A two-wheeler, whether it is a super bike or a scooter, is an important purchase and one that will be used extensively for quite some time. When taking a two-wheeler loan, it is important to keep in mind a few factors, the most important of which are the interest rates, processing fees, insurance offers, festival offers, special features, discounts, your repayment capacity, etc.
Choosing the right loan will ensure that you are able to pay back the EMIs on time and enjoy your bike in a stress-free way. Which bank would then be best for taking a two-wheeler loan? Let’s look at the options.
HDFC Bank:
HDFC Bank’s two-wheeler loans come with the following features:
- If you are an account holder with the bank, you can get up to 100% finance on specific models.
- You can apply for the loan online and get doorstep service so you can avoid long queues and delays.
- Existing HDFC account holders can get interest rates that are 2% lower and processing fees that are 50% lower.
- The loan application is easy and quick from start to finish, so it takes just 5 minutes to know your eligibility and 15 minutes to know the status of your loan application.
- The IRR for two-wheelers ranges from 10.40% to 29.01% while for superbikes it ranges from 9.05% to 16.00%.
SBI Bank:
With SBI Bank, you get the following benefits:
- There is no advance EMI.
- You get the flexibility of paying your EMI at any time during the month.
- Processing fee is low at 1.22% of the loan amount.
- You also get free accidental insurance and optional SBI life cover.
- You can expect to get up to 85% off on the on-road price of the two wheeler you want to buy or 15% of the on-road price.
- Interest rates for two wheelers are 17.70% p.a. and for super bikes it is 11.90% p.a.
ICICI Bank:
ICICI Bank has some attractive features on two-wheeler loans such as:
- Up to 100% finance on the on-road price.
- Existing ICICI bank account holders get pre-existing loans.
- Low down payment and low EMI schemes that suit different incomes and budgets.
- Flexible repayment tenure.
- Special schemes for those who want to buy superbikes.
- The interest rates range from 11.57% p.a. to 26.40% p.a. that depends on the asset segment, customer relationship, loan tenure, and other factors.
When choosing the right bank to apply for your two-wheeler loan, it is important to look at your repayment capacity, the eligibility criteria, the tenure, margin offered, and other factors. Applying for the loan in a bank in which you are already a customer may get you special offers such as a pre-approved loan and even lower interest rates.
If you need 100% finance for your bike, then look out for banks that offer such loans. Those who have a certain amount of cash that can be used for a down payment may not require such loans. Paying a certain amount out of your own pocket can help you reduce the loan amount that you need to apply for and also lower the tenure. Keeping all these factors in mind when comparing banks will help you choose the right bank for your two-wheeler loan. There are numerous websites, Bankbazaar is one of them which provides details on Best two wheeler loan and loan eligibility for two wheeler etc. Click here for more information.
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