Looking for the best two-wheeler loan to finance your dream bike or scooter? Look no further, you can find the most competitive and convenient two-wheeler loan options on the market. Our easy application process ensures quick approval and disbursal, so you can hit the road in no time. With flexible repayment options and affordable interest rates, you can find a bike loan or a 2-wheeler loan that fits your needs.
Here are the bike loan interest rates offered by different Banks. Refer to the table below and compare to choose the right lender for you!
| Personal Loan by Bank/NBFC | Interest Rates | Processing Fees |
|---|---|---|
| Axis Bank | 10.80% - 28.30% p.a | Up to 2.5% of the loan amount |
| Bajaj Auto Finance | Starting at 8.50% p.a | 3% of loan amount |
| Bank of India | 6.85% - 8.55% p.a | Rs. 500 - Rs. 10,000 |
| HDFC Bank | 20.90% p.a | Up to 2.5% of the loan amount |
| Punjab National Bank | 8.65% - 10.00% p.a | 0.5% of the loan amount |
| State Bank of India | 16.25% - 18.00% p.a | 2% of the loan amount + GST |
| Union Bank of India | 9.90% - 10.00% p.a | 0.5% of the loan amount |
| L&T Finance | 7.99% - 15.00% p.a | At L&T discretion |
Financing your scooter loan has now become easier! Refer to the table below to learn everything about instant bike loans interest rates to loan tenure.
| Two-wheeler loan interest rates | 0.99% p.a onwards |
| Loan amount | Up to ?3 lakhs |
| Loan Processing Fees | Up to 4% plus applicable taxes |
| Loan Tenure | Up to 20 months |
| Repayment Tenure | Upto 3-5 Years (Depending on Bank) |
A two-wheeler EMI calculator can be used to calculate your monthly EMI.
You can also use the following formula to calculate your monthly installments!
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
The loan amount, or principal is P, the interest rate is R, and the number of monthly payments is N.
You can calculate the monthly EMI by entering the principal amount (P), the interest rate (R), and the number of repayment months/tenure (N).
Here are the factors to consider when checking your two-wheeler loan eligibility criteria.
| AGE | 18 - 65 years |
| Minimum salary | ?10,000 |
| Employment duration | Minimum 1 Year |
| Employment status | Salaried or self-employed |
| Residence | Reside in the city for at least a year |
Make sure to keep these documents in check and handy to avail an instant two-wheeler loan online with Buddy Loan
Documents Required:
Income certificate
Age proof : Birth Certificate, Driving licence
ID Proof :Aadhaar Card, PAN Card
Get your loan
approved within minutes.
Get fund without
risking your assets.
Starting from 11.99% p.a.
Can be used for a variety of purposes.
Choose your preferred
repayment tenure.
No hidden charges
and extra penalties.
Here are five reasons why you should consider taking a two-wheeler loan.
If you need a convenient way to travel and are captivated by a bike with a stunning design and premium features, acquiring it through a bike loan can be an ideal solution.
By taking out a two-wheeler loan, you become eligible for tax benefits. Specifically, you can enjoy an income tax deduction on the interest paid towards the loan.
A sense of responsibility can help you become more mindful of your spending habits and make wiser choices, ultimately leading to better savings.
The demand for bikes continues to rise, prompting lenders to offer competitive interest rates on bike loans. Currently, it is possible to secure a loan with an interest rate as low as 10% per year.
Making timely EMI payments can enhance your credit score. Improving your creditworthiness opens doors for better loan options in the future, such as business or home loans.
Read below to get a glimpse of the Do’s and Don’ts to consider when you apply for a Two-wheeler loan.
| Do's | Don'ts |
|---|---|
| Compare interest rates and terms.. | Don't borrow more than you can afford to repay. |
| Check your credit score. | Don't provide false information or documents to the lender. |
| Maintain a good repayment record. | Don't miss or delay loan repayments. |
| Opt for insurance coverage. | Don't ignore the loan prepayment and foreclosure. |
| Save for a down payment to reduce the loan amount and subsequent EMIs. | Don't apply for multiple loans simultaneously. |
| Maintain a budget and allocate funds for timely loan repayments. | Don't make impulsive buying decisions beyond your repayment capacity. |
Here are 8 tips that you can practice to improve your chance of getting a two-wheeler loan.
Here’s the following table to learn more about Personal loan VS Two-wheeler loan.
| Points of Comparison | Personal Loans for 2 Wheeler Purchase | Two-Wheeler Loans |
|---|---|---|
| Purpose | Can be used for various personal expenses, such as for two wheeler purchase, for car purchase, emergency loan, etc | Specifically designed to finance the purchase of a two-wheeler. |
| Collateral Requirement | Unsecured loans | Secured loans |
| Loan Amount | Typically, higher loan amounts. | The loan amount is directly linked to the cost of the two-wheeler, generally covering a significant portion of the vehicle's on-road price. |
| Interest Rates | Interest rates are generally higher. | Interest rates are comparatively lower. |
| Repayment Flexibility | flexible in terms of repayment. | Fixed repayment tenures |
Step 3 - Fill out the eligibility form and provide:
Step 4 - Cross verify the given information and submit the application.
Bike loan repayment is pocket-friendly with zero charges. Check out the EMI, prepayment charges, and foreclosure charges offered by different banks to effectively manage your finances. The maximum loan tenure for a two-wheeler loan is 36 months. Generally, it's about 12-36 months.