Are you looking to purchase a two-wheeler but struggling to finance it? Worry not, as several banks in India are now offering attractive two wheeler loan options at low-interest rates.
However, with so many options to choose from, it can be challenging to determine the best one for your needs. In this article, rapidloans.in have compiled a list of the top 5 banks for two wheeler loan with the lowest interest rates in India.
Top 5 Banks in India That Offer The Best Two Wheeler Loan
- HDFC Two Wheeler Loan
- SBI Two Wheeler Loan
- ICICI Two Wheeler Loan
- Bajaj Finance Two Wheeler Loan
- IndusInd Two Wheeler Loan
HDFC Two Wheeler Loan
HDFC Bank offers loans of up to 85% of the on-road price of the bike (maximum Rs. 1.25 lakhs). The interest rates range from 11.83% to 26.83%, and the loan can be repaid within 3 years. The processing fee is 3% of the loan amount.
SBI Two Wheeler Loan
With interest rates ranging from 10.25% p.a. to 18.00% p.a., you can get your loan approved in a jiffy with SBI Two Wheeler Loan.
You can avail of up to 85% of the ex-showroom price of the bike, with a minimum of Rs. 30,000 and a maximum of Rs. 2.5 lakhs. The loan can be repaid within 3 years, and the processing fees are 1.5% to 2% of the loan amount plus GST.
ICICI Two Wheeler Loan
ICICI Bank offers two-wheeler loans with interest rates starting from 11% onwards. You can avail of up to 85% of the on-road price of the bike, and the loan can be repaid within 4 years.
The processing fees range from 1% to 2.5% of the loan amount, with a maximum of Rs. 2500 to Rs. 5000. Existing ICICI Bank customers can avail of a special processing fee of Rs. 1500.
Bajaj Finance Two Wheeler Loan
If you’re looking for a lender that has flexible rate of interest, Bajaj Auto Finance is your best bet. The interest rates start from 7.25%, and the loan can be repaid within 3 years. The processing fees range from 1% to 3.5% of the loan amount.
IndusInd Two Wheeler Loan
IndusInd Bank offers two-wheeler loans with attractive interest rates and flexible repayment tenures.
You can choose the loan tenure from 12 months to 36 months for normal two-wheelers and up to 60 months for high-end and high-street bikes.
The loan processing time is quick, within 4 hours, and you can get up to 95% on-road finance from IndusInd Bank, with loans starting from Rs. 15000.
To help you make an informed decision, we’ve put together a comparison table of the five banks and their two-wheeler loan offerings:
| Bank | Interest Rates | Loan Amount | Repayment Tenure | Processing Fees |
|---|---|---|---|---|
| SBI | 10.25% p.a. to 18.00% p.a. | Up to 85% of the ex-showroom price of the bike (Min. Rs. 30,000, Max. Rs. 2.5 lakhs) | Up to 3 years | 1.5% to 2% of the loan amount + GST |
| HDFC | 11.83% to 26.83% | Up to 85% of the on-road price of the bike (Max. Rs. 1.25 lakhs for individuals) | Up to 3 years | 3% of the loan amount |
| ICICI | 11% onwards | Up to 85% of the on-road price of the bike | Up to 4 years | 1% to 2.5% of the loan amount (Max. Rs. 2500 to Rs. 5000) |
| Bajaj Finance | Starts from 7.25% | Determined on a case-by-case basis | Up to 3 years | 1% to 3.5% of the loan amount |
| IndusInd | 11% onwards | Up to 95% on-road finance, loans starting from Rs. 15000 | Up to 36 months for normal two-wheelers, up to 60 months for high-end and high-street bikes | 1% to 3.5% of the loan amount |
Now that you have an overview of the top banks for two-wheeler loans in India, you can make an informed decision and ride off into the sunset on your dream bike. Just remember to wear a helmet and drive safely!
