Two wheeler loan interest rates offered by top banks and NBFCs
Two-wheeler loan interest rate is interest charged on a standard or superbike loan principal amount taken over a specified tenure. Bike loan interest rate is usually expressed as a percentage.
Before you submit a two-wheeler loan application with the lender, you are required to compare the interest rates offered by different banks and NBFCs. Interest rates comparison is very important as it will help in getting the best two-wheeler loan offer. Now, you can easily compare the interest rates offered by different lenders online, using our handy guides.
The following table helps you compare the interest rates and processing fees charged by lenders in India along with their respective tenures.
| Name of the lender | Two-wheeler loan interest rates | Maximum loan amount | Tenure | Fee |
| Bajaj Auto Finance | Starts from 7.25% | Determine by the lender cases by case basis | Up to 3 years | 1% to 3.5% of the loan amount |
| Bank of India | 7.35% to 8.55% | Determined by the bank on a case by case basis (Maximum Rs. 50 lakhs for individuals) | Up to 5 years | 1% of the loan amount (Minimum Rs. 500 and Maximum Rs. 10,000) |
| Bank of Maharashtra | 9.5% onwards | Up to 85% of the bike on-road price ( Maximum Rs 50 Lakhs for individuals) | Up to 5 years | 0.25% of the loan amount (Minimum Rs. 500) |
| HDFC Bank | 11.83% to 26.83% | Up to 85% of the bike on-road price ( Maximum Rs 1.25 Lakhs for individuals) | Up to 3 years | 3% of the loan amount |
| ICICI Bank | 11% onwards | Up to 85 % of the bike on-road price. | Up to 4 years | 1% to 2.5% of the loan amount (Maximum of Rs. 2500 to Rs. 5000) Special processing fees of Rs. 1500 for existing ICICI bank customers |
| Punjab National Bank | 14.5% onwards | 90% of the bike’s ex-showroom price (maximum of Rs. 1.5 lakhs for regular bikes, maximum of Rs. 10 lakhs for superbikes) | Scooters and mopeds – 60 EMIs Mopeds – 24 EMIs | 0.35% of the loan amount (minimum – Rs. 2500; maximum – Rs. 15,000) |
| State Bank of India | 16.25% p.a. to 18.00% p.a Superbike loan scheme 3.25% above 1 year MCLR i.e., 10.25% p.a | 85% of the ex-showroom price of the bike (Minimum – Rs. 30,000; maximum – Rs. 2.5 lakhs) | Up to 3 years | 1.5% to 2% of the loan amount + GST |
| Tata Capital | Starts at 10.75% | Up to 95% of the on-road price of the vehicle (minimum – Rs. 25,000; Maximum Rs. 3 lakhs) | Up to 4 years | 3.10% of the loan amount |
| Axis Bank | 10.80%-28.30% - | Up to 100% on the road price of the vehicle | Up to 4 years | Up to 2.5% of the loan amount |
As two-wheeler loans are secured loans, the interest rate is relatively lower. Here, the purchased bike/scooter acts as the collateral. Therefore, to bag the best deal, it is important to compare the chosen lenders on eligibility, interest rates, processing fees, repayment tenure, loan to value (LTV) ratio and charges, etc.
