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Get the best interest rates on IDFC FIRST Bank’s used car loans
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Pre Owned Car Loan EMI Calculator
Your EMI will be
₹5,072/month*
Total Interest Payable
₹43,435
Total Amount Payable
₹2,43,435
*Pre Owned Car Loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply
Pre-owned car loan interest rates
A used car loan interest rate is the cost you pay to the lending bank for borrowing money to purchase a pre-owned vehicle. It is expressed as a percentage of the loan amount per annum and serves as a crucial factor that determines your EMI amount, total repayment, and overall affordability. A lower interest rate not only reduces your monthly outgo but also helps you save significantly over the loan tenure. Understanding and evaluating interest rates ensures you make an informed decision that aligns with your financial goals.
With IDFC FIRST Bank’s used car loans, you can benefit from highly competitive interest rates starting from 11.99% p.a. for repurchase, helping you manage costs effectively. Coupled with instant sanctions, high loan amounts up to ₹2 crores, and flexible tenures up to 84 months, IDFC FIRST Bank offers a seamless and cost-efficient borrowing experience for your pre-owned car purchase.
Rate of interest on pre-owned car loans
Explore the latest interest rates on pre-owned car loans at IDFC FIRST Bank. The interest rates on used car loans are subject to the customer's risk profile and can vary depending on their creditworthiness and other factors. Refer to the table below to know the current personal loan rates.
| Product type | ROI % |
| Pre-owned car loan (Repurchase) | ROI starting from 11.99% |
| Pre-owned car loan (Refinance) | ROI starting from 13.99% |
Service charges and fees for pre-owned car loans
IDFC FIRST Bank offers transparency in pre-owned car loan schemes and loan charges. We do not have hidden loan interest, prepayment charges, and processing fees. Below are the foreclosure and part payment charges:
| Types of Fees | Applicable Charges |
| Processing fees | Up to 5% of the total loan amount (Inclusive of GST) |
| Late payment fees | ROI 2% per month (Inclusive of GST) of the unpaid EMI or ₹300 (Inclusive of GST) whichever is higher |
| Stamping Charges | As per actuals |
| Foreclosure Charges | 5% of Principle Outstanding Amount + GST (unless specifically approved for lower FC Charges prior to disbursement) |
| Part Payment | Not Allowed |
Why Choose IDFC FIRST Bank’s used car loans
Here’s why you should consider IDFC FIRST Bank used car loan -
• Competitive interest rates on pre-owned car loans for cost-effective borrowing
• Quick approval of up to ₹20 lakhs within 15 minutes for repurchase and refinance loans (Only applicable for Platinum Tier Customers)
• Fully digital pre-owned car loan process to ensure a smooth customer journey
• Loan amounts ranging from ₹1 lakh to ₹2 crores based on your repurchase needs
• Access loans against your car up to 200% of its market value
• Flexible repayment tenure from 12 months up to 84 months
• Dedicated surrogate programmes to assess eligibility for higher loans for self-employed individuals
• Customised insurance solutions for enhanced protection
• Wide branch network across India for easy loan access and servicing
Factors affecting used car loan interest rates
When applying for a used car loan, understanding the factors that influence interest rates can help you make an informed decision. Here are the key aspects that determine your loan rate:
Credit score
Your credit history and score play a crucial role in determining the interest rate. A higher credit score reflects better financial discipline, leading to lower interest rates and higher chances of loan approval.
Loan amount
The size of your loan also impacts the interest rate. Generally, larger loan amounts may attract slightly higher rates, as the lender takes on more risk. Smaller loans can often secure more competitive rates.
Loan tenure
The duration of your loan affects your interest rate. Shorter tenures typically carry lower interest rates, while longer repayment periods might result in higher rates due to extended risk exposure.
Age and condition of the vehicle
Older vehicles or those with higher mileage are considered riskier, which may lead to higher interest rates. Lenders prefer cars that are well-maintained and relatively new.
Employment and income stability
Your profession, income level, and employment stability are important factors. Salaried individuals with consistent income may get lower rates compared to self-employed applicants, who may face slightly higher rates given their variable incomes.
Market trends and RBI policies
Prevailing market interest rates and RBI monetary policies influence the cost of borrowing. Fluctuations in repo rates or inflation can directly impact used car loan rates.
Existing relationship with the bank
If you already have accounts or loans with the bank, you may be eligible for preferential loan rates, as the bank is familiar with your financial behaviour.
Calculate your Pre owned Car Loan Interest Rate
IDFC FIRST Bank has an online used car loan calculator that you can use to check your monthly EMI. The EMI calculator has three parts: loan amount, tenure, and rate of interest. You can use it by entering the loan amount you need, the applicable rate of interest and the tenure for which you want the loan. Once you enter these details, the EMI calculator will give you the EMI.
FAQs for Interest Rates on Used Car Loans
What is the processing fee for a pre-owned car loan?
A processing fee is the one-time cost that the bank imposes to cover the administrative charges related to the loan processing. IDFC FIRST Bank offers processing fees of upto 5% of total loan amount.
Is there a charge applicable on part prepayments?
Part prepayments are not allowed on pre-owned car loans from IDFC FIRST Bank. However, you can foreclose your loan by paying a foreclosure charge as applicable.
Will there be any foreclosure charges?
You can reduce your financial liabilities anytime by foreclosing your pre-owned loan before the maturity date. To foreclose your pre-owned car loan from IDFC FIRST Bank, you need to pay a charge of 5% of the outstanding loan amount along with the applicable GST charges.
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