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Two Wheeler Loan Interest Rates

Ready to bring home your new two-wheeler? At IDFC FIRST Bank, we make it easier with two-wheeler loans designed around your needs. Enjoy competitive interest rates, flexible repayment options, and a smooth application process that puts you in the rider’s seat.Read More

Whether you're buying your first scooter or upgrading your bike, a strong credit profile could help you unlock even better rates. Get started today and hit the road with confidence.Read Less

Calculate your Two wheeler Loan Interest Rate  

Wondering what your monthly payments will look like? Use the IDFC FIRST Bank online EMI calculator to get a quick estimate. Just enter your preferred loan amount, expected interest rate, and repayment tenure — the calculator will instantly show you your estimated EMI. It’s a simple way to plan your finances before you apply. Try it now and see what fits your budget.  
 

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Two Wheeler Loan ROI Starting from 9%*


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Frequently Asked Questions

What are the types of interest rates offered for two-wheeler loans?

IDFC FIRST Bank offers flexible interest rates on two-wheeler loans, which are influenced by various factors such as the applicant's credit profile, loan amount, loan tenure, income stability, and the type of two-wheeler being financed. The bank provides competitive rates to eligible customers, ensuring affordability and convenience.

Tips to avail a two-wheeler loan at a low interest rate

To secure a two-wheeler loan at a favourable interest rate with IDFC FIRST Bank, consider the following strategies:

• Maintain a high credit score: A strong credit history increases your chances of obtaining a loan at a lower interest rate.

• Seek stable employment: Being employed for at least six months in your current job can positively impact your loan terms.

• Choose a shorter loan tenure: Opting for a shorter repayment period may result in lower interest rates.

• Select the right two-wheeler: The type of vehicle (e.g., commuter bike, premium bike, electric scooter) can influence the applicable interest rate.

• Provide accurate documentation: Ensuring all required documents are correctly submitted can expedite the loan approval process.

How does your credit score impact your two-wheeler loan interest rate?

Your credit score plays a crucial role in determining the interest rate for your two-wheeler loan. A higher credit score indicates better creditworthiness, which can lead to more favourable loan terms, including lower interest rates. Conversely, a lower credit score may result in higher interest rates or loan rejection. 

What are the other things to consider while availing a two-wheeler loan, other than the interest rate?

Beyond the interest rate, consider the following factors when applying for a two-wheeler loan:

• Loan tenure: The duration of the loan affects the EMI amount and total interest paid.

• Processing fees and charges: Be aware of any additional costs associated with the loan.

• Prepayment and foreclosure terms: Understand the conditions and penalties, if any, for early repayment.

• Loan-to-value ratio: This determines the percentage of the vehicle's cost that the bank will finance.

• Insurance requirements: Some lenders may require comprehensive insurance coverage for the financed vehicle.

How are bike loan EMIs calculated based on interest rates?

EMIs (Equated Monthly Instalments) for bike loans are calculated using the following components:

• Principal amount: The total loan amount borrowed.

• Interest rate: The annual rate charged by the bank.

• Loan tenure: The duration over which the loan is to be repaid.

IDFC FIRST Bank provides an online EMI calculator where you can input these variables to estimate your monthly payments.

Do interest rates differ between scooters and motorcycles?

Yes, interest rates for two-wheeler loans vary based on the category of the vehicle. IDFC FIRST Bank offers different starting interest rates for different segments:

• Commuter bikes – Starting from 18.99% p.a.

• Mid premium/electric vehicles – Starting from 15.99% p.a.

• Premium bikes – Starting from 8.5% p.a.

These rates are indicative and may vary depending on factors like your credit score, vehicle model, and income profile.

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