Two Wheeler Loan Interest Rates, Eligibility, and Avail Quick Auto Loans Online

Updated: Aug 30,2019 17:12 IST

Two Wheeler Loans are provided by number of public and private sector banks and non-banking financial institutions. Two wheeler loans are availed by those planning to purchase a new bike and when getting short of finances, two wheeler loans come handy. Two wheeler loans are disbursed at the convenience of the customers and more details are given in the content below.

What is a Two Wheeler Loan?

In the Indian market, more than the dream of availing a two wheeler many wish to own a two wheeler and with youngsters they tag it as ‘dream bike.’ So the banks and NBFCs came up to offer Two Wheeler loans for those wanting to purchase a new two wheeler. Two wheeler loan can be bought over a wide category of bikes/two wheelers and the loan offers given by each bank differs based on various parameters and criteria. Before availing the two wheeler loan one should make a through market research and choose the best two wheeler loan provided. The information given below will help you make the right choice.

What is the Two Wheeler Loans Interest Rates?

Many who plan on purchase of a two wheeler overlook the parameters associated with applying for two wheeler loan. Before deciding on the availing a two wheeler loan for the desired two wheeler type, one has to check the interest rates that is offered by different banks. Check the interest of various banks given below.
 

Bank Name

Interest Rates

Axis Bank

Upto 36 months - 8.50%
More than 36 months - 10.5% - 24%

Bank of Baroda

14.25%

Canara Bank

12.65%

Central Bank of India

12.25%

Corporation Bank

9.35%

HDFC Bank

8.65% to 11.06%

ICICI Bank

10.00% to 26.03%

IDBI Bank

9.95%

Indian Bank

9.65%

Punjab National Bank

10.20%

State Bank of India

8.60% to 17.90%

Syndicate Bank

10.55%

Union Bank of India

14.40%

How to Apply for Two Wheeler Loan?

Two wheeler loans are provided under auto loans by banks, NBFCs and few automobile companies for the benefit of the customers. Two wheeler loans can be applied either in Online or Offline mode. 

Online Mode of Applying

  • You can apply Two wheeler loan Online by visiting the respective Online banking site
  • Fill in the required information
  • And Click Submit
  • Once your application is submitted, one of the executive will contact you to verify the original documents and submission of other documents.
  • Your loan will be approved upon the final processing.
  • Online method of applying for a two wheeler loan is very easy.
     

Offline Method

  • Those customers willing to avail loan in Offline mode should visit the bank personally and apply.
  • They can request a executive to help you to complete the application procedure for two wheeler loan.
  • Fill in the application form
  • And Submit the Application with the necessary documents
  • Upon verification of the documents and details loan will be sanctioned.

What are the Other Service Charges and Fees Associated with Two Wheeler Loan?

Apart from the interest rates that are to be checked while applying for two wheeler loans, there are certain other information i.e. other service charges associated with two wheeler loan are also to be verified before going in for a two wheeler loan. There are loan providers who render lowest interest rates but higher rates of processing charges, prepayment charges, foreclosure charges, charges on documentation process and other related charges. Other parameters to check apart from interest rates are
  • Processing Fees
  • Documentation Charges
  • Prepayment Charges
  • Foreclosure Charges
  • Registration certificate collection charges
  • Charges for late payment of EMI
  • Loan Cancellation Charges
  • NOC Charges
  • Swap and Bounce Charges 

What are the Types of Two Wheeler Loans?

Two wheeler loans can be easily obtained loan. This provides financial support to the people who wish to purchase their two wheeler immediately. Two wheeler loans can be obtained either against any of your property or without that is also possible. The two types of Two Wheeler Loans are given below.
  • Secured loans
  • Unsecured loans

Secured loans

Secured loans are the ones where the applicant obtain loan against any of their property like home, land or any other asset. Here, the applicant easily obtains the two wheeler loan and the interest rate for loan is also very less. But it involves high risk. If at any case, the applicant  is unable to repay the loan, then he/she is put in a situation of losing their property.

Unsecured loans

Unsecured loans is the one where applicant need not show any property for availing two wheeler loan. Youngster are more benefitted through this type of loan as they would have much asset at the starting stages of their career. Here the interest rates of two wheeler loan is high comparatively with secured loans which results in paying a higher price for the two wheeler.

How to Choose the Best Two Wheeler Loan in the Market?

Most of the banks or the non-banking financial institutions approve 95% to 100% of the two wheeler loan based on the ex-showroom price. With most of the banks offering almost equal interest rates it becomes difficult for the applicants to choose the best two wheeler loan, but here are some points that will help you.
  • Decide the two wheeler that you wish to buy and also if it is within your planned budget
  • Compare the Interest rates offered by the different banks/NBFCs/Automobile dealers
  • Check the percentage of two wheeler loan amount that will be approved and the loan tenure
  • Once checking on the interest rates, compare the other related charges applied.
  • With the help on Online two wheeler Loan EMI Calculator calculate the EMI amount to be paid
  • Check if the EMI amount is within your budget and doesn’t affect your monthly finances
  • Choose the best two wheeler loan with more pros than cons.

What is the Eligibility Criteria to Obtain Two Wheeler Loan?

Like other loans two wheeler loans doesn’t have much of strict eligibility criteria but few basic eligibility to avail a two wheeler loan. To ensure the proper repayment from the two wheeler loan applicants and to avoid future debts due to two wheeler loans, a set of eligibility criteria is framed. The eligibility criteria are given below
  • Should be in the age group between 21 and 65 years
  • With Indian nationality
  • Salaried or Self-employed or a professional
  • In the same business for one year or two years in the same business
  • Get a pay that can make minimum repayment every month
  • Permanent contact number is required and residential stability is also a important requirement.

What are the Documents Required to Apply for Two Wheeler Loan?

Every loan that is being processed requires few documentation process and paperworks. The documents required when applying for two wheeler loan are
  • Signed application form along with the photograph of the applicant
  • Photo ID proof
  • Age proof
  • Residential proof
  • Income proof for Salaried
  • Salary Slip of last three months
  • Form 16 or Income Tax Returns
  • Income proof for Self-Employed
  • Income Tax Returns of Last three months
  • Last three years’ Balance sheet and Profit and Loss Account certified by a C.A.
  • Documents with Vehicle Information
  • A copy of Vehicle Motor Insurance and your Driving License 

How to choose the best Two Wheeler Loan EMI option?

There are number of online sites available to calculate the EMI amount of a two wheeler loan with the interest rate, loan amount and the tenure of the loan. They are easy to calculate and understandable. But the reason you have to check the EMI amount well in advance is that the EMI amounts are to be paid every month and it should not turn out to be a burden on your monthly finances. On choosing EMI for longer tenure it results in higher payment of interest or if you are choosing a loan with shorter loan term EMI paid per month will turn to be higher. Calculate the EMI amount and choose a loan with optimum EMI and lower interest paid.

What are the Checkpoints before applying for Two Wheeler Loan?

Be aware of all the charges and other details related to the loans. This helps you to avoid future money deficits. Before applying for Two Wheeler Loan either with a bank or a non-banking financial company there are certain parameters you have to check on.
  • Interest Rate provided
  • Percentage of loan amount being approved 
  • Other Related charges 
  • EMI amount and your repayable capability
  • Check your Credit score - it determines the interest rate offered by the bank
  • Availability of all necessary documents
  • Customer relationship and services of the bank

What are the Features and Benefits of Two Wheeler Loans?

Two wheeler loans are most helpful to the youngsters to fulfill their dream of having a bike. There are various benefits of two wheeler loans for the customers. Some of the highlighted features and benefits are listed below.
  • Many banks/NBFCs provide loan for up to 95% of the on-road price of any two-wheeler.
  • The loan tenure can be up to 5 years.
  • Special offers for women applicants.
  • Quick processing and easy paper works and loan processing in no time.
  • Instant Status check online
  • There are banks who provided instant two wheeler loans with the ready availability of the necessary documents.
  • Minimum Down Payments

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