MyLoanCare is a FREE of cost service for borrowers

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0

Menu

Super Bike Loans

Superbike Loans

Last Updated 27th Nov 2020

  • A superbike loan is a credit facility extended for the purchase of a superbike at affordable interest rates.
  • A Super bike loan is generally given for bikes with an engine capacity of 500CC and above.
  • Superbike loans are granted by top-notch lenders such as SBI, HDFC Bank and many others.
  • A superbike loan offers financing up to 85% of the purchase value of the bike, along with additional funding for accessories in some cases.
  • Both salaried and self-employed individuals can take this loan with a good credit score of above 600.
Apply for Two Wheeler Loan @ 11.60%*

What is a Super Bike Loan?

A superbike loan is a credit facility extended for the purchase of a superbike. Amongst the increasing demand for two-wheelers in the Indian markets, superbike loans hold a major place. This is because a superbike adds more to the luxury, comfort and privilege. Superbikes offer good features such as high acceleration, high speed, safe braking and smooth cornering along with the benefit of first-class fuel economy. Thus, these benefits make superbikes an expensive vehicle. However, to cope up with the high price and the desire of a superbike, many lenders put forward a specialized loan designed exclusively for the purchase of superbikes.

Top Banks Offering Superbike Loans in India

Bank Interest rate Processing fee
Bank of India7.75 % 1% of Loan Amount with Minimum Rs. 500 and Max Rs. 10,000
PNB10.70 % Min Rs. 275
HDFC Bank14.03 % 3% of Loan Amount with Minimum Rs. 600
SBI16.05 % 1.25% of Loan Amount with Min Rs. 250 and Max Rs. 500

Features & Benefits of Superbike Loan

Some of the features and benefits of superbike loans are listed as follows:

  • High value: Superbike loans are high-value loans as one can get high financing on these loans, that is upto 85% of the price of the bike in general. This, however, may vary across lenders.
  • Additional funding for accessories: Many superbike loan lenders provide additional funding for the purchase of accessories that may range upto ₹ 2 Lakh.
  • Loan amount: Since superbike loans are expensive, thus, the quantum of loan is high in these loans. In general, it may be borrowed up to ₹ 50 Lakh.
  • Loan tenure: The higher the loan amount, the higher can be the tenure. The maximum loan tenure to avail the superbike loan is five years or sixty months in most cases.
  • Loan application: The application process for the two-wheeler loan is available through both offline and online mediums. Thus you can choose the application mode as per your convenience.
  • Occupation no bar: The superbike loan can be borrowed by both salaried and self-employed people. However, to avail this loan, what matters most is the repayment ability and financial stability.
  • Top lenders: Superbike loans are offered by top lenders in the market, such as SBI, and HDFC Bank, among others. Thus, these loans come from reliable sources with transparent terms and conditions.

Eligibility of Superbike Loan

Borrowers’ AgeThe age limit of the borrower applying for a superbike loan must range between 21 to 65 years of age.
Loan AmountAs per the superbike loans, you can borrow a maximum amount of ₹ 50 Lakh.
IncomeThe minimum net annual income in most cases is expected to be at least ₹ 2.50 Lakh.
Repayment TenureThe maximum tenure to repay Superbike loan is 5 years
OccupationThere is no bar to occupation in case of a two-wheeler superbike loan. It can be borrowed by salaried, self-employed or self-employed professionals.
Credit ScoreSince these loans are granted based on one’s repayment ability, a good credit score is required for the same. A credit score of 600 and above is ideal for availing the superbike loan
Bike specificationIn general, lenders prefer lending superbike loans to bikes with an engine capacity of 500CC or higher.

Documents Required for Superbike Loan

The list of documents required to avail a superbike loan, in general, is mentioned here:

  • Passport size photograph
  • Identity proofs such as Aadhar card, passport or PAN card.
  • Residence address and ownership proof such as Aadhar card, PAN card, utility bills-water, gas, telephone, or electricity bill or property papers.
  • Income proof- banking statements, salary slips and P&L statement in case of self-employed.
  • Bike quotation from a recognized seller
  • Bank continuity proof via the last six months or one-year banking statement
  • Bank statement
  • Latest ITR return copies
  • CIBIL Score and report

Fees & Charges on Superbike Loan

Some of the fees and charges involved in availing a superbike loan are listed as follows:

  • Processing fee: Similar to all loans, superbike loans too are maintained with a loan account and documentation. Thereby lenders charge a processing fee for the same. The processing fee on a superbike loan may range from 1% to 3% of the loan amount. In the case of pre-approved offers, many lenders may even charge NIL processing fee.
  • Prepayment charges: Like all loans, a superbike loan can be prepaid as well, in case of surplus funds. Thus banks charge the prepayment fee in case one chooses to make a part of the principal payment in advance. This fee may vary across lenders, but in general, it is upto 6% of the outstanding balance.
  • Other charges: Apart from the processing fee and prepayment fee, there are various charges involved in the superbike loan process. These charges may, however, vary across lender to lender. These are legal fee, NOC fee, stamp duty charge, cheque bounce charge, or loan cancellation charges, among others.

Superbike that is eligible for Superbike loan

Some of the top superbikes for which you can avail a super bike are listed as follows:

  • Suzuki GSX S1000F
  • Yamaha YZF – R1
  • Suzuki GSX R1000
  • BMW S1000RR
  • Suzuki Hayabusa
  • Aprilia RSV4
  • MV Agusta F4
  • Honda CBR Fireblade
  • Ducati 1299 Panigale S
  • Kawasaki Ninja H2

FAQs

How can I check eligibility for a bike loan?

You can check your eligibility for a bike loan through online platforms such as MyLoanCare using the two-wheeler eligibility calculators. Apart from that, you can also check the eligibility by checking on the lender’s website.

Is the cibil score required for a bike loan?

Yes, cibil score is required to avail a bike loan, as the loan is granted irrespective of the occupation based on the financial credibility of the borrower. A minimum credit score of 600 is required.

Which Bank is best for bike loans?

Some of the top banks offering bike loans are Bank of India, PNB, HDFC Bank . Amongst these, Bank of India offers the lowest interest rate of 7.75 %. When it comes to the processing fee, Bank of India charges the lowest processing fee of 1% of Loan Amount with Minimum Rs. 500 and Max Rs. 10,000 on bike loans.

What is the maximum tenure for a bike loan?

The maximum loan tenure for a superbike loan is 5 years. This, however, may vary across different bike loan lenders.

Which is a better personal loan or bike loan?

Personal loans and bike loans are credit facilities extended to potential borrowers for different services. While a personal loan offers the end-use of a loan amount, a bike loan can be used only to purchase a bike. Thus, depending upon the need, one must decide which one is better as per the requirement.


*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
Loader
Please wait while your information is being processed...