Two wheeler loans in Amritsar

Amritsar is home to Harmandir Sahib, and it is also known as the Golden temple. It is situated in the state of Punjab, India. The main business and commercial industries operating in the city are tourism, carpets, fabrics, agriculture, and handicrafts. Being the kind of city Amritsar is, traveling by two-wheeler is considered the most feasible option for the residents of Amritsar.

If you are looking for 2-wheeler loans in Amritsar to get that dream bike to ride, then read on.

Features and benefits of Two-wheeler loan in Amritsar

  • Two-wheeler loans are easier to apply and easier to pay off.
  • The resale value of motorcycles is high. When you repay the loan, you can even purchase a new bike easily in exchange for the old bike.
  • When paid off consistently affects your credit score positively and helps you build a credit profile.
  • Some banks also provide zero down payment bike loans, where you don’t have to put up your own money to buy the bike.

The eligibility criteria to apply for Two-wheeler loans in Amritsar

  • The minimum age to apply for two-wheeler loans is 21 years and the maximum is 65 years.
  • Must be a resident of India
  • Must have a good credit score which is 750, or above.
  • The annual income requirement for a two-wheeler loan in Bangalore in most banks and NBFCs is 50,000 per month.
  • The maximum tenure offers by banks and NBFCs are 12 months to 60 months.

The documents required to apply for Two-wheeler loans in Amritsar

  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photocopies of recent Telephone Bills/ Electricity Bill)
  • Proof of identity (photocopies of Voters ID card/ Passport/ Driving license/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

The easiest modes to apply for two-wheeler loans in Amritsar

The dealer

Most showroom owners or two-wheeler dealers have collaborated with the best of NBFCs and Banks to make the process of applying for two-wheeler loans in Amritsar hassle-free.

Bike manufacturer

Bike manufacturers like Hero, TVS, and Bajaj have their own lending services through which they provide loans for their customers at competitive interest rates

Bank/NBFC website

Online there are many lenders available including banks and NBFCs, with whom one can apply for Two-wheeler loans in Amritsar. You are required to fill up the required details like address proof, Income proof, and identity proof as asked on the website. A bank/NBFC representative will come to your home to collect the necessary documents. The loan amount will be disbursed after document verification. This is the best way to get an instant eligibility check.

Fees / Prepayment Charges on Two Wheeler Loans in Amritsar

The Processing Fee required for availing Two Wheeler Loan in Amritsar is 3% of the loan amount (maximum).

  • The Payment Charges are simply processed from 3% to 10% of the outstanding principal.
  • And Prepayment Charges include:
  • Within 4 to 6 months – 10% of principal outstanding
  • Within 7 to 12 months – 6% of principal outstanding
  • 13-24 months – 5% of principal outstanding
  • Post 24 months – 3% of principal outstanding

Prepayment is not allowed within three months of EMI repayment.

Top banks and NBFCs offering Two-wheeler loans in Amritsar

Axis Bank
Starts from 10.50%
Bajaj FinServBased on the borrower’s credit profile
Bank of Barodaone-year MCLR + strategic premium + 4.00%
HDFC BankStarts from 10.50%
Hero FinCorpBased on the borrower’s credit profile
IndusInd BankStarts at 8.50%
Mahindra FinanceStarts from 10%
Muthoot Capital11% onwards
State bank of India
Tata CapitalStarts at 10%
Shriram City Union Finance
ICICI BankStarts from 10.50%
L&T FinanceInterest rate starting from 10.75%
Punjab National Bank
Starts from MCLR+3.25%
TVS Credit
10.65% to 29%

How to apply for Two-wheeler loans in Amritsar

  • Click on the’ Two-wheeler loan application’.
  • Once the application opens, fill in your name, email address, and phone number.
  • You will receive a one-time password on your phone. Fill out the OTP on the form.
  • You will then be requested to choose your preferred brand, click continue.
  • Choose the state you reside in and once again, click continue.
  • You will get a call from a representative who will assist you in getting a loan from NBFC bank