IDFC FIRST Bank Car Loan: Interest Rate, Fees and Eligibility

IDFC FIRST Bank Car Loan at a glance

Source: idfcfirst.bank.in, checked 4 October 2026.

What the EMI looks like

For a car loan of ₹8 lakh over 5 years, here is what IDFC FIRST Bank's published rates mean in rupees:

Try your own amount and tenure in the Car Loan EMI calculator.

IDFC FIRST Bank Car Loan EMI for ₹5, ₹10, ₹15 and ₹20 lakh

The table shows the monthly EMI at 8.99% a year, the lowest rate published for this loan on the table above. Most borrowers are offered a rate somewhere in the published range, so treat these as the best case and check your own rate in the sanction letter.

Reducing-balance method. Processing fees, GST and insurance are extra. Use the EMI calculator to try your own amount, rate and tenure.

IDFC FIRST Bank vs other loan providers for car loans

Published figures from each loan provider's own website. Some loan providers publish a starting rate, some a range actually given to customers, and some only a maximum, so read the column with care and compare final offers on the APR in the Key Fact Statement.

What kind of loan provider IDFC FIRST Bank is

IDFC FIRST Bank is a private sector bank. Private banks tend to approve and disburse quickly, often digitally or at the dealership, and cover a wide range of credit profiles. The spread between their lowest and highest rates can be wide, so the rate you are offered depends heavily on your credit score, income and the vehicle.

Private bank pitching long tenures (up to 10 years on new cars) and high funding across new and used cars, two-wheelers, commercial vehicles and tractors, mostly on fixed rates.

Features IDFC FIRST Bank lists for this loan

• Longest tenure among peers at 10 years
• Online car marketplace

Documents you will usually need

Most loan providers ask for a similar set. IDFC FIRST Bank may ask for more depending on your profile.

• Identity proof such as Aadhaar, PAN, passport or voter ID
• Address proof such as Aadhaar, utility bill, rent agreement or passport
• PAN card (mandatory)
• Last 3 to 6 months of salary slips and bank statements for salaried applicants
• Last 2 years of ITR with computation, and 6 to 12 months of bank statements for self-employed applicants
• Proforma invoice or quotation from the dealer for a new car, or seller details for a used car
• Passport-size photographs and a signed application form

Before you sign with IDFC FIRST Bank

• Get the Key Fact Statement (KFS). RBI requires loan providers to give you a KFS before you sign, showing the interest rate, all fees, the annual percentage rate (APR) and the total amount you will repay.
• Compare the APR, not the headline rate. A low rate with a high processing fee can cost more than a slightly higher rate with no fee.
• Ask about pre-closure charges. Fixed-rate vehicle loans often carry charges for paying early; floating-rate loans to individuals cannot.
• Check what is bundled. Insurance, extended warranty or accessories added to the loan raise the amount you pay interest on. You are free to buy insurance elsewhere.
• Make sure the hypothecation is recorded and later removed. The loan provider's name is noted on the registration certificate; after the last EMI, collect the NOC and get it removed at the RTO.

Apply on idfcfirst.bank.in or at a branch. Never pay anyone an upfront fee to "get a loan approved"; genuine loan providers deduct fees only from the loan itself.

More from IDFC FIRST Bank and similar loans

Other vehicle loans from IDFC FIRST Bank:

Frequently asked questions