Bike Loan Interest Rates: Check Two Wheeler Loan Interest Rates 2021 in SBI, Axis, HDFC, Eligibility Criteria, Documents Required for Availing a Bike Loan, and More Details Here!
by Vishwesh Rajan P
Updated Feb 01, 2021 09:53 IST
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Bike Loan Interest Rates vary from bank to bank, and comparing them will help know who has the best rates and this article contains Bike Loan interest rates of all major banks, so it is easy to go through them. Information regarding two-wheelers EMI and Tenure are listed as well in the article given below. Bike Loans are subject to change, and we’ll be updating them if there are any. Read this article to get an idea on Bike Loan Interest Rates, the lowest Bike loan interest rate, SBI, Axis, HDFC Bike Loan interest Rate, etc.
Contents [ ShowHide ]
- 1. Bike Loan Interest Rates - Comparison
- 2. What is the SBI Bike Loan Interest Rate 2021?
- 3. What is the Bike loan interest rate of HDFC bank 2021?
- 4. How Much is Axis Bank Bike Loan Interest rate?
- 5. Two Wheeler Loan Eligibility Criteria
- 6. What is the Lowest Interest Rate for Bike Loan?
- 7. How Does EMI work for Two Wheeler Loans?
- 8. Comparison of Two Wheeler Loan Interest Rates In India
- 9. Documents Required for Availing a Bike Loan
Bike Loan Interest Rates - Comparison
| Bank | Two Wheeler Loan Interest Rates* | Lowest EMI Per Rs. Ten Thousand For Max Tenure |
|---|---|---|
| Axis Bank | 10.80% | ₹ 257 for 4 years |
| SBI | 16.05% | ₹ 352 for 3 years |
| HDFC Bank | 9.10% | ₹ 249 for 4 years |
| PNB | 9.55% | ₹ 210 for 5 years |
| Bajaj Auto Finance | 7.85% | ₹ 313 for 3 years |
| IndusInd Bank | 21.00% | ₹ 377 for 3 years |
| Allahabad Bank | 10.40% | ₹ 256 for 4 years |
| Andhra Bank | 9.90% | ₹ 212 for 5 years |
| Bank of India | 7.45% | ₹ 200 for 5 years |
| Union Bank of India | 9.90% | ₹ 322 for 3 years |
| United Bank of India | 9.55% | ₹ 210 for 5 years |
| Corporation Bank | 9.90% | ₹ 322 for 3 years |
| Indian Bank | 10.40% | ₹ 214 for 5 years |
| Karnataka Bank | 8.49% | ₹ 205 for 5 years |
| Jammu And Kashmir Bank | 8.70% | ₹ 206 for 5 years |
| Canara Bank | 9.05% | ₹ 318 for 3 years |
What is the SBI Bike Loan Interest Rate 2021?
What is the Bike loan interest rate of HDFC bank 2021?
How Much is Axis Bank Bike Loan Interest rate?
Two Wheeler Loan Eligibility Criteria
| Minimum and Maximum Age |
Note: However, many banks require a minimum age of 18 years |
| Loan Amount |
Note: Loan amount depends upon the value of the two-wheeler and the EMI you can pay |
| Net Monthly Income |
|
| Employment Type |
|
| Minimum Work Experience |
|
| CIBIL Score for Two-wheeler Loan |
Note: Most banks avoid giving loans if you have a low credit score |
What is the Lowest Interest Rate for Bike Loan?
How Does EMI work for Two Wheeler Loans?
- Loan Amount - The higher your loan amount, the higher your EMI.
- Interest Rate - The Interest Rate determines your EMI.
- Loan Tenure - If your loan tenure is high, then your EMI will reduce accordingly.
Comparison of Two Wheeler Loan Interest Rates In India
- Processing Fees: Most banks charge minimum processing fees. It could be Nil upto Rs.1,000. So check the processing fees for various banks while applying for loans.
- Insurance Premium: Though Bike loans are secured loans, it is best to take an insurance policy while applying for a loan. The premium for it varies from bank to bank depending on risk coverage which comes under various policies. So go through the loan sanction letter to know the coverage and premium.
- Prepayment and Foreclosure: Prepayment refers to paying a part of your loan before time. If you pay the entire loan before the stipulated time, then it is called a foreclosure. In such cases, Banks will levy pre-payment or foreclosure charges which can vary between nil to 3%. Ensure that when you are getting a low-interest rate loan, it does not come with high prepayment or foreclosure charges. In some cases this option might not even be available, so check carefully with your bank.
- Down Payment: Auto loans are offered at the rate of 80% of the on-road price or 100% of ex-showroom price. But 80% of the on-road price is almost on par with 95% of ex-showroom price. It is advisable to fund maximum as a down payment in such cases since it reduces your high monthly payments burden.
Documents Required for Availing a Bike Loan
| Documents ID | For Individuals | For Firms, Partnerships |
|---|---|---|
| Signed Application Form | Required | |
| Identity Proof | PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card | |
| Certificate and Proof of Business Existence | PAN, sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI | |
| Address Proof | Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old) | Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter |
| Age Proof | PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate | |
| Income Proof | Form 16, last 3 months salary slip, last 3 months bank account statement showing salary credit | Last 2 years ITR, last 3 months bank account statement |
| Two-wheeler Quotation | Quotation of cost of two-wheeler selected from the dealer | |
Disclaimer: The above information is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.
Bike Loan Interest Rates - FAQs
1. What is the bike loan interest rate of SBI?
The State Bank of India offers bike loans at a rate of 16.05%. The EMI rates are presently at INR 352 for three years.
2. What is the bike loan interest rate of HDFC?
HDFC Bank is currently offering Bike Loans at a rate of 9.10%. The EMI stands at INR 249 for four years.
3. What is the bike loan interest rate of Axis Bank?
Axis Bank is currently offering Bike Loans at a rate of 1.80%. It is an Indian private sector bank which has its headquarters in Mumbai, Maharashtra. The EMI rate of Axis Bank is currently at INR 257 for four years.
4. Who offers the lowest interest rate for Bike Loan?
The lowest interest rate is offered by Bajaj Auto Finance.
5. What is two-wheeler EMI?
Two Wheeler Loan EMI is a fixed amount paid every month to the bank or financial institution paid to repay your loan. It is composed of both the Principal amount and Interest component. The Interest component is initially higher in the early months, but it gradually decreases as time progresses.
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