Home Pre-Owned Car Loan

Pre-Owned Car Loan

  • Get up to 125% of vehicle's value as loan
  • Flexible tenures of up to 84 months
  • Purchase your car from dealerships across 35 cities in India
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Pre Owned Car Loan Features & Benefits

A pre-owned car loan is your gateway to safety and security that a four-wheeler offers. You will be the owner of an all-weather vehicle that can be driven in rain or sunshine. Give your family the comfort they deserve with IDFC FIRST Bank’s quick and easy used car finance. You can avail IDFC FIRST Bank’s used car loan across dealerships in 35 cities across India. Our second hand car loan helps you get a vehicle without having to bear the entire cost.

Simple and Easy Application

You can get a pre-owned car loan from IDFC FIRST Bank by conveniently applying for your loan application online.

Flexible Tenure

Enjoy repayment options up to 84 months on your used car loan.

Maximum Loan Offered

We finance up to 125% of the vehicle’s value

No Collateral Required

Since the vehicle is hypothecated to IDFC FIRST Bank, you do not have to offer any collateral to secure used car finance.

Fixed Rate Loan

IDFC FIRST Bank used car loan comes with a fixed rate of interest; which means that you don’t need to worry about any increase in your monthly instalments.

Used Car Loan Eligibility

  • In order to find out if you meet our used car loan eligibility, you have to fulfil only a few conditions after which we will process your application:
  • 1. You should be Salaried or a Self-Employed professional over the age of 21 years.
  • 2. Your total work experience or business experience should exceed 1 year.
  • 3. The car that you want to buy should be not older than 10 years.

Used Car Loan EMI Calculator

Would you like to purchase a pre-owned car? A used car loan from IDFC FIRST Bank can make the process easy; you do not have to wait to save up money for the vehicle. Our used car loan emi calculator helps you find out exactly how much you will be paying in instalments each month. The IDFC FIRST Bank used car loan interest rate calculator is really simple to use; just enter the loan amount, tenure and interest rate, and you will know the EMI amount instantly. The used car finance calculator comes in handy in selecting your vehicle as now you can find out exactly how much you will be paying for your favourite vehicle even before taking the loan.

 

Loan Amount

Interest Rate (In Percentage)

Tenure(In Months)

Your EMI

0

 

Apply For Used Car Loan

A simple and easy process

It just takes a few minutes to apply for used car loan online with IDFC FIRST Bank. A IDFC FIRST Bank representative will call you once you have submitted your details on the website.

Walk-in to a dealership

You can walk into a used car dealership that is associated with IDFC FIRST Bank across 35 cities in India to apply for a used car loan.

Submit your documents

Our representative is available at the dealership to assist you with the submission of your documents.

Drive away in your favourite car

After the used car loan application process is completed, you can walk out with your favourite vehicle.

Documents Required for Used Car Loan

Photo Identity Proof ( Self-attested copy of any one document* )

  • Passport
  • Pan Card
  • Voter Identity Card
  • Driving License
  • Aadhaar Card

Address Proof ( Self-attested copy of any one document* )

  • Ration Card
  • Passport
  • Bank Account Statement
  • Aadhaar Card
  • Driving License
  • Electricity Bill
  • Telephone Bill
  • Sale Deed/Property purchase agreement (for owned properties)

Banking Proof

  • Last 6 months’ bank statements

*Requirement of documents might vary according to the scheme chosen.

You are in good company

Our customers just love us..

It was difficult to find a lender for purchasing a second hand car. IDFC FIRST Bank was indeed very helpful, thank you.

Vishal Sharma
Delhi

I upgraded from my bike to a used car, both loans being from IDFC FIRST Bank. I am very happy with my experience

Chirag Sharma
Hyderabad

Amazing loans by IDFC FIRST Bank - really happy for helping me with purchasing a pre-owned car.

Asha Rathor
Jaipur

Questions? We are happy to help you

About pre-owned car loans

1. 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 pre-owned car loans at attractive terms with quick and easy paperwork, and gives you a near-instant decision on the approval. We finance up to 125% of the car’s cost and offer flexible loan tenures. It’s time to graduate to four wheels and enjoy the joys of car ownership with a IDFC FIRST Bank pre-owned car loan.

2. What are the eligibility parameters for a pre-owned car loan?

If you aspire to own a four-wheeler using a pre-owned car loan, you need to be at least 21 years of age. IDFC FIRST Bank provides pre-owned car loans to both salaried and self-employed professionals. You should have at least 1 year of work or business experience. Pre-owned car loans are available for cars that are up to 10 years’ old. If you meet all the conditions, you can speak with a IDFC FIRST Bank representative available at your car dealership or visit our website and leave your details and we will arrange to have you called back. Alternatively you can contact us at 1860-500-9900 or write to us at [email protected].

3. How long does it take to process a pre-owned car loan?

IDFC FIRST Bank pre-owned car loans can be processed very quickly. All we need from you are your KYC documents and bank details. Please contact a IDFC FIRST Bank representative at your nearest car dealership, who will assist you with the approval process. You can also contact us at 1860-500-9900 or email us at [email protected] for further information or fill in your details on our website here and we will get in touch with you.

Eligibility

4. 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.

5. Is it possible to get a pre-owned car loan without proof of income?

Yes, you can get a pre-owned car loan without an income proof. However, please be aware that conditions apply in this case. You can contact us at 1860-500-9900 or email us at [email protected]. Alternatively, you can also 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 details.

6. I am self-employed; can I get a pre-owned car 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.

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

All you need to do is fill in your basic details on our website here and we will call you back to determine if you are eligible for a second hand car loan from IDFC FIRST Bank.

8. I want to purchase a used car from a relative or a friend, can I still receive a pre-owned car 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-owner car loan.

Cost

9. Are there any charges on a pre-owned car loan?

IDFC FIRST Bank charges only processing fees, document charges and applicable stamp duty on pre-owned car loans. We follow a transparent process of levying charges. Information on charges is available with your local IDFC FIRST Bank representative, who will assist you with any queries you may have. You may also contact us at 1860-500-9900 or write to us at [email protected]. We will be happy to help you.

10. Do I have to pay a fixed or floating interest rate on my pre-owned car loan?

We charge a fixed rate of interest on pre-owned car loans. Since the interest remains the same throughout the period of the loan, there are no shocks due to interest rate hikes and your borrowing is locked-in at the rates prevalent at the time when you obtained the loan.

Benefits

11.Are there any benefits of taking a pre-owned car loan from IDFC FIRST Bank?

A pre-owned car loan from IDFC FIRST Bank is hassle-free and easy to obtain. We offer the following benefits to our customers:
  • Approval within 5 minutes subject to IDFC FIRST Bank receiving full documentation
  • Loan available on the spot at car dealerships
  • We finance up to 125% of the vehicle’s value
  • Ability to purchase a car of up to 10 years’ old
  • Friendly terms that cater to both salaried and self-employed individuals
  • Easy repayment in EMIs due to flexible tenure
  • No need for a security or a collateral

12.What facilities does IDFC FIRST Bank provide to its pre-owned car loan customers?

We want our customers to have a good experience when they take a pre-owned car loan from IDFC FIRST Bank. We have made repaying the loan as easy as possible; you can make a payment at any of our branches or even online through our website or mobile app. You can also log in to the PAYTM app and pay through that. Other transactions like downloading a copy of your statement of account can be done through the customer portal.

Loan parameters

13.Where do I have to go to obtain a pre-owned car loan?

Please visit your car dealership to avail a IDFC FIRST Bank pre-owned car loan. Our representative will assist you with your loan application and also inform you if the loan has been approved on the spot. Alternatively, you can also apply for a loan by simply filling in your details on our website; or on our mobile app available on the Google Play or Apple App Store to secure the loan. If you would like to know more about how you can get a IDFC FIRST Bank pre-owned car loan, simply call customer care at 1860-500-9900 or email us at [email protected].

14.How much loan can I get to buy my second hand car?

You can borrow up to 125% of the value of your car subject to certain conditions. Please remember that the car should not be older than 10 years. Our representative can give you the precise amount that you are eligible for after he assesses your application. In case you have any questions regarding how much loan amount you are eligible for, kindly call us at 1860-500-9900 or email us at [email protected].

15.Will I have to provide any security for the pre-owned car loan?

No, you do not need to provide any security or collateral for securing a pre-owned car loan. Your vehicle is hypothecated to IDFC FIRST Bank during the loan tenure and acts as a security for the loan.

16.What is the tenure of the pre-owned car loan?

With IDFC FIRST Bank, you have the flexibility to choose a tenure that suits your individual budget. We offer tenures from a minimum of 11 months up to 84 months, subject to certain conditions. Our representative can work with you to establish the right tenure for your application. In case you have any questions regarding the loan tenure, please feel free to call us at 1860-500-9900 or email us at [email protected].

17.What are the documents required for a pre-owned car loan?

The documents required for a used car loan by IDFC FIRST Bank are easy to obtain and can be simply self-attested. After you submit the used car loan documents, we will process your application. Documents required for a used car loan are listed here

18.How do I repay my pre-owned car loan?

You will repay your loan in Equated Monthly instalments (EMIs). The EMI amount can be deposited directly at a IDFC FIRST Bank branch or you have the flexibility of paying through our website or mobile app, which can be downloaded from the Google Play or Apple App Store. Please contact our customer care at 1860-500-9900 or email us at [email protected] for more information about loan repayment.

19.Can I repay the loan before the expiry of the tenure?

Yes, you have the option to repay the entire loan amount before expiry of the loan tenure by simply visiting our branch or using our mobile app. If you need help with repaying the loan before the tenure expires, please contact customer care at 1860-500-9900 or email us at [email protected].

20.How can I get my No-objection Certificate (NOC) after loan repayment?

Once you have repaid your loan, we will dispatch the No-objection Certificate (NOC) to your address. If for some reason you have not received your NOC, please contact customer care at 1860-500-9900 or email us at [email protected]. You can also visit any of our branches and our representative will assist you in getting a physical copy of your NOC.

21. How can I release the hypothecation of my car after I have repaid the loan?

You will be issued a No Objection Certificate (NOC) after the loan has been repaid in full. You can take this document to the registration and licensing authorities for release of hypothecation on your vehicle. In case you have any questions regarding releasing hypothecation, please feel free to call us at 1860-500-9900 or email us at [email protected].

22. Is it possible to get life insurance along with my loan?

Yes, you can get a life insurance at the time of taking your loan. IDFC FIRST Bank makes it really simple to get insurance because you will be able to pay your premium amount along with the loan amount EMIs. This cuts down the need to be able to have to pay a huge one-time premium at the time of purchasing your vehicle. We also make sure that the insurance policies you get have the best possible terms and are made available to you at competitive prices.

23.How can I get my Statement of Account?

If you would like to download your account statement, select the 'My Loans' tab on the customer portal. The details of your active loans will be displayed by default. Click on the 'Account Statement Download' button to obtain your account statement instantly.

24. Is it possible to change the tenure of my used car loan after the loan has been approved?

Yes, it is possible to choose from a tenure ranging from 11 to 84 months. If you would like to change tenure of your loan, you can contact our customer service at 1860-500-9900 or write to us at [email protected] and we will try to work out the right tenure for repayment of the loan even after it has been processed.

25. Is it possible to cancel my used car loan application after it has been approved?

Yes, you can cancel your loan application even after it has been approved. We will regret the loss of your patronage. Please call us at 1860-500-9900 or write to us at [email protected] and we will help you with processing your cancellation request.

Didn’t find an answer to your question?

26. I have a question that is not listed here; what do I do?

We will be glad to help you with any questions regarding the IDFC FIRST Bank pre-owned car loan. Please feel free to contact our customer representative at 1860-500-9900 or email us at [email protected]. If you have a more pressing matter to discuss, feel free to visit any of our branches and speak to our customer representatives.
Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank Effective 18th December 2018, Capital First & IDFC Bank have merged. The merged entity is now IDFC FIRST Bank. Click here to visit the website of IDFC FIRST Bank