Cruise Through Life With Affordable Loans For Two-Wheelers
Say Goodbye to Two-Wheeler Worries with Competitive Solutions and Convenient EMI options.
Eligibility Criteria For Two-Wheeler Personal Loan
Various lenders set their own set of eligibility parameters. Thus, you must individually check out their regulations before entering into a personal loan relationship. Hereby we have listed some general guidelines that most lenders adhere to while approving a personal loan for two wheeler:
You must be an Indian by birth.
Your age should be at least 18 years while applying. Also, applicants above 65 years are not generally given personal loans.
While applying you must have a stable income source, i.e., you must both be a salaried individual, a self-employed person, a pensioner, and so on.
Note: The eligibility criteria for a Two wheeler loan may differ depending on the lender. Therefore, it is recommended to review the lender's eligibility requirements before applying for a Two wheeler loan.
Documents Required To Apply For A Two Wheeler Loan
You will be surprised to see the extremely short list of necessary documents while applying from Credmudra. Here is all you need:
Any valid address/ ID proof like utility bills, Aadhaar card, PAN card, Passport, etc.
Duly-filled loan application of the desired lender
Passport-sized photograph
Besides these documentation procedures, you may need to bear minimal on-boarding fees. Every small detail is relayed to you before loan approval to maintain 100% transparency.
4 Key Features Of Two-Wheeler Personal Loans To Consider
100% Financing is Available
This facility is made available for those who may be finding it difficult to pay a certain amount of the on-road price upfront. It not only helps you purchase your dream scooty or bike but also assists in keeping your savings intact. These services are given to anyone as long as they are meeting the personal loan eligibility credentials.
Completely Digital Process
Now you do not have to wait in long queues like earlier applicants. Starting from loan verification to disbursal everything happens instantly, on the go. This increased role of digitisation has made the whole financing model more accessible for all.
Low Processing Fee
Processing fees for these loans can be as low as 0.5% for customers eligible for pre-approved offers. All they have to do is perform a few clicks to provide their consent of availing the loan offer.
Step-By-Step Process To Apply For A Two Wheeler Loan
Follow these steps to successfully bag an two wheeler loan on Credmudra:
Interest Rate & Other Charges
Applying for a two-wheeler loan is now very easy as the entire procedure gets executed online. Just go through the interest rates and other particulars to decide the best plan. Finally, wait for instant disbursal of the loan amount from the lender's end.
| Lender | MAXIMUM LOAN AMOUNT | INTEREST RATES | PROCESSING FEES | FORECLOSURE CHARGES |
|---|---|---|---|---|
| ICICI Bank | 100% of the vehicle’s on-road price | 9.00% p.a. onwards | Up to 4.75% of the borrowed principal | 5% of the loan amount + GST |
| Bajaj Auto Finance | 100% of the vehicle’s on-road price | 8.50% p.a. onwards | Up to 3.00% of the borrowed principal | Not applicable after 12 months |
| Axis Bank | 100% of the vehicle’s on-road price | 11.00% p.a. onwards | Up to 2.50% of the borrowed principal | 5% of the loan amount |
| Punjab National Bank | Up to Rs. 10 Lakhs | 11.15% p.a. onwards | 0.5% of the principal subject to Rs.500 to Rs.1000 | Nil |
| Fullerton India | Up to Rs. 30 Lakhs | 8.00% p.a. onwards | Up to 5.00% of the borrowed principal | 3% of the loan amount |
| Tata Capital | 100% of the vehicle’s on-road price | 11.50% p.a. onwards | Up to 2.50% of the borrowed principal | 4% of the loan amount + GST |
| HeroFinCorp | Up to Rs. 1.5 Lakhs | 10.65% p.a. onwards | Up to 2.50% of the borrowed principal | 4% of the loan amount + GST |
FAQs About Personal Loan For Two Wheeler
Can I get a bike loan if my CIBIL score is 650?
Credit score requirements tend to vary from one lender to another. However, there remains a significant chance of grabbing a personal loan with 650 CIBIL score but in exchange of higher interest rates.
What is the minimum salary for a loan from Credmudra?
You can opt for a loan even if you are currently employed with a salary of Rs. 9000. The only reason a lender asks for your monthly income is to determine your repaying capacity after taking the loan.
How many years is a bike loan?
Depending on the lender’s policies, a two-wheeler loan typically exceeds no more than 5 years. Many financing companies allow you to make partial prepayments at occasional intervals to bring down the interest rates in exchange for some foreclosure charges.
