HDFC Bank is an Indian banking and financial services company. Established in 1994 and headquartered in Mumbai, it is one of the leading private banks in India that offers a wide range of financial products and banking services to customers. HDFC Bank Two Wheeler Loan is used to fund the purchase of two wheeler models i.e. Scooters, Motor Cycles, Mopeds, Battery-Operated Scooters etc. This loan can be enjoyed by salaried individuals and self employed individuals. You can either apply for this loan online or by visiting the nearby HDFC Bank branch. Alternatively, you can download the two wheeler loan application form its official website, fill the form and share it with the bank representative.
If you are planning to apply for HDFC two wheeler loan, then here are the benefits you can count on:
The process of HDFC Bike or Two Wheeler loan comes with certain fees and charges that need to be paid by the applicant. These fees and charges include processing fee, late payment charges and cheque dishonour charges.
You can refer to the following table to know more about such fees and charges.
|
TYPE |
CHARGES |
|
Loan Processing Charges |
3% of Loan Amount |
|
Documentation Charges |
3% of Loan Amount |
|
Pre-payment charges |
3% to 10% of the outstanding principal |
|
No Due Certificate / No Objection Certificate (NOC) |
NIL |
|
Overdue EMI Interest |
2.5% Per Month on the Unpaid Installment |
|
Stamp Duty |
At actuals as levied by respective State Govt |
|
Cheque Bounce / EMI return charges |
Rs 500/ |
|
Loan cancellation charges |
NIL |
|
Legal, Repossession & Incidental charges |
At actuals |
|
Duplicate NOC |
Rs. 500/- per request |
|
CIBIL Charges (only on request) |
Rs. 50 |
|
PDD Collection Charges |
Up to Rs.450/ |
|
Cheque/ECS swapping Charge |
Rs 500/- |
|
Amortization Schedule Charges |
Rs 200/- |
|
Special NOC Charges |
Rs 500/- |
|
Loan Rebooking/Reschedulement Charges |
Rs 1000/- |
You need to pass certain requirements in order to be eligible for HDFC two wheeler loan. Being able to fill in all the required information about yourself and matching the criteria designed by the bank will get you to successfully receive the loan. Here is what you need to know about HDFC Bank two wheeler loan eligibility criteria.
|
ELIGIBLE |
Salaried and self employed individuals |
|
AGE |
21 years to 65 years |
|
INCOME |
For salaried individuals = Minimum gross income is Rs.84000 per year For self employed individuals = Minimum gross income is Rs.72000 per annum |
|
RESIDENCE STABILITY |
Minimum 1 year |
|
WORK EXPERIENCE |
Minimum 1 year |
|
CIBIL SCORE |
Preferred 750 |
Any applicant who is going to avail a loan for two wheeler from HDFC Bank must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
Filled application form
Proforma Invoice
Passport size photograph
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
Address Proof
For salaried individuals = Utility bills, passport, etc.
For self employed individuals = Utility bills, passport, etc.
Income Proof
For salaried individuals = Salary slips, IT returns, bank statements
For self employed individuals = Bank statements, IT returns, audited financial statements
Required Documents
Any applicant who is going to avail a loan for two wheeler from HDFC Bank must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
Filled application form
Proforma Invoice
Passport size photograph
Identity Proof
For salaried individuals: PAN card, voter ID, passport, driving license
For self employed individuals: PAN card, voter ID, passport, driving license
Address Proof
For salaried individuals: Utility bills, passport, etc.
For self employed individuals: Utility bills, passport, etc.
Income Proof
For salaried individuals: Salary slips, IT returns, bank statements
For self employed individuals: Bank statements, IT returns, audited financial statements
|
BANKS |
INTEREST RATE |
|
9.15% to 15.90% |
|
|
Start at 10.65% |
|
|
Start at 11.83% |
|
|
9.65% to 15% |
|
|
10% to 18% |
|
|
10% to 26% |
|
|
Start at 11.83% |
|
|
21% to 29% |
|
|
Start at 11.50% |
|
|
7.75% to 8.35% |
|
|
Start at 10.70% |
Wondering how to apply for HDFC Bank two wheeler loan? Let us tell you that it won’t demand a great deal of endeavors from you. Applying for a loan has become easier than it ever has been and thankfully, there is more than just a single way to apply for it.
There are two ways to apply for HDFC Bank Two Wheeler Loan:
Offline Method: You can visit the nearest bank branch in order to apply for a loan.
Online Method: You can visit the official website of the lender and perform the required formalities online.
Contact number : 01416160616
Email id : [email protected]
The mathematical formula is used to calculating EMI of HDFC Bank 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.
1. What is the age criteria for HDFC two wheeler loan applicants?
The minimum age must be 21 years and maximum of 65 years old at the time of loan maturity.
Yes, a maximum of 3% of the loan amount will be charged for processing HDFC Bank two-wheeler loan.
Yes, self-employed individuals need to provide a single guarantor with good credit score standing.
Yes, you can prepay the loan after completing three months of repayment.
The interest rate of HDFC Bank two wheeler loan starts at 11.83% per annum.
Last Updated on : 09/Feb/2021Know More About
You're eligible for a Hdfc Bank Two Wheeler Loan 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
Updated on 25 Nov 2017
| Hdfc Bank Two Wheeler Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 11.83% - 0% |
| Processing Fees | 3% of loan amount |
| Loan Tenure | 1 year to 4 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Two Wheeler Loans EMI Calculator