Are Electric Two-Wheelers Eligible for Bike Loans in India?

IDFC FIRST Bank offers flexible loans for electric bikes and scooters, making it easier for consumers to transition to greener mobility.

Electric two-wheelers are gaining popularity across India, driven by their affordability, lower operating costs, and environmental-friendly nature. Whether an e-scooter for daily commutes or a premium e-bike for highway runs, the demand for electric vehicles has been rising steadily.

IDFC FIRST Bank offers loans for these vehicles with flexible tenures and a digital process, making it easier to switch to greener mobility. (IDFC FIRST Bank )

If you are wondering whether it is possible to get a loan for an electric two-wheeler, the answer is yes. IDFC FIRST Bank offers loans for electric bikes and scooters with flexible tenures ranging from 6 to 48 months, two wheeler loan interest rates, and a digital process. This article outlines the features, benefits, and application process of IDFC FIRST Bank.

Are electric two-wheelers qualified for bike loans?

Yes, electric two-wheelers do qualify for bike loans in India. IDFC FIRST Bank offers lending facilities for a range of electric scooters and motorcycles, helping customers switch to greener mobility. The loan application for an electric two-wheeler financing is digital and similar to that of conventional two-wheeler loans.

Features of IDFC FIRST Bank electric two-wheeler loans

Among the various types of loan options provided by different lenders, a two-wheeler loan from IDFC FIRST Bank offers the following features.

• IDFC FIRST Bank offers electric scooter loans of up to ₹20 lakhs to help you purchase a wide range of electric scooters and bikes.
• You can choose a repayment tenure from 6 to 60 months based on your income and financial planning.
• The loan process is digital, offering a paperless application journey via the mobile application or official website.
• IDFC FIRST Bank offers interest rates structured to keep your monthly EMIs low and manageable.
• The requirement of minimal documentation helps streamline the loan process.
• Customers can visit IDFC FIRST Bank's two-wheeler partner dealerships, where sales representatives provide assistance with the two-wheeler loan applications at the showroom.

How to get an electric two-wheeler loan?

You can get an electric two-wheeler loan from IDFC FIRST Bank through two methods.

Online process

• Visit IDFC FIRST Bank's official website or tap on the mobile application.
• Fill in your basic details and the electric two-wheeler option in the two-wheeler loan application form.
• Once the details are submitted and checked, you may receive a sanction based on your eligibility.
• A bank representative will get in touch with you shortly for the completion of the remaining formalities and the loan disbursal.

Offline process (Through partner showrooms)

• Visit any of the IDFC FIRST Bank-empanelled two-wheeler dealerships selling electric two-wheelers.
• An official from the bank will guide you through the loan process and assess your eligibility.
• After document submission and loan approval, you can proceed with the electric vehicle delivery.

Precautions to take before applying

Before applying for the loan, it is advisable to keep the following pointers in mind:

• You should ensure that the selected electric two-wheeler model qualifies for financing under the bank's lending rules. IDFC FIRST Bank offers financing for a wide range of electric bikes and scooters, subject to internal policies.
• It may be useful to estimate your approximate monthly installments through the electric bike loan EMI calculator available on IDFC FIRST Bank's website.
• The financing may cover up to 95% of the on-road price, allowing a lower upfront payment. But you must also consider other costs such as insurance and registration that contribute to the on-road price when selecting a two-wheeler.
• You must be a resident Indian above the age of 21 years. If you are between 18 and 21 years old, you will have to apply with a co-applicant.
• Have your identity documents, address documents, and passport-size photographs ready for a smooth loan procedure.

Conclusion

Electric two-wheelers are becoming a more common mode of urban transport, and with IDFC FIRST Bank's customised loan solutions, transitioning to one has become more accessible. From loan amounts up to Rs. 20 lakhs and tenures up to 60 months to online loan processing and minimal paperwork, financing is structured to support swift electric two-wheeler purchases. Whether you want to buy an electric scooter or an electric bike, you can explore loan options offered by IDFC FIRST Bank based on your requirements.

Note to the Reader: This article is part of Hindustan Times' promotional consumer connect initiative and is independently created by the brand. Hindustan Times assumes no editorial responsibility for the content.