Planning to buy a two-wheeler? Compare the latest loan rates and indicative EMIs

Currently, many banks are offering the best deals and attractive interest rates to customers who are planning to purchase two-wheelers.

To help you make a wise decision here is a list of over 20 top banks that are currently offering the lowest interest rates on two-wheeler loans.

Have you already made your New Year resolution to buy a two-wheeler? If the answer is yes, then you must not forget to compare the interest rates of leading banks to ensure you get the best deals based on your eligibility and requirements.

Commuting safely has become an utmost priority for all of us now considering multiple waves of COVID-19 pandemic affecting our daily life. Having your own vehicle is always an advantage in terms of time and money. Two-wheeler is one of the preferred modes of transport in India. Often, many Indian families who have four-wheelers prefer to have a two-wheeler for their commuting convenience.

Currently, many banks are offering the best deals and attractive interest rates to customers who are planning to purchase two-wheelers. Two-wheeler loans are easily available and processed without delay by the lenders. If your credit score is good and you meet all other eligibility criteria, your chances of getting the lowest interest rates are higher when you apply for a two-wheeler loan, according to BankBazaar.

Now if you are falling short of funds to buy your favourite motorbike, you can finance it and take a loan from banks. However, it is advisable to compare rates and calculate your EMIs based on your monthly income to avoid delayed repayments or defaults.

There are certain things you must keep in mind while applying for a two-wheeler loan. Firstly, you must compare the interest rate of loan. This is decided based on your eligibility and credit score. Besides, you can also check processing fees, prepayments charges and duration within which your loan will be disbursed. Many lenders offer pre-approved loans to some customers with good financial track record. Pre-approved loans are quickly processed and offer attractive deals to eligible customers.

It is good to keep your documents handy before applying for a loan to avoid delay. These documents are mostly your Aadhaar Card, PAN Card, Income proofs etc. This may also vary from lender to lender.

Avoid borrowing more than your repayment capacity as it may hamper your credit score. To help you make a wise decision here is a list of over 20 top banks that are currently offering the lowest interest rates on two-wheeler loans. However, the interest rates are fixed considering your own credit history and score. Don’t hesitate to discuss loan interest rates, tenure, processing fees etc. with your lender.

The list includes the lowest advertised rates for each of the banks mentioned in the table below.

Interest Rates & EMI on Two Wheeler Loan of Rs 1 lakh for 3 Year Tenure

Compiled by BankBazaar.com

Note: Interest rate on Two-Wheeler Vehicle Loan for all listed (BSE) Public & Pvt Banks considered for data compilation (except foreign and small finance banks); Banks for which data is not available on their website, are not considered. Data collected from respective bank’s website as on 04 Jan 2022. Banks are listed in ascending order on the basis of interest rate i.e., bank offering lowest interest rate on two-wheeler loan is placed at top and highest at the bottom. Lowest interest rate offered by the banks on two-wheeler loan is shown in the table, irrespective of loan amount and tenure. EMI is calculated based on Interest rate mentioned in the table for Rs 1 Lac Loan with tenure of 3 years (processing and other charges are assumed to be zero for EMI calculation); Interest mentioned in the table is indicative and it may vary depending on bank’s t&c.^Rack Interest Rate; ^^Average interest charged on loan disbursed to individual during Q2 FY 2020-21.

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