IDFC Bank Car Loan EMI Calculator

​The IDFC FIRST Bank Car Loan EMI Calculator is an easy-to-use online tool that lets you quickly estimate your monthly car loan instalments. By entering key details such as the desired loan amount, applicable interest rate, and preferred loan tenure, the calculator provides an instant approximation of your Equated Monthly Installment (EMI). This enables you to plan your finances effectively, ensuring that your car loan aligns with your budget and repayment capacity. Whether you're considering a new or pre-owned vehicle, this calculator simplifies the process, offering clarity and confidence in your financial decisions. ​

How to Use Wishfin IDFC FIRST Bank Car Loan EMI Calculator?

To use the Wishfin IDFC First Bank Car Loan EMI Calculator, just go to the Wishfin site and input the loan amount, interest rate, and tenure using the available sliders. Once you input these details, the calculator instantly provides an estimate of your monthly EMI, helping you plan your car loan repayments effectively. This easy-to-use tool allows you to adjust inputs and quickly see how changes in loan amount, interest rate, or tenure affect your monthly payments, giving you a clear understanding of your car loan obligations.

Example of IDFC FIRST Bank Car Loan EMI Calculator

Suppose you're planning to take a car loan of ₹6,00,000 from IDFC First Bank at an annual interest rate of 9.99% for a repayment period of 7 years. You can use the IDFC First Bank Car Loan EMI Calculator to calculate your monthly EMI payments. Simply enter the loan amount (₹6,00,000), interest rate (9.99%), and loan tenure (7 years or 84 months) into the calculator. It will then calculate the EMI you need to pay each month, helping you assess the affordability of the loan and plan your repayments effectively.

How Does the IDFC FIRST Bank Car Loan EMI Calculator Function?

The IDFC FIRST Bank Car Loan EMI Calculator uses a standard formula to help you easily estimate your monthly payments:

EMI = [P × R × (1+R)^n] / [(1+R)^n – 1]

Where:

• E = EMI (Equated Monthly Instalment)
• P = Principal loan amount
• R = the monthly interest rate, calculated by dividing the annual interest rate by 12 and then by 100.
• n = Loan tenure in months

Given -

• P = Principal loan amount = Rs 6,00,000
• R = Monthly interest rate = Annual rate / 12 = 9.99% / 12 = 0.8325% = 0.008325
• n = Loan tenure in months = 84 months

Approximate EMI Result:

After substituting the values and then using the formula, the EMI comes out to approximately Rs 9,925 per month.

The Lowest EMI Available on an IDFC First Bank Car Loan

Documentation Required For IDFC FIRST Bank Car Loan

• Proof of Identity: ( Any one )– PAN Card, Aadhaar Card, Passport, or Voter ID.
• Address Proof: Aadhar Card, Driving License, Passport, etc.
• Income Proof: Recent Salary Slips, Latest Form 16, or Current ITR
• Bank Statements: The Latest 6 months of bank statements
• New Car Dealer Documents: Proforma Invoice, Insurance, Margin Money, and Tax Invoice

Eligibility for IDFC First Bank Car Loan

To qualify for a car loan from IDFC FIRST Bank, you must meet the following criteria:

• Age : The age of the applicant must be between 21 and 65 years old.
• Income: A consistent and reliable income is necessary to guarantee timely loan repayment.
• Credit Score : A healthy credit score increases the likelihood of approval.

Fee/Charges on IDFC FIRST Bank Car Loan

Importance of IDFC First Bank Car Loan EMI Calculator

Financing your dream car through a car loan is a popular choice, but before you finalize the loan, it’s wise to use a car loan EMI (Equated Monthly Instalment) calculator. Here’s why using an online EMI calculator like the one from IDFC FIRST Bank is essential:

• Get an Accurate EMI Estimate - Car loans can significantly impact your monthly budget. An EMI calculator helps you estimate your monthly payment, so you're financially prepared for the commitment.
  

• Assess Your Affordability - Even if you believe you can afford the car, it’s smart to validate that with actual figures. The EMI calculator allows you to modify the loan amount and duration to make sure it suits your budget.
  
• Compare Different Loan Scenarios - Undecided between two car options? Use IDFC FIRST Bank’s EMI calculator to compare monthly EMIs for each and choose the car that aligns best with your financial situation.

Benefits of the IDFC FIRST Bank Car Loan EMI Calculator

The IDFC FIRST Bank Car Loan EMI Calculator offers several advantages that make planning your car loan simple and stress-free:

• Repayment Planning : By estimating your monthly EMI in advance, you can effectively plan your finances and assess whether your dream car fits your budget. Modify the loan amount and repayment period to find budget-friendly choices.
  
• Accurate Results : The calculator delivers precise EMI amounts based on your inputs, giving you clarity on what to expect each month.
  
• Easy to Use : Equipped with user-friendly sliders and input fields, the tool is designed for quick and hassle-free calculations—no technical know-how required.

Key Features of IDFC FIRST Bank’s Car Loan EMI Calculator

• Quick and Precise Estimates : The calculator delivers accurate EMI results instantly, helping you make informed financial decisions in seconds.
  
• User-Friendly Interface : Designed for ease of use, the calculator works smoothly across all devices with an internet connection.
  
• Flexible Inputs : You can easily adjust the loan amount, interest rate, and tenure to explore various EMI scenarios and find the best fit for your budget.

Summary!

The IDFC FIRST Bank Car Loan EMI Calculator is a helpful online tool that simplifies your financial planning by giving you a quick estimate of your monthly car loan EMIs. It allows you to adjust the loan amount, interest rate, and tenure to find the most affordable repayment plan. With its easy interface and instant results, this calculator ensures that you make informed decisions before applying for a car loan.