Owning a two wheeler is everybody’s dream today and IDBI bank goes a long way in helping you to achieve the dream.  The two wheeler auto loan is designed to cater to the people who are nurturing the dream and offers the same at nominal interests, that does not tax the borrower too much and with good repayment options.

Loan Prerequisites

Named ‘drive your dream’, IDBI bank two wheeler loans can be extended for any kind of bikes that you are eyeing on. The loan needs very simple documents and this will help even people at the mid income groups to apply for one easily.

Financial

Anyone who is salaried or self-employed who can show an annual income of close to 1.8 lakhs can apply for a loan. This is the basic income category that is required.  In case of salaried professionals, they can submit their salary slips or their tax filing proofs.  In case the customers are self -employed, then they can submit their ITR papers as an income proof.  The applicants can also submit their bank statement for the prescribed period, either 3 or 6 months as this is basically to ensure that they have a good credit standing.

Other Proofs

In addition to the financial papers, the other checks are for the age proof, where the applicant has to be minimum 18 years old and maximum 70 years old at the time of the loan completion. So, the applicants would need to submit the proof of their age, either in the school TC, or government issued documents like passport or driving license. ID proof and address proof are other documents that are required to be submitted by the applicants and these also have to be government issued documents like passport, driving license, ration cards, etc.

Fees and other charges

To apply for the two wheeler auto loan, there will be a small processing fee that will be levied.  In case the applicants are looking for the loan during the festival season, there is a good chance that they will get the processing fee written off. The other charges that would be applicable include the documentation charges that will be incurred and will be deducted when the loan is disbursed.

Loan application and payment options

Applicants can submit a request on the website of the bank to apply for the IDBI bank two wheeler loans. The bank will then look through the application and will either call or meet up with the customers to understand their exact need. They will then proceed with the collection of relevant documents and proceed to submit the application. Once this is approved, the loan amount minus the processing and documentation charges will be credited to the applicant’s account.

The applicants will repay the loan through equated monthly installments that will be directly debited from their account using the electronic clearing system. They will sign a form when they apply approving of the same. In case, they need to finish up the loans earlier, they can choose to pre-close the loan with a small percentage of interest, but will be able to do so only after six months after the date of the loan disbursal. This can be done partially or fully, and if done partially, then the interest and the monthly EMI will be different from what was being paid earlier.