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Apply NowTwo Wheeler Loan
Summary: Two wheeler loans are becoming increasingly popular as they provide a convenient and affordable way for people to purchase their desired two-wheeler. Before applying for a two wheeler loan, there are several important things people should know in order to ensure a hassle-free process.
Getting a two-wheeler loan can be a daunting task for many people. With so many lenders offering different loan terms and conditions, it can be hard to know which one is the best for you. In this article, we will discuss everything you need to know about two-wheeler loans, from the eligibility criteria, loan interest rate to the different types of two-wheeler loans available. We will also provide tips on how to make sure you get the best deal and enjoy a hassle-free loan experience.
For those who do not want to pay a large amount from their savings, a two-wheeler loan can be useful. This way, you can buy one of choice at an attractive two-wheeler loan interest rate and repay the amount through equated monthly instalments (EMIs).
Let's take a closer look at the benefits of a two-wheeler loan, the eligibility criteria, documentation and process.
Here are the key benefits of taking a two-wheeler loan:
To buy your new two-wheeler, check out IDFC FIRST Bank Two Wheeler Loan and Pre-Owned Two Wheeler Loans.
Also read - Looking to buy a new two-wheeler? Check these top manufacturers in India
Depending on whether you pay a security or not, there are two types of two-wheeler loans in India: -
You need to meet the following two-wheeler loan eligibility criteria to apply:
Here are the two-wheeler loan documents you need to submit:
You need to consider the following things before applying for a two-wheeler loan:
You can calculate your DTI using the following formula -
DTI = Existing loan EMIs / Gross monthly income
There are other crucial aspects of borrowing, including insurance, loan tenure, EMI calculation and more.
You should have an insurance policy for your two-wheeler to cover its cost against certain instances. A quality two-wheeler insurance policy will provide the following covers:
In India, the interest rate for a two-wheeler loan usually ranges from 6.85-28.30% per annum. The interest affects the overall amount you repay for the two-wheeler loan. The amount of payable interest depends on whether you choose a fixed or floating interest rate.
You can get affordable two-wheeler interest rates starting from 8.5% per annum.
While the tenure of a two-wheeler loans in India vary from bank to bank, it is typically between six and 48 months.
Before applying for a two-wheeler loan, you should calculate your EMI. It will help you understand how to pay off the loan on time.
You can calculate the EMI using the formula: EMI value = P x R x (1 + R) ^ N / [(1 + R) ^ N - 1]
Where:
P = Principal loan amount
R = Rate of interest
N = Loan tenure in months
There is an easier way to calculate the EMI, and that is by using a Two Wheeler Loan EMI Calculator.
You only have to enter the principal loan amount, the interest rate, and the loan tenure, and the calculator will give an accurate result instantly.
Here are the fees and charges of IDFC FIRST Bank two-wheeler loans:
|
Types of fees and charges |
Details |
1. |
Admin fee (if any) |
Up to Rs 1200 |
2. |
EBC and push card fee (if any) |
Rs 499 |
3. |
Other charges |
Up to Rs 2000 |
4. |
PDD charges |
Up to Rs 2000 |
5. |
Stamp duty |
As per actuals |
6. |
Processing fees |
Up to 5% of the total amount |
7. |
Security post-dated cheque waiver |
Rs. 500 |
For more details, check Two Wheeler Loan Fees & Charges
Also read - How to get the best Two-Wheeler Loan interest rate?
Instead of hustling every day taking the public transport, you can travel on your own terms by owning a two-wheeler. Before applying for a two-wheeler loan, however, it is important to know about the types of loans available, the eligibility criteria, EMI payments, and insurance among other factors.
You can get an instant loan on KYC with a low down payment and zero processing fee from IDFC FIRST Bank. Furthermore, you can explore our Pre-Owned Two Wheeler Loans if you are interested in purchasing a secondhand two-wheeler vehicle.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.