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

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Two Wheeler Loan | Bike 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 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. 

What is Two Wheelers Loan?

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. 

How to get 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. 

Eligibility criteria for Two Wheelers loan 

  • Age: 19 to 60 years

  • Net monthly income: Min. Rs 18000 per month

  • Both salaried and self-employed avail for the loan

  • For salaried: last 3 month statement/Income proof

  • For self-employed: ITR required for at least 2 years/ 6 month bank statement  

  • Good credit score

Documents required for Bike/ Two wheeler loan

  • Identity proof: 

    • Aadhar card, 

    • Pan card ,

    • Passport,

    •  Driving License

    •  Voter id

  • Address proof:

    • Having same address on all id proof

    • Utility bills

    • rent agreement or registry copy

  • Two wheeler quotation

  • Income proof: Last 3 to 6 month bank statements

Two wheeler Loan All Banks Interest rates

BANKS

Interest Rate

Lowest EMI per RS 10,000

State Bank of India

12.65%

Rs. 335 for 3 years

HDFC bank

14.03%

Rs. 273 for 4 years

Punjab National Bank

10.70%

Rs. 216 for 5 years

Bajaj auto finance

18.00%

Rs. 254 for 5 years

Induslnd Bank  

12.00%

Rs. 332 for 3 years

Allahabad Bank

12.00%

Rs. 262 for 4 years

Andhra Bank

10.35%

Rs. 214 for 5 years

Bank of India

7.75%

Rs. 202 for 5 years

Union Bank of India

11.55%

Rs. 330 for 3 years

United Bank of India

11.00%

Rs. 217 for 5 years

Corporation Bank

12.35%

Rs 334 for 3 years

Indian Bank

9.65%

Rs. 211 for 5 years

Karnataka Bank

13.85%

Rs. 232 for 5 years

Jammu and Kashmir Bank

9.65%

Rs. 211 for 5 years

Canara Bank

13.55%

Rs. 340 for 3 years

 

How to Apply for Two Wheelers Loan?

  • 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

Last Updated on : 06/Jun/2020

Know More How To Apply ??

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) 10.5% - 24%
Processing Fees Varies with bank
Loan Tenure year to 7 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