Why Choose Sulekha?
Sulekha is your go-to platform for finding a wide variety of loan providers catering to diverse financial needs such as personal loans, two-wheeler loans, home loans, vehicle loans, mortgage loans, education loans, and more. With Sulekha, you gain access to a comprehensive network of reputable lenders, ensuring you find the perfect match for your specific requirements. The platform simplifies your search process, saving you time and effort by connecting you with trusted professionals who can offer tailored loan solutions. Choose Sulekha for a seamless and efficient loan-seeking experience.
1. When to Consider Taking Out a Two Wheeler Loan?
- Need for Reliable Transportation: A two-wheeler loan is ideal if you need a dependable vehicle for commuting or personal use and lack the immediate funds to purchase one outright.
- Insufficient Savings: If your current savings are insufficient for a two-wheeler purchase, a loan allows you to buy the vehicle without depleting your savings entirely.
- Budget Management: Spreading the cost over time through a loan helps manage your budget better than paying a lump sum upfront, making it easier to balance other financial commitments.
- Building Credit History: Taking and repaying a two-wheeler loan on time can improve your credit score, which is beneficial for future loan or credit applications.
- Attractive Loan Offers: When financial institutions offer competitive interest rates or special deals, taking a loan becomes a cost-effective option for purchasing a two-wheeler.
2. Eligibility Criteria for Taking a Two Wheeler Loan?
- Age: Applicants typically need to be between 18 to 65 years old to qualify for a two-wheeler loan.
- Employment Status: Salaried individuals should have at least 1 year of continuous employment, with 6 months at the current job, while self-employed individuals need 1-2 years in business.
- Income: Lenders usually require a minimum monthly income, ensuring the borrower can manage the loan repayments.
- Credit Score: A good credit score is crucial as it increases the chances of loan approval and may secure better interest rates.
- Residency: Proof of stable residence is required, typically indicating the borrower has lived at their current address for at least 1 year.
- Documentation: Necessary documents include identity proof, address proof, income proof, and sometimes employment proof to verify the applicant’s credibility.
3. Benefits and Advantages of a Two Wheeler Loan?
- Affordable Repayments: Loans allow borrowers to pay in manageable installments rather than a large upfront payment, easing financial strain.
- Improved Cash Flow: By opting for a loan, you can maintain liquidity, using your savings for other investments or emergencies.
- Credit Score Improvement: Regular and timely repayment of the loan can enhance your credit score, making future borrowing easier.
- Quick Processing: Many financial institutions offer fast approval and disbursement, enabling quick purchase of the two-wheeler.
- Flexible Tenure: Borrowers can select a repayment period that suits their financial situation, typically ranging from 12 to 48 months.
- Special Offers: Lenders often provide benefits such as zero down payment, low-interest rates, and festive discounts, making loans more attractive.
4. Important Factors to Consider When Taking a Two Wheeler Loan?
- Interest Rate: Compare interest rates from various lenders to find the most cost-effective option, ensuring lower overall repayment.
- Loan Tenure: Choose a tenure that balances manageable EMIs with your financial capabilities, preventing undue financial stress.
- Down Payment: A higher down payment reduces the loan amount and total interest paid, making the loan more affordable.
- Processing Fees: Be aware of any processing fees or additional charges that could increase the overall cost of the loan.
- Prepayment Charges: Understand the terms related to prepayment or foreclosure, as some lenders impose penalties for early loan repayment.
- Insurance: Factor in the cost of mandatory insurance for the two-wheeler, which some lenders might require.
- Loan Amount: Ensure the loan amount covers the cost of the two-wheeler and additional expenses like insurance, registration, and accessories.
- Lender Reputation: Select a reputable lender with good customer service and favorable loan terms to ensure a smooth borrowing experience.
5. Two Wheeler Loan Interest Rates?
| Bank Name |
Interest Rate (per annum) |
Processing Fee |
Loan Tenure |
Maximum Loan Amount |
| State Bank of India |
7.30% - 16.25% |
0.50% of the loan amount (Min ₹1,000) |
Up to 3 years |
Up to ₹3 lakhs |
| HDFC Bank |
9.50% - 16.30% |
Up to ₹3,500 |
Up to 5 years |
Up to ₹2.5 lakhs |
| ICICI Bank |
10.50% - 18.00% |
Up to 2.5% of the loan amount |
Up to 3 years |
Up to ₹2.5 lakhs |
| Axis Bank |
10.80% - 28.30% |
1% of the loan amount (Min ₹500) |
Up to 5 years |
Up to ₹2 lakhs |
| Punjab National Bank |
10.65% |
1% of the loan amount (Min ₹750, Max ₹1,500) |
Up to 5 years |
Up to ₹2 lakhs |
| Bank of Baroda |
7.75% - 10.75% |
2% of the loan amount |
Up to 5 years |
Up to ₹1.5 lakhs |
| Bajaj Finserv |
11.00% - 14.00% |
Up to ₹3,000 |
Up to 3 years |
Up to ₹1.5 lakhs |
| IDFC FIRST Bank |
10.99% - 24.00% |
Up to ₹2,500 |
Up to 5 years |
Up to ₹2 lakhs |
Please note: Interest rates and fees can vary based on the loan amount, tenure, credit profile of the borrower, and specific bank policies. It is advisable to check with the respective bank for the most accurate and updated information.
Filter
Chat
