idfc bank used car loan

IDFC BANK USED CAR LOAN

Searching for the best Used Car Loan in Delhi? Want to avail Used Car Loan at the most competitive interest rate? Then why not apply for IDFC Used Car Loan.
IDFC Bank Used Car Loan comes at competitive rate of interest starting from 13.50%. Apply online for Used Car loan to avail instant approval online.

Why Used Car Loan from IDFC Bank?

Apply for Used Car Loan online with the best and effective interest rates from IDFC Bank. The bank provides loan at affordable interest rates. You can easily apply for IDFC Bank Used Car Loan online with easy and minimal documentation process.

There are numerous features which will allure you to go for IDFC Bank Used Car Loan:

  • 1. Competitive rate of interest
  • 2. Instant approval facility
  • 3. Best customer support team
  • 4. Minimal documentation
  • 5. Flexible repayment tenure
  • 6. No guarantor required

Fees and Charges

The mentioned below are the fees and charges applicable which are levied by IDFC Bank:
TYPES OF FEESCHARGES APPLICABLE
Interest Rate13.50%
Processing Fees1% of the loan amount
Loan Tenure5 years
Guarantor RequirementNo
Documentation ChargesRs. 500/-
Cheque Bounce ChargesRs. 500/- per instance
Cheque / Instrument Swap ChargesRs. 500/- per instance
Stamp DutyAt actuals
Pre-Closure ChargesPreclosure permitted after 18 months. No preclosure charges thereafter.

Advantages of IDFC Used Car Loan

IDFC Bank offers numerous advantages and offers which excite customers to choose it for availing Used Auto Car Loan.

  • 1. Hassle free loan approval
  • 2. Minimal documentation process
  • 3. Flexible loan tenure up to 5 years
  • 4. No hidden charges
  • 5. Complete transparent process
  • 6. Faster & quick loan disbursal
  • 7. No collateral required
  • 8. Maximum loan amount offered
  • 9. Fixed rate loan

Eligibility Criteria for applying for IDFC Used Car loan

Used Car Loan Application can be instantly approved if you are eligible and complete the required eligibility. Below mentioned are the prerequisites you need to meet for availing the Used Auto Car loan:

Salaried Individuals

  • 1. Minimum 21 years of age
  • 2. Maximum 70 years of age at the time of loan maturity
  • 3. Minimum Net Annual Salary of Rs. 2,40,000 p.a. for all approved car models
  • 4. Income eligibility based on latest salary slip and Form 16
  • 5. Minimum of 1 year continuous employment

Self-Employed Individual

  • 1. Minimum 18 years of age
  • 2. Maximum 75 years of age at the time of loan maturity
  • 3. Minimum Net Annual Business income of Rs. 1, 80,000 p.a. for selected models and Rs. 2, 00,000 p.a. for others.
  • 4. Income eligibility based on latest Income Tax Returns
  • 5. Minimum 3 years of employment in the same line of business

Self-Employed Non-Individuals

  • 1. Minimum Net Annual Business income or Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others
  • 2. Income eligibility based on latest 2 years. Income Tax Returns and audited financials of 2 years along with computation of income
  • 3. Minimum 3 years of employment in the same line of business

Priority/Wealth/Privee Customers Eligible for a Loan

  • 1. Customers with a vintage of 6 months
  • 2. A minimum Average Quarterly Balance (AQB). An AQB of Rs. 1 lakh for last 2 completed quarters AQB requirement to be met for both the quarters Maximum loan amount restricted to 3 times the AQB in the last 2 quarters

Salaried Customers

  • 1. Customers who have a Salary A/c with Axis Bank since the past 3 months
  • 2. Those who work in Public Limited and Private Limited Companies ,MNCs
  • 3. Minimum 21 years of age
  • 4. Maximum 70 years of age at loan maturity
  • 5. Minimum Net Annual Salary of Rs. 2, 40,000p.a.
  • 6. Income eligibility base on latest salary slip and Form 16
  • 7. Minimum 1 year of continuous employment.

Documents required for applying for a Used Car Loan from IDFC

Documents required in order to avail Used Car Loan are as follow:

  • 1. Age proof – Aadhar Card/ PAN Card/ Voter ID/ Passport etc.
  • 2. ID proof – Aadhar Card/ PAN Card/ Voter ID/ Passport etc.
  • 3. Application form
  • 4. Photograph
  • 5. Residence proof – Utility Bills / Electricity Bill/ Aadhar Card/ Raton Card
  • 6. Income proof
  • 7. Bank statement
  • 8. Signature verification proof
  • 9. Pro-forma Invoice or Rate List

Procedure for applying for IDFC Bank Used Car Loan Online

One can apply online for Used Car loan through our website with few simple steps by registering online:

  • 1. Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
  • 2. Provide your consent.
  • 3. Choose IDFC Bank as your Car Loan partner.
  • 4. Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.

Know more about IDFC Used Car Loans – FAQs

Q. What is a pre-owned Car Loan?

A. 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 installments (EMIs) over the loan tenure.

Q. What are the necessary conditions to get a pre-owned car loan?
  • A. Obtaining a pre-owned car loan 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.
Q. Is it possible to get a pre-owned car loan without proof of income?

A. Yes, you can get a pre-owned car loan without an income proof.

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

A. 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.

Q. How do I repay my used car loan amount?

A. You will repay your loan in Equated Monthly installments (EMIs)

QUICK OVERVIEW
Apply online at interest rate starting @ 13.50% p.a.
Minimal documentation
Quick approval and disbursal rate
Competitive and transparent process
Flexible repayment options