IDBI Bank Two-Wheeler loan

The full form of IDBI is the Industrial Development Bank of India. It is one of the largest commercial banks in India. This bank was established in 1964 by the act of parliament. It is headquartered in Mumbai.  If you are willing to apply for any loan, especially Two-wheeler, you can approach IDBI bank. It is one of the best financing options to buy a motorcycle or a scooter of your choice and pay in equated monthly installments. The IDBI bank Two-wheeler loans are available for both salaried and self-employed.

Features and benefits of IDBI Bank Two-wheeler loans

  • Easy and flexible repayment tenure up to 4 years.
  • The minimum two-wheeler loan amount sanction by IDBI is Rs 10,000
  • Both self-employed and salaried individuals can apply for two-wheeler loans in India.
  • Offers attractive interest rate starting @11.83% per annum.
  • Full transparency

The eligibility criteria to apply for IDBI Bank Two-wheeler loan

  • The employees of government, semi-government undertakings, public sector, autonomous bodies, private companies, professionals, self-employed, individuals, and businesses are eligible to apply for IDBI Bank Two-wheeler loan in India.
  • The minimum age to apply for two-wheeler loans is 18 years.
  • The borrowers must be having a valid driving license.
  • Minimum Net Annual Income criteria as per bank rules.

The documents required to apply for IDBI Bank Two-wheeler loans in India

  • Duly filled up and signed two-wheeler loan application form along with photographs
  • KYC (Know Your Customer)documents
  • Identity Proof - Voter ID card, Passport,  Driving license, Aadhar Card, PAN Card, Government department ID card.
  • Income Proof- Form 16 along with recent salary certificate (for salaried individuals), Latest Salary Slip
  • Income Proof- Income Tax Returns of 2 previous financial years (for other than salaried individuals)
  • Latest 6 Months Bank statement.
  • Address Proof- Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Age Proof- Mark sheets | pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Signature Verification (Optional)

Here are the benefits of applying for IDBI Bank Two-Wheeler loans in India

  • The procedure of applying IDBI Bank Two-wheeler loan is a simple and easy procedure. Here one can apply for a loan with minimal documentation. The bank approves the loan quickly due to minimal documentation.
  • Availing a two-wheeler loan to purchase a vehicle reduces the loan burden. It is easiest to repay a loan in installments against paying the whole amount n lump sum for buying your dream bike.
  • You will get a flexible repayment option, ranging from 12 to 60 months.
  • You may receive some extra benefits such as an insurance cover or accidental cover along with your two-wheeler loan

How to check IDBI Two-wheeler loan eligibility

Before a person applies for an IDBI bank two-wheeler loan it is best to do an eligibility check which is available on the IDBI Bank website. This way your credit score will not be affected as the bank will only soft pull your credit score and compares it with other internal criteria to make sure you are eligible.

Fee and charges of IDBI Bank Two-wheeler loans

  • Processing fee =  Up to 3% of the loan amount
  • Foreclosure charges = 3% to 10% based on the time of foreclosure and foreclosure not allowed during the first 3 months.

IDBI Two-wheeler loan application process

  • The IDBI Bank two-wheeler loan approval & verification process is simple and hassle-free for existing IDBI Bank customers. They can apply online and get pre-approved offers on two-wheeler loans with attractive interest rates. The loan amount is directly credited to their account instantly.
  • The application process is different for new customers of IDBI bank. The borrower needs to either apply online or directly download the application form from the official website or visit the nearest IDBI Bank branch. They can also call the IDBI Bank car loan customer care to proceed with the application process.
  • The customer also should consider looking at his/her credit score and view their credit profile with all their credit history, accounts, and past payments. Based on their credit standing they would be mapped to the right loan/credit card.