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BRAVO (Auto Sweep)
Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
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Zero Forex Markup Current Account
Maximise your savings and boost profitability with our Zero Forex Markup current accounts
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BRAVO (Auto Sweep)
Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
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Pre Owned Car Loan Interest Rates
With IDFC FIRST Bank pre-owned car loan, we give you the best interest rates on pre-owned car loans . Get Interest rates as low as 11.99%(repurchase) & 13.99%(refinance). Apply for pre-owned car loan online with us and avail instant sanction with minimal documentation. You can also avail loan up-to 200% LTV of your asset value with our Car N Cash scheme.
Rate of Interest on Pre-owned Car Loan
Check out the table below to know the pre-owned car loan interest.
| Types of Fees | Applicable Charges |
|---|---|
| Processing fees | Up to 5% of the total loan amount (Inclusive of GST) |
| Late payment fees | 12% p.a. (1% p.m.) of the unpaid EMI or Rs. 300 whichever is higher. No GST is applicable for Penal charges. |
| Stamping Charges | As per actuals |
Interest Rate Range for Pre-owned Car Loans
The pre-owned car loan interest at IDFC FIRST Bank is subject to customer's risk profile. 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 :-
- • 5% of principal outstanding amount (Inclusive of GST)
- • Part pre-payment facility is not available for pre-owned car loans at IDFC FIRST Bank.
Calculate your Pre owned Car Loan Interest Rate
IDFC FIRST Bank has an online used car loan EMI 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.
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FREQUENTLY ASKED QUESTIONS
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.
Is it mandatory to provide a guarantor when I avail a used car loan?
A guarantor is not required to apply for a used car loan with IDFC FIRST Bank. However, in case an applicant doesn’t meet the specific loan eligibility requirements, the bank may need a co-applicant to approve the loan amount.
Will there be any charges levied in case I prepay the car loan?
Part prepayments are not allowed on used car loans. However, you can foreclose your loan anytime by paying the outstanding amount in full. To close the loan before maturity, you need to pay a foreclosure charge of 5% of the outstanding amount along with the GST.
Do I have to provide collateral or security when I avail a used car loan?
Used car loans from IDFC FIRST Bank are collateral-free, meaning you don’t require to provide any security when applying for a second-hand car loan.
What are the different methods by which the loan can be repaid?
The bank offers different methods to repay your loan with the easiest one being the payment through automated EMIs. You can automate your EMI payments using the NACH, eNACH, and e-mandate option that can be opted during the loan application. Additionally, you can also use your net banking or debit card to repay your 2nd hand car loan.
