Two-wheeler loans in Bangalore
Bangalore is the nation’s leading city in Information and Technology exporters. It is also known as the ‘Silicon Valley of India’. It is the second-fastest-growing city and possesses top research institutions in various fields. More number of wealthy people have made a surplus investment in Bangalore in various business industries. So, the roads of Bangalore are also one of the busiest roads, having a private vehicle of own is also the need and necessity of people who are residing in Bangalore. But everyone can’t afford to buy their dream vehicle with their savings, for them two-wheeler loan financing would be the best option.
Are you looking for two-wheeler financing in Bangalore? You would be happy to know that there are many Bangalore banks and NBFCs available that are offering two-wheeler loans at the lowest EMIs with loan fundings up to 95% of the road price. There is a facility of zero down payment also available for the loan applicants when they apply for two-wheeler loans in Bangalore. Both salaried and self-employed individuals are eligible for this loan. The tenure period of 60 months.
Features of Two-wheeler loans in Bangalore
- 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.
- 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 Bangalore
- 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.
Fee and Charges
Loan Processing Fees
| 1-3% of the loan amount
|
Document Charges
| 0.5% to 3% of the loan amount
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Processing charges
| It will vary from bank to bank |
Prepayment at any given time
| 1% to 3% (or) 10% of principal outstanding 6% of principal outstanding
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Varying prepayment Charges based on repayment cycle
| Within 4 months to 6 months from the 1st EMI Within 7 months to 12 months from the 1st EMI 13-24 months from 1st EMI - 5% of principal outstanding. Post 24 months from 1st EMI - 3% of principal outstanding
|
| No dues certificate |
|
| Stamp duty | At actuals as levied by respective State Govt.t actuals as levied by respective State Govt.
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| Cheque Bounce and EMI return charges | Rs 100- Rs 500/-
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| Loan cancellation charges | Varies across lenders
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Legal, repossession, and incidental charges
|
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The documents required to apply for Two-wheeler loans in Bangalore
- Completed loan application
- 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 Bangalore
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 Bangalore hassle-free.
Bike manufacturer
Bike manufacturers like Hero and Bajaj have their own lending services through which they provide loans for their customers at competitive interest rates.
Banks&NBFCs
Online there are many lenders available including banks and NBFCs, with whom one can apply for Two-wheeler loans in India. You will need to fill up the necessary details 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.
Top banks and NBFCs offering Two-wheeler loans in Bangalore
Axis Bank
| Starts from 10.50%
|
| Bajaj FinServ | Based on the borrower’s credit profile
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| Bank of Baroda | one-year MCLR + strategic premium + 4.00%
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| HDFC Bank | Starts from 10.50%
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| Hero FinCorp | Based on the borrower’s credit profile
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| IndusInd Bank | Starts at 8.50%
|
| Mahindra Finance | Starts from 10%
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| Muthoot Capital | 11% onwards
|
State bank of India
| 17.20%
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| Tata Capital | Starts at 10%
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Shriram City Union Finance
| MCLR+3.25%
|
| ICICI Bank | Starts from 10.50%
|
| L&T Finance | Interest rate starting from 10.75%
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Punjab National Bank
| Starts from MCLR+3.25%
|
TVS Credit
| 10.65% to 29% |
How to apply for Two-wheeler loans in Bangalore?
- Log on to the website of banks or NBFCs where you are willing to apply for two-wheeler loans in Bangalore.
- 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.
- On the next screen, use the slider to fill in the income details and the loan amount you require.
- Post fill in the application, you will receive a call from a representative who will assist you in getting the best of two-wheeler loan offers.
