Two Wheeler Loan

A two-wheeler loan is a loan provided to anyone to buy their dream two-wheeler with EMI payment options.Bank nameInterest RateLoan AmountProcessing chargesState Bank of India12.90% p.a. OnwardsRs.20,000 to Rs.25 lakh2.00% of the loan amount + GST (minimum of Rs.1,000)HDFC Bank14.50% p.a. onwardsContact the bank2.5% of the loan amountPunjab National Bank11.15% p.a. onwardsContact the bankNilUnion Bank of India12.40% onwardsUp to Rs.10 lakhContact the bankAxis Bank11.00% p.a. onwardsRs.25,001 onwards2.5% of the loan amountState Bank of IndiaThe 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 BankThe 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 BankThe 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 IndiaThe 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 financeThe application straightforward process for the loan.Axis BankLoan 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 they expect you to fulfil before they process your application. These may vary from one lender to another. Some of the general Eligibility are as follows:RequirementsSalaried IndividualsSelf-employed individualsAgeMinimum - 21 years at the time of application Maximum - 65 to 70 years at the end of the loan tenureMinimum - 21 years at the time of application Maximum - 65 to 70 years at the end of the loan tenureMonthly incomeRs.7,000Rs.6,000Credit scoreAbove 750Above 750Loan amountUp to 100% of the value of the vehicleUp to 100% of the value of the vehicleResidential stabilityMust be staying at the current address for at least 1 yearMust be staying at the current address for at least 1 yearWork experienceAt least 1 yearAt least 1 yearNote: These criteria may be different for different lenders. Check with the lender of your choice before applying.

Every lender requires you to submit certain documents while applying for a loan. Some of the general Documents are given below:ParticularsSalaried IndividualsSelf-employed individualsIdentity ProofPAN card, voter's ID, passport, driving licensePAN card, voter's ID, passport, driving licenseAddress ProofUtility bills, passport, etc.Utility bills, passport, etc.Income ProofSalary slips, IT returns, bank statementsBank statements, IT returns, audited financial statementsNote: The Documents 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.