City Union Bank Two Wheeler Loan - Two Wheeler Loan - mymoneykarma

Although two-wheelers are convenient and preferred means of transport, they are not affordable for a majority of the middle-class section of India to buy entirely out of their pocket. Hence two-wheeler loans from City Union Bank provide support to people who are looking to purchase these vehicles.

Features of Two-Wheeler Loan

1. The motive of loan:

The two-wheeler loan is only eligible for new two-wheelers, not for the used ones.

2. Permitted Loan Amount:

The maximum two-wheeler loan amount offered by City Union Bank is determined by calculating the applicant's salary for 10 months and Rs 35,000 is the upper limit.

3.Interest Rates:

Base Rate is 10.75%

Base Rate+7.00 = 17.75%

4.Security:

Hypothecation of the bike to be bought is kept as security or collateral with the bank.

5.Third Party Guarantee:

Along with the loan applicant, the spouse (or maybe someone else who fulfills the eligibility criteria as per the requirement may apply as co-applicant.

6. Repayment Period:

The applicant can repay the loan maximum in a period of 36 months through EMIs and the bank doesn't allow any moratorium period in this regard.

7. Two Wheeler Insurance:

A comprehensive insurance cover is to be acquired by the applicant at the price of the vehicle as per the loan clause.

8. Processing Fees:

The bank will impose a processing charge at 1% of the entire loan amount. However, the whole process is transparent as there are no hidden charges.

9. Loan Disbursement:

The approved loan amount will be credited directly to the seller.

Capital Two Wheeler Loan - Two Wheeler Loan - mymoneykarma

Capital first is a financial services company primarily indulged in micro consumer loans and corporate lending. The company also operates in general insurance and life insurance products. The premium consumer products of the company include two wheeler loan along with some other products. The two-wheeler loan can be availed for the purchase of two-wheelers such as scooters, mopeds and motorcycles.

Features and Benefits of Capital First Bike Loan
The following features characterize capital First's two-wheeler loans:

• Quick disbursal of the loan request
• Affordable EMIs

Loan Eligibility Criteria:

• The eligibility criteria of the loan are as follows:
• The applicant must be at least 18 years old if the applicant is a student.
• The applicant must have a work experience of at least six months in case of salaried individuals.
• The applicant must have a work experience of at least two years in case of a self-employed individual and must be of at least 21 years of age.

PNB Two Wheeler Loan - Two Wheeler Loan Interest Rate - mymoneykarma

Two Wheeler Loan Interest Rate

1. Interest Rate for the Salaried Individual: The interest rate will Base Rate +3.00% for less than three years and BR+3.00%+TP for three years and above.

2. Interest Rate for the Self-Employed: The interest rate for three years or lesser is BR+4.00% and BR+4.00%+TP for more than three years.

The PNB is one of the leading nationalized banks and offers a wide array of financial products and services along with loans.

Eligibility Criteria of Two-Wheeler Loan

• The applicant must be getting a salary of minimum Rs. 10,000/- per month.
• The applicant must be a salaried individual who draws a salary from any employer via any PNB branch.
• The applicant must come under the age bracket of 18 to 60 years.
• The applicant should have a valid driving license.
• The applicant either should be a customer of PNB for at least the last six months with clear transactional record or a customer of any bank with a satisfactory transactional history of the previous one year.
• In case if the borrower is a student, he or she must be more than 18 years. The loan will only be sanctioned if a working parent becomes the co-borrower.
• If the applicant is married and not working, then the income of his/her salaried spouse will be considered for deciding the income criteria. Here the income of the salaried spouse will be considered.
• For Self-Employed Applicants: Here to verify the business income, the last ITR filed, and challans for tax deposited will be recognized.

Q1. Being a 19-year-old student, am I eligible to apply for a two-wheeler loan at PNB?

Yes, you can apply for a loan even if you are a student. However, this will only be possible by assigning a salaried parent as co-borrower. Along with that, a valid driver's license is also required from your side.

Q2. What are the charges for prepayments before the decided term?
There are no extra charges for doing so.

SBI Online - SBI Bank Two Wheeler Loan - mymoneykarma

Benefits of Two-Wheeler Loan from SBI

• The loan can be taken to buy any two-wheeler such as a scooter, motorbike, moped, and the battery operated two-wheelers.
• EMI is not required in advance.
• Affordable and low-interest rates that result in lower EMIs.
• The bank pays 85% of the on-road price of the two-wheeler in the loan.
• Avail the flexibility in payments of EMIs at any day of the month.
• An optional SBI life cover is also provided to borrowers.
• Free Accidental insurance cover.
• For any salaried individual who avails the loan, the maximum loan amount is kept at 1/6th of the net monthly income of the borrower.
• For the borrower who is self-employed, the maximum loan amount is limited to half of the borrower's annual net income.
• The yearly net income for agriculturists is based on the nature of their activity like orchards, land holding, farming, dairy, poultry, cropping pattern, yield, etc.
• The repayment tenure of the loan is 36 months.
• The loan margin provided by SBI is 15% of the road price of the vehicle which includes vehicle registration charges, insurance, and one-time road tax.

SBI Bike Loan Eligibility
The two-wheeler loan applicant should be :

• At least 21 years to 65 years of age.
• Either a permanent employee of the Central/State Government, Public Sector Undertaking, or from a reputed private company or firm.
• A self-employed income tax assessee, or involved in agricultural and allied activities.
• The minimum net annual income of the applicant should be Rs. 75,000 to avail loan for buying regular petrol/diesel/gas operated scooters and motorcycles. To avail the credit for buying mopeds and battery-operated two-wheelers, the same should be Rs. 60,000.

HDFC Bank - HDFC Bank Two Wheeler Loan - mymoneykarma

Features of HDFC Bank Two Wheeler Loan

HDFC two-wheeler loans come with a wide range of lucrative features that are listed below:

• The interest rate of the loan is 2% less, and the processing fees are 50% less for HDFC account holders.
• The bank has an online facility where the applicant can check the loan eligibility and status of application anytime.
• The time limit for repayment option ranges from 12 to 48 months. The repayment options are very flexible and can be availed even at the time of purchase.
• The EMIs of the loan can be paid through auto debit payments or post-dated cheques.
• Interest rates are very reasonable.
• Around 3000 branches across India provides this facility.
• Payment process of the loan is streamlined without any hiccups.
• The documentation procedure is simple and can be availed through a doorstep service.
• For some specific two-wheeler models, lucrative loans are provided to HDFC account holders
• All the loan charges are mentioned in writing along with the loan quotation.

Eligibility Criteria

The applicant of HDFC two wheeler loan has to be –

• Minimum 21 years old during the application, and should be less than 65 years when the tenure ends.
• Either a salaried or self-employed professional.
• Salaried individuals with a minimum yearly income of Rs. 84,000, and self-employed individuals with an annual salary of at least Rs. 72,000.
• Working for more than a year before applying for the loan.
• Have a landline phone either at their office, or at home.
• The applicant must reside for at least a year at the given address before applying.

Allahabad Two Wheeler Loan - Two Wheeler Laon - mymoneykarma

The Allahabad Bank came into existence when the banking sector was getting organized. It is one of the most trusted banks by people and has a widespread network in the country. The bank provides various products and services in the sector of personal banking, social banking, and corporate banking. The Allahabad Bank offers a wide range of financial products in the personal banking sector such as debit and credit cards, home loans, personal loans, car loans, two-wheeler loans, and a variety of savings accounts.

The New Saral Loan has been customized by the Allahabad Bank to facilitate people working in an organization whose salaries are being credited through the Allahabad Bank accounts. This loan can be used to buy a two-wheeler or any consumer durable. A two-wheeler maintenance requires a lesser effort than keeping a car. The bank understands this requirement of every Indian and has introduced New Saral Loan and AB Mobike loan for the public at reasonable rates of interest.

Features and Benefits of Two-Wheeler Loans
 
1. AB Mobike Loan:

• The loan is provided for buying a new two-wheeler.
• The guarantor for the loan can be the spouse of the borrower or a third person who can take up the responsibility.
• The Loan amount offered is a maximum of Rs. 1 lakh.
• The margin on the loan is 10% of the total on-road cost of the two-wheeler.
• The repayment period provided by the bank is 48 months.

2. Allahabad Bank New Saral Loan:

• This kind of loan can be availed by people whose salaries are credited through Allahabad Bank accounts.
• The minimum gross salary of the borrower per month should be Rs.20,000.
• The loan can be processed by the applicant only if he or she is a permanent employee with a minimum of 2 years service experience within the same organization.
• The organization of the salaried borrower must have the minimum 20 employees.
• The loan can be used for purchasing a bike, any consumer durable item, or any other tangible asset.
• The movable assets need to be hypothecated to Allahabad Bank.
• The utilization of the loan should not exceed 50% of the loan amount for meeting domestic, social, religious, and other exigency expenses.
• The quantum of credit is 24 times the net salary of the borrower, subjected to a maximum loan limit of Rs.7.50 lakhs and a minimum loan limit of Rs.50,000.
• The loan margin is 10%, calculated from total assets owned or bought by the borrower.

Best Bike Loans In India - Bike Loan for Students - mymoneykarma

In a country like India, bikes are trendy as they help people in commuting quickly amidst traffic jams. Considering the fact that nowadays nuclear families are in vogue, bikes are more preferred due to convenience and economical usage. Another reason for the increase in bike buyers and riders is the majority of the young population, among which the youth between 18-25 years, prefers bikes due to their passion and swag. In India, the two-wheeler industry is said to be one of the largest of its kind across the globe. Other significant reasons for the rise in two-wheeler purchase is that they are readily available to Indians and many banks and NBFCs provide cost-efficient two-wheeler loans.
Additional Interesting Facts About Two-Wheelers in India

Some of the top two-wheeler companies in India that offer bikes and scooters include Bajaj Auto, Yamaha, Hero Motocorp, TVS Motor, Honda Motorcycle & Scooter India (HMSI), Royal Enfield, etc. The Indian market also contains bikes made by foreign bike manufacturers.

Some of the best-selling bikes of the year 2017 were Aprilia SR 150, Honda Dio, Honda Activa 4G, Hero Glamour 2017, TVS Apache RTR 160, etc.

The next generation of bikes in India will mainly consist of electric two-wheelers, which will run on electricity rather than petrol or diesel. The country has already seen a fantastic start of electric bikes being introduced by Electrotherm and Hero Electric. There are a few other companies which are working towards the development and release of electric scooters. It includes Yamaha, Bajaj Auto, Mahindra Two Wheelers, and TVS Motor. These bikes will use lithium-ion (Li-ion) batteries to operate. Ather Energy is another company which will release its first electric scooter in India by the name, Ather S340.

Besides Indian manufacturers, there are foreign bike manufacturers too, who are interested in selling their vehicles in the market of India. Some of the different bike manufacturers who are already selling their cars in India include Harley Davidson, Suzuki, Ducati, and UM Bikes.

Why Choose a Two-Wheeler Loan?
Considering the increasing number of private cars in the urban regions of India, the rural area transportation may be judged by similar trends. But the fact is that the majority of the rural demographics can afford a two-wheeler, mainly due to convenient access to bike loans and infrastructure. So, once the loan repayments for the old two-wheeler are made, you can think of buying a new vehicle. Though lots of people in India can buy an entry-level vehicle without any loan, it may cause much distress, regarding finances for the family. Also, that amount could be used for making investments such as mutual funds, fixed deposits or just for buying two-wheeler Insurance. In other words, purchasing a two-wheeled vehicle with a loan can reduce the burden of buying it with the whole amount in a single month.

Majority of the population fall under the bracket of availing the facility of completing payments through EMIs, which is another reason behind choosing the loan. Two-wheelers have much lower maintenance costs in comparison to four-wheelers, and the mileage or fuel consumption is better in the former.

The Indian credit market provides several options in the form of banks with competitive interest rates. They even offer the combos for loans and insurance packages, and sometimes come with the advantage of paying through post-dated cheques.

L&T Finance Two Wheeler Loan - Two Wheeler Loan - mymoneykarma

L&T Finance offers two-wheeler loans customized as per the customer needs and provides financial aid in buying a two-wheeler at reasonable rates of interest. Given the chaos of plethora of traffic conditions and disintegrated Indian roads, purchasing a two-wheeler for daily commute is a brilliant move. It is reasonable to maintain, convenient to use, and time effective.


Eligibility

1. The applicant must have a stable source of income.

2. The applicant must have an experience of a year with the current employer.

3. The applicant should have resided at the current address from last year.

Documentation Required for L&T Finance Two Wheeler Loan

1. Passport size photograph of the applicant.

2. Income Proof - Bank statement,Form 16, salary slips, etc.

3. Government issued ID cards - voter's identity card, PAN card, driving license, passport, etc.

4. Residence Proof - telephone bills, electricity bills, ration card, passport, etc.

If I ever make an excess payment, will I get a refund of the amount through cheque?

If you have made an excess payment, please inform the L&T branch immediately, so that amount shall be refunded or adjusted within the stipulated time once the claim has been verified.

L&T Finance Two Wheeler Loan - Two Wheeler Loan - mymoneykarma

L&T Finance Holdings Limited entirely owns Larsen and Toubro (L&T) Finance. It was established in 1994, as an NBFC. L&T is one of the prominent financial companies in the country. It offers a wide array of innovative commercial products and services, along with business solutions to its customers who are from trade, industry, and agricultural sector. L&T Finance has exponentially emerged as one of the leading financial institutions in the country and has been earning huge profits, as well.

L&T Finance offers two-wheeler loans customized as per the customer needs and provides financial aid in buying a two-wheeler at reasonable rates of interest.

FAQs

Q1. Can I sell my two-wheeler before repaying the loan?

No, unless you complete the repayment, you won't be allowed to sell your vehicle. A NOC is required from the company to sell the two-wheeler.

Q2. I want to take a two wheeler loan from L&T, but I already have an existing family loan with the company. So can I avail?

Yes, based on the transaction history of previous loan repayment, you can avail a two-wheeler loyalty loan from the company.

Q3. If I ever make an excess payment, will I get a refund of the amount through cheque?

If you have made an excess payment, please inform the L&T branch immediately, so that amount shall be refunded or adjusted within the stipulated time once the claim has been verified.