Two Wheeler Loan

Two Wheeler Bike Loan

Having a two-wheeler is still a dream of many individuals in India. Family responsibilities and other expenses obstruct an individual to buy a two-wheeler in cash. Therefore, many financial institutions have taken an initiative to give loans on two-wheelers so that you can fulfill your dreams. If you are willing to buy a two-wheeler and don’t have ample funds then you can apply for the Two Wheeler Loan from any institution we are going to tell you below. You will just have to make the down payment that will be around 10%to 15% of the bike or two-wheeler’s cost and bring that vehicle to your home. On the other hand, some financial institutions give 100% loans of the on-road price of bikes. Let’s have a look at Two Wheeler bike or Bike loan schemes in this article.

Two-wheeler

Quotes from 11 banks | Best Offers and Rewards

    Professional Details

    Top Banks Two Wheeler Bike Loan Interest Rates in India May 2022

    BanksInterest Rate (in p.a.)TenureFeatures and Benefits
    Bajaj Auto Finance6.2% to 13.8% per annumUp to 60 Months- The minimum age of the applicant should be 18 years.
    - You can get a loan of up to 100% of the on-road price of the two-wheeler.
    - The processing fee on the loan will be 1% onwards.
    - The customer care number of Bajaj Auto Finance Bike Loan is 9717752222.
    ICICI Bank10.25% to 27.00% per annumUp to 48 Months- You can borrow 100% of the On-Road Price from ICICI.
    - There is a flat processing fee of INR 1500 on this loan.
    - All the processes will be digital from the application to the disbursal.
    - The customer care number of the ICICI Bike loan is 1860-120-7777
    HDFC Bank14.5% onwards per annum 12 Months to 48 Months- Get an instant bike loan from HDFC if you have a pre-approved limit within 10 seconds.
    - Enjoy 100% finance of the on-road price of your bike or any other two-wheeler.
    - The processing fee on the HDFC two-wheeler loan is 2.5% of the loan.
    - The customer care number of HDFC Bike Loan is 1800-202-6161 or 1860-267-6161.
    SBI16.25% to 18.00 per annumUp to 36 Months- You can borrow a minimum loan amount of INR 30,000 from SBI.
    - The maximum loan amount on two-wheelers is INR 2.5 Lacs.
    - You can borrow a loan of more than INR 2.5 Lacs if you are buying a Super Bike
    - 25% of the On-Road Price is needed to get this loan.
    - A minimum monthly salary of INR 12,500 is necessary to get SBI Bike Loan.
    - A fee of 1% to 2% is chargeable on this loan.
    - The customer care number of the SBI Two-Wheeler loan is 1800 22 1111 and 1800 102 1111
    Axis Bank10.80% to 28.30% per annum12 Months to 48 Months- The processing fee on this two-wheeler loan will be 2.5% of the loan amount.
    - You can avail of up to 100% of the on-road price as a loan from the bank.
    - Minimum Documentation and Quick Loan Processing.
    - The customer care number of this loan is 1800-419-7878.
    Tata Capital10.75% onwards per annum6 Months to 60 Months- Get finance of up to 100% of the on-road price.
    - Quick and Easy Processing.
    - Zero Down Payment is needed to apply for the loan.
    - A processing fee of 3.10% of the loan amount will be chargeable.
    - The customer care number of Tata Capital Bike Loan is 1860-267-6060.
    IDFC First Bank9.99% to 18.99% per annum6 Months to 48 Months- Instant Two Wheeler Loan on KYC and the whole process will be paperless.
    - Get 95% as a loan and you will only have to make the payment of 5% of the bike’s on-road price.
    - The processing fee will be up to 4% of the loan amount.
    - The Customer Care of this Instant Bike Loan is 1860-500-9900.
    Bank of BarodaBRLLR + Strategic Premium + 4.00%Up to 60 Months- You can apply for the BOB Bike loan for up to INR 10 Lacs.
    - There will be a processing fee of 2% chargeable on this loan.
    - No-pre closure charges shall be applicable to this bike loan.
    - The customer care number for this loan is 1800-258-4455 or 1800-102-4455.
    Muthoot Capital0.99% onwards per annumUp to 48 Months- Enjoy 100% finance on two-wheelers and bikes in this loan.
    - Easy and Fast Approval with a simple documentation process.
    - The processing fee on this loan is between 1% to 4% of the loan amount.
    - The customer care number of this instant bike loan is 1800-102-1616.
    Hero Fincorp10.65% onwards per annumUp to 48 Months- Apply Online Bike Loan for up to 95% of the on-road price
    - Avail off a loan of up to INR 1 lac for Hero vehicles.
    - Quick and Hassle-Free processing.
    - The customer care number of Hero Fincorp Two Wheeler Loan is 1800-102-4145.
    Fullerton India8% to 28% per annumFlexible Tenure- Apply for a Two Wheeler loan for up to 100% of the on-road price and with zero down payment.
    - Easy processing and instant digital approval.
    - This loan has a low processing fee.
    - The customer care number of this bike loan is 1800-103-6001
    Home CreditUp to 33.65% per annumUp to 36 Months- Get an instant two-wheeler loan within 20 minutes.
    - You will have to make a downpayment of 20% to 25% of the on-road price of your motorcycle.
    - The processing fee on the loan will be INR 3999.
    - The customer care number of this loan is 0124-662-811.
    Bandhan Bank16.45% to 21% per annumUp to 48 Months- The processing fee will be 2% of the loan amount.
    - 90% of the on-road price can be borrowed as a two-wheeler loan.
    - Doorstep assistance is provided by the bank to the applicant.
    - The customer care number of the Bandhan Bank Motorcycle loan is 1800-258-8181.
    AU BankUp to 30% per annum12 Months to 60 Months- The processing fee on this loan will be up to 3% of the loan amount.
    - Avail off online bike loan of up to 100% of the on-road two-wheeler value.
    - Customized offers and instant scooty loan processing.
    - The customer care number of the AU Bank Bike loan is 1800-1200-1200
    Kotak Mahindra BankAs Per Bank’s Norm12 Months to 48 Months- Get 100% of the on-road price as a loan.
    - You can borrow a loan as low as INR 25000.
    - The processing fee on this loan is also low.
    - The contact number for this loan is 1860-266-0811
    YES BANKAs per Bank’s NormUp to 60 Months- Avail of up to 85% finance on your bike or any other two-wheelers.
    - Easy documentation and multiple repayment options.
    - Apply for a bike loan for up to INR 25 lacs and you can buy superbikes as well.
    - The customer care number for this loan is 1800-1200.
    IndusInd BankAs Per Bank’s Norm12 Months to 36 Months- Quick Bike Loan processing within 4 hours.
    - Have up to 95% finance of the on-road price of the two-wheeler.
    - Get a minimum two-wheeler loan of just INR 15000.
    - The bike loan customer care number is 1800-209-0061 and 1860-267-7777.
    Mahindra FinanceAs Per Bank’s Norm12 Months to 36 Months- Apply for a two-wheeler loan for up to 85% of the bike’s on-road price.
    - Loan Insurance is also available in this loan.
    - The customer care number is 022-6652-6185.
    - This loan will be offered at an attractive rate of interest.
    TVS CreditAffordable Rate of Interest12 Months to 48 Months- Apply for a motorcycle loan of up to 100% of the on-road price
    - The documentation process is simple and fast.
    - Get quick online approval on this two-wheeler loan.
    - The customer care number of the TVS Bike Loan is 1800-572-2121.
    People Also Look For  Loan for TVS Jupiter

    Two Wheeler Bike Loan Eligibility

    Now, eligibility is something that plays a crucial role in your overall loan journey. Though different banks and institutions have different eligibility criteria that you need to be aware of while applying for a 2 wheeler loan. So, read the post further to know your bike loan eligibility.

    • An applicant should be at least 18 years old (at the time of application) and less than or equal to 65 years (at the end of the loan maturity).
    • Both Salaried, as well as self-employed individuals, are eligible.
    • He/She should be residing in the city for at least 1 year.
    • The borrower should be working for at least one year.
    • You should have a minimum Cibil Score of 750 and above.
    • The applicant should have a landline number either at the residence or at the office.
    • The individual should have a regular source of income with a good credit score.

    Documents Required for Instant Bike Loan

    When it comes to availing a loan, you should always be ready with documents so as to avoid the last-minute hassle. In order to know the list of documents needed, kindly read the post below.

    Salaried Individuals Documents

    • Identity Proof Documents:- PAN Card, Aadhar Card, Voter I.D. Card, Passport, Driving License. (Any One Document)
    • Address Proof Documents:- Ration Card, Electricity Bill, Telephone Bill, Driving License, Passport, Voter I.D. Card, Last 2 Months Bank Statement. (Any One Document)
    • Income Proof Documents:- Form 16, Latest Salary Slips, Income Tax Return Documents. (Any One Document)
    • Age Proof Documents:- Pass Certificate of 10th Standard, Passport, Birth Certificate, Voter I.D. Card. (Any One Document)
    People Also Look For  ICICI Bank Two Wheeler Loan

    Self-Employed and Professionals Documents

    • Identity Proof Documents:- PAN Card, Aadhar Card, Voter I.D. Card, Passport, Driving License. (Any One Document)
    • Address Proof Documents:- Ration Card, Electricity Bill, Telephone Bill, Driving License, Passport, Voter I.D. Card, Last 2 Months Bank Statement. (Any One Document)
    • Income Proof Documents:- Income Tax Documents with Computed Income, Audited Financial Document, Business Continuity Proof, PAN Card (Any One Document)
    • Age Proof Documents:- Pass Certificate of 10th Standard, Passport, Birth Certificate, Voter I.D. Card. (Any One Document)

    EMIs on Two Wheeler Loan

    So, now that you have decided to apply for Two Wheeler Bike Loan, it is also important for you to know the EMIs of the same. What is the exact amount of monthly instalment you need to pay to a lender each month? Here you can see the EMI at a bike loan of INR 50,000, INR 1 Lac, INR 1.5 Lacs, INR 2 Lacs, and INR 2.5 Lacs at an interest rate of 11% and 18% for 24 Months and 48 Months.

    Below is a table showing EMIs, Interest Outgo and Total Amount Payable on a loan.

    Loan Amount (in ₹)ROI 11% (24 Months EMI)ROI 11% (48 Months EMI)ROI 18% (24 Months EMI)ROI 18% (48 Months EMI)
    50,000INR 2,330 p.m.INR 1,292 p.mINR 2,496 p.m.INR 1,469 p.m.
    1,00,000INR 4,661 p.m.INR 2,585 p.m.INR 4,992 p.m.INR 2,937 p.m.
    1,50,000INR 6,991 p.mINR 3,877 p.mINR 7,489 p.m.
    INR 4,406 p.m
    2,00,000INR 9,322 p.m.INR 5,169 p.m.INR 9,985 p.m.INR 5,875 p.m
    2,50,000INR 11,652 p.m.INR 6,461 p.m.INR 12,481 p.mINR 7,344 p.m.

    Apply Instantly for Two Wheeler Loan

    If you are willing to buy a bike, scooter, or any other two-wheeler through finance then you can apply for the loan by filling up the form given above. You will just have to give your basic details like your employment status, name, Date of Birth, and some other details, and then our representative will get in touch with you. After the digital verification and document submissions, your two-wheeler loan will get disbursed by the respective lending institution.

    People Also Look For  HDFC Two Wheeler Loan

    Credit Card vs Two Wheeler Loan

    A lot of people in India are in a dilemma about whether to buy a two-wheeler through a credit card or through a loan. So, you can buy a two-wheeler through a credit card if the on-road price of that 2 wheeler is between INR 40000 to INR 1 lac because people get such an average limit on their credit cards. But when you are buying a bike or scooter whose on-road price is above INR 1 lac. Then a few individuals have such a limit on their credit card. In such a situation, the bike loan or the scooter loan will be the best option for you. You will get a competitive rate of interest and an easy loan disbursal.

    Two Wheeler Loan FAQs

    1. How can I Check my two-wheeler loan status?

    You can check the status of your two-wheeler loan through the official website of the lending institution from where you have borrowed the loan. You will have to provide the loan application number and check the status of your 2 wheeler loan. On the other hand, you can get in touch with the representative of the respective lending institution or call on their toll-free numbers to check the status.

    2. Can I get a 100% bike loan?

    Yes, there are a lot of banking and non-banking institutions that grant bike loans and scooter loans up to 100% of the on-road price of the 2 wheeler. You will have to make zero down payment and apply for the 100% bike loan from that institution.

    3. How can I get a Scooty loan?

    You can apply for the scooty loan through the form given above. You will have to fill out that form and the loan representative will call you and discuss the loan. After the document verification and authentication, you will get a scooty loan from the lending institution.

    4. What is the minimum down payment for a bike?

    There are many lending institutions that give you 100% loans on two-wheelers so you will have to make zero down payment for that two-wheeler. But some institutions ask for a minimum down payment for a two-wheeler loan and it can be 5% to 20% of the on-road price of the 2 wheeler.

    5. What are the minimum and maximum tenure for two-wheeler loans?

    The minimum tenure for a two-wheeler loan can be 6 months and the maximum tenure for the same loan can be up to 60 years.

    6. Can we buy a bullet on EMI?

    Yes, you can buy a bullet on EMI but you must have a stable income to apply for a loan and must have supporting documents.

    7. What CIBIL score is required for a Two wheeler loan?

    The minimum Cibil score required depends on the bank or NBFCs financing the loan.

    8. Can a student apply for a Bike Loan?

    Yes, a student can apply for a Bike Loan but they will need a co-borrower and has a minimum age of 18 years with an authentic driving license.

    9. What to do is Bank Rejects my Bike loan application?

    If the bank rejects your Bike Loan Application then you must first check the reason for rejection. The bank always mentions the reason for rejection in the application. Rectify the reason and then apply again for the loan and now it might get disbursed. Some of the possible reasons for bike loan rejections are-
    – Low Income
    – Low Cibil Score
    – Invalid Documents
    – Too Much Debt
    – Signature Mismatch

    10. What is ex-showroom & on-road price?

    The ex-showroom price of a 2 wheeler is the cost incurred in manufacturing the two-wheeler and it doesn’t include Insurance Charges and RTO Charges. On the other hand, the on-road price of a two-wheeler includes the cost of 2 wheeler, Insurance Charges, and RTO charges. If you add any external accessories then the on-road price will also increase.


    People Also Look For

    Leave a Reply

    Your email address will not be published.

    Personal Loan Interest Rates May 2022
    Fullerton India14.00% - 24.00%
    HDFC Bank10.25% - 17.00%
    ICICI Bank10.50% - 17.50%
    IndusInd Bank11.00% - 23.00%
    Kotak Bank10.75%
    RBL17.50% - 26.00%
    Standard Chartered Bank11.00% - 12.50%
    Tata Capital10.49% - 14.25%
    Home Loan Interest Rates May 2022
    Axis Bank6.75% - 7.20%
    Bank of Baroda6.75% - 8.25%
    Citibank6.65% - 7.40%
    HDFC7.00% - 8.10%
    ICICI Bank7.10% - 7.95%
    Indiabulls Housing Finance Limited8.65%
    Kotak Bank6.55% - 7.10%
    LIC Housing6.66% - 7.90%
    Piramal Capital & Housing Finance10.50%
    PNB Housing Finance6.75% - 9.25%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI6.70% - 6.90%
    Tata Capital6.90% - 8.75%