Which Bank Is Best For 2 Wheeler Loan?

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.

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

Can two wheeler loan be used for personal?

You may take a two-wheeler loan or a personal loan to buy a new scooter or motorcycle. Both the types of loans are offered by banks as well as non-banking financial corporations in India. When you apply for a personal loan, you can enjoy the benefits of having an unsecured loan.

What documents are required for two wheeler?

Documents Required for Bike Ownership TransferRegistration Certificate (RC) book. Registration Certificate serves as a proof of bike’s registration and is thus an essential document. … Pollution under Control (PuC) certificate. … Sales Receipt. … Transfer deed. … Bike Insurance Certificate. … Road tax certificate.

What is the interest rate for bike loan?

Interest Rates on Two Wheeler LoanName of the ProviderRate of Interest applicable on Two wheeler loansSBISuper Bike LoanMCLR + 3.15% = 12.05% p.a.Two Wheeler LoanMCLR + 8.75% = 17.65% p.a.HDFCSuper Bike Two Wheeler LoanIRR- 9.65% to 15%Two Wheeler LoanIRR- 14.03% to 27.53%6 more rows•Sep 16, 2020

How can I get loan for two wheeler?

Apply For Two Wheeler LoanApply Online. You can buy a bike on EMI in just a few minutes. … Visit a two-wheeler dealership. You can also apply for a bike loan by visiting a two-wheeler dealership near you. … Submit Documents. Our representative is available at the dealership to guide you in your loan application. … Ride out on your bike or scooter.

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.

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.

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.

Which bank has the best personal loan interest rate?

Current Personal Loan Interest Rates in IndiaLendersInterest Rate* (p.a.)Loan Amount (Rs.)Kotak Mahindra Bank10.75 onwards50,000-20 lakhKreditbee1.02% p.m. onwards1000 to 2 lakhMoneytap1.25% p.m. onwardsRs. 3000 to Rs. 5 lakhMoneyview1.33% p.m. onwardsRs. 10,000 to Rs. 5 lakh32 more rows•5 days ago

Can I buy bike on no cost EMI?

The Bajaj Finance No Cost EMI can be availed using the Bajaj Finserv EMI Network card. The option of no cost EMI on Bajaj Finserv EMI Network cards makes use of a pre-approved loan to purchase high-value products and prevents you paying excess on your purchase.

How is EMI calculated for bike?

EMI = Principal Amount + Interest on Principal amount. Mathematically, EMI can be calculated using the following formula:{P x R x (1+R)^N / [(1+R)^N-1]} where, P = Principal amount of the loan, R = Rate of interest and N = Number of monthly installments.

How is EMI amount 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.

How can I get bank loan from bike?

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.

What are the documents required for two wheeler loan?

General Documents:Documents RequiredSalariedSelf EmployedIncome ProofLatest Salary Slip Latest Form 16Latest ITRBank StatementLatest 3 months Bank StatementAge ProofPassport Driving Licence Birth Certificate Pan Card1 more row