The full form of IDBI Industrial Development Bank of India. It is one of the largest commercial banks and offers banking and financial services to their customers. IDBI was established in 1964 by act of parliament and its headquarters is in Mumbai. It is one of 27 commercial banks owned by the government of India.
The two wheeler loan helps you to purchase a motorcycle or a scooter of your choice and pay it in equated Monthly Installments EMIs. Two wheeler loan is available for both salaried and self employed individuals.
For different people, a two-wheeler serves different purposes. For some, it represents fulfilling a dream, while for others it represents a mode of transportation that can take them efficiently from one place to another. While most of us dream of owning that dream motorcycle or scooter, not everyone is capable of buying two wheelers with full payments, and other than a simple bike some of them are costly and hard to buy with cash. So to solve this issue IDBI Bank two wheelers loan is the best option.
1. Adaptable repayment tenure upto 4 years
2. Minimum loan amount is Rs.10000
3. Salaried and self employed individuals are eligible to take this loan
4. Enjoy doorstep services
5. Attractive interest rate starts at 11.83% per annum
6. Full transparency
To apply for a two wheeler loan, you have to pay fees and charges applied by the IDBI Bank. It covers all charges and fees made by a bank to their customers.The following charges are taken from IDBI Bank i.e processing fee, prepayment / foreclosure charges etc.
1. Processing fee = Upto 3% of the loan amount
2. Foreclosure charges = 3% to 10% based on the time of foreclosure and foreclosure not allowed during the first 3 months
3. Tenure period = 1 year to 4 years
Before applying for a two wheeler loan from IDBI Bank, you should fulfil all basic eligibility criteria as prescribed by the bank. For the two wheeler loan application the salaried individuals, self employed individuals are eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.
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ELIGIBLE |
Salaried individuals, self employed individuals |
|
AGE |
21 years to 65 years |
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INCOME |
For salaried net monthly income = Rs.7000 p.m. For self employed individuals = Rs.8000 p.m. |
Any applicant who is going to avail a loan for two wheeler from IDBI Bank must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
Filled application form
Proforma Invoice
Passport size photograph
Identity Proof
For salaried individuals = PAN card, voter’s ID, passport, Driving license
For self employed individuals = PAN card, voter’s ID, passport, driving license
Address Proof
For salaried individuals = Utility bills, passport, etc.
For self employed individuals = Utility bills, passport, etc.
Income Proof
For salaried individuals = Salary slips, IT returns, bank statements
For self employed individuals = Bank statements, IT returns, audited financial statements
|
BANKS |
INTEREST RATE |
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9.15% to 15.90% |
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Start at 10.65% |
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|
Start at 11.83% |
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|
9.65% to 15% |
|
|
10% to 18% |
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|
10% to 26% |
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|
Start at 11.83% |
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21% to 29% |
|
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Start at 11.50% |
|
|
7.75% to 8.35% |
|
|
Start at 10.70% |
4. IDBI Bank Loan Against Property
There are two ways to apply for IDBI Bank Two Wheeler Loan :
1. Offline Method : By visiting the nearest bank branch
2. Online Method
Firstly visit lenders website or branch from which you want to get loan
Fill the application form and read all the term and conditions
Attach all required documents with an application form
After submitting form lenders will let you know that you eligible or not for the loan
IDBI Bank Two Wheeler Loan Customer Care
Contact number : 18002094324
Email id : [email protected]
The mathematical formula is used to calculating EMI of IDBI Bank Two Wheeler Loan
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
P stands for the loan amount or principal,
R is the interest rate per month and
N is the number of monthly installments.
Financials products offered by Bank
The minimum age of the customer is 21 years and maximum age of the customer is 65 years to take a two wheeler loan from IDBI Bank.
The minimum loan amount is Rs.10000 of IDBI for two wheeler loan.
You can apply offline by visiting the nearest bank branch or online for an IDBI Bank two wheeler loan.
The foreclosure charges applied by IDBI Bank for two wheeler loans is 3% to 10% based on the time of foreclosure and foreclosure not allowed during the first 3 months.
Salaried employees, self employed individuals are eligible to take a two wheeler loan from IDBI Bank.
The tenure period of IDBI Bank for two wheeler loan is 1 year to 4 years.
The interest rate of IDBI Bank for two wheeler loan is ranging from 11.83% per annum onwards.
Last Updated on : 31/Aug/2020Know More About
You're eligible for a Idbi Bank Two Wheeler Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Two Wheeler Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Idbi Bank Two Wheeler Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 11.83% - 0% |
| Processing Fees | Upto 3% of the loan amount |
| Loan Tenure | 1 year to 4 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Two Wheeler Loans EMI Calculator