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 |
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Income |
Salaried Individuals: Rs. 3 lakh p.a. Self Employed Individuals: Rs. 4 lakh p.a. |
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Processing Fees |
Up to 5 % of loan amount |
|
Prepayment Charges |
Up to 5% of principal amount |
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.
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 |
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.
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 |
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Identity Proof |
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|
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Address Proof |
|
|
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Income Proof |
Bank Statement, Payslip for last 3 months |
Form 16 for last one year, ITR for last year, Repayment track |
|
BANKS |
INTEREST RATE |
|
9.15% to 15.90% |
|
|
Start at 10.65% |
|
|
Start at 11.83% |
|
|
9.65% to 15% |
|
|
10% to 18% |
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10% to 26% |
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Start at 11.83% |
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|
21% to 29% |
|
|
Start at 11.50% |
|
|
7.75% to 8.35% |
|
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Start at 10.70% |
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.
2. Indusind Bank Personal loan
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:
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.
Online
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.
If you have any queries, enquiry or grievances then you can contact the IndusInd Bank to have the help.
Helpline Numbers: 1860 500 5004, 1860 267 7777
Email : reachus@indusind.com
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,
FAQs
Yes, you can cancel the loan. The bank charges Rs 1500 on the cancellation of 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
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
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