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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 Starts at 14.49% per annum on loan against car
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Loan tenure of up to 60 months on loan against car
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Payment within 24 hours*
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LTV of up to 200% of market value of car
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Interest Rate Starts at 14.49% per annum on loan against car
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Loan tenure of up to 60 months on loan against car
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Payment within 24 hours*
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LTV of up to 200% of market value of car
Loan Against Car
Financial emergencies are unpredictable. You may require funds urgently anytime and using your savings may not be feasible. IDFC FIRST Bank can provide a way out, offering quick and convenient funds through Loans Against Cars.Read More
You can get instant loans to the tune of ₹30 lakhs without financials and up to ₹50 lakhs by providing financials. The application process is online, and approval takes under 30 minutes. Apply now!Read Less
Features
Substantial loan amount
IDFC FIRST Bank offers loans up to 200% value of your car
Affordable interest
The interest starts at 14.49% per annum. You can pay it off in easy EMIs.
Instant approval and handsome cash
You can expect instant approval for loans, with loans up to ₹30 lakhs approved without financials.
Easy application
Existing IDFC FIRST Bank customers can apply for car loans using the mobile app or net banking.
Fast disbursal
Loans on cars up to ₹15 lakhs are processed within 30 minutes.
How to Apply for Loan Against Car?
You can easily apply online via mobile or net banking or visit the nearest IDFC FIRST Bank branch. Follow the steps below for online application:
Step 1: Log into your bank account using the IDFC FIRST Bank mobile app or net banking
Step 2: Select ‘Loan against car’ in the loan section
Step 3: Fill out the application form
Step 4: You’ll receive IDFC FIRST Bank’s reply shortly through the mail.
ELIGIBILITY
Eligibility For Loan Against Car
- Individuals above 21 years of age and not more than 70 years (for self-employed) and 60 years (for salaried) at the end of loan tenure
- Salaried and self-employed individuals can apply
Documentation
Documentation Required
- Valid Identity Proof (PAN Card/Aadhar Card/Passport/Voter ID)
- Address Proof (Aadhar Card/Driving License/Passport)
- Net Banking or Debit Card details to set up e-Mandate
- Three months’ salary slip for salaried customers
- Statement of account
- Latest six months bank statements (EMI DEBIT)
- RC Book and Insurance copy of the vehicle
FREQUENTLY ASKED QUESTIONS
How does a Loan Against Car Work?
As the name suggests, a loan against a car provides funds by using your car as collateral. Using this product, you can acquire higher loan amounts at lower interest rates and meet your financial needs.
How much loan can I get against my car?
You can receive loans up to 200% value of the asset. No financials are required for a loan against a car up to ₹30 lakhs, while the maximum loan amount is capped at ₹50 lakhs.
What is the rate of interest on loan against car?
Loan against car interest rates starts from 14.49% per annum.
What are the tenure options available?
You can avail Loan against car for a maximum tenure of 60 months. Tenure varies from 11 months to 60 months depending upon the age of the car.
Which cars are eligible for a loan on car finance?
All personal vehicles (cars) are eligible except for the ones which are discontinued.
