A two-wheeler loan helps you purchase a motorcycle or a scooter of your choice and pay for it in equated monthly instalments (EMIs). Our loans are available for both salaried and self-employed individuals.

The two-wheeler loan interest rate offered for salaried as well as self-employed persons by IDFC FIRST Bank is among the best in the market. We carry out an assessment and inform you whether you meet our eligibility criteria so you can get access to our best two-wheeler loan interest rate. You should ideally meet the following criteria: You should be above 21 years of age (18 years with co-applicant). Apart from these stipulations, you will need to provide some documentation.

Yes, but be rest assured that at IDFC FIRST Bank, the down payment for a two-wheeler loan is just a small amount you need to pay at the vehicle dealership, and is only the difference between on the on-road price of the two-wheeler amount and the loan sanctioned to you. Once you get a two-wheeler Loan online approval, you will be able to get up to 95% of the vehicle's cost as a loan at our best two-wheeler loan interest rate. 

No guarantor is required, a co-applicant is required if the applicant is between 18-21 years of age.

Decision on your two-wheeler loan will be done within 2 minutes, we also have an online website journey where you can enter your details and get an approval instantly. Click here to get started

Yes, you do not need an account with IDFC FIRST Bank to avail a two-wheeler loan from the Bank.

IDFC FIRST Bank offers instant two-wheeler loans to both Salaried and Self-employed individuals.

1. Salaried individuals must be minimum 21 years of age at the time of application and should have completed minimum 6 months in their current job to qualify for our best two-wheeler loan interest rate. 

2. Self-employed individuals and business owners should be minimum 21 years of age at the time of application. They should have been in business for minimum 2 years before you become eligible to apply. 

IDFC FIRST Bank provides a two-wheeler loan on easy terms through various channels. 

Through our mobile app or website:

You can fill up the online application through our mobile app or website and, if eligible, you can get an approval instantly. Our Sales Officer at empanelled dealerships will get in touch with you shortly for further processing.

Via Partner Showrooms:

You can also walk into any of our partner two-wheeler showrooms, where our representative will help you complete all required formalities and inform you if you are eligible for a loan on the spot. Once your loan application is approved, you can ride out with the two-wheeler of your choice.

Yes, you can obtain a two-wheeler loan approval online. IDFC FIRST Bank offers among the best two-wheeler loan interest rates in the industry. You can either apply via our website. or mobile app to get started with your online loan application. We will check if you are eligible for our two-wheeler loan and provide you with an approval instantly, if eligible.

No, you don't need to visit our branch to get access to our best two-wheeler loan interest rate. You can get two-wheeler loans from:

Our mobile app or website:

You can fill up the online application through our mobile app or website and, if eligible, you can get an approval instantly. Our Sales Officer at empanelled dealerships will get in touch with you shortly for further processing.

Via Partner Showrooms:

You can also walk into any of our partner two-wheeler showrooms, where our representative will help you complete all required formalities and inform you if you are eligible for a loan on the spot. Once your loan application is approved, you can ride out with the two-wheeler of your choice.

Yes, your two-wheeler loan can be foreclosed by paying 5% at the point of sale.

You will need to repay your two-wheeler loan through Equated Monthly Instalments or EMIs, wherein you pay a fixed amount each month, until your loan is repaid. Every instalment of the loan that you repay will be partly made up of principal repayment and partly of interest payment. Once you complete your loan repayment, you can apply for the removal of hypothecation on your vehicle, and you will gain complete ownership.

Hypothecation is the process wherein you pledge the ownership of your vehicle to the lender. Once you take a vehicle loan, the hypothecation request is submitted to the regional transport officer with the loan details. Even though the vehicle's ownership remains with the lender, your name and address are mentioned in the vehicle's RC book. It means you will be legally liable for everything related to the vehicle. Once you have completely paid your loan off, you should get the hypothecation removed. You cannot sell your vehicle without removing it.

You can make a payment online through the IDFC FIRST Bank mobile app, UPI, net banking, cash at the branch or through standing instructions/NACH.

You may reach us at IDFC FIRST Bank Branch or Loan Centre, our customer service number 1800 0 888 or through our chatbot on the IDFC FIRST Bank Mobile Banking App

IDFC FIRST Bank offers up to ₹20 lakhs financing on two-wheeler loans, meaning you can avail a loan covering the entire on-road price of the bike. This eliminates the need for a down payment in some cases. However, the exact loan amount sanctioned depends on factors like your credit profile and the bank's assessment.

The Equated Monthly Instalment (EMI) on a two-wheeler loan depends on the loan amount, tenure, and applicable interest rate. IDFC FIRST Bank provides an EMI calculator where you can input these details to estimate your monthly payments. Click here to calculate your monthly EMI on a two wheeler loan

Interest rates vary based on the type of two-wheeler:

• Commuter bikes: Starting from 18.99%*

• Mid premium/electric vehicles: Starting from 15.99%*

• Premium bikes: Starting from 8.5%*

*Rates are indicative and subject to change based on the bank's policies and your credit profile.

Ideally, it is the best to use the EMI calculator before taking the loan to set your budget accordingly. If you face any emergency during your loan tenure and need to revise your EMI amount, you can get in touch with an IDFC FIRST Bank customer care executive or visit the branch personally to get the required support.

Usually, a loan for a new bike would have a lower interest rate as compared to a loan for a used bike. This is because used bikes are a higher risk for lenders given their shorter remaining lifespan, potential maintenance issues, and uncertain resale value. 

Missing an EMI can lead to:

• Late payment fees: Additional charges may apply.

• Credit score impact: Delayed payments can negatively affect your credit history.

• Increased interest: The overall interest payable may increase.

It's advisable to inform the bank promptly and make the payment as soon as possible to mitigate these effects.

Several factors influence the interest rate offered:

• Credit score: A higher score can lead to better rates.

• Loan tenure: Longer tenures might attract different rates.

• Type of bike: Premium bikes may have different rates compared to commuter bikes.

• Income and employment stability: Stable income sources can favourably impact rates.

Maintaining a good credit profile and choosing a suitable loan tenure can help in securing favourable interest rates.