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    Best Two Wheeler Loan in India
    Two Wheeler Loan
    • Lowest auto loan interest rates starting @11.60%*
    • Compare and get the best two wheeler loan offers from banks
    • Apply for auto loan online
    • Get maximum loan amount based upon on road price and ex – showroom price
    • Maximum loan tenure upto 5 years
    • Lowest EMI of ₹ 220 per ₹ 10,000 for 5 years
     

    2 wheeler Loan EMI is the amount that you pay every month to the bank or financial institution in order to repay your loan. EMI is composed of both principal amount and interest component. Interest component on your EMI is higher in early months and reduced with each EMI. Two wheeler Loan EMI Calculator helps you to calculate your monthly EMI at desired interest rate for a particular tenure.

    • Loan amount – If you apply for a high loan amount, then your EMI for auto loan will be high
    • Interest rate – Higher interest rate on your loan leads to high amount of EMI
    • Loan tenure – EMI on bike loan reduces in case of high loan tenure
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    Compare Bike Loan Interest Rate

    Bank

    Two Wheeler Loan Interest Rates*

    Lowest EMI Per Rs. Ten Thousand For Max Tenure

    SBI

    16.05%

    ₹ 352 for 3 years

    HDFC Bank

    14.03%

    ₹ 273 for 4 years

    PNB

    10.70%

    ₹ 216 for 5 years

    Bajaj Auto Finance

    11.60%

    ₹ 330 for 3 years

    IndusInd Bank

    12.00%

    ₹ 332 for 3 years

    Allahabad Bank

    11.80%

    ₹ 262 for 4 years

    Andhra Bank

    10.35%

    ₹ 214 for 5 years

    Bank of India

    7.75%

    ₹ 202 for 5 years

    Union Bank of India

    11.55%

    ₹ 330 for 3 years

    United Bank of India

    11.00%

    ₹ 217 for 5 years

    Corporation Bank

    12.35%

    ₹ 334 for 3 years

    Indian Bank

    9.65%

    ₹ 211 for 5 years

    Karnataka Bank

    13.85%

    ₹ 232 for 5 years

    Jammu And Kashmir Bank

    9.65%

    ₹ 211 for 5 years

    Canara Bank

    13.55%

    ₹ 340 for 3 years

    Bike Finance Eligibility

    Minimum and Maximum Age

    21 Yrs. – 65 Yrs.

    Note: However, many banks require minimum age of 18 years

    Loan Amount

    Upto ₹ 10 Lakh. Some banks give maximum loan upto ₹ 50 Lakh

    Note: Loan amount depends upon the value of the two wheeler and the EMI you can pay

    Net Monthly Income

    Min. ₹ 18,000 per month

    Employment Type

    Salaried and Self Employed
    Interest rates are typically in the range of 7.75% to 29.00% per annum

    Minimum Work Experience

    1 year of total work experience
    Business tenure should of 5 years & ITR required for at least 2 years (For Self Employed only)

    CIBIL Score for Two wheeler Loan

    600 & more credit history

    Note: Most banks avoid giving loans if you have low credit score

    EMI for Two wheeler Loan

    2 wheeler Loan EMI is the amount that you pay every month to the bank or financial institution in order to repay your loan. EMI is composed of both principal amount and interest component. Interest component on your EMI is higher in early months and reduced with each EMI. Two wheeler Loan EMI Calculator helps you to calculate your monthly EMI at desired interest rate for a particular tenure.

    Auto Loan EMI depends upon loan amount, interest rate and loan tenure

    • Loan amount – If you apply for a high loan amount, then your EMI for auto loan will be high
    • Interest rate – Higher interest rate on your loan leads to high amount of EMI
    • Loan tenure – EMI on bike loan reduces in case of high loan tenure
    Do’s and Don’ts while taking 2 Wheeler Loan

    Do’s

    Don’ts

    Check best discount and offers – Always check current offers and 2 wheeler loan interest rates offered to employees of large reputed companies

    Do not apply for loan amount more than what you are eligible for – Applying for an amount higher than your eligibility may lead to rejection of your loan application

    Compare two wheeler rates based on loan amount – Some banks offer lowest interest rate for 2 wheeler loan at higher loan amount

    Do not apply with multiple banks – Simultaneous loan applications gets recorded in your CIBIL report and can hurt your chances of getting a bike loan

    Discount for tenures – Banks may offer lower rates on bike loan for certain tenure

    Your salary bank may not offer the cheapest loan – Various banks keep offering attractive schemes to acquire premium customers. Hence, salary bank may not be the best option

    Related Topic

    How can I apply for two wheeler loan?

    You can get a two-wheeler loan either by visiting the Bank’s branch or by applying online to the Bank or NBFCs. Other than that, a two-wheeler loan can be applied from any online marketplace like Loaninfinity.com This can make your loan process easy and also could help you grab the best deal.

    What is the minimum and maximum tenure of two wheeler loan?

    Auto loan is generally taken for a short period of time. Generally, bike loan tenure is between 2 years to 5 years.

    What are the charges for two wheeler finance?

    • Two wheeler loan processing fee: This is charged when you apply for the loan. The processing fee charged on 2 wheeler loan is upto ₹ 1,000 of the loan amount and could be reduced if you can bargain.
    • Two wheeler loan preclosure fee: This is charged when you close your loan before the completion of loan tenure. Prepayment penalty charged may be upto 3% of the outstanding amount.

     

    Is CIBIL Score important?

    Auto loan CIBIL score is very important. Good CIBIL score indicates good repayment record and hence banks can offer you higher loan amount at low rate of interest for two wheeler finance. Bad CIBIL Score will result in either loan at higher interest rate or rejection of the loan application.So, make all your payments on time and maintain your CIBIL in order to get best auto loan rates.

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