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Bank

Interest

Amount

Tenure

Processing Fee

Action

State Bank of India
17.20% to 18.95% p.a.
Rs.20,000 to Rs.25 lakh
Contact the bank
2.00% of the loan amount + GST (minimum of Rs.1,000) (Processing Fee)
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

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Two-Wheeler Loan Interest Rates for All Banks

TWL Banks

Interest Rate

Loan Amount

Processing Fees

State Bank of India

17.20% to 18.95% p.a.

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

10.55% p.a. onwards

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

Axis Bank

11.00% p.a. onwards

Rs.25,001 onwards

2.5% of the loan amount

State Bank of India

  • Get loans for both regular two-wheelers as well as superbikes.
  • Minimum income is Rs.12,500
  • Minimum loan amount that can be availed is Rs.20,000.
  • Repayment tenure of up to 3 years.

HDFC Bank

  • Get financing of up to 100% of the value of your vehicle.
  • Minimum monthly income required is Rs.10,000
  • Enjoy flexible repayment options.
  • Get fast and easy loan approvals and disbursements.
  • Online loan application process.

Punjab National Bank

  • Special two-wheeler loan scheme for women borrowers.
  • Extended repayment period of up to 5 years (60 months) for scooters and motorcycles.
  • Low minimum monthly income criterion.

Union Bank of India

  • The bank offers up to Rs.10 lakh for purchasing two-wheelers.
  • There is no prepayment fee if you prepay using your own funds.
  • No prepayment penalty
  • Hypothecation of vehicle purchased out of bank's finance
  • No guarantee required for individual borrowers with CIBIL score of 700 and above
  • Zero processing fee
  • Repayment tenure of up to 3 years.

Axis Bank

  • Get financing of up to 100% of the value of your vehicle.
  • Repayment tenure of up to 4 years.
  • You can apply online for a two-wheeler loan.
  • Minimal documentation required

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Two-wheeler Loan Eligibility

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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Documents Required for Two-Wheeler Loans

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.

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