Know about the two-wheeler loans from IDFC FIRST Bank, including interest rates, features, benefits, and the application process.
IDFC FIRST Bank offers its customers cost-efficient ways to become bike owners. The bike loans offered by the lending institution come with ‘reducing rate’ interest rates starting from just 9.99% p.a. Apply for the loan on IDFC FIRST Bank’s official portal easily, anytime, anywhere.
Here is all you need to know about IDFC FIRST Bank Two-wheeler Loans, including competitive two wheeler loan interest rates and flexible tenures. Learn about how to get instant loan approvals with just KYC, the paperless application journey, and low down-payment options.
Here’s a quick overview of the two-wheeler loans offered by IDFC FIRST Bank:
Feature |
Details |
---|---|
Loan Amount |
Up to 95% of the vehicle's cost |
Loan Tenure |
Flexible tenure options up to 4 years (48 months) |
Eligibility Criteria |
|
*Disclaimer: The mentioned terms are subject to change at the lender’s discretion.
IDFC FIRST Bank Two-wheeler Loan interest rates and other associated charges are as follows:
Processing Fee |
Up to 5% of the loan amount |
Other Charges (if applicable) |
Up to ₹2,000 |
Foreclosure Charges |
5% of the principal amount |
Late Payment Fee |
2% per month of the unpaid EMI or ₹300, whichever is higher |
Product and Vehicle Variant Interest Rates |
Commuter - Starting from 18.99% |
Mid Premium / Electric Vehicle - Starting from 15.99% |
|
Premium - Starting from 8.5% |
*Disclaimer: The interest rates and charges mentioned above are subject to constant change. Check the information with the lender before making any financial decisions.
Benefit from competitive interest rates, making your loan more affordable.
Borrow amounts of up to 95% of your bike’s value with the help of this loan.
Secure higher loan amounts with this option, resulting in lower down payments.
No need for extensive paperwork due to the minimal documentation process.
Apply effortlessly online through the IDFC FIRST Bank website, mobile app, or at partner showrooms.
Experience a transparent loan journey, with clear communication at every step of the process.
Get quick loan approvals within minutes, with disbursement happening in as fast as 2 hours.
For the approval of your bike loan, you need to fulfil the stipulated eligibility requirements. The eligibility criteria are listed below:
You must be an Indian citizen.
You must be over 21 years old.
If your age falls under the range of 18 to 21 years, you must mandatorily have a co-applicant.
In addition to this, you will also be required to submit some documents which are as follows:
Passport-size photograph
KYC Documents: Any one of the following:
Passport
Aadhaar card
Drivers licence
Voter ID
Duly filled loan application form
The IDFC FIRST Bank Bike Loan comes with a convenient online application process. Here’s a step-by-step guide to help you apply:
You can head to the official IDFC FIRST Bank’s website or app
Look for the bike loan section and navigate to the apply button
Fill in the online form by providing your personal and professional details
Submit identity, address and income proofs, as requested
The bank will now authenticate your loan application and documents
On successful verification, you will be informed about the approval of your loan
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The IDFC FIRST Bank interest rate charged on two-wheeler loans starts from 9% p.a.
Yes, age is a crucial eligibility requirement. You need to be more than 21 years old to apply for an IDFC FIRST Bank Two-wheeler Loan. If you fall under the age bracket of 18 to 21 years, you compulsorily need a co-applicant.
Self-employed individuals are not required to provide any guarantee for securing a two-wheeler loan from IDFC FIRST Bank. They may be required to provide documents to prove their income and business existence.
To be eligible, you must be at least 21 years old (18 with a co-applicant) and have a stable source of income. Both salaried and self-employed individuals can apply, provided they meet the bank’s criteria.
Yes, you may need to make a down payment or margin money. However, IDFC FIRST Bank offers high LTV ratios of up to 95%, ensuring a low down payment requirement.
Yes, business owners are eligible to apply for the loan. You must meet the eligibility criteria, such as a minimum of two years of business continuity and a steady income.
No, you don’t have to visit the branch. The application process is entirely digital, allowing you to apply online from the comfort of your home.
Loan repayments are made through flexible EMI options. You can set up auto-debit instructions from your bank account for hassle-free repayments.
The entire application process is online. You can apply through the IDFC FIRST Bank website or mobile app without the need to visit a branch.
Yes, you can apply online through the IDFC FIRST Bank website, mobile app, or partner showroom portals, ensuring a smooth and paperless application process.