IDFC Bank Two Wheeler Loan

IDFC Bank Two Wheeler Loan

IDFC Bank is an Indian bank; basically, it is a financial company that was founded in October 2015. the bank caters to its customers with so many banking and non-banking financial products. It can be credit cards, insurance, personal loan, internet banking and net banking. The bank has it’s headquartered in Mumbai. The bank has a huge network of branches and employees. There are no trust issues of the bank; the bank has a good reputation among the people. IDFC bank serves the people with so many financial products and services. These services include internet banking, credit cards, insurances, banking, and mortgage loan and wealth management. Besides these, the bank provides loans of different types like a car loan, home loan, personal loan, education loan, and two-wheeler loan.

What is a Two-wheeler Loan?

If somebody wants to buy a two-wheeler than he/she can easily even he/she has a financial weakness. The bank provides you a two-wheeler loan to the people for this purpose; this is known as two-wheeler loan. But unlike a personal loan, you can use this amount of loan only to buy the two-wheeler. You have to return this loan within tenure with some rate of interest.

Category of Two-wheeler Loan

Two-wheeler loan generally comes in the category of secured loans. In this loan, you generally pledge your two-wheeler to the bank as a security. That’s why it comes in the category of secured loans. The lender has less risk of recovery while providing the two-wheeler loan. If a customer shows any irregularity in returning the two-wheeler loan or customer stop paying the loan in between the bank or the lender is liable to bound his/her two-wheeler. Besides that it unlike a personal loan you can’t use this amount of loan anywhere you want, you specifically get this loan to buy a two-wheeler.

Eligibility

The applicant should be a citizen of India. This is the first condition that a customer has to fulfill. If it is not so that the applicant can’t apply evenly.

After that, the age of the applicant should be more than 21 years. If he/she is not meeting this requirement then he/she can’t apply for a two-wheeler loan.

After that, the maximum age of the applicant can be 65 years. A person older than that then he/she is not eligible for a two-wheeler loan.

The applicant should have some stable source of income. It obvious that if someone is lending you money then he/she wants to be assured that whether he/she is going to get back that money in the future or not. This is the reason why unemployed persons are not eligible to get a two-wheeler loan.

Documents Required

However the documents required in a two-wheeler loan are not that much but still, we have to submit some documents to the bank or non-banking company while applying for a two-wheeler loan.

First of all, a proof of identity is necessary. Every applicant has to submit this if he/she wants to apply for a two-wheeler loan.

After that, a proof of residence is also required while applying for a two-wheeler loan.

Two passport sized colored photographs are needed to get a two-wheeler loan.

One proof of income is required to check the applicant’s income status.

Rates of Interest

11.50% per annum onwards. Rates of interest are not fixed they vary from person to person and your income or the tenure of the loan.

How to Apply?

  1. Visit www.bookmyloans.in online.
  2. After that fill the application form online.