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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. 

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 

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. 

Two Wheeler Loan Benefits 

1. Get the funds you need to buy the bike you want.

2. Get funds to buy superbikes as well.

3. Use a guarantor or co-applicant to get the money you need.

4. Repay your loan in affordable EMIs.

5. Lesser documents formalities, as compared to other loans

6. Instant loan approval at the time of vehicle purchase at showroom/outlet itself

7. Flexible repayment tenure from 1 year to 48  months, as per the borrower’s desired EMIs

8. Attractive interest rate starting from 7.85% to 20.9% per annum

9. Upto 100% of the value of the vehicle

Two Wheelers Loan Eligibility Criteria 

Before applying for a loan for Two Wheeler, you should fulfil all basic eligibility criteria as prescribed by the bank. For the two wheeler loan application the salaried individuals and self employed individuals are eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.


Salaried individuals and self employed individuals 


21 years to 70 years 

Monthly Income 

For salaried individuals = Rs.7000

For self employed individuals = Rs.6000

Residential Status 

Must be staying at the current address for at least 1 year

Work Experience  

At least 1 year

Credit Score 

Above 750

Two Wheeler Loan Documents Required 

Any applicant who is going to avail a loan for two wheeler must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.

1. Filled application form

2. Proforma Invoice

3. Passport size photograph

4. Identity Proof 

  • For salaried individuals = PAN card, voter’s ID, passport, Driving license

  • For self employed individuals = PAN card, voter’s ID, passport, driving license

5. Address Proof

  • For salaried individuals = Utility bills, passport, etc.

  • For self employed individuals = Utility bills, passport, etc.

6. Income Proof

  • For salaried individuals = Salary slips, IT returns, bank statements

  • For self employed individuals = Bank statements, IT returns, audited financial statements

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 Two Wheelers Loan

There are two ways to apply for two wheeler loan :

1. Offline Method : By visiting the nearest bank branch 

2. Online Method 

  • Firstly visit lenders website or branch from which you want to get loan

  • Fill the application form and read all the term and conditions

  • Attach all required documents with an application form

  • After submitting form lenders will let you know that you eligible or not for the loan

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.

Bank offered Financial Products 













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 : 23/Oct/2020

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

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