Two wheeler loans in Delhi
Two-wheelers are a popular, economical, and convenient mode of transport in India’s capital city, Delhi. Scooters and bikes make it easy to move on a congested road, especially during peak traffic hours. There are many options available in two-wheeler in Delhi for people of all ages, gender, and social groups so that no one has to compromise on their dream ride. But the problem is that everyone can’t make the payment for your bike or scooter in one go, for them, one of the best financing options is applying for a two-wheeler loan in Delhi.
Two-wheeler loans are provided by banks and NBFCs in New Delhi for the lowest EMIs and tenure periods of up to 60 months. Get less processing fees and minimal documentation. Loan funding up to 95% on-road price.
Two-wheeler loans in Delhi
- Be a salaried or self-employed individual.
- The minimum age to apply for a two-wheeler loan is 21 years and the maximum is 65 years
- The minimum annual income requirement of Two-wheeler loans in Delhi is Rs 60,000 and the maximum is Rs 72000 for self-employed.
- Must be a Delhi resident for at least 1 year
- Must be in a stable job for at least 1 year.
The documents required to apply for Two-wheeler loans in Delhi
- 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
Top banks and NBFCs offering Two-wheeler loans in Delhi
Axis Bank
| Starts from 10.50%
|
| Bajaj FinServ | Based on the borrower’s credit profile
|
| Bank of Baroda | one-year MCLR + strategic premium + 4.00%
|
| HDFC Bank | Starts from 10.50%
|
| Hero FinCorp | Based on the borrower’s credit profile
|
| IndusInd Bank | Starts at 8.50%
|
| Mahindra Finance | Starts from 10%
|
| Muthoot Capital | 11% onwards
|
State bank of India
| 17.20%
|
| Tata Capital | Starts at 10%
|
Shriram City Union Finance
| MCLR+3.25%
|
| ICICI Bank | Starts from 10.50%
|
| L&T Finance | Interest rate starting from 10.75%
|
Punjab National Bank
| Starts from MCLR+3.25%
|
TVS Credit
| 10.65% to 29% |
Processing Fees / Prepayment Charges on Two Wheeler Loan in Delhi
The processing fee charges on a two-wheeler loan in Delhi are Up to 3% of the loan amount (or a minimum of Rs 600).
Prepayment Charges are levied as follows
- 4 to 6 months – 10% of principal outstanding
- 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.
The easiest modes to apply for two-wheeler loans in Delhi
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 Delhi 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
Bank/NBFC website
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.
How to apply for Two-wheeler loans in Delhi
- Log on to the website of a bank or NBFCs where you are willing to apply for two-wheeler loans in Delhi.
- Click on the’ Two-wheeler loan application’.
- Once the application opens, fill in your name, email address, and phone number.
- You will receive an OTP or 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 offer.
