Two wheeler loans in Mumbai
Mumbai is known as the financial capital of India. Here people are residing from different corners of the city and world. The Mumbai roads are always full of traffic, here two-wheeler vehicles are considered as the easiest way of making daily commuting from home to office. You can avail of two-wheeler loans in Mumbai easily to fulfill your necessity of having your own two-wheeler. Banks and NBFCs in Mumbai provide two-wheeler loans with loan funding of up to 95% on-road price. Get the lowest EMIs and low loan processing fees. Banks also provide zero down payment on these loans.
Features Two-wheeler loans in Mumbai
- 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 Mumbai
- 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 Mumbai 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 Mumbai
- 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 Mumbai
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 Mumbai is 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.
Two-wheeler loan interest rates in Mumbai
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% |
List of popular banks and NBFCs offering Two-wheeler loans in Mumbai
Apply for Two-wheeler loans in Mumbai
- You have to fill up a form to apply for a bike loan in Mumbai. You can get this form from the banks, NBFCs, website – clicking here for the online form. Check if you are eligible for the loan and have all the documents ready to get a quick two-wheeler loan financing.
- If you are eligible, you can submit the filled-out application form along with a passport size photo, your KYC documents.
- Post fill in the application, you will receive a call from representatives of banks or NBFCs from where you have applied for a loan. He will assist you in getting the best of a two-wheeler loan offer.
