Everyone dream to have their own bike, maybe because of some financial circumstances, some may not able to get their own bike. For those many banks are providing the Bike loans. As per the technology nowadays you can also apply for a Bike loan online. Getting a bike loan online is the fastest and easiest way to get your dream bike. It is applicable for all ages for buying a two-wheeler. This is possible by just paying the nominal down payment upfront.
Online Application For Bike Loan
After paying some down payment, the remaining amount can be paid in the form of EMI’s Equated Monthly Installments. Earlier only regular bikes and scooter loans were in trend but now as per the aspiring generations, these bike loans of racer bikes, cruiser bikes, and superbikes are high in demand. As these demands are high many banks are providing the bike loans to the applicants.
Below here are some details about the different banks that are providing the bike loans. Once comparing the information about the tenure, interest rates, and EMI details you can choose the bank from which you can take a loan.
Two-Wheeler Loan Application HDFC Bank-
For the interest rates of 10.45%, HDFC banks are providing the bike loan with hassle-free loan procedures. Here is the procedure for applying for a bike loan using online mode-
- At the official web portal submit the details like mobile number, type of occupation, and present residence PIN.
- Then select model, Vehicle manufacturer, and loan amount.
- A code will be generated which you have to provide that to the nearest dealership.
- Along with all this, you also have to provide the KYC documents for verification.
- These documents will be verified by the HDFC representative.
- Once the verification is clear your loan will be approved and you can get your dream bike.
Bike Loan Online Apply ICICI Bank-
At an interesting rate of 11.57%, ICICI Bank is providing the bike loan to the customers. Here is the simple procedure for a bike loan from the bank.
- With time savings and simple procedures, the bank is offering the bike loans.
- The applicant for the bike loan must be self-employed or salaried.
- The minimum salary of the applicant per month should be Rs.7000/-.
- You have to provide your details asking there on the official portal of the bank.
- The details will be asking like two-wheeler manufacturer, model, PIN Code, and contact number.
- Show your given code number to the dealer. Then you can take away your bike loan by following further procedures.
Two-Wheeler Loan Apply Online Hero Fincorp/Bajaj Finserv-
With the interest rate of 10.99% and 10.35%, both Hero Fincorp and Bajaj Finserv are offering Bike loans to the customers.
- Above both financial companies are specifically for approving the bike loans.
- But the banks will approve loans only for the models of Bajaj and Hero Company’s bikes.
- Before approval of the loan, the representatives will verify the KYC documents of the applicants.
- Once the clearing the verification the applicants have to visit the nearest dealership.
- By showing the generated code to the dealers they can get their vehicle.
Eligibility Criteria to Apply for Bike Loan-
- The applicant must be self-employed or salaried.
- The age of the applicant must be a minimum of 18 years of age at the time of application of the loan and a maximum of 70 years of age at the time of loan maturity.
- Up to Rs.25 lakhs loan amount can be availed.
- The processing fee for the loan amount is around up to 3%.
- The applicant’s residence status should be like they should be in the same location for one year.
- A maximum of 98% of the road-price LTV Loan-to-Value ratio will be there.
- The applicant’s minimum salary for the month should be Rs.7000/-
Necessary documents required for Bike loan-
- Address Proof – Under this you can submit Rental agreement/ Credit card statement/ Passport/ Voter’s ID card/ LIC Policy/ Driving License.
- ID proof – Passport/ PAN card/ Driving License/ Companies ID card/ 2 passport sized photos.
- Proof of Income- Payslips of the last three months, Office address proof, Last 2 years ITR.
Important features of two-wheeler loans-
- Comparing to other loan products/ financial instruments, bike loan interest rates are very low.
- As per the desired EMI’s, the loan repayment tenure will be flexible which is from 1 year to 60 months.
- The applicants will get many loan repayment options.
- Both the financial institutions and two-wheeler companies will have tie-ups to make the hassle-free loan approving for the customers.
- 100% finance for the cost of the vehicle to the buyer’s account.
- Before the sanction of the loan, the credit score will not be checked.
- On the basis of the documents provided these loans will be approved.
Following are the banks which provide bike loans-
- Syndicate Bank
- Andhra bank
- Union Bank of India
- Clix Capital
- Fullerton India
- IDFC Bank
- PNB Bank
- Muthoot Capital Finance
- United Bank of India
- Indiabulls Dhani
- HDB Financial Services
- Bank of Baroda
- Tata Capital Finance
- Yes Bank
- Axis bank
- Hero Fincorp
- Bajaj Auto finance
- HDFC Bank
- ICICI Bank