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INDUSIND BANK TWO WHEELER LOAN

IndusInd Bank, established in 1994, offers transactional, commercial and electronic banking services to the customers which includes two wheeler loans. Two wheeler loan is a type of loan that offers a sum of amount to help you purchase a two wheeler vehicle such motorcycles, scooters, battery-operated scooters, mopeds etc. The two wheeler loan can be availed by salaried and self employed individuals and it can be repaid in Equated Monthly Installment (EMIs). Read on to find out more about IndusInd Bank Two Wheeler Loan

Interest Rate

21% p.a. to 27% p.a. 

Loan Amount

Up to Rs. 25 lakh

Repayment Tenure

Up to 36 months

Age 

21 years to 60 years

Income

Salaried Individuals: Rs. 3 lakh p.a.

Self Employed Individuals: Rs. 4 lakh p.a.

Processing Fees

Up to 5 % of loan amount

Prepayment Charges

Up to 5% of principal amount

Features and Benefits of IndusInd Two Wheeler Loan

Applying for a two wheeler loan by IndusInd Bank is a seamless job. Here are the features and benefits of IndusInd Bank two wheeler loan which you can count on when applying for a bike loan;

1. Wide Network Coverage : IndusInd Bank features a wide geographical coverage for branch networks which makes the customers have a smooth and time-saving banking experience. 

2. Loan Amount : The maximum amount of loan you avail for IndusInd Bank two wheeler loan is Rs 25 lakh. The minimum loan amount for two wheeler loan by IndusInd is decided upon bank’s discretion and is also determined by factors including the model and type of vehicle. 

3. Interest Rates : IndusInd bike loan comes at competitive rates of interest that range from 21% p.a. to 27% p.a. Know that these interest rates are up to the discretion of the bank based on multiple factors such as type and model of two wheeler, total loan amount etc. 

4. Processing Fees: The processing fee that is charged on IndusInd two wheeler loan is 5% of the loan amount. 

5. Tenure : You can avail the IndusInd Bank 2 wheeler loan for a flexible tenure. The maxim repayment tenure for IndusInd two wheeler loan counts up to 36 months. 

6. Application Procedure: IndusInd bank two wheeler loan brings ease when it comes to the entire loan process. You get the two wheeler loan availed with minimum documentation. 

Fee and Charges of Indusind Bank Two Wheeler Loan

To apply for a two wheeler loan, you have to pay fees and charges applied by the Indusind Bank. It covers all charges and fees made by a bank to their customers.The following charges are taken from Indusind Bank i.e processing fee, prepayment / foreclosure charges etc.

Processing fee

Upto 5% of the loan amount with applicable tax

Foreclosure charges NIL
Tenure period 1 year to 5 years
Loan amount On the average finance institution pay upto 90% of the loan

Eligibility Criteria for IndusInd Bank Bike Loan

You need to meet certain criteria in order to get a two wheeler loans from IndusInd bank failing which you may face complication in loan processing. Thus, it is best you check if you are eligible to avail the IndusInd bank bike loan.

Here is the eligibility criteria for IndusInd Bank Two wheeler loan:

For Salaried Employees

  • Applicants must be at least 21 years of age.

  • The maximum age to  avail the loan is 60 years.

  • Applicants must be working for the current company for at least one year.

  • Applicants must have at least 4 years of work experience.

  • The minimum gross salary must be Rs.3 lakh.

For Self-Employed Individuals

  • Applicants must be at least21 years of age.

  • The maximum age to avail the loan is 60 years.

  • Applicants must have at least 5 years of experience in business. 

  • Applicants must provide the Income Tax Returns (ITR) of the last 2 years with at least Rs. 4 lakh ITR.

How to Apply for IndusInd Two Wheeler Loan

The process for IndusInd Bank bike/scooty wheeler loan is simple and requires minimal paperwork. You can either use an offline method to apply for IndusInd bike loan or apply for it online. 

Documents Required for IndusInd Two Wheeler Loan

The IndusInd Bank will ask you to submit certain documents in order to take your two wheeler loan application further. Thus, you should check out this list of required documents and make sure you have them when applying for IndusInd bank two wheeler loan.

Here are the documents required for two wheeler loan application:

Particulars

Salaried Individuals 

Self Employed Individuals 

Identity Proof

  • Passport-size photographs

  • Aadhar Card 

  • Voter ID Card 

  • Passport

  • Driving Licence

  • Telephone Bill 

  • Ration Card

  • Rental Agreement

  • Passport-size photographs

  • Aadhar Card 

  • Voter ID Card 

  • Passport

  • Driving Licence

  • Telephone Bill 

  • Ration Card

  • Rental Agreement

Address Proof

  • Aadhar Card 

  • Voter ID Card 

  • Driving Licence

  • Passport

  • Aadhar Card 

  • Voter ID Card 

  • Driving Licence

  • Passport

Income Proof

Bank Statement, Payslip for last 3 months

Form 16 for last one year, ITR for last year, Repayment track

Compare other banks 2 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 IndusInd Two Wheeler Loan

The process for IndusInd Bank two wheeler loan is simple and requires minimal paperwork. You can either use an offline method to apply for IndusInd bike loan or apply for it online. 

Here is how to apply for IndusInd Bank two wheeler loan:

  • Apply Offline : You can visit the nearest IndusInd Bank branch in order to apply for a two wheeler loan. Remember to carry all the required documents that have to be submitted. This way you will be able to help your loan application proceed quickly. 

  • Apply Online : If you wish to apply for IndusInd two wheeler loan online, you can simply use the official website of the bank to do that.

Follow these steps to apply for IndusInd two wheeler loan online:

  • Navigate to the official website of IndusInd Bank.

  • Hit the “Products” section and click on the “Loans” option.

  • Click the “Vehicle Loans” option and select “Two Wheelers” from there.

  • Hit the “Apply Now” button. 

  • On the page that opens next, you have to fill in the required fields such as your name, mobile number, pin code etc.

  • Then, click the “Generate OTP” button. 

  • Enter the OTP which you have received on your registered mobile number.

  • Finally, hit the “Submit” button. 

After this application, you will get a call from the IndusInd Bank executive for further process.

Other products of Indusind Bank 

1. Indusind Bank Car Loan

2. Indusind Bank Personal loan 

3. Indusind Bank Credit Card

4. Indusind Bank Home Loan

IndusInd Bank Loan Repayment

IndusInd Bank offers its customers a variety of payment options when it comes to the repayment of two wheeler vehicle loans. You can use the Electronic Clearing Services (ECS) and Standing Instruction (SC) mode of payment to repay your bike loan IndusInd Bank. Apart from that, below are mentioned the channels you can use to repay the two wheeler loan:

  1. Offline

You can make an offline payment to repay your IndusInd two wheeler loan. For offline payments you can visit the nearest bank branch and pay with cash or cheque.

  1. Online

How to Track IndusInd Bank Bike Loan Status

You can check the status of your IndusInd Bank two wheeler loan using the offline or online options. 

To track the IndusInd Bank two wheeler loan status offline, you can call the customer service on the following contact number and enquire about the two wheeler loan application:

1860 267 7777

1860 500 5004

Alternatively, you can visit the IndusInd Bank official website to track the two wheeler loan status online. In order to do that, you will need to enter your registered mobile number along with the application ID. 

IndusInd Bank Two Wheeler Loan Contact Information

If you have any queries, enquiry or grievances then you can contact the IndusInd Bank to have the help.

How to calculate EMI of Indusind Bank Two Wheeler Loan

The mathematical formula is used to calculating EMI of Indusind 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.

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

FAQs

1. Can I cancel the loan? What are the charges applied for loan cancellation?

Yes, you can cancel the loan. The bank charges Rs 1500 on the cancellation of loan. 

2. How can I repay my IndusInd two wheeler loan?

You can use Electronic Clearing Service (ECS) or Standing Instruction (SI) to repay the IndusInd two wheeler loan. You can also register on the official website of IndusInd Bank and pay the loan from there. Besides that, you can repay your two wheeler loan offline with cheque or cash.

3. What are the prepayment charges for IndusInd two wheeler loan?

If you have sufficient funds to repay the loan amount then you can foreclose the loan. The prepayment  charges that are levied for this loan range from 2% to 5% of the principal amount.

 

Last Updated on : 05/Mar/2021

Know More About

Indusind Bank Two Wheeler Loan

You're eligible for a Indusind 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

Indusind Bank Two Wheeler Loan Interest Rates

Updated on 25 Nov 2017

Indusind Bank Two Wheeler Loan Details
Interest Rate (Monthly reducing balance) 21% - 29%
Processing Fees Upto 5% of the loan amount with applicable tax
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