Looking for the best two-wheeler loan to finance your dream bike or scooter? Look no further, you can find the most competitive and convenient two-wheeler loan options on the market. Our easy application process ensures quick approval and disbursal, so you can hit the road in no time. With flexible repayment options and affordable interest rates, you can find a bike loan or a 2-wheeler loan that fits your needs.
Here are the bike loan interest rates offered by different Banks. Refer to the table below and compare to choose the right lender for you!
| Personal Loan by Bank/NBFC | Interest Rates | Processing Fees |
|---|---|---|
| Axis Bank | 10.80% - 28.30% p.a | Up to 2.5% of the loan amount |
| Bajaj Auto Finance | Starting at 8.50% p.a | 3% of loan amount |
| Bank of India | 6.85% - 8.55% p.a | Rs. 500 - Rs. 10,000 |
| HDFC Bank | 20.90% p.a | Up to 2.5% of the loan amount |
| Punjab National Bank | 8.65% - 10.00% p.a | 0.5% of the loan amount |
| State Bank of India | 16.25% - 18.00% p.a | 2% of the loan amount + GST |
| Union Bank of India | 9.90% - 10.00% p.a | 0.5% of the loan amount |
| L&T Finance | 7.99% - 15.00% p.a | At L&T discretion |
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Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banksFinancing your scooter loan has now become easier! Refer to the table below to learn everything about instant bike loans interest rates to loan tenure.
| Two-wheeler loan interest rates | 0.99% p.a onwards |
| Loan amount | Up to ₹3 lakhs |
| Loan Processing Fees | Up to 4% plus applicable taxes |
| Loan Tenure | Up to 20 months |
| Repayment Tenure | Upto 3-5 Years (Depending on Bank) |
A two-wheeler EMI calculator can be used to calculate your monthly EMI.
You can also use the following formula to calculate your monthly installments!
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
The loan amount, or principal is P, the interest rate is R, and the number of monthly payments is N.
You can calculate the monthly EMI by entering the principal amount (P), the interest rate (R), and the number of repayment months/tenure (N).
Here are the factors to consider when checking your two-wheeler loan eligibility criteria.
| Age | 18 - 65 years |
| Minimum salary | ₹10,000 |
| Employment duration | Minimum 1 Year |
| Employment status | Salaried or self-employed |
| Residence | Reside in the city for at least a year |
Make sure to keep these documents in check and handy to avail an instant two-wheeler loan online with Buddy Loan
Documents Required:
Income certificate
Age proof : Birth Certificate, Driving licence
ID Proof :Aadhaar Card, PAN Card
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The value of car
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Here are five reasons why you should consider taking a two-wheeler loan.
If you need a convenient way to travel and are captivated by a bike with a stunning design and premium features, acquiring it through a bike loan can be an ideal solution.
By taking out a two-wheeler loan, you become eligible for tax benefits. Specifically, you can enjoy an income tax deduction on the interest paid towards the loan.
A sense of responsibility can help you become more mindful of your spending habits and make wiser choices, ultimately leading to better savings.
The demand for bikes continues to rise, prompting lenders to offer competitive interest rates on bike loans. Currently, it is possible to secure a loan with an interest rate as low as 10% per year.
Making timely EMI payments can enhance your credit score. Improving your creditworthiness opens doors for better loan options in the future, such as business or home loans.
Read below to get a glimpse of the Do’s and Don’ts to consider when you apply for a Two-wheeler loan.
| Do's | Don'ts |
|---|---|
| Compare interest rates and terms.. | Don't borrow more than you can afford to repay. |
| Check your credit score. | Don't provide false information or documents to the lender. |
| Maintain a good repayment record. | Don't miss or delay loan repayments. |
| Opt for insurance coverage. | Don't ignore the loan prepayment and foreclosure. |
| Save for a down payment to reduce the loan amount and subsequent EMIs. | Don't apply for multiple loans simultaneously. |
| Maintain a budget and allocate funds for timely loan repayments. | Don't make impulsive buying decisions beyond your repayment capacity. |
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Here are 8 tips that you can practice to improve your chance of getting a two-wheeler loan.
Here’s the following table to learn more about Personal loan VS Two-wheeler loan.
| Points of Comparison | Personal Loans for 2 Wheeler Purchase | Two-Wheeler Loans |
|---|---|---|
| Purpose | Can be used for various personal expenses, such as for two wheeler purchase, for car purchase, emergency loan, etc | Specifically designed to finance the purchase of a two-wheeler. |
| Collateral Requirement | Unsecured loans | Secured loans |
| Loan Amount | Typically, higher loan amounts. | The loan amount is directly linked to the cost of the two-wheeler, generally covering a significant portion of the vehicle's on-road price. |
| Interest Rates | Interest rates are generally higher. | Interest rates are comparatively lower. |
| Repayment Flexibility | flexible in terms of repayment. | Fixed repayment tenures |
Here’s the step-by-step process that you can follow to apply for a two-wheeler loan on Buddy Loan:
Bike loan repayment is pocket-friendly with zero charges. Check out the EMI, prepayment charges, and foreclosure charges offered by different banks to effectively manage your finances. The maximum loan tenure for a two-wheeler loan is 36 months. Generally, it's about 12-36 months.
It is a loan used to finance a bike, scooter, or moped that can be repaid in monthly installments. An asset (usually the two wheeler itself) secures the loan.
You can avail a loan up to Rs. 50 lakh, starting from Rs. 1 lakh, depending on your income, credit history, and other financial obligations.
No, you cannot obtain a bike loan without income proof. However, you might need to keep a few documents handy, such as bank statements and checks, to claim a loan.
You can find different types of lenders who can help you with a Two-wheeler loan online that is quick, simple, and easy to obtain funds for your needs.
Yes, you can buy a two-wheeler without a down payment. There are banks that offer 100% bike loan financing, so you can own a two-wheeler without paying anything upfront.
The lowest bank interest rates available are offered by banks like Axis, IDFC, and Induslnd Bank at 10.49%.
Yes, depending on your position, you can prepay your bike loan in full or in part. To close the debt quickly, consider prepaying it.
Yes, you are permitted to declare the two-wheeler as a business asset under the Indian Income Tax Act. You can use the interest that you'll pay on the loan as an exemption. Section 80C of the IT Act governs it, and the annual ceiling is Rs 1.5 lakh.
Your financial and personal information will be requested. Additionally, you must include precise information on the vehicle, such as the RTO, the dealer's name, and the on-road cost. Your Two - wheeler loan application will then be processed.
If you can't afford the initial down payment, you can acquire a loan for up to 100% of the bike's value. The interest rates for two-wheeler loans begin at just 11.20%*. Your needs will determine the interest rate you select.
Two-wheeler loans are unsecured. Some lenders also provide secured loans, which often have lower interest rates.
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