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Two-wheeler loans are in demand by many Indian citizens. Bikes and scooters are the most convenient private modes of transportation used to move from one location to another in the city traffic. They are also very fuel efficient in comparison to cars. So, there are many banks and Non-Banking Financial Companies (NBFCs) that provide two-wheeler loans to help facilitate the buying of a two-wheeler without it taking a toll on one’s pocket and budgets.
The best two-wheeler loans can be picked based on what one prefers in terms of interest rates, loan amount, tenures and additional features. Here are a few banks that provide very attractive features on their two-wheeler loans.
1. ICICI bank:
- They provide the loan amount of up to 100% of the on-road cost of the two-wheeler
- They offer tenures of up to 48 months for the customer’s convenience
- They have special pre-approved loans for existing ICICI customers for speedy loan disbursement
- The interest rates start at just 9.25%
- They have special low-down payments and EMI schemes to promote easy repayments for the customer
2. HDFC bank:
- They provide the loan amount of up to 100% of the two-wheeler’s cost if one is an existing HDFC customer
- They offer tenures that range from 12 months to 48 months which the customer can choose based on convenience
- They have about 3000 branches across the country that provide two-wheeler loans to their customers
- The interest rates start at just 9% for super bike two-wheeler loans and 11.49% for two-wheeler loan.
3. IndusInd bank:
- They have an online application process to make it very accessible for their customers
- They offer tenures that range from 1 year to 5 years
- Interest rates are given to the customer at the discretion of the bank, but the MCLR benchmark is just 9.75% for 1 year
- They have a very simple and easy documentation process to make the loan application process very fast
- 50% of the processing fee is waived off for IndusInd customers
To apply for a two-wheeler loan, click here.