How Can I Get Loan For Two Wheeler?

Which bank is best for two wheeler loan?

Two wheeler Loan Interest Rates 2020BankLowest Interest RateProcessing feeUnion Bank of India10.30% p.a.0.50% of the loan amountCanara Bank10.45% p.a.Rs.1,000 to Rs.5,000L&T Finance10.75% p.a.At L&T discretionState Bank of India (SBI)16.45% p.aAt SBI discretion8 more rows•Aug 28, 2020.

Can a student get a bike loan?

Yes, students can get a two-wheeler loan to buy a bike if they meet certain eligibility criteria that is set by the bank/lender. Age: The minimum age to get a bike loan in most banks is 21 years, but some banks and Non-Banking Financial Companies (NBFCs) have a minimum eligibility age of 18 years.

How is EMI calculated in bike?

Bike Loan EMI Calculation Formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1], P stands for the loan amount or principal, R is the interest rate per month and N is the number of monthly installments.

Is cibil score required for bike loan?

There is no such fixed credit score required for a bike loan, but it is advisable to have a score between 600 and 750, as this range is considered ideal for banks and credit institutions. … The chances of getting a bike loan with a bad CIBIL score is difficult, but not impossible.

What is processing fee for bike loan?

3.10%Processing fee of a two wheeler loan is the fee charged for the processing of your loan application. This one-time fee is non-refundable even if your loan application is rejected. Tata Capital charges a processing fee which is equivalent to 3.10% of the loan principal amount.

What is the eligibility for two wheeler loan?

Two Wheeler Loan EligibilityCriteriaSalariedSelf EmployedAge21 to 60 years21 to 65 yearsMinimum IncomeRs. 1.44 Lakhs per yearRs. 2.5 Lakhs per yearEmployment StatusMinimum 1 year of experienceMinimum 1 year in the same line of business.Bank Statement3 months bank statement3 months bank statement

What is the EMI for bike loan?

How does Two-Wheeler Loan EMI Calculator work?Loan amount (Rs.)Interest rate (Mean)EMI for 4 years (Rs.)50,00011.10%1,2951 Lakh11.10%2,5892 Lakh11.10%5,1793 Lakh11.10%7,7681 more row•Aug 28, 2020

Can I buy bike on Bajaj EMI?

Can I buy a bike with my Bajaj Finserv EMI Network card? No, you cannot buy a bike with a Bajaj Finserv EMI Network Card.

Can I buy a bike with zero down payment?

What is Zero Down payment Bike Loan? Zero down payment bike loan is a loan wherein the lender will finance the entire cost of the two wheeler you wish to purchase, not requiring you to pay anything upfront. Tata Capital offers 100% of the value of the two wheeler up to a maximum of Rs. 1.5 lakhs.

How is EMI calculated?

How is EMI calculated? The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months. … The higher the loan amount or interest rate, the higher is the EMI payments and vice versa.

What is the minimum loan for two wheeler loan?

Eligibility Criteria for Two-Wheeler LoanTwo-Wheeler Loan – Eligibility CriteriaOccupationSalaried and Self-employedRepayment TenureMax. up to 60 monthsNet Monthly SalaryMin. Rs. 7000Loan Amount DisbursalMin. 6 hours & Max. 7 working days5 more rows

Which is better personal loan or bike loan?

Lower Interest rate: Another major benefit of availing a personal loan is that personal loans can have a lower interest rate than the two-wheeler loan. While the average rate of two-wheeler loans is 11-12%, the rate of interest for personal loans is usually around 10.5%.

How can I avail my bike loan?

How to get Bike Loan?1 – Pick a Two Wheeler Loan. Decide the brand and type of Two Wheeler Loan that is likely to serve your needs best. … 2 – Check your loan eligibility. You can check your loan eligibility in less than two minutes. … 3 – Calculate your Two Wheeler Loan EMI. … 4 – Apply online. … 5 – Submit documents.

How much Bike loan can I get?

Two Wheeler Loan Eligibility CriteriaMinimum age limit21 yearsStatus of employmentSalaried or self-employedMinimum income requiredRs.50,000 per yearMinimum work experience required6 months with the current employerMaximum loan amountRs.10 lakh4 more rows•Aug 28, 2020

Which bank is better for bike loan?

Compare Bike Loan Interest RateBankTwo Wheeler Loan Interest Rates*Lowest EMI per Rs. Ten Thousand for Max TenureHDFC Bank14.03%₹ 273 for 4 yearsPNB10.70%₹ 216 for 5 yearsBajaj Auto Finance11.60%₹ 330 for 3 yearsIndusInd Bank12.00%₹ 332 for 3 years11 more rows

Is it good to buy bike on EMI?

Advantages of Taking a Bike Loan on EMI Repayment tenure can extend up to five years which results in lower EMIs every month. … You can use the bike loan calculator to calculate the rate of interest and conveniently choose EMIs you can afford every month.