Two Wheeler Loan

Looking for the best two-wheeler loan to finance your dream bike or scooter? Look no further, you can find the most competitive and convenient two-wheeler loan options on the market. Our easy application process ensures quick approval and disbursal, so you can hit the road in no time. With flexible repayment options and affordable interest rates, you can find a bike loan or a 2-wheeler loan that fits your needs.

Two-Wheeler Loan from Banks & NBFCs

Here are the bike loan interest rates offered by different Banks. Refer to the table below and compare to choose the right lender for you!

Personal Loan by Bank/NBFC Interest Rates Processing Fees
Axis Bank 10.80% - 28.30% p.a Up to 2.5% of the loan amount
Bajaj Auto Finance Starting at 8.50% p.a 3% of loan amount
Bank of India 6.85% - 8.55% p.a Rs. 500 - Rs. 10,000
HDFC Bank 20.90% p.a Up to 2.5% of the loan amount

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Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks

Two-Wheeler Loan Interest Rates & Charges

Financing your scooter loan has now become easier! Refer to the table below to learn everything about instant bike loans interest rates to loan tenure.

Two-wheeler loan interest rates 0.99% p.a onwards
Loan amount Up to ₹3 lakhs
Loan Processing Fees Up to 4% plus applicable taxes
Loan Tenure Up to 20 months
Repayment Tenure Upto 3-5 Years (Depending on Bank)

Two-wheeler Loan EMI calculator:

A two-wheeler EMI calculator can be used to calculate your monthly EMI.

You can also use the following formula to calculate your monthly installments!

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

The loan amount, or principal is P, the interest rate is R, and the number of monthly payments is N.

You can calculate the monthly EMI by entering the principal amount (P), the interest rate (R), and the number of repayment months/tenure (N).

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Two-Wheeler Loan Eligibility Criteria:

Here are the factors to consider when checking your two-wheeler loan eligibility criteria.

Age 18 - 65 years
Minimum salary ₹10,000
Employment duration Minimum 1 Year
Employment status Salaried or self-employed
Residence Reside in the city for at least a year

Documentation Required for an Instant Bike Loan

Make sure to keep these documents in check and handy to avail an instant two-wheeler loan online with Buddy Loan

Documents Required:

Income certificate

Age proof : Birth Certificate, Driving licence

ID Proof :Aadhaar Card, PAN Card

Features & Benefits of a Two-Wheeler Loan

Easy Documentation

100% digital application

Full Finance

The value of car
is providing entirely
on road price

Longer Tenure

your loan tenure
can extend up from
12 months to 60 months

Low Interest Rates

2% interest rates on
savings account

Approved within few

Easy pre-approved loans

No hidden Charges

No application
fees/ charges

Reasons to Take a Two-Wheeler Loan

Here are five reasons why you should consider taking a two-wheeler loan.

  • Purchasing the Bike You Desire
  • If you need a convenient way to travel and are captivated by a bike with a stunning design and premium features, acquiring it through a bike loan can be an ideal solution.

  • Tax Benefits and Savings
  • By taking out a two-wheeler loan, you become eligible for tax benefits. Specifically, you can enjoy an income tax deduction on the interest paid towards the loan.

  • Fostering Financial Discipline & Effective Financial Management
  • A sense of responsibility can help you become more mindful of your spending habits and make wiser choices, ultimately leading to better savings.

  • Favourable Interest Rates
  • The demand for bikes continues to rise, prompting lenders to offer competitive interest rates on bike loans. Currently, it is possible to secure a loan with an interest rate as low as 10% per year.

  • Building a Strong Credit Profile
  • Making timely EMI payments can enhance your credit score. Improving your creditworthiness opens doors for better loan options in the future, such as business or home loans.

Dos and Don'ts of Applying for Two-Wheeler Loan

Read below to get a glimpse of the Do’s and Don’ts to consider when you apply for a Two-wheeler loan.

Do's Don'ts
Compare interest rates and terms.. Don't borrow more than you can afford to repay.
Check your credit score. Don't provide false information or documents to the lender.
Maintain a good repayment record. Don't miss or delay loan repayments.
Opt for insurance coverage. Don't ignore the loan prepayment and foreclosure.

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Improve Your Chances of Getting a Two-Wheeler Loan

Here are 8 tips that you can practice to improve your chance of getting a two-wheeler loan.

Personal Loans for 2 Wheeler Purchase Vs. Two-Wheeler Loans

Here’s the following table to learn more about Personal loan VS Two-wheeler loan.

Points of Comparison Personal Loans for 2 Wheeler Purchase Two-Wheeler Loans
Purpose Can be used for various personal expenses, such as for two wheeler purchase, for car purchase, emergency loan, etc Specifically designed to finance the purchase of a two-wheeler.
Collateral Requirement Unsecured loans Secured loans
Loan Amount Typically, higher loan amounts. The loan amount is directly linked to the cost of the two-wheeler, generally covering a significant portion of the vehicle's on-road price.
Interest Rates Interest rates are generally higher. Interest rates are comparatively lower.
Repayment Flexibility flexible in terms of repayment. Fixed repayment tenures

How to Apply for a Two-Wheeler Loan with Buddy Loan

Here’s the step-by-step process that you can follow to apply for a two-wheeler loan on Buddy Loan:

  • Step 1: Visit or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Two Wheeler Loan Repayment

Bike loan repayment is pocket-friendly with zero charges. Check out the EMI, prepayment charges, and foreclosure charges offered by different banks to effectively manage your finances. The maximum loan tenure for a two-wheeler loan is 36 months. Generally, it's about 12-36 months.

Frequently Asked Questions

It is a loan used to finance a bike, scooter, or moped that can be repaid in monthly installments. An asset (usually the two wheeler itself) secures the loan.

You can avail a loan up to Rs. 50 lakh, starting from Rs. 1 lakh, depending on your income, credit history, and other financial obligations.

No, you cannot obtain a bike loan without income proof. However, you might need to keep a few documents handy, such as bank statements and checks, to claim a loan.

You can find different types of lenders who can help you with a Two-wheeler loan online that is quick, simple, and easy to obtain funds for your needs.

Yes, you can buy a two-wheeler without a down payment. There are banks that offer 100% bike loan financing, so you can own a two-wheeler without paying anything upfront.

The lowest bank interest rates available are offered by banks like Axis, IDFC, and Induslnd Bank at 10.49%.

Yes, depending on your position, you can prepay your bike loan in full or in part. To close the debt quickly, consider prepaying it.

Yes, you are permitted to declare the two-wheeler as a business asset under the Indian Income Tax Act. You can use the interest that you'll pay on the loan as an exemption. Section 80C of the IT Act governs it, and the annual ceiling is Rs 1.5 lakh.

Your financial and personal information will be requested. Additionally, you must include precise information on the vehicle, such as the RTO, the dealer's name, and the on-road cost. Your Two - wheeler loan application will then be processed.

If you can't afford the initial down payment, you can acquire a loan for up to 100% of the bike's value. The interest rates for two-wheeler loans begin at just 11.20%*. Your needs will determine the interest rate you select.

Two-wheeler loans are unsecured. Some lenders also provide secured loans, which often have lower interest rates.

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