IDFC First Bank Used Two-Wheeler Loan
IDFC First Bank offers the used two-wheeler loan at an attractive interest rate starting from 9.00% p.a. The process to apply for the loan is simple and can be completed online.
IDFC First Bank Used Two-Wheeler Loan Eligibility Criteria
The eligibility criteria that must be met to avail the used two-wheeler loan offered by IDFC First Bank are mentioned below:
- You must be an Indian resident.
- You must be more than 21 years old.
- Co-applicants can be between the ages of 18 years and 21 years.
IDFC First Bank Used Two-Wheeler Loan Interest Rate
Product Type | Product Type |
Pre-Owned Two-Wheeler Loan | Starts from 9.00% p.a. |
IDFC First Bank Used Two-Wheeler Loan Documents Required
The list of documents that must be submitted to avail the used two-wheeler loan offered by IDFC First Bank are given below:
- Passport-sized photograph.
- RC book of the two-wheeler that you want to purchase.
- Application form.
- Proof of identity.
- Proof of address.
IDFC First Bank Two-Wheeler Loan Fees and Charges
The different fees and charges that are levied by IDFC First Bank are mentioned in the tables below:
Pre-Customer On-Boarding
Category | Charges |
Processing Fee | Up to 5% of the loan amount |
Stamp Duty | As per actuals |
PDD Charges | Up to Rs.2,000 |
Push Card Fee and EBC (if applicable) | Rs.530 |
Admin Fee (if applicable) | Up to Rs.1,200 |
Other Charges (if applicable) | Up to Rs.2,000 |
Post Customer On-Boarding
Category | Charges |
Switching Charges | Rs.1,000 |
Valuation Charges (if applicable) | As per actuals |
Part Payment Charges | Not allowed |
Collections and Legal Charges | As per actuals |
Penal Charges | 2% every month of the EMI that is unpaid or Rs.300 (whichever is higher) |
Foreclosure Charges | 5% of the principal amount that is outstanding |
Collection Charges/ EMI Pickup | Rs.500 |
Duplicate No Objection Certificate | Up to Rs.500 |
Document Retrieval Charges | 0 |
Rebooking and Cancellation Charges | Rs.1,000 plus GST |
Used Two-Wheeler Loan EMI Calculator
In case you wish to calculate the monthly payments, you can use the used two-wheeler loan EMI calculator offered by BankBazaar or IDFC First Bank to check the monthly payments. The calculator is easy to use and basic details will need to be provided. Using the calculator helps in saving time and money and results are displayed immediately and is free.
FAQs on IDFC First Bank Used Two-Wheeler Loan
- What are the various payment modes offered by IDFC First Bank?
The various payment modes offered by IDFC First Bank are via cash, net banking, UPI, and on the mobile app.
- How do I repay the IDFC First Bank used two-wheeler loan?
The IDFC First Bank used two-wheeler loan must be repaid in EMIs.
- Will I have to visit the IDFC First Bank branch to avail a used two-wheeler loan?
No, you will not have to visit IDFC First Bank branch to avail a used two-wheeler loan. You have the option to apply for the loan online.
- Can I avail a IDFC First Bank used two-wheeler loan if I don’t have an account with the bank?
Yes, you can avail a IDFC First Bank used two-wheeler loan if you don’t have an account with the bank.
- Is it mandatory to add a guarantor to avail a IDFC First Bank used two-wheeler loan?
No, it is not mandatory to add a guarantor to avail a IDFC First Bank used two-wheeler loan.
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