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 lenderTwo-wheeler loan interest ratesMaximum loan amountTenureFee
Bajaj Auto FinanceStarts 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 India7.35% 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 Maharashtra9.5% 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 Bank11.83% 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 Bank11% 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 Bank14.5% 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 CapitalStarts 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 Bank10.80%-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.