Used Car Loan

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:

• Rate of Interest: Starting as low as 11.99%* per annum
• Tenure: up to 7 years
• Loan Amount: From ₹1 Lakh up to ₹1 Cr
• Funding: Up to 100% of the valuation of the car

Re-finance/Loan against Car: 

• Rate of Interest: Starting as low as 13.99%* per annum
  
• Tenure: Up to 5 years
• Loan Amount: From ₹1 Lakh up to ₹50 lakhs
• Funding: Up to 200% of the valuation of the 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.