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Getting a two wheeler loan is a steadfast way to bring your dream motorbike home. A two wheeler loan or a bike loan is a type of loan provided by banks and NBFCs that is used to fund the purchase of any two wheeler vehicle such as motorcycle, scooter, moped etc. and this section is all about that. Let us get down and know more about the features and procedure of the two wheeler loan.

Nowadays everyone wants a vehicle in a house. Two wheelers are the most common and important for high, low, and middle-class peoples. Most people recommend two-wheelers rather than cars. Now, most of the work is only possible with two wheelers. Not only do most people buy bikes, scooters, and two wheelers for their desire and fun. As all the young generation is strictly addicted towards high speed bikes and fancy looking motorbikes or you can say sports bikes. Among the total percentage, 70% of the population have two wheelers. Now the question arises here: hope everyone gets the two wheelers that easy, are they cheap in rates? The answer is simple there are many lenders who provide two wheelers loans so that everyone can buy it. 

For different people, a two-wheeler serves different purposes. For some, it represents fulfilling a dream, while for others it represents a mode of transportation that can take them efficiently from one place to another. While most of us dream of owning that dream motorcycle or scooter, not everyone is capable of buying two wheelers with full payments, and other than a simple bike some of them are costly and hard to buy with cash. So to solve this issue two wheelers loan is the best option. It’s a kind personal loan and easy to get with any lender in the market. 

Features and Benefits of Two Wheeler Loan

Here are the key features and benefits of the two wheeler loan:

  1. Quantum Finance: The banks and NBFCs offer up to 95% of the value of vehicles for two wheeler loans. This allows you to pay the down payment of 5% which is affordable. 

  2. Low Income Criteria: One of the advantages of availing a two wheeler loan is that it does not have any high income criteria for applicants. Those who earn Rs 40,000 per annum can also avail the bike loan. 

  3. Flexible Tenure: One of the important features of a two wheeler loan is that it allows you enough time to repay the amount. The two wheeler loan repayment tenure generally falls between 12 months to 5 years which makes sure the borrower has sufficient time to repay the loan comfortably. 

  4. Coverage for Various Costs: The two wheeler loans, apart from covering the value of your vehicle,  also provides the funds for other expenses related to the vehicle. It includes vehicle accessories, insurance payment and registration charges. 

  5. Easy Process: The entire two wheeler loan process is carried out at a quick pace. Factors such as minimal paperwork, offline and online modes for loan application, easy loan criteria including the income etc. make it easy for applicants to avail the loan conveniently and the loan disbursement usually takes about 6 hours to a week at maximum. 

Documents Required for Two/bike Wheeler Loan

You need to submit the required documents for a bike loan application in order to get the approval. 

Here are the documents required for two wheeler loan for salaried and self employed applicants:


Salaried Individuals 

Self Employed Individuals 

Identity Proof

PAN Card, Aadhar Card, Voter’s ID Card, Passport, Driving Licence

PAN Card, Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Address Proof

PAN Card, Passport, Utility Bills such as electricity bill, water bill etc.

PAN Card, Passport, Utility Bills such as electricity bill, water bill etc.

Income Proof

Salary Slips, Bank Statements, IT Returns 

Salary Slips, Bank Statements, IT Returns, Audited Financial Statements


Passport-size Photos, Application Form

Passport-size Photos, Application Form

Eligibility Criteria for Two Wheeler Loan 

Here is the eligibility criteria for two wheeler loan that has to be met by an applicant to get the loan availed. Thi eligibility criteria varies from the type of employment of the applicant and may also vary from lender to lender.


Salaried Individuals

Self Employed Individuals

Age Limit

The minimum age of an applicant must be 21 years at the time of application and the maximum age should not cross 65 years at the time of tenure end. 

The minimum age of an applicant must be 21 years at the time of application and the maximum age should not cross 65 years at the time of tenure end. 


Rs 7000

Rs 6000

Credit Score

750 and above 

750 and above 

Loan Amount

Up to 95% of the value of two wheeler

Up to 95% of the value of two wheeler

Work Stability

The employee must be working in the organization for at least one year

The employee must be in the same business for at least one year

Residential Stability

The employee must be residing in the same address at least for one year

The employee must be residing in the same address at least for one year

How to improve your chances of getting a two-wheeler loan

In this section, we’re going to take a look at how you can improve your chances of getting your loan approved. The loan requirements differ from one lender to another. Sometimes, you may find it hard to get the loan you’re looking for. The following suggestions may help:

1. Clean up your credit: Lenders pay a lot of attention to your credit score when evaluating your loan application. If you have a high score, you stand a better chance of getting the loan you want.

2. Balance your debt-to-income ratio: Your debt-to-income ratio compares your current debt situation to your current income. It shows how much of your monthly income is currently being used to pay off loans and bills. 

3. Get co-signers if needed: Sometimes, getting a co-applicant for your loan can help you get what you’re looking for. This helps especially if you have a poor credit score. 

4. Don’t apply for multiple loans: When you apply for multiple loans simultaneously, lenders will realise that you may not take the loan they offer. This will make them reject your application. 

Two Wheeler Loan Why should You take

Taking bike finance gives you the following benefits –

1. Safety first – The COVID-19 pandemic has made it mandatory to avoid crowded places and public transportation tops the list. Your new ride purchased via a two wheeler loan will offer you a safe driving experience during such times as these.

2. Sense of independence – By having a vehicle of your own, you need not stay dependent on public transport or anybody else for your commuting needs, something which a bike loan provides. This is especially useful in case of emergencies.

3. No public transport hassles – You can forget about starting your day with long queues to catch a bus, metro, local train, or auto rickshaw. Drive as and when you please without such hassles.

4. No strain on personal funds – Buying a two wheeler is a substantial investment. Instead of draining your funds altogether, you can take a loan and pay back in easy Equal Monthly Instalments over a comfortable tenure.

5. Zero down payment – Get finance for up to 100% of the cost of your desired two wheeler up to a maximum of Rs. 1.5 lakhs.

Two Wheeler Loan Do’s while applying

Now that you know how you can successfully apply for a motorbike loan, let’s check out what you need to keep in mind while applying for one. These points can help you find the right loan and avoid paying more than you should.

  • Do your research well

  • Choose your tenure wisely

  • Choose an affordable interest rate

  • Compare floating rates versus fixed interest rates 

  • Compute your EMIs before applying 

  • Ask about prepayment fees 

  • Read the terms and conditions properly

Two Wheeler Loan Don'ts while applying

  • Don’t apply for multiple loans at the same time

  • Don’t apply for a loan simply because you get an attractive welcome gift

  • Don’t forget to fill in the application form properly

  • Don’t sign the loan documents without reading them thoroughly

  • Don’t choose an EMI you cannot afford

  • Don’t forget to pay your EMIs on time

  • Don’t forget to prepay your loan if you can 

Other banks Two Wheeler Loan Interest Rates



AXIS Bank Super Bike Loan

9.15% to 15.90%

SBI Super Bike Loan 

Start at 10.65%

HDFC Bank Two Wheeler Loan 

Start at 11.83%

HDFC Bank Super Bike Loan

9.65% to 15%

YES Bank Bike Loan 

10% to 18%

ICICI Bank Two Wheeler Loan 

10% to 26%

IDBI Bank Two Wheeler Loan 

Start at 11.83%

Indusind Bank Two Wheeler Loan 

21% to 29%

Bank of Baroda Two Wheeler Loan 

Start at 11.50%

Bank of India Two Wheeler Loan 

7.75% to 8.35%

Punjab National Bank Two Wheeler Loan

Start at 10.70%

How to Apply for a Two Wheeler Loan

Applying for any type of loan has only become easier with time. In order to apply for a bike loan, you can either opt for an online or offline mode. 

Here is how to apply for a two wheeler loan:

1. Offline

You can visit the nearest branch of the Bank or NBFC you wish to get a bike loan from. You need to visit the branch with all the required documents and fill the application form. 

2. Online

You can go for the online method to apply for the loan. In order to do that, you need to visit the official website of the bank or NBFC where you wish to avail the bike loan from and fill the necessary details as asked there. 

You will get approval for a two wheeler loan based on the eligibility criteria. 

Things to Keep in Mind When Applying for a Bike Loan

Here are some things you need to consider before you apply for a two wheeler loan from any lender:

1. Understand Your Requirements

The most important thing you need to know when going to apply for a two wheeler loan is what you really need. You should assess and calculate the amount of two wheeler loan you need in order to buy the bike. Do not go for an amount more than you really need to buy a vehicle. 

2. Check Your Eligibility

Once you have decided the loan amount you wish to avail to buy your coveted bike, the next important step you need to take is to check the eligibility criteria set by the preferred lender. Look into the requirements carefully and see if you meet all of them. You should check multiple lenders to see what eligibility criteria they have to avail the two wheeler loan and go what suits you most comfortably. 

3. Research First, Decide Later

There are a multitude of checkpoints you should be aware of when applying for a bike loan with your preferred lender. Before you call it final, you should perform research on different lenders which means you should check up on the interest rates, repayment options, eligibility criteria, processing fees and many other terms and conditions. Based on all these parameters, you will be able to assess which lender best suits your profile. 

4. Check Your Credit Score

This is one of the important things to take into consideration when applying for a two wheeler loan. Before you leave your home to visit the bank and apply for a loan, take a moment and check your credit score. You can use the online credit score calculator in order to do that and make sure you are eligible for the bike loan. And in case your credit score is not up to the green line then well, you may just improve it. 

5. Compare Options

Slow down and take out the magnifying glass. There are a number of banks and NBFCs that offer two wheeler loans and it means that you should compare them first. You can check different lenders to avail two wheeler loans online and compare them based on eligibility criteria, interest rates etc.

Two Wheeler Loan EMI and how to calculate

Two wheeler Loan EMI is the amount that you pay every month to the bank or financial institution in order to repay your loan. EMI is composed of both principal amount and interest component. Interest component on your EMI is higher in early months and reduces with each EMI. Two wheeler Loan EMI Calculator helps you to calculate your monthly EMI at desired interest rate for a particular tenure.

Auto Loan EMI depends upon loan amount, interest rate and loan tenure

  • Loan amount – If you apply for a high loan amount, then your EMI for auto loan will be high

  • Interest rate - Higher interest rate on your loan leads to high amount of EMI

  • Loan tenure – EMI on bike loan reduces in case of high loan tenure

The mathematical formula is used to calculating EMI of Two Wheeler Loan

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


  • P stands for the loan amount or principal, 
  • R is the interest rate per month and 
  • N is the number of monthly installments.

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Two Wheeler Loan Frequently Asked Questions 

1. What is a two wheeler loan?

The two wheeler loan helps you to purchase a motorcycle or a scooter of your choice and pay it in equated Monthly Installments EMIs. Two wheeler loan is available for both salaried and self employed individuals 

2. How much interest rate is provided in a two wheeler loan?

The interest rate is provided in a two wheeler loan starting at 7.85% to 20.9% per annum.

3. How can I apply for a two-wheeler loan?

There are different ways of applying for such a loan:

  • Directly applying at the physical branch office of a lender.

  • Applying online.

  • Applying at the time of purchasing the bike (at the showroom).

4. What is the loan amount provided in a two wheeler loan?

The loan amount provided in a two wheeler loan is upto 100% of the value of the vehicle 

5. How much age of the applicant is required to take a two wheeler loan?

The minimum age of the applicant is 21 years and maximum age is 65 years to take a two wheeler loan.

6. When should I take a loan to buy a bike or scooter?

This depends on how much money you have of your own. If you can finance the entire amount by yourself, don’t take a loan. But if you have only a part of the money, you can apply for a loan for the rest of the bike’s value.

7. Who is eligible to take two wheeler loan?

Salaried individuals and self employed individuals are eligible to take two wheeler loans.

8. What will happen if I am not able to repay my loan on time?

If you don’t pay the EMIs on time, the bank may repossess your vehicle. Since your bike or scooter is hypothecated, the bank has every right to confiscate your vehicle to make good the losses they suffer.

9. Is CIBIL Score important?

Auto loan CIBIL score is very important. Good CIBIL score indicates a good repayment record and hence banks can offer you a higher loan amount at a low rate of interest for two wheeler finance. Bad CIBIL Score will result in either loan at higher interest rate or rejection of the loan application.So, make all your payments on time and maintain your CIBIL in order to get best auto loan rates.

Last Updated on : 08/Mar/2021

Know More About

Two Wheeler Loans

You're eligible for a Two Wheeler Loans if you:

Are legally adult enough to handle it

Have still got it

Get a regular pay check

Make more than a basic buck

Your eligibility depends on:

Earn more than minimum income required

Maximum allowed Two Wheeler Loans is Rs. 10K to Rs. 45 lakhs

EMIs of other loans loweryour eligibility

Boost your eligibility by:

Pay off your credit card bills

Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Two Wheeler Loans Interest Rates

Updated on 25 Nov 2017

Two Wheeler Loans Details
Interest Rate (Monthly reducing balance) 9.15% - 15.9%
Processing Fees Varies with bank
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Two Wheeler Loans EMI Calculator

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