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Bank

Interest

Amount

Tenure

Processing Fee

Action

State Bank of India
12.90% p.a. Onwards
Rs.20,000 to Rs.25 lakh
Contact the bank
2.00% of the loan amount + GST (minimum of Rs.1,000)
HDFC Bank
14.50% p.a. onwards
Contact the bank for details
Contact the bank
2.5% of the loan amount (Processing Fee)

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Axis Bank
11.00% p.a. onwards
Rs.25,001 onwards
Contact the bank
2.5% of the loan amount (Processing Fee)
Punjab National bank
10.55% p.a. onwards
Contact the bank for details
Contact the bank
0.5% of the loan amount subject to Rs.500 to Rs.1,000
Union Bank of India
11.80% onwards
Up to Rs.10 lakh
Contact the bank
Contact the bank
A two-wheeler loan is a loan provided to anyone to buy their dream two-wheeler with EMI payment options.

Bank name

Interest Rate

Loan Amount

Processing charges

State Bank of India

12.90% p.a. Onwards

Rs.20,000 to Rs.25 lakh

2.00% of the loan amount + GST (minimum of Rs.1,000)

HDFC Bank

14.50% p.a. onwards

Contact the bank

2.5% of the loan amount

Punjab National Bank

11.15% p.a. onwards

Contact the bank

Nil

Union Bank of India

12.40% onwards

Up to Rs.10 lakh

Contact the bank

Axis Bank

11.00% p.a. onwards

Rs.25,001 onwards

2.5% of the loan amount

State Bank of India

  • The Repayment tenure is up to 4 years.
  • Minimum documents needed while applying for a two wheeler loan.
  • You apply loan for a wheeler or superbikes as well.

HDFC Bank

  • The bank provides up to 100% on-road funding.
  • There are document charges up to 2% of the loan amount.
  • The repayment tenure is from 12 to 48 months.

Punjab National Bank

  • The maximum tenure up to is 60 months, depending on your vehicle.
  • The bank provides loans up to 10 lakhs and it depends on your vehicle.
  • There are no repayment fees.

Union Bank of India

  • The bank is offering two-wheeler loans up to 10 lakhs.
  • There are no repayment chargers and application process charges.
  • They provide repayment tenure of up to 3 years.
  • Hypothecation of vehicle purchased out of bank's finance
  • The application straightforward process for the loan.

Axis Bank

  • Loan amounts start from 25001/-
  • The Axis offers flexible and long-term repayment facilities.
  • The repayment tenure range is 12 to 48 months.
  • They provide up to 100% on funding for two-wheelers.

Lenders have certain eligibility criteria they expect you to fulfil before they process your application. These may vary from one lender to another. Some of the general eligibility criteria are as follows:

Requirements

Salaried Individuals

Self-employed individuals

Age

Minimum - 21 years at the time of application Maximum - 65 to 70 years at the end of the loan tenure

Minimum - 21 years at the time of application Maximum - 65 to 70 years at the end of the loan tenure

Monthly income

Rs.7,000

Rs.6,000

Credit score

Above 750

Above 750

Loan amount

Up to 100% of the value of the vehicle

Up to 100% of the value of the vehicle

Residential stability

Must be staying at the current address for at least 1 year

Must be staying at the current address for at least 1 year

Work experience

At least 1 year

At least 1 year

Note: These criteria may be different for different lenders. Check with the lender of your choice before applying.

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Every lender requires you to submit certain documents while applying for a loan. Some of the general documents required are given below:

Particulars

Salaried Individuals

Self-employed individuals

Identity Proof

PAN card, voter's ID, passport, driving license

PAN card, voter's ID, passport, driving license

Address Proof

Utility bills, passport, etc.

Utility bills, passport, etc.

Income Proof

Salary slips, IT returns, bank statements

Bank statements, IT returns, audited financial statements

Note: The documents required may differ from one lender to another. Check with your lender for what they require you to submit.

With an EMI calculator, you can calculate your monthly amount for repayment. You have to repay the bank every month. Your processing charges and prepayment structure play a control role in your EMI. For more information, Go *& check out the financenu site.

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