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Our Two Wheeler Loans offer competitive bike finance interest rate options, making your dream ride affordable. With loan amounts up to ₹ 20 Lakh and flexible tenures ranging from 12 to 60 months, you can tailor your repayments to suit your financial plan. Our Bike Loan interest rates are designed to provide the best value, ensuring a smooth and hassle-free borrowing experience.
| Fixed Interest Rate | Floating Interest Rate |
|---|---|
| Meaning - The interest rate remains fixed throughout the loan tenure. | Meaning - The interest rate varies with market fluctuations, typically linked to the repo rate. |
| Stability - Offers predictable monthly EMIs. | Stability - Can offer lower initial interest rates, especially in a declining interest rate environment. |
| Interest Rates - Generally higher initial interest rates. | Interest Rates - Potentially lower initial interest rates. |
| Who is it for - Best for those who prefer consistent monthly payments and want to avoid interest rate fluctuations. | Who is it for - Suitable for borrowers who are comfortable with potential variations in EMIs and are willing to take advantage of potential interest rate decreases. |
| What is the risk - No risk of increasing interest rates. | What is the risk - Potential risk of increasing interest rates, but also the potential for decreasing interest rates, leading to lower EMIs. |
| Flexibility - Less flexible, with fixed monthly payments. | Flexibility - More flexible, as EMIs can adjust based on market conditions. |
| Impact of Market Conditions - Unaffected by market changes. | Impact of Market Conditions - Dependent on economic conditions and may fluctuate with changes in the repo rate, potentially leading to lower interest costs. |
In addition to the interest rate, it's important to be aware of the various fees and charges associated with two-wheeler loans. These charges can impact the overall cost of your loan. Here are some common additional charges:
Processing Fees: A one-time fee charged by the lender to process your loan application.
Repayment / EMI Bounce Charges: A penalty fee charged for delayed or missed EMI payments.
Part - Prepayment Charges: A fee charged for prepaying a portion of your loan before the scheduled tenure.
Foreclosure Charges: A fee charged for fully repaying the loan before the end of the tenure.
Legal and Recovery Charges: These charges may be incurred if the loan defaults, and legal action is required.
Several factors influence the interest rate you'll be charged on a two-wheeler loan:
1. Credit Score:
A higher credit score indicates better financial discipline and reduces the lender's risk, leading to lower interest rates.
2. Income Level:
A stable and consistent bank statement shows your ability to repay the loan, which can positively impact the interest rate.
3. Down Payment:
A larger down payment can reduce the loan amount, potentially leading to a lower interest rate.
4. Lender's Policies:
Different lenders have varying interest rate policies and may offer different rates for different models and customers.
5. Market Interest Rates:
Economic conditions and the prevailing interest rate environment can influence two-wheeler loan interest rates.
6. Vehicle Model and Value:
The type and value of the two-wheeler can also impact the interest rate offered.
7. Relationship with the Lender:
Existing customers with a good repayment history may be eligible for preferential interest rates.
Apply for Two Wheeler Loan with these steps
1. Apply online in just few minutes
Click on the "Apply Now" button within the Two Wheeler Loan section and fill out the form with your personal details and loan requirements
2. Get assistance from our representative
Our loan representative will contact you, and share all the available loan offers with dealership details, nearest to your location
3. Eligibility and document verification
Visit the dealership, where our representative will check your eligibility and documents to proceed with your loan
4. Drive your Two-Wheeler home
After approval, your loan amount will be directly disbursed to the dealership for a seamless purchase process
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