Which Bank Is Best For Bike Loan?

What are the documents required for two wheeler loan?

Documents requiredID Proof.

Passport/Pan Card/Driver’s License/Voter’s ID along with recent passport size photographs.Address Proof.

Passport/Driver’s License/Voter’s ID/Utility Bill.Income Proof if required.

Bank Statement.

Residence Ownership Proof..

Which bank is best for 2 wheeler loan?

Two wheeler Loan Interest Rates 2020BankLowest Interest RateProcessing feeUnion Bank of India10.30% p.a.0.50% of the loan amountCanara Bank10.45% p.a.Rs.1,000 to Rs.5,000L&T Finance10.75% p.a.At L&T discretionState Bank of India (SBI)16.45% p.aAt SBI discretion8 more rows•Aug 28, 2020

What is the interest rate for bike loan?

You can comfortably pay off the monthly installments as we offer interest rates from 7.85%* onwards in addition with a 1% to 3.5%* processing fee of the loan amount….Two Wheeler Loan Interest Rates | Check Bike Loan Fees & Charges.Interest Rates7.85%* OnwardsMaximum Repayment Tenure36 MonthsProcessing Fees1% – 3.5%*

How is EMI calculated for bike?

EMI = Principal Amount + Interest on Principal amount. Mathematically, EMI can be calculated using the following formula:{P x R x (1+R)^N / [(1+R)^N-1]} where, P = Principal amount of the loan, R = Rate of interest and N = Number of monthly installments.

Is it good to buy bike on EMI?

Advantages of Taking a Bike Loan on EMI Repayment tenure can extend up to five years which results in lower EMIs every month. … You can use the bike loan calculator to calculate the rate of interest and conveniently choose EMIs you can afford every month.

Can I buy bike on Bajaj EMI?

Can I buy a bike with my Bajaj Finserv EMI Network card? No, you cannot buy a bike with a Bajaj Finserv EMI Network Card.

How can I get a loan for an old bike?

Get Loan for Used and New Two WheelersSelecting a lender. The first step is to pick a reputed lender. … Check your credit score. … Pre-approved deals for existing customers. … Applying for a two-wheeler loan. … Loan approval. … Online two-wheeler loan with instant approval.

Can I get loan on my bike?

A two-wheeler loan is a loan you can take to get the bike or scooter you’ve always wanted to buy….Two Wheeler Loan Eligibility.Minimum age limit21 yearsStatus of employmentSalaried or self-employedMinimum income requiredRs.50,000 per yearMinimum work experience required6 months with the current employerMaximum loan amountRs.10 lakh4 more rows•Aug 28, 2020

Which is better bike loan or personal loan?

Lower Interest rate: Another major benefit of availing a personal loan is that personal loans can have a lower interest rate than the two-wheeler loan. While the average rate of two-wheeler loans is 11-12%, the rate of interest for personal loans is usually around 10.5%.

How can I get loan for two wheeler?

Apply For Two Wheeler LoanApply Online. You can buy a bike on EMI in just a few minutes. … Visit a two-wheeler dealership. You can also apply for a bike loan by visiting a two-wheeler dealership near you. … Submit Documents. Our representative is available at the dealership to guide you in your loan application. … Ride out on your bike or scooter.

How is EMI amount calculated?

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.

Can I buy a bike with zero down payment?

What is Zero Down payment Bike Loan? Zero down payment bike loan is a loan wherein the lender will finance the entire cost of the two wheeler you wish to purchase, not requiring you to pay anything upfront. Tata Capital offers 100% of the value of the two wheeler up to a maximum of Rs. 1.5 lakhs.

What documents are required for two wheeler?

Documents Required for Bike Ownership TransferRegistration Certificate (RC) book. Registration Certificate serves as a proof of bike’s registration and is thus an essential document. … Pollution under Control (PuC) certificate. … Sales Receipt. … Transfer deed. … Bike Insurance Certificate. … Road tax certificate.