MyLoanCare is a FREE of cost service for borrowers

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0

Apply Two Wheeler Loan Online

Online Bike Loan

Last Updated 23rd Sep 2020

  • Two wheeler loan is a specific purpose loan used for financing both normal two wheeler and superbikes.
  • Two wheeler loan is available for both the new and used two wheeler.
  • Get upto 100% finance of the cost of the vehicle.
  • Avail two wheeler loan approval online with the minimum income requirement.
  • Apply for the bike loan online without impact the credit score.
  • Compare best 2 wheeler loan offers starting at 11.60%.

About Two Wheeler Loan

Two wheeler loan is a specific purpose loan which is used to finance both the new and used two wheeler. This credit option is considered to be one of the simplest and quickest ways of fulfilling the desire of owning a motorbike. The two wheeler loan has become a saviour in the time when the motorbike has become a necessity and their prices are skyrocketing.

How to apply for a two wheeler loan online?

You can apply for the two wheeler loan either by visiting the bank or by applying online through the bank or online marketplace website. However, it is always advisable to apply for a bike loan online as it reduces the cost and saves time. The process for applying two wheeler online are as follow:

  • Go to MyLoanCare website or download the app and fill in your personal and loan requirement details.
  • Once you fill the complete form, you will get different bank options. You can choose the bank of your choice with low interest rate and charges.
  • After that, the bank representative will get in touch with you to discuss your loan requirement and confirm your details. He will guide you about the complete loan process and documents required.
  • If you are eligible and interested, the bank representative will fix your appointment with the bank for document pick-up and further loan process.
  • The bank will decide to sanction or reject your loan after verifying all your documents. If sanctioned, you will receive a sanction letter from the bank mentioning the key loan terms like interest rate, processing fees, tenure, and prepayment charges.
  • Finally, the loan amount will be disbursed to the registered bank account.

Why should you apply for a bike online?

Apart from saving cost and time, applying for bike loan online has some other benefits as well. Here are some of the prominent reasons for applying online:

1. Helps in comparing interest rates and charges

Interest rates and other costs like processing charges are the cost incurred for taking a loan. Applying online for two wheeler loan helps one to compare the rates of the different banks and select the one with minimum cost.

2. Check two wheeler loan eligibility

Loan eligibility of an individual depends upon various factors like income and credit score. Two wheeler loan eligibility calculator helps one to determine the maximum amount which one can get in the form or loan. In addition to this, the two wheeler loan calculator helps one to compute the Equated monthly instalments and tenure.

3. No impact on credit score

Unlike the hard enquiries which impact the credit score of an individual, the enquiries online on the bank's website doesn't impact the credit score. So, an individual can check the credit score without the fear of dip in credit score.

4. Minimal documentation

Applying for a loan online is a very convenient process as it requires minimal documentation. There is less or no paperwork, and it also saves time and money.

5. Tracking the two wheeler account

Borrowers can anytime download the mobile application of the bank or visit the official website to track their two wheeler loan account. The application will provide all the relevant information like that of EMIs, loan tenure etc.

Benefits and Features of Two Wheeler Loan

  • The rate of interest on the two wheeler loan is comparatively lower than other loan options. The rate of interest hovers between 11.60% to 29.00%.
  • Several banks and financial institutes even offer 100% finance of the cost of the vehicle. On taking a two wheeler loan, the entire amount is covered by the Bank. Individuals do not have to pay any money.
  • Two wheeler loan has flexible tenure. The repayment tenure for the loan ranges from 3 years to 5 years.
  • The two wheeler loan process is speedy, and an individual can get Instant loan approval at the time of vehicle purchase. They are simpler and hassle-free for the customers
  • An individual can avail even avail the two wheeler loan with a low credit score.
  • Taking a two wheeler loan is the quickest way to improve your financial history and credit score as well.

Top Two Wheeler Loan Providers

Bank Interest Rate Loan Tenure
SBI 12.65% 3 years
HDFC Bank 14.03% 4 years
PNB 10.70% 5 years
Bajaj Auto Finance 11.60% 3 years
IndusInd Bank 12.00% 3 years
Allahabad Bank 11.80% 4 years
Andhra Bank 10.35% 5 years
Bank of India 7.75% 5 years
Union Bank of India 11.55% 3 years
United Bank of India 11.00% 5 years
Corporation Bank 12.35% 3 years
Indian Bank 9.65% 5 years
Karnataka Bank 13.85% 5 years
Jammu And Kashmir Bank 9.65% 5 years
Canara Bank 13.55% 3 years

Eligibility for a Two Wheeler Loan

  • Individuals can be self-employed or salaried
  • Individuals who are a minimum of 21 years of age, and no older than 65 at the end of the loan repayment tenure.
  • Minimum annual income must be more than ₹ 50,000.
  • The individual should be working for a minimum of 1 year.

Documents Required for Applying for a Two Wheeler Loan

  • Identity Proof: 2 passport size photographs, Photo credit card, Company’s ID card, Passport, Voter’s ID card, PAN card, Aadhaar card, Driving license etc.
  • Address Proof: Passport, Voter’s ID card, Telephone or Gas bill, Rental agreement, Credit card statement, LIC policy, Driving license, Property purchase documents, etc.
  • Income Proof: Last 3 months’ salary slips, proof of office address, ITR of last 2 years and other relevant documents.

FAQs

What are the repayment tenure options for Two Wheeler Loan?

The repayment tenure of a two wheeler loan starts from 3 years to a maximum of 5 years.

What are the documents required in applying for a Two Wheeler Loan?

The documents are Address Proof and Identity Proof documents, Bank Statements for the last three months and Salary Slips for the last three months.

Do I have the option of pre-paying the entire loan amount?

You can prepay the loan any time after certain months of availing the loan. You have to pay a prepayment fee on the outstanding loan amount.


Two Wheeler Loan News - Sep 2020
  • 2020-09-22 : SBI offers up to 2 years repayment relief for home and retail loans
    State Bank of India announced the option to choose either a moratorium of up to 24 months or reschedule the instalments and extend the tenure by a period equivalent to the moratorium granted, for its retail customers. ​​​The bank is aiming to assist the customers amid the COVID 19 and economic slowdown.
  • 2020-09-18 : PSBs overtake private banks in 2020
    Public sector banks overtook private sector banks in offering retail loans like home, personal, gold, car, two-wheeler and education loan along with business and mudra loans. Since December 2019, PSBs overall lending has gone up to 57.7% as of June 2020, which is a jump of as much as 60 bpsover six months. During the same period, the share of private banks in overall lending has come down by 60 bps to 34.4%. The share of total loans outstanding that private banks have lost has been taken over by state-owned lenders.
  • 2020-09-15 : FM introduces Banking Regulation Bill in Lok Sabha
    FM introduced Banking Regulation Bill, 2020 in the Lok Sabha. The law strives to protect the interest of the depositors by bringing co-operative banks under the regulatory framework of RBI.
  • 2020-09-11 : State Bank of India targets 3x growth in retail, MSME gold loans
    SBI is targeting 3x growth in retail loans which includes home, personal, car, two-wheeler and gold loans along with MSME loans. The bank has planned to use YONO, its digital banking platform, to cut down on response time and scale-up activity.
  • 2020-09-11 : SBI to launch online application window for retail recasts
    SBI is planning to launch a portal on its website to enable its customers to apply for the restructuring of loans. Loans include retail loans like home, personal, gold, two-wheeler, and two-wheeler along with business loans. The portal is set for a September-15 launch; it will allow borrowers to ascertain their eligibility for recast in two to three days. SBI adds a security feature to its debit cum ATM cards
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More