TWO-WHEELER LOAN

In search of the finest two-wheeler loan to fund your cherished motorcycle or scooter dream? Search no more! Discover the most competitive and hassle-free two-wheeler loan solutions available. Our streamlined application procedure guarantees swift approval and funds disbursement, enabling you to hit the road promptly. Embrace flexible repayment choices and budget-friendly interest rates, securing a bike loan or 2-wheeler loan that perfectly suits your requirements.

Top Banks & NBFCs Offering Two-Wheeler Loan In India

Explore the two-wheeler loan interest rates provided by various banks & NBFCs in the table below. Take a look and make an informed decision to select the lender that best suits your needs!

Check Eligibility Free Credit Scroe
Personal Loan by Bank/NBFC Interest Rates Processing Fees
Axis Bank 10.80% - 28.30% p.a Up to 2.5% of the loan amount
Bajaj Auto Finance Starting at 8.50% p.a 3% of loan amount
Bank of India 6.85% - 8.55% p.a Rs. 500 - Rs. 10,000
HDFC Bank 20.90% p.a Up to 2.5% of the loan amount
Punjab National Bank 8.65% - 10.00% p.a 0.5% of the loan amount
State Bank of India 16.25% - 18.00% p.a 2% of the loan amount + GST
Union Bank of India 9.90% - 10.00% p.a 0.5% of the loan amount
L&T Finance 7.99% - 15.00% p.a At L&T discretion
Please note that the rates mentioned above are subject to fluctuations in the financial market and may change at the lender's discretion.

Two-Wheeler Loan Interest Rates & Fees

Securing financing for your two-wheeler has become more convenient than ever before! Consult the table below to gain comprehensive insights into instant two-wheeler loan interest rates and other details.

Two-wheeler loan interest rates 0.99% p.a onwards
Loan amount Up to Rs. 3 lakh
Loan Processing Fees Up to 4% plus applicable taxes
Loan Tenure Up to 20 months
Repayment Tenure Upto 3-5 Years (Depending on Bank)

Two-wheeler Loan EMI calculator:

Utilize a two-wheeler EMI calculator for a quick assessment of your monthly installment.

Alternatively, you can employ the formula below to compute your monthly payments:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

In this formula, P represents the loan principal amount, R is the interest rate, and N signifies the number of monthly repayment periods.

To calculate your monthly EMI, simply input the principal amount (P), interest rate (R), and the loan tenure in months (N).

Two-Wheeler Loan Eligibility Criteria:

These are the elements to contemplate while assessing your eligibility criteria for a two-wheeler loan.

AGE 18 - 65 years
Minimum salary Rs. 10,000
Employment duration Minimum 1 Year
Employment status Salaried or self-employed
Residence Reside in the city for at least a year

Documentation For A Two-Wheeler Loan

Ensure that you maintain these documents in order and readily accessible to obtain an instant online two-wheeler loan through CredBharat.

Documents Required:

Income certificate

Age proof : Birth Certificate, Driving licence

ID Proof :Aadhaar Card, PAN Card

Benefits of a Two-Wheeler Loan

There are compelling reasons to consider taking a two-wheeler loan:

  • Convenient Travel: If you desire the ease and style of a well-designed, feature-rich bike for your daily commute or leisure rides, financing it with a two-wheeler loan is a smart choice.
  • Tax Benefits: By availing a two-wheeler loan, you become eligible for tax benefits. Specifically, you can enjoy an income tax deduction on the interest paid towards the loan.
  • Financial Responsibility: Taking on a loan instills a sense of financial responsibility, encouraging you to manage your spending wisely and boost your savings.
  • Competitive Interest Rates: With the increasing demand for bikes, lenders now offer competitive interest rates on two-wheeler loans. You can secure a loan with an interest rate as low as 10% per year.
  • Credit Score Enhancement: Timely EMI payments for your two-wheeler loan can positively impact your credit score. This improvement in creditworthiness can open doors to better loan options in the future, such as business or home loans.

Enhance Your Odds of Securing a Two-Wheeler Loan

Boosting your chances of securing a two-wheeler loan involves these 8 valuable tips:

  • Credit Score Improvement: Paying your bills punctually and settling outstanding debts can elevate your credit score, increasing your loan eligibility.
  • Down Payment Savings: Accumulating a substantial down payment not only reduces the loan amount but also demonstrates your commitment, making lenders more inclined to approve your application.
  • Lender Comparison: Extensive research and comparison of loan options among different lenders enable you to discover the most favorable interest rates and terms tailored to your financial circumstances.
  • Steady Employment: Maintaining a consistent income and employment history enhances your credibility as a borrower, making it more likely for lenders to approve your loan.
  • Accurate Information: Ensuring the precision and currency of all application details and supporting documents is crucial to avoid rejection.
  • Debt Reduction: Minimize your existing debt by settling current loans or credit card balances, as this lowers your debt-to-income ratio and enhances your overall financial profile.
  • Co-Applicant Consideration: Adding a co-applicant with a robust credit history can improve your loan approval prospects and potentially secure more favorable loan terms.
  • Financial Stability Demonstration: Maintain a dependable financial record, including a regular savings pattern, to showcase your capacity to manage loan repayments effectively.

Why Choose CredBharat for a Two-Wheeler Loan?

Two-wheeler loans have become increasingly popular due to their convenience and accessibility.

  • Secure approval for your loan in a matter of minutes.
  • Access funds without putting your assets at risk.
  • Competitive Interest Rates commencing at just 11.99% p.a.
  • Suitable for a wide range of purposes.
  • Convenient repayment, select your desired schedule.
  • No Prepayment Fees or additional penalties.

Personal Loans for 2 Wheeler Purchase Vs. Two-Wheeler Loans

Below is a table that provides a comprehensive comparison between Personal Loans and Two-Wheeler Loans.

Points of Comparison Personal Loans for 2 Wheeler Purchase Two-Wheeler Loans
Purpose Can be used for various personal expenses, such as for two-wheeler purchase, car purchase, emergency loan, etc Specifically designed to finance the purchase of a two-wheeler.
Collateral Requirement Unsecured loans Secured loans
Loan Amount Typically, higher loan amounts. The loan amount is directly linked to the cost of the two-wheeler, generally covering a significant portion of the vehicle's on-road price.
Interest Rates Interest rates are generally higher. Interest rates are comparatively lower.
Repayment Flexibility flexible in terms of repayment. Fixed repayment tenures

Steps to Apply for a Two-Wheeler Loan

The process of applying for a two-wheeler loan with CredBharat entails the following procedure:

  1. 1. Visit our website and create an account.
  2. 2. Fill out the online application form with your personal and financial details.
  3. 3. Choose your desired loan amount and repayment term.
  4. 4. Submit the application, and our team will review it promptly.
  5. 5. Upon approval, the funds will be disbursed to your account quickly.

Two-Wheeler Loan Repayment

Repaying your two-wheeler loan is budget-friendly, with no additional charges. Explore the EMI, prepayment fees, and foreclosure charges provided by various banks to efficiently handle your financial commitments. The maximum loan tenure for a two-wheeler loan typically spans 36 months, typically ranging from 12 to 36 months.

Ready to move forward?