Hdfc Bike Loan How To Take In 10 Minutes/hdfc Two Wheelers Loan Interest Rate /
hdfc bike loan how to take in 10 minutes/hdfc bike loan interest rate/How to get bike loan How To Get Bike Loan From HDFC Bank In 10 Minutes. hdfc bike loan | How to get loan from HDFC Bank sitting at home Do you know in the easiest and simplest way today .
we will give information step by step how you can apply for two wheeler loan from HDFC Bank sitting at home. Often we need a bike, we approach any private company or bank to take a loan, they pass bike loan to us at very high interest.
If you want to take any bike. Once you must visit this site, maybe the bank will give you a PRE APPROVED loan. What goes into trying? Once it takes 10 minutes, if you get a loan from here then it is very good.
What Is The Interest Rate For Bike Loan
The most basic charge applicable on aTwo Wheeler Loan is that of the interest. The rate at which the interest is charged on the principal amount of the bike loan for a specified tenure is known as theTwo Wheeler Loan interest rate. This rate is expressed as a percentage and varies depending on your eligibility and creditworthiness.
Besides the interest rate for bike loan, various other Two Wheeler Loan fees and charges are also involved. From the loan processing fees to foreclosure charges, you need to take care of some additional costs as well. Find the complete list of chargeshere.
All You Need To Know About Getting A Bike Loan With 100% Financing
What Is a 100% Financing Bike Loan?0 down payment bike loan100% financing bike loan asAdvantages of a 100% Financing Option
- The applicant/borrower must be between the ages of 21 years to 60 years.
- The applicant must be a permanent resident of India for at least one year.
- The applicant must preferably be a salaried employee with one year of stable employment.
- In case the applicant is a self-employed professional, they must have at least three years of stable income.
- KYC documents including Passport/Driving License/PAN Card/Aadhaar Card/Voter’s ID along with one or two passport size photographs.
- Income proof in the form of latest ITR certificate for self-employed professionals and the last three months salary slip for salaried employees.
- Last three month’s account statements.
- Proof of residential address.
How to Apply for a 100% Financing Option?buy a bike without down payment a. Offline Processb. Online ProcessAlso Read:
Recommended Reading: How Much Interest Will Accrue On My Student Loans
Features And Benefits Of Loans For Two
Here are some of the features and benefits of personal loans which you can avail through Navi for your two wheeler purchase
Features
- You can avail loans ranging from Rs.10,000 to Rs.5 lakhs through the Navi application. You can, thus, finance your bike partially or completely with the funds that you get through the app.
- Generally, in order to avail a loan, you need to be employed in a job or have your own business and a source of income to avail the loan. However, there is no fixed criteria in case of Navi and a technology-driven process is followed to approve your loan.
- You need an Aadhaar card and PAN card to apply for the loan All you need to do is to enter your identification details.
- As part of the KYC verification process, you just need to click your selfie and upload it on the app as a valid identity proof
- Navi allows you flexible repayment tenures which can be up to 36 months. You can, therefore, choose a tenure depending on your convenience.
Benefits
Documents Required For Two Wheeler Loan
Here is a list of documents required for a two wheeler loan:
Identity Proof: Aadhaar Card, PAN Card, Passport, Driving License or Electoral Voter Identity Card
Address Proof: Aadhaar Card, PAN Card, Passport, Driving License, Latest Electricity Bill, Latest Phone Bill, Latest Bank Passbook reflecting the current address, Property Documents or Water bill
Read Also: Usaa Loan Approval
What Should Be The Minimum Cibil Score To Get A Bike Loan
While there is no fixed minimum CIBIL score to apply for a bike loan, it is recommended that you ensure that you have a score of at least 750 before you apply to avoid potential rejection
Disclaimer
Disclaimer : As per the information entered by you the calculation is performed by EMI Calculator and the amount of installments does not includes any other fees charged by the financial institution / banks like processing fee, file charges, etc. The amount is in Indian Rupee rounded off to the nearest Rupee. Depending upon type and use of vehicle, regional lender requirements and the strength of your credit, actual down payment and resulting monthly payments may vary. Exact monthly installments can be found out from the financial institution.
How To Calculate Bike Loan Emi Manually
To calculate your monthly two-wheeler loan repayment obligation manually, use the below given mathematical formula.
EMI = P × R × n/ n 1)
Where,
P means principal loan amount,
R means the rate of interest
N means the repayment term
Keep in mind that the online calculator also works on the above-mentioned formula only.
Don’t Miss: How To Get Approved For Capital One Auto Loan
Who Is Eligible For Two Wheeler Loan
Bajaj Auto Finance has set eligibility criteria for availing two-wheeler loans, and you must be:
- Above 18 years of age at the time of applying for a two wheeler loan.
- A salaried professional , selfemployed or Agri profile
- In employment for last one year or running your own business for the last two years.
- Possessing required documents including income proof, ID proof, Phone/Landline/Mobile Bill and address proof.
Bike Loan Interest Rate:
Interest rate is the amount that your lending institution charges from you. The interest is calculated on the outstanding dues. To avail of a low-interest two-wheeler loan, you must have a strong income, a good credit score, a low debt-to-income ratio, stable employment, among other things. The bike resale value is also the deciding factor of your two-wheeler loan interest rate.
Read Also: Can Other Than Honorable Discharge Get Va Loan
What Is A Two Wheeler Loan
A Two Wheeler Loanis borrowed to purchase a brand new motorcycle or scooter, and repay the amount in easy EMIs. The loan tenure, interest rates, and other terms are determined using your repayment capacity. Lenders usually finance anywhere between 80% to 100% of the bike cost and the rest is paid from your pockets. It also allows you to purchase a variety of two wheelers, from commuter bikes to premium motorcycles without difficulty. Now finance your favourite pair of wheels by availing a Two Wheeler Loan from Tata Capital and take advantage of minimal paperwork and quick processing.
Since we’re living in such unprecedented times, travelling via public or shared transports is no longer a feasible option. Especially if you commute daily to work. Besides, when travelling out on the road, you deserve to feel safe! A private vehicle can give you the freedom to travel safely and comfortably. We, at Tata Capital, can help you maintain optimal safety with a diverse range of loan offerings and financing 100% of the bike cost. Owning a pair of wheels is now easy and affordable. Now get a bike loanat competitive rates and drive home your dream motorcycle or scooter today!
Disclaimer: Two Wheeler Loans are brought to you by Tata Capital Financial Services Limited and are at its sole discretion. Terms and Conditions apply.
Learn More About No Objection Certificate For Bike
You wake up to bright, optimistic morning. You know in your guts that something good is going to happen when you receive a call from your boss telling that you have finally got the promotion. You will need to move to Delhi from Indore. Its a 3-year contract. Among other things which you decide to take with yourself, you take your bike.
But arent you missing a crucial step? Did you obtain an NOC from your regions transport office?
Recommended Reading: Capital One Auto Loan Private Party
How To Find Out Your Two
You can check whether you qualify for a bike or scooter loan by looking at the various options that are available to you. BankBazaar gives you a list of all the top lenders who offer you such loans at affordable interest rates.
You can compare the various loan options and their various parameters. Compare the interest rates, the processing fees, the minimum income required, the EMIs, and other features. This can help you find the best option.
You can also check out the eligibility criteria for each loan. This will save you the trouble of individually going to each bank to find out their loan application requirements.
What Will Be The Tenure For Which I Can Avail Bike Loans
Most lenders offer bike loans for tenures ranging from 1 year to 3 years. You can choose the loan tenure as per your preference. Some lenders like Corporation Bank, Canara Bank, etc. also offer bike loans with tenure up to 5 years. For a longer tenure, EMIs will be lower but the customer will end up paying more interest against the loan amount and for a shorter tenure, EMIs will be higher and the customer will end up paying lower interest against the loan amount. So, if the customer is getting a loan for 4-5 years and doesnt want to commit to a higher EMI then he should choose a loan tenure for 4-5 years.
Also Check: Defaulting On Sba Loan
What Is The Difference Between Fixed
Fixed Interest Rate: Fixed Interest Rate allows the repayment in fixed equal monthly installments over the entire period of the loan. The interest rates in such a case are fixed and dont change with market fluctuations. Thus the borrower knows the exact amount he needs to pay in the future or at least he knows the exact interest rate to pay for the outstanding loan at that time. Floating Interest Rate: Floating interest rate, which is also referred to as variable or adjustable interest rate is any debt instrument that does not have a fixed interest rate. The time period for a bike loan plays an important role in deciding this fixed percentage. The borrower decides the time period and the lender charges the interest rate accordingly. This period generally ranges from 1 month- 5 years
How Can I Make My Loan Emi Payments
After the bike loan is approved, a customer will have to sign an agreement including a NACH form, a centralized system implemented by National Payments Corporation of India , launched with an aim to consolidate multiple ECS systems running across the country allowing paperless debit transactions between banks. Getting into such an agreement would mean that the customer has granted permission for auto-debiting of the EMI amount from his bank account on a date as mentioned in the agreement till the last EMI of the loan amount.
Read Also: Fha Loan Maximum Texas
Two Wheeler Loan Emi Calculator
Amount
- Gourav Kumar
“I have taken a two-wheeler loan through IDFC FIRST Bank.The rate of interest and the processing fee was low, and the process was very easy and smooth. I also want to thank the branch executives for getting the same done for me. My loan application and disbursement process was simple and good.”
- Vellanki Mallikarjuna R
“I am very happy to share that I got a two-wheeler loan from IDFC FIRST BANK within 20 minutes! This is much faster than many other banks.”
Bike Loan For Students
Two wheeler is an extremely popular mode of transport in India. It offers independence to travel and the agility to beat traffic. Two wheelers have become a useful commodity for many Indians for their daily commute. As long as all the safety conditions are followed, two wheelers are a great commuting mode and highly popular among students too, especially students living in hostels in cities far away from home.
Two wheelers help students commute independently, without having to depend on their parents or public transport. It is an excellent age to encourage ones children to start learning how to drive. With the right financing, purchasing the perfect two wheeler for your teenage children can be easily managed. Thus, if you are looking for options to get your teenage son or daughter their first vehicle, you can go for a Fullerton India two wheeler loan.
Two wheeler loans are provided by Fullerton India to eligible candidates at an extremely affordable rate as low as 8%. at a loan-to-value as high as 100%* of the bike amount and up to Rs. 30 lakhs*. Your repayment tenure is flexible up to 36 months so that it is easy on your pocket. Bike loan for students with Fullerton India make it very easy for the young population to fulfill their dreams, and begin their journey of self-reliance.
Also Check: How To Apply For A Second Loan With Upstart
Where Can You Find Your Best Option
The ideal loan that you should look for is secured and specific to motorbikes. This type of loan is taken against an asset as the collateral and has lower interest rates. Not all loan sources have this type of motorbike financing. Some banks and credit unions dont have loans specific to motorcycles so they offer unsecured personal loans instead.
Make sure to go around to multiple lenders, dealerships, manufacturers, banks, credit unions, and other finance companies in order to choose the best option.
Benefits Of Two Wheeler Loan
Owning your dream bike is now much more simple and easy with IndusInd Banks custom fit two wheeler finance.
Attractive interest rates
We offer the best and competitive interest rates for two wheeler loans across India.
Repayment tenure
Choose the loan tenure from our wide, easy and flexible repayment tenure starting from 12 months to 36 months for normal two wheelers and up-to 60 months for High-end and High-street Bikes.
Loan processing and documentation
Quick loan processing time within 4 hours of convenient doorstep documentation in a hassle free manner.
Loan Offering
Get up to 95% on road finance from IndusInd Bank with loans starting from Rs. 15000/- to ride your dream bike.
Read Also: Usaa Home Loan Credit Score Requirements
What Is Bike Loan Emi Calculator
A bike loan EMI calculator is an online tool available on any financial institutions website that helps borrowers to know their monthly debt responsibilities in advance. The bike loan EMI calculator assists you in understanding and successfully analysing your budget, as well as determining how much you should spend on your bike purchase.
How Can You Cancel Your Noc For Bike
You find a job with a better designation and salary in your hometown and decide to bunk your plans for relocation to a different city. But, that fortuity occurs after you have taken the trouble to apply and obtain an NOC for your bike. What do you do now?
In such an event, you need to apply for a Non-Utilisation Certificate with the RTO for which you obtained your NOC. Subsequently, you need to submit the NUC to your original RTO.
Now that you are aware of the entire process and all its intricacies ensure to leave no stone unturned when travelling to a different state with your bike, so as not to attract any legal difficulties later on.
Don’t Miss: Do Loan Originators Make Commission
Hdfc Bank Bike Loan Congrachuration Massage How Much Loan Bank Has Approved You
Now you will now get to see the message of concentration from the bank, where it will be written that how much loan amount the bank is ready to give you i.e. how much loan amount is being given to you by the bank. For how long is it being given?
# You will find written below, your loan will be approved in 10 minutes, you should take all your action, you have to fill your complete details which the bank is asking for here.
# Now you have come to the net banking login page, here you have to enter your customer id and password again and click on login.
What If I Pay More Amount Than Emi For A Bike Loan
When you are paying off a part of the bike loan by making larger payments than the EMI, before the end of the tenure, then it is called part prepayment. By part prepayment, your principal outstanding will be reduced and also reduce your future EMIs.Some financiers such as ICICI Bank does not allow part prepayment of the bike loan whereas some financiers like HDFC Bank allows it after a fixed interval of time with a part prepayment charge.
Don’t Miss: Va Loan And Manufactured Homes
What Is Zero Down Payment Bike Loan
Zero down payment bike loan is a type of secured loan wherein the lender will finance the entire cost of the two wheeler you wish to purchase, whether a standard model or a high-end one, without requiring you to pay any amount upfront. Tata Capital offers 100% of the value of the two wheeler, going up to a maximum of Rs. 1.5 lakhs, so you can buy your desired bike on EMI with zero down payment. This facility is especially helpful if you’re short on funds or don’t want to break your savings to arrange money for the down payment.
Eligibility Requirements For Two
The minimum age for applying the two-wheeler loan is 21 years.
The maximum age is 59 at the time of the loan maturity.
Both the salaried as well as the self-employed people can apply for the loan.
The minimum work experience for a salaried applicant is one year with a minimum salary as low as Rs. 12,000/ per month.
In the case of a self-employed, the applicant must be in the same business for at least two years.
The applicant must be living in the same address for at least one year.
The applicant should also declare their existing loan commitments.
There should not be any check bounces in the last 12 months of the bank statement.
Also Check: Upstart Prequalify
