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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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FinFIRST Blogs
Two-wheelers are convenient for daily commutes as they are affordable and require less parking space. They can easily cut through heavy traffic, making them a popular choice for Indian roads. If you wish to buy a two-wheeler, many financing opportunities are available today, like two-wheeler loans with easy terms. However, you must pay attention to the two-wheeler loan interest rate, which can vary depending on certain criteria.
Let's see how you can acquire a two-wheeler loan at low interest rates.
1. Compare interest rates
Research and compare the interest rates different banks offer. With competitive pricing, potential buyers can choose the bank offering the lowest interest rate. This way, your interest liability will be minimal.
2. Maintain a high credit score
Banks will check your credit score before granting a loan, directly impacting the loan terms. To acquire the lowest two-wheeler loan interest rate, maintain a good credit history for a good credit score. You can build a strong credit score by paying your credit card dues on time, maintaining a solid credit mix, and repaying existing loan EMIs on time.
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3. Choose a bank with auto tie-ups
Opting for a two-wheeler loan from a bank with active auto company tie-ups can be very beneficial. Let’s assume you wish to purchase a two-wheeler from Company A, which has a direct tie-up with Bank B. When you approach Company A, you get a good chance of securing a low bike loan interest rate from Bank B.
4. Try to get a Pre-Approved Loan
Check if you are eligible for a pre-approved loan offered by your bank. Some banks pre-approve their customers for taking loans based on good credit history and a clean financial track record. If you are pre-approved for a two-wheeler loan, you are granted the loan instantly without having to wait. The interest rates on a pre-approved two-wheeler loan are usually lower, as the bank trusts your repayment capacity.
5. Check for seasonal offers and discounts
Most auto companies and banks run festive discounts on two-wheeler loans. Availing of one allows you to unlock significant benefits such as complimentary insurance, free gold coin, zero processing fees, free accessories, etc. Some banks also offer slightly lower interest rates to lure customers into applying for a two-wheeler loan during the festive season. Check if any offers are running; maybe even wait a month or two if your requirement is not urgent.
To sum it up
IDFC FIRST Bank offers two-wheeler loans with attractive features such as instant approval on KYC, zero processing fee, low down payment, etc. Reach out to IDFC FIRST Bank today to apply for a loan and ride away on a two-wheeler of your choice!
Keep track of your loan payments with the IDFC FIRST Banking App
Disclaimer
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.
