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All the commercial banks and non-banking financial companies offer two-wheeler loans with lots of offers
The Covid pandemic has taught many the need for personal mobility. Salary cuts and financial stringency make it impossible for many to go for a four-wheeler. Two-wheelers provide a far cheaper transport medium. Money9 brings for you a look at the top 9 loan offerings by popular banks to buy two-wheelers.
The factor that plays an important role while applying for a two-wheeler loan is your CIBIL score which should be 750 or more. Else getting a loan at a relatively low interest rate is not possible.
Top 9 lenders
All the commercial banks and non-banking financial companies offer two-wheeler loans with lots of offers. The loan amount generally varies between Rs 1.5 lakh to Rs 10 lakh. The price of a basic two-wheeler generally varies between these figures.
Many superbike models can cost anywhere between Rs 10 lakh and Rs 1.5 crore. But we are restricting ourselves to normal motorcycles or scooters.
SBI, HDFC, BoB, Axis Banks do not feature in the top 9 banks since their loans carry relatively higher interest rates. For example, SBI offers a minimum 16% interest rate, whereas HDFC Bank offers 21% interest rate that are very high compared to others.
Central Bank offers the cheapest interest rate of only 7.25%. Top nine banks are offering the interest rates that are mostly less than 10%.
Central bank- 7.25% to 7.70%
Bank of India- 7.35% to 8.55%
Punjab National Bank- 8.70% to 10.05%
Punjab & Sind Bank, Canara Bank- 9.00% onward
ICICI Bank- 9.50% to 26.00%
IDBI Bank- 9.80% to 9.90%
Union Bank and Andhra Bank- 9.90% to 10.90%
IDFC First Bank- 9.99% onward
Indian Bank- 10.35% onward
Eligibility criteria
The borrower should be between the age group of 21 to 58 years. If the applicant is self-employed, his/her age should be between 21 years and 65 years.
The borrower should have a minimum income of Rs 10,000 per month. The borrower must keep his or her identity proof, address proof, income proof, age proof, and bank account statement of the last 3 months and submit these documents while applying for the loan.
Driving license is also mandatory to apply for a two-wheeler loan. Banks generally take three to six days to process a two-wheeler loan.