Know about the two-wheeler loans from IDFC FIRST Bank, including interest rates, features, benefits, and the application process.
✓ Interest Rates Starting @ 0.99% p.a. ✓ Up to 100% Financing ✓ Repayment Tenure of up to 4 Years
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.
IDFC Two-wheeler Loan: Features and Benefits
Low Interest Rates
Benefit from competitive interest rates, making your loan more affordable.
High LTV Ratio
Borrow amounts of up to 95% of your bike’s value with the help of this loan.
Low Down Payment
Secure higher loan amounts with this option, resulting in lower down payments.
Minimal Documentation
No need for extensive paperwork due to the minimal documentation process.
Easy Application Process
Apply effortlessly online through the IDFC FIRST Bank website, mobile app, or at partner showrooms.
Transparency at all Stages
Experience a transparent loan journey, with clear communication at every step of the process.
Instant Sanction
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
How to Apply for IDFC FIRST Bank Bike Loan
The IDFC FIRST Bank Bike Loan comes with a convenient online application process. Here’s a step-by-step guide to help you apply:
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You can head to the official IDFC FIRST Bank’s website or app
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Look for the bike loan section and navigate to the apply button
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Fill in the online form by providing your personal and professional details
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Submit identity, address and income proofs, as requested
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The bank will now authenticate your loan application and documents
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On successful verification, you will be informed about the approval of your loan
Frequently Asked Questions
How much interest is charged by IDFC Bank on two-wheeler loans?
The IDFC FIRST Bank interest rate charged on two-wheeler loans starts from 9% p.a.
Is age an eligibility factor to get a two-wheeler loan from IDFC Bank?
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.
Do self-employed individuals need to provide a guarantee to get a bike loan from IDFC FIRST Bank?
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.
How do I know if I am eligible for an IDFC bike loan?
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.
Do I need to make a down payment or pay margin money for the IDFC FIRST Bank bike loan?
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.
If I am a business owner, will I be allowed to get an IDFC First Bank two-wheeler loan?
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.
Will I have to visit the IDFC First Bank branch to avail of an IDFC two-wheeler loan?
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.
What is the process of loan repayment for an IDFC bike loan?
Loan repayments are made through flexible EMI options. You can set up auto-debit instructions from your bank account for hassle-free repayments.
Will the whole application process for the IDFC Bike loan be online, or will I have to visit the bank to get the application form?
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.
Can I apply online for an IDFC First Bank two-wheeler loan?
Yes, you can apply online through the IDFC FIRST Bank website, mobile app, or partner showroom portals, ensuring a smooth and paperless application process.
