Two Wheeler Loan - Bike Loan Apply Online at Lowest Interest rates, Eligibility

We have    "Two Wheeler Loans" for you

Filter by :

Banks

Interest Rate

Loan Amount

Loading...

TWO WHEELER LOAN / BIKE LOAN

Two Wheeler Loan / Bike Loan Details

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. 

Benefits of Two Wheeler Loan

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

Eligibility Criteria for Two Wheelers loan 

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.

ELIGIBLE 

Salaried individuals and self employed individuals 

AGE 

21 years to 70 years 

MONTHLY INCOME 

For salaried individuals = Rs.7000

For self employed individuals = Rs.6000

RESIDENTIAL STABILITY 

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

WORK EXPERIENCE 

At least 1 year

CREDIT SCORE

Above 750

Documents Required for Two Wheeler Loan

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

  1. Address Proof

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

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

  1. Income Proof

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

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

Points to remember while applying for a Two Wheeler Loan

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

Compare other banks Two Wheeler Loan Interest Rates

BANKS 

INTEREST RATE 

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

How to Get a Two Wheelers Loan

Two wheelers loan is a kind of secured personal loan. It is very easy to get from any bank you want to take. Study all bank interest rates and benefits and then choose the bank which you like the most to take a loan. After that visit to the bank with complete documents and one more important thing before proceeding to the bank to check if you are eligible or not for the loan. Rather than the bank, you can also get a loan from a seller from which you would like to buy two wheelers. 

How to calculate EMI of Two Wheeler Loan 

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

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

Where,

P stands for the loan amount or principal, 

R is the interest rate per month and 

N is the number of monthly installments.

Financials products offered by Bank 

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

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. 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 

4. 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.

5. Who is eligible to take two wheeler loan?

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

Last Updated on : 07/Sep/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

Two Wheeler Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959