We Indians have always loved two-wheelers - be it for commutes, racing, long drives or just for recreation. Sales of bikes have always been strong as compared to other vehicle segments. However, despite their popularity, two-wheelers are not always easily affordable. Some of the bike variants available in India can burn a hole in one’s pocket. This is the reason why a lot of people opt for a two-wheeler loan.
A two-wheeler loan in India can be sourced from many lenders like banks, NBFCs, digital lending portals, etc. Due to the intense competition among the lenders, there are a lot of choices available to borrowers. Therefore, it can get difficult to choose and narrow down on a two-wheeler loan best suited to one’s requirements. Read on to find out more on which bank or lender is best for a bike loan.
Top Banks for Bike Loans in India
Bank of India – Two-Wheeler Loan
Bank of India is known to have the lowest interest rates on two-wheeler loans in the country. BOI also offers bike loans for a second-hand or used two-wheeler. Here are some of the top features of the two-wheeler loan offered by the bank:
Category
Details
Amount of loan
Up to 85% of the on-road price of bike subject to maximum limit set by the bank
Rate of interest
7.35% - 8.05%
Tenure
Up to 5 years
Processing fees
1% of loan amount (minimum 500, maximum Rs. 10,000)
Eligibility
Minimum 21 years and maximum of 65 years
Jammu and Kashmir Bank Two-Wheeler Loan
Jammu and Kashmir Bank has attractive interest rates on its two-wheeler loan but it does not sanction the loan for second-hand two-wheelers. The key features of this loan are:
Category
Details
Amount of loan
Minimum Rs. 25,000
Maximum Rs. 2,50,000
Rate of interest
RLLR+2.00% (Fixed) RLLR+1.50% (Floating)
Tenure
Up to 5 years
Processing fees
1% of the loan amount (minimum 500, maximum Rs. 2,000)
Eligibility
The minimum age must be 18 years (16 years for borrowers looking to buy a scooter with an engine capacity not exceeding 55cc). The borrower must have a valid license. The maximum age is 60 years for salaried individuals (65 years for all others). Minimum annual income should be Rs. 1 Lakh to borrow for vehicles not costing more than Rs. 75,000, and Rs. 2 Lakhs for bikes that cost more than Rs. 75,000.
PNB Two Wheeler Loan
Punjab National Bank offers a two-wheeler loan known as PNB Power Ride. This is specially designed for women borrowers. Key features of this loan are as follows:
Category
Details
Amount of loan
90% of the two-wheeler’s ex-showroom price
Rate of interest
8.45% - 9.80%
Tenure
Up to 5 years
Processing fees
0.50% of the loan amount (minimum 500, maximum Rs. 1,000)
Eligibility
The minimum age should be 18 years and a maximum of 65 years. The minimum monthly income should be Rs. 10,000 for males and Rs. 8,000 for females
To know more about Best For A Bike Loan In India
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