Two Wheeler Loan 

Two Wheeler Loans India: Eligibility & Documents | Apply Online

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In today’s world where everything is moving fast, owing a two wheeler not only improves our standard of living but it also helps us to commute faster. In recent times it has become extremely difficult to travel in public transport but with a two-wheeler one can easily commute to one’s work place, one can also use it for business purposes   or one can use it for travelling with one’s family. With several banks and non-banking institutions offering two wheeler loans owing a two –wheeler is not difficult.


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General eligibility criteria and documents required for a two-wheeler loan-

  • One should be a salaried person or a self employed person.
  • The age should be greater than 18 years (16 for two stroke bikes and mopeds).
  • The minimum of annual income is around 54000 per year or above (depends on the institution offering the loan).
  • One should have a valid driving license or a learners license (it is assumed that you will apply for it immediate at the moment of purchase).

Documents-

  • Identity proof :- Passport Copy/Voter ID card/Driving License/PAN card/Copy of Company ID card of MNC/ Public Ltd./ PSU/ Govt. company/Ration Card (If Photo is given).
  • Address Proof :-  Passport Copy/Voters ID card/Driving License/Rental agreement/Telephone Bil /Electricity bill/Gas Connection Bills/Ration Card/Sale deed/Property purchase agreement/Credit Card billing statement (latest)/LIC policy/Letter from Company or Company provided Accommodation with residence address.
  • Income proof:-
    i) For salaried persons, latest salary slip or salary certificate is to be submitted.
    ii) For self employed people: Copy of the latest I.T returns.

List of some of the financial institution offering two-wheeler loans-

Name of the bank Loan amount Repayment Period Interest rates
HDFC Bank Min. amount  Rs 7,000

Max. amount Rs 1lac

 12-48 months Not available
ICICI Bank Not available Not available 12.5 – 16.5%
Mahindra Finance Max Funding of upto 80% on LTV 12-36 months Not available
Bank of Baroda Min. amount Rs 5000

Max. amount Rs 1lac

 Max. 60 months 4% above Base Rate
Punjab National Bank For Scooters/Motorcycles  Max.-Rs 1 lac

For Mopeds- Rs 10,000

 For Scooter and Motorcycle Max.- 60 EMI

For Scooterrete- Max. 30 EMI’s

For Moped- 24 EMI’s

 Base Rate + 3.00%(<3 years)

Baser rate +3%+term Premium( > 3 years)
Karur Vysya Bank Max Loan amount – Rs 75000 36 months Not available
SMFGIndia 85% of the price of the two wheeler 12 to 48 months Not available
Dena Bank Up to Rs 50,000 60 EMI’s for new vehicles & upto36 EMI’s for old vehicles Not available

 
Indian Bank Up to Rs 75,000 Max 60 EMI’s Not Available
State Bank Of India 85% of the on road price of the vehicle 36 months 18.05%

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