Best Bike Loan Interest Rate in India? If you want to take a loan to buy a motorcycle, then check the various two-wheeler loans available for you.
Two-wheelers are the preferred mode of transport in Indian cities. Low-interest bike loans have made it cheaper and convenient for Indians to buy two-wheelers of their choice. Know about Which is Best Banks For Personal Loan in india.
Here are some Best Bike Loan Interest rates in India provided by banks as following.
Best Bike Loan Interest Rate in India
| TWL Banks | Interest Rate | Loan Amount | Processing Fees |
|---|---|---|---|
| State Bank of India | 16.05% p.a. | Rs.30,000 to Rs.2.50 lakh | Rs.250 to Rs.500 |
| Bank of India | 7.35% to 7.95% | NIL | Rs.500 to Rs.10,000 |
| HDFC Bank | 20.90 % | Rs.20,000 to Rs.1.5 lakh | 3% of Loan Amount |
| Punjab National Bank | 7.4% to 7.65% | Up to Rs.1.5 lakh | Rs.500 to Rs.1,000 |
| Andhra Bank | 9.5% to 9.75% | Up to Rs.5 lakh | Rs.500 to Rs.5,000 |
| Union Bank of India | 9.9% to 10% | Up to Rs.10 lakh | NIL |
| Indian Bank | NIL | Up to Rs.5 lakh | NIL |
| Corporation Bank | 10.27% to 10.75% | Up to Rs.1 lakh | Rs.500 onwards |
| Canara Bank | 10.05% to 13.9% | NIL | Rs.1,000/- and maximum of Rs.5,000/- |
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1. State Bank of India
Key Highlights:
- Get loans for both regular two-wheelers as well as superbikes.
- And Get up to 90% of the value of your bike financed.
- Get easy loans with low minimum income requirements.
2. Bank of India
Key Highlights:
- Loans available for both normal two-wheelers and superbikes as well.
- Financing is available for new 2-wheelers and used 2-wheelers.
- Repayment period of up to 5 years.
3. HDFC Bank
Key Highlights:
- Punjab National Bank
- Get financing of up to 100% of the value of your vehicle.
- Enjoy flexible repayment options.
- Get fast and easy loan approvals and disbursements.
4. Punjab National Bank
Key Highlights:
- Special 2-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.
5. Andhra Bank
Key Highlights:
- Get financing for up to 90% of the value of your vehicle (90% for women and 85% for others).
- Get a special loan scheme for women borrowers.
- Enjoy low loan processing fees.
6. Union Bank of India
Key Highlights:
- You can get up to 85% financing on the on-road price of your vehicle.
- The bank offers up to Rs.10 lakh for purchasing two-wheelers.
- There is no prepayment fee if you prepay using your own funds.
7. Indian Bank
Key Highlights:
- Get financing of up to 85% of the value of your motorbike.
- Get the benefit of low processing fees.
- Enjoy a repayment period of up to 60 months (5 years).
8. Corporation Bank
Key Highlights:
- Get up to Rs.1 lakh to buy the motorbike you want.
- Get financing for two-wheeler insurance, registration, and accessories as well.
- Enjoy low processing fees.
9. Canara Bank
Key Highlights:
- Women borrowers can get special interest rates.
- Low processing fees.
- Extended repayment tenure of up to 7 years (84 months).
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Bike Finance Eligibility
| Minimum and Maximum Age | 21 Yrs. – 65 Yrs. Note: However, many banks require a minimum age of 18 years |
| Loan Amount | Up to ₹ 10 Lakh. Some banks give maximum loan up to ₹ 50 Lakh Note: Loan amount depends upon the value of the two-wheeler and the EMI you can pay |
| Net Monthly Income | Min. ₹ 18,000 per month |
| Employment Type | Salaried and Self Employed Interest rates are typically in the range of 7.45% to 28.30% per annum |
| Minimum Work Experience | 1 year of total work experience Business tenure should of 5 years & ITR required for at least 2 years (For Self Employed only) |
| CIBIL Score for Two-wheeler Loan | 600 & more credit history Note: Most banks avoid giving loans if you have a low credit score |
Documents required for two-wheeler loans
| 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 |
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