Looking for a reliable two wheeler for your daily commute or want a stylish bike for a fun trip? You can trust IDFC FIRST Bank for a convenient and hassle-free two wheeler loan. The IDFC Bike Loan is easy to apply for and comes with a wide range of benefits. These include zero processing fees, simple eligibility conditions, minimal documentation and flexible repayment options. What’s more, the interest rate on this loan is among the most affordable in the market. Here’s a look at IDFC FIRST Bank Two Wheeler Loan details to help you get a complete picture.
The two wheeler interest rate varies according to the loan amount. You can refer to the table given below to know the interest rates on different loan amounts:
Two wheeler loan amount
Up to Rs. 1.25 Lakhs
Between Rs. 1.25 lakhs and Rs. 3 Lakhs
More than Rs. 3 Lakhs
*Interest rates are subject to market conditions and bank’s discretion.
The IDFC Bank Two Wheeler Loan comes with attractive features and superb benefits. Here’s a look:
Simple application: The IDFC FIRST Bank Two Wheeler Loan requires you to fill a simple online application. After you have submitted the online application form, a bank official or representative will get in touch to guide you through the entire process.
Zero hidden charges: The IDFC Bank Bike Loan is completely transparent. All the charges and fees are mentioned upfront. You are not required to pay any additional charges at any stage.
Minimum downpayment: If you are worried about not having funds to make a substantial downpayment, then fret not, for this two wheeler loan requires you to make only a minimum downpayment. A key advantage of the IDFC FIRST Bank Bike Loan is that you can receive financing for up to 95% of the bike’s cost. Just make a downpayment of merely 5% of the two wheeler’s cost and purchase the bike of your choice.
No processing fee: Yet another benefit of the IDFC 2 wheeler loan is that it doesn’t require you to pay any processing fee.
Zero waiting time: Once your application details and documents are verified, the loan will be approved in no time. In fact, you can expect an instant sanction of your two wheeler loan.
Minimal documentation: The IDFC Two Wheeler Loan comes without cumbersome paperwork, and you are required only to submit the basic documents.
Reasonable interest rates: The IDFC Bike Loan interest rate is among the most competitive rates in the market. Contingent upon your loan amount, you can expect an interest rate ranging from 9.99% to 18.99%.
Flexible repayment tenures: With flexible repayment tenures of up to a maximum of four years, you don’t have to worry about your IDFC Bike Loan payment.
For the approval of your bike loan from IDFC Bank, you need to fulfil the stipulated eligibility conditions. Here’s a look at the eligibility conditions:
To know your EMI amount instantly, you can use the online EMI calculator, available on the IDFC Bank’s official website. Here, you are required to provide variables, like your loan amount, interest rate and repayment tenure. For instance, if you want to know the EMI for Rs. 3 Lakhs loan at the interest rate of 9.99% for 48 months, the calculator will instantly show the EMI amount as Rs. 7,607.
The IDFC Bike Loan comes with a convenient online application process. Here’s a step-by-step guide to help you make an application:
Step 1: Foremost, you need to fill in the online form by providing your personal and professional details. You can shortly expect communication from a bank official or representative, who will then ask you to submit the requisite documents.
Step 2: Depending upon the nature of your employment or profession – salaried or self-employed –you can be asked to submit various documents regarding your identity, address and income.
Step 3: The bank will now authenticate your loan application and documents. Upon successful verification, you will be informed about the approval of your loan.
Step 4: You will now visit the bike dealer or showroom to purchase the bike of your choice.
For availing the IDFC Two Wheeler Loan, you have to submit various documents. Here’s a look at the documents required from both salaried and self-employed borrowers:
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Depending upon the amount of your loan, the IDFC FIRST Bank interest rate can range from 9.99% to 18.99%
Yes, age is a crucial eligibility condition. You need to be above 21 years to apply for the IDFC Bike Loan. If you are between 18 years and 21 years, you compulsorily need a co-applicant.
The IDFC Bank Two Wheeler Loan comes with zero processing fee.
You can use net banking to pay your EMIs online.
Self-employed individuals are not required to provide any guarantee for availing the IDFC Two Wheeler Loan. They must provide documents to establish their income and business’ existence.