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Cruise Through Life With Affordable Loans For Two-Wheelers

Say Goodbye to Two-Wheeler Worries with Competitive Solutions and Convenient EMI options.

Eligibility Criteria For Two-Wheeler Personal Loan

Various lenders set their own set of eligibility parameters. Thus, you must individually check out their regulations before entering into a personal loan relationship. Hereby we have listed some general guidelines that most lenders adhere to while approving a personal loan for two wheeler:

You must be an Indian by birth.

Your age should be at least 18 years while applying. Also, applicants above 65 years are not generally given personal loans.

While applying you must have a stable income source, i.e., you must both be a salaried individual, a self-employed person, a pensioner, and so on.

Note: The eligibility criteria for a Two wheeler loan may differ depending on the lender. Therefore, it is recommended to review the lender's eligibility requirements before applying for a Two wheeler loan.

Documents Required To Apply For A Two Wheeler Loan

You will be surprised to see the extremely short list of necessary documents while applying from Credmudra. Here is all you need:

  • Any valid address/ ID proof like utility bills, Aadhaar card, PAN card, Passport, etc.

  • Duly-filled loan application of the desired lender

  • Passport-sized photograph

Besides these documentation procedures, you may need to bear minimal on-boarding fees. Every small detail is relayed to you before loan approval to maintain 100% transparency.

4 Key Features Of Two-Wheeler Personal Loans To Consider

Attractive Interests

Interest rates can be as low as possible per annum provided you select the right vendor. On top of that, you do not need to wait for long to get the approval. Also, minimal paperwork has to be done.

This facility is made available for those who may be finding it difficult to pay a certain amount of the on-road price upfront. It not only helps you purchase your dream scooty or bike but also assists in keeping your savings intact. These services are given to anyone as long as they are meeting the personal loan eligibility credentials.

Now you do not have to wait in long queues like earlier applicants. Starting from loan verification to disbursal everything happens instantly, on the go. This increased role of digitisation has made the whole financing model more accessible for all.

Processing fees for these loans can be as low as 0.5% for customers eligible for pre-approved offers. All they have to do is perform a few clicks to provide their consent of availing the loan offer.

Features Of Two-Wheeler Personal Loans

Step-By-Step Process To Apply For A Two Wheeler Loan

Follow these steps to successfully bag an two wheeler loan on Credmudra:

Interest Rate & Other Charges

Applying for a two-wheeler loan is now very easy as the entire procedure gets executed online. Just go through the interest rates and other particulars to decide the best plan. Finally, wait for instant disbursal of the loan amount from the lender's end.

ICICI Bank100% of the vehicle’s on-road price9.00% p.a. onwardsUp to 4.75% of the borrowed principal5% of the loan amount + GST
Bajaj Auto Finance100% of the vehicle’s on-road price8.50% p.a. onwardsUp to 3.00% of the borrowed principalNot applicable after 12 months
Axis Bank100% of the vehicle’s on-road price11.00% p.a. onwardsUp to 2.50% of the borrowed principal5% of the loan amount
Punjab National BankUp to Rs. 10 Lakhs11.15% p.a. onwards0.5% of the principal subject to Rs.500 to Rs.1000Nil
Fullerton IndiaUp to Rs. 30 Lakhs8.00% p.a. onwardsUp to 5.00% of the borrowed principal3% of the loan amount
Tata Capital100% of the vehicle’s on-road price11.50% p.a. onwardsUp to 2.50% of the borrowed principal4% of the loan amount + GST
HeroFinCorpUp to Rs. 1.5 Lakhs10.65% p.a. onwardsUp to 2.50% of the borrowed principal4% of the loan amount + GST

FAQs About Personal Loan For Two Wheeler

Where to find the best personal loan offer for a two-wheeler?

You may reach out to Credmudra mentors for a one-on-one discussion on how to negotiate for the best interest rate. We have a bunch of reputed lenders offering the lowest interest on personal loans.

Credit score requirements tend to vary from one lender to another. However, there remains a significant chance of grabbing a personal loan with 650 CIBIL score but in exchange of higher interest rates.

You can opt for a loan even if you are currently employed with a salary of Rs. 9000. The only reason a lender asks for your monthly income is to determine your repaying capacity after taking the loan.

Depending on the lender’s policies, a two-wheeler loan typically exceeds no more than 5 years. Many financing companies allow you to make partial prepayments at occasional intervals to bring down the interest rates in exchange for some foreclosure charges.



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