Top benefits of getting a loan for a used two-wheeler

Purchasing a second-hand two-wheeler can be a practical decision for cost-conscious riders. Pairing it with the right financing option can make it appealing. If you are planning to buy a pre-owned motorcycle, IDFC FIRST Bank's old two-wheeler loan offers several features to ensure that the ownership experience is smooth, fast, and economical.

Features of IDFC FIRST Bank's used two-wheeler loan

To simplify the loan application process for consumers, IDFC FIRST Bank offers the following features.

• IDFC FIRST Bank offers loans of up to ₹20 lakhs to help fund various used bikes and scooters.
• You can get up to 90% of the vehicle's value financed, lowering your initial payment by a significant margin.
• The entire process is paperless and can be done via the IDFC FIRST Bank mobile app or website.
• Loans are paid immediately after the KYC verification process, allowing quick fund access.
• The loan can be availed by salaried and self-employed individuals throughout India.

Advantages of taking a loan for a second-hand bike

Here are some key benefits of taking an old bike loan from IDFC FIRST Bank:

• High loan coverage

The bank offers financing for up to 90% of the price of a second-hand bike, so buyers pay a smaller down payment. Therefore, owning a bike can become affordable, especially if you wish to keep your savings intact or don’t have instant cash at hand.

• Fast digital processing

The application is digital and paperless. You can apply on the website or through the mobile application and once done, you can get an approval within 2 minutes.

• Availability across channels

You may apply online or visit one of IDFC FIRST Bank's partner used-bike showrooms. Bank officials are available on the premises of the dealerships to complete the process swiftly at competitive bike loan interest rates.

• Instant loan disbursal

After verification of your KYC and approval of the loan application, the loan can be disbursed instantly. In some situations, customers have received delivery of the vehicle within hours.

• Flexible repayment tenure

Select your repayment tenure, with tenures ranging from 6 to 48 months.

• Minimum documentation

With basic documents such as identity proof, address proof, a passport photograph, and the RC book, the experience is hassle-free and convenient.

Eligibility criteria

• Applicant should be an Indian resident.
• Age should be over 21 years; co-applicant’s age should be between 18 and 21 years.

Documentation required

• Passport-size photograph.
• Original valid identity and address proof (Aadhaar card, voter ID, passport, or driver's license).
• Loan application form.
• RC book of the vehicle being purchased.

Conclusion

Taking a used two-wheeler loan from IDFC FIRST Bank offers a structured and accessible way to finance a vehicle purchase.. With features such as high loan amounts, flexible repayment tenures, and instant approvals, the bank helps make your transition to owning a used bike hassle-free. Whether you apply online or at a partner showroom, financing a pre-owned bike can be completed efficiently and transparently.

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