Finance

A two-wheeler loan helps you purchase a motorcycle or a scooter of your choice and pay for it in equated monthly instalments (EMIs). Two-wheeler loans are available for both salaried and self-employed individuals. … Once your loan application has been approved you can ride out with a two-wheeler of your choice.
Purchasing a two wheeler gives you a sense of liberty and sets you free to commute on your own terms. We are here to get resolved for your queries. A two wheeler loan can help you be the proud owner of a brand new bike. IDFC FIRST Bank two wheeler finance offers 95% of the vehicle’s value as a loan, with a flexible tenure of up to 5 years. Our 2 wheeler loan gets you a motorcycle of your choice without having to worry about bearing the entire cost at once.

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Here are a few reasons for any vehicle owner to choose finance:

  • Takes off a huge burden : When you avail a two wheeler loan, the biggest benefit of doing so is not facing a financial dilemma at a time. It helps you pay back the money you owe to the banks/NFBCs at a fixed interest rate which are nominal and makes it easier on your pockets to spend a little amount every month..
  • Helps with your CIBIL Score : Many loans involving a huge amount of money like a home loan, car loan or a personal loan require a good CIBIL score. CIBIL or Credit Scores are a summary of your history in loan credits and repayments over a period of time. And because the cost of buying a two-wheeler is less.
  • Attractive interest rates : Interest rates in India for a bike loan range from somewhere 12%-27%. These varying interest rates depend on the Bank/NFBCs you approach, your time of employment, income range, bike specifications etc. Banks and NFBCs these days are providing two-wheeler loans at very feasible interest rates, rates which have gone down in the past few years.
  • Eligibility across Income range : An average two-wheeler ranges between 55000 to 75000 INR and when you take up a loan, the amount to be paid each month is seemingly less because of the low vehicle cost. It is not mandatory for you to have an annual income salary within the taxable income range. For someone who is earning around 100000 INR per year, getting a bike loan approved is not a herculean task.
  • Additional benefits : An interesting part of taking loans from Banks/NFBCs is that, due to the Indian Motor Act, loans are sanctioned with an insurance cover of the vehicle and an accidental cover for you. Did you know that Loan Tap funds about 100% of the on-road value in pre-approved loans and can go on to fund up to the complete invoice amount which will also include accessories.
  • Flexible and quick process : Gone are the days when one had to wait for months for a loan to be approved and stand in queues outside banks and offices. With the improvements made in the loan approval process over the last few years, the sanctioning time of two-wheeler loans came down within day.