% with loan to value up to 90%
  • Instant online approval, car valuation and verification waiver for eligible customers
  • Special program for 12 years end of tenure assets
  • Zero processing fees
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Refinance (loan against car)

  • Interest as low as 13.99% with loan to value up to 150%
  • Instant online approval, car valuation and verification waiver for eligible customers
  • No hypothecation top up product
  • Zero processing fees

CALCULATOR

Pre Owned Car Loan EMI Calculator

Amount

1L 50L

Period

1 Year 30 Year

Interest Rate

8 % 15 %

You will pay an EMI of only monthly

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    Akshay Verma

    "I wish to place on record that I was treated very well by the IDFC FIRST Bank branch executives. They were very proficient with their work and went out of the way to support in closing my deal. My best wishes are with entire team of IDFC FIRST Bank."

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    M Man Mahon Raj

    "I took an auto loan in your IDFC FIRST Bank. From day one, the branch executive gave me complete loan details and support. The service & speed of process was extraordinary, and we are very satisfied. Keep it up, team!"

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    Binoy Koshy

    "I'd like to thank the branch executives of IDFC FIRST Bank. I availed the services of IDFC FIRST Bank for a loan for my BMW 7 series car. I found the team to be very affable and proactive. Overall I was very happy with the service. I wish IDFC FIRST Bank all the very best. "

ELIGIBILITY

Who can apply?

For Self-Employed Individuals:

  • Resident Indians only
  • Aged between 23-70 years
  • Minimum 4 years of business continuity
  • Must earn minimum ₹1.5 lakh per annum
  • Tenure duration 12 months - 300 months

For Salaried Individuals:

  • Resident & Non-Resident Indians
  • Aged between 21-60 years
  • Minimum 3 years of experience
  • Must earn minimum ₹1 lakh per annum
  • Tenure duration 12 months – 360 months

Documentation

  • Last 2 years’ ITR/ 3 months’ Salary Slips
  • Business proof (self-attested copy of any one document*)
  • KYC proofs
  • 3 months banking for Repurchase
  • 6 months banking for loan against your car (Refinance)
  • Car’s RC

More Details

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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

What is a Pre-Owned Car Loan?

With a Pre-Owned Car Loan, you no longer have to wait to accumulate the entire purchase amount. You can repay the loan in equated monthly instalments (EMIs) over the loan tenure. IDFC FIRST Bank offers loans at attractive terms with quick and easy paperwork and gives you a near-instant decision on the approval. We offer many Pre-Owned Car Loan financing options to 125% of the car’s cost and offer flexible loan tenures. That’s not all, we even offer one of the best Pre-Owned Car Loan interest rate so you can access your dream vehicle. We even offer a Pre-Owned Car Loan EMI calculator so you can better plan your finances for your future vehicle. It’s time to graduate to four wheels and enjoy the joys of car ownership with IDFC FIRST Bank.

What are the eligibility parameters for this loan?

If you aspire to own a four-wheeler (available for cars that are up to 10 years old) and avail our best Pre-Owned Car Loan interest rate, you need to be at least 21 years of age. IDFC FIRST Bank provides loans to both salaried and self-employed professionals. You should have at least 1 year of work or business experience. If you meet all the conditions, you can speak with an IDFC FIRST Bank representative available at your car dealership or visit our website, leave your details and we will arrange to have you called back. You can even use our Pre-Owned Car Loan EMI calculator to better plan for your four wheeler.

How long does it take to process this loan?

Our loans can be processed very quickly. All we need from you are your KYC documents and bank details. Please contact an IDFC FIRST Bank representative at your nearest car dealership, who will assist you with the approval process. You can try our Pre-Owned Car Loan EMI calculator to plan your finances for your vehicle as well.

What are the necessary conditions to get a Pre-Owned Car Loan?

Obtaining a Pre-Owned Car Loan from IDFC FIRST Bank is easy and requires meeting minimum conditions. These are:

·         You should be at least 21 years old and have 1 year of work or business experience

·         We finance cars that are up to 10 years old

·         You will need to provide proofs of identity and proof of address

·         You should hold a bank account

Is it possible to get this loan without proof of income?

Yes, you can. However, please be aware that conditions apply in this case, in order to avail our best Pre-Owned Car Loan interest rate. You can download our mobile app from the Google Play or Apple App Store and use it to contact us. We will be happy to provide you with the details. You can even visit our page to plan your finances with our Pre-Owned Car Loan EMI calculator.

I am self-employed. Can I get this loan?

We offer Pre-Owned Car Loans to self-employed individuals. You should have been in business for a minimum of 1 year. You will need to provide us with the documents listed here. We offer many Pre-Owned Car Loan financing options as well so you can move ahead with what suits you best.

Can I check my car loan eligibility online? Is it also possible to receive approval online?

All you need to do is fill in your basic details on our website here. We will call you back to determine if you are eligible for a second-hand car loan from IDFC FIRST Bank and you can access our best Pre-Owned Car Loan interest rate. You can even check our Pre-Owned Car Loan calculator to view your emi and plan your finances. We even offer multiple Pre-Owned Car Loan financing options to suit your needs. 

I want to purchase a pre-owned car from a relative or a friend, can I still receive a loan?

Yes, it is possible to be eligible for a Pre-Owned Car Loan if you are purchasing a car from a relative or a friend. You must meet all the eligibility criterion. It is easy to find out if you are eligible by simply filling a small form online, post which we will get in touch with you to know a few more details and confirm if you are eligible for a Pre-Owned Car Loan.

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