Which Bank Bike Loan Is Best?

What is down payment for bike?

In most cases, when you take a loan for making a high-value purchase like a car or a two wheeler, you are required to pay anywhere between 5% and 15% of the value up front, called the down payment.

The bank provides the balance 85%-90% of the value as loan..

How can I check my bike loan details?

A simple way to check your eligibility is to use an online tool like the Bike Loan eligibility calculator.Enter your city, date of birth and type of residence.Choose a bike model.Enter an indicative price for the bike you want.Enter your employment details and income.Confirm if you have an HDFC Bank account.More items…

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 no cost EMI?

The Bajaj Finance No Cost EMI can be availed using the Bajaj Finserv EMI Network card. The option of no cost EMI on Bajaj Finserv EMI Network cards makes use of a pre-approved loan to purchase high-value products and prevents you paying excess on your purchase.

Can I buy bike on Bajaj EMI?

Availing a two-wheeler loan can enable a customer to access funds for a new vehicle which can then be repaid in EMIs. Bajaj Finserv Two-wheeler loan can be availed only when a buyer purchases Bajaj Bikes only. The financial company does not provide loan on other bike makes and models from other manufacturers.

Which bank has lowest interest rate for bike?

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 maximum tenure for bike loan?

5 yearsYou can avail a loan up to 100% of the two wheeler actual cost for bikes, up to ₹1,50,000. You can avail a loan tenure up to 5 years.

Which bank is best for vehicle loan?

Best Car loan Interest Rates India September 2020Car loan BanksInterest RatesEMI per Rs 1 lakh for 7 YearsCanara Bank8.05% – 8.65%Rs. 1,561 – Rs. 1,591Central Bank of India8.40% – 8.65%Rs. 1,579 – Rs. 1,591Corporation Bank8.50% – 9.00%Rs. 1,584 – Rs. 1,609HDFC Bank8.80% – 8.90%Rs. 1,599 – Rs. 1,60414 more rows

What is super bike loan?

A Super Bike Loan may be just the right option for you. … It is a loan that you can use to fund the purchase of your dream bike. It works like any other loan, which means that you repay the loan amount to the bank in easy monthly instalments.

Can two wheeler loan be used for personal?

You may take a two-wheeler loan or a personal loan to buy a new scooter or motorcycle. Both the types of loans are offered by banks as well as non-banking financial corporations in India. When you apply for a personal loan, you can enjoy the benefits of having an unsecured loan.

Can we buy scooty on credit card?

In a bid to boost sales, Honda Motorcycle and Scooter India is offering new schemes to customers. The HMSI offers are related to those taking two-wheelers on finance or even on outright credit card purchases. … Customers, if found eligible, can get up to 95 per cent loan amount of the vehicle from these banks.

How do I check my loan status?

You will need to go to the official website of the bank or financial institution. On the website, you need to look for the “check loan status” option. Now you will need to enter the details you have mentioned in the loan application such as date of birth, email address, mobile number, etc.

Can we buy bike in credit card?

Yes, you can buy a bike using a credit card. So, you can either opt to make full payment on the due date or make payment by EMI. It is vital to know the credit limit on your card. You see, this limit is the maximum amount that you are allowed to spend on your credit card.

How can I finance a bike?

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.

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 bank loan from bike?

How to get Bike Loan?1 – Pick a Two Wheeler Loan. Decide the brand and type of Two Wheeler Loan that is likely to serve your needs best. … 2 – Check your loan eligibility. You can check your loan eligibility in less than two minutes. … 3 – Calculate your Two Wheeler Loan EMI. … 4 – Apply online. … 5 – Submit documents.

How is EMI calculated for bike?

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.