Bike Loan – Two Wheeler Loan Interest Rate 2024, Eligibility: Hi friends let’s read the information about the bike loan interest rate of all banks and non-banking financial company ( NBFC). If you are thinking of taking a bike loan, then you should know what is the interest rate of that loan.
Two wheeler loan from any bank or financial institution, Many banks and financial institutions are providing bike loans to the customers at attractive interest rates. In this article, we will get to know about bike loan interest rate in detail and compare it with other lenders to help us get the loan at the lowest interest rate.
Bike Loan Interest Rate 2024
Bike loan or two wheeler loan are both the same thing, friends, do not be confused in them. When we take a loan to buy the bike of our dreams, it is a bike loan or a two wheeler loan. two wheeler loan Secured & Unsecured loan There are both types. Under the secured loan, you have to give collateral or security to take the loan.
But under unsecured loan, you do not have to provide any collateral or security. Most of the lenders in India offer unsecured bike loans. of the customer to take any loan CIBIL Score Must be very good. Because the lender checks the credit score of the customers before giving them the loan. If your CIBIL score is very good then you can take advantage of the lender’s attractive interest rates.
The loan interest rate depends on several factors such as the applicant’s credit score, income, age, repayment ability, employment status, etc. If you have a good income and you have a stable employment then you can find attractive bank Bike Loan Interest Rate can take advantage of.
Types of Bike Loan Interest Rates
Lenders mainly offer two types of interest rates which are as follows:
- Floating Interest Rates: This interest rate varies according to the market price. If the interest rate is low at some point of time then you have to pay less and at some point of time it is higher then you have to pay interest.
- Fixed Interest Rates: As the name suggests, this interest rate remains constant throughout the loan tenure. It is not affected by the fluctuations in the market.
Two Wheeler / Bike loan interest rate 2023
is the information about the two wheeler loan interest rate of all banks and lenders, which you can see:
| Name of lender | interest rate (per annum) |
| SBI Bike Loan | 16.25% |
| Allahabad Bank | 10.35% |
| Axis Bank Bike Loan | 10.80% |
| IndusInd Bank | 21.00% |
| PNB | 9.50% |
| Bajaj Auto Finance | 11.60% |
| HDFC Bank | 8.50% |
| Andhra Bank | 9.90% |
| Canara Bank | 9.05% |
| United Bank of India | 9.55% |
| Bank of India | 6.85% |
| Corporation Bank | 9.90% |
| Union Bank of India | 9.90% |
| Indian Bank | 10.35% |
| Jammu And Kashmir Bank | 8.45% |
| Karnataka Bank | 12.45% |
Two wheeler loan interest rate calculation
As we told you that before applying for any loan, it is very important for you to have proper knowledge about the interest rate of that loan. The loan interest rate is calculated keeping in mind many factors such as applicant’s income, age, repayment ability, applicant’s profile etc.
As you know that two wheeler loan is of both secured and unsecured type. The interest rate of both these ( Secure & Unsecured loan) two wheeler loan is different. The interest rate of unsecured loan is higher as compared to secured loan.
Your employment status affects your interest rate. If you are a salaried person and have a stable employment, then you will get a lower interest rate. Bike Loan in Hindi But bike loan interest rate can be high for self-employed individuals.
Factors Affecting Two Wheeler Loan Interest Rate
There are several main factors that affect your interest rate:
- CIBIL Score: CIBIL score is important for availing any loan. The CIBIL Score of the customer mainly affects the interest rate of the loan. The better your credit score, the lower the interest rate you can get a loan. Generally a CIBIL score of 750 or more is considered a good score.
- Your place of work: Where are you living and your place of work i.e. where is the company you are working in, etc. affects your interest rate.
- Employment Status: If you have a good stable employment then you can get up to a higher loan amount and at an attractive rate of interest. two wheeler loan can obtain. With you having good employment, the lender feels that you will pay their money on time.
- your age: Your age affects the interest rate of your loan. if you retire If the interest rate of your loan is close to Rs.
- Your relationship with the lender: How is the relationship with your lender, if good then you can get the benefit of it.
- Your Income: If your income is high and you have a stable income then you can get relief in interest rate. You can get more loan at lower interest rate.
Bike loan EMI Calculator
interest rate plays an important role in the EMI of the loan. Two wheeler loan EMI depends on three main factors which are loan amount, interest rate and loan tenure. If the interest rate of your loan is high, then the monthly installment of your loan will also be high, which can bother you. Therefore, before applying for the loan, you should compare the loan EMI of different lenders so that you can know which loan is right for you.
How to get the cheapest two-wheeler loan ?
If you want to get the cheapest bike loan interest rate, then you have to keep some things in mind about which information is given here:
- Have a good CIBIL score: The lender checks the customer’s CIBIL score before granting the loan. Always maintain a good credit score which helps you to get loan at low interest rate. You can improve your CIBIL score by paying your loan EMIs on time.
- Interact with the Lender: If you have a good relationship with the lender, then you should talk to the lender who can help you get a low interest rate loan.
- Take a loan from your existing lender:If you have already taken loan from any bank then you should try to take two wheeler loan from the same bank so that you can get loan at low bike loan interest rate.
- Compare Interest Rates: You should compare the two wheeler loan interest rates from different lenders. With this you can get the cheapest option. Low interest rate lowers your EMI. Apart from this, you can get the easiest loan by comparing the processing fee, prepayment charges etc.
- Bike Loan Offers: Offers are issued by the lender from time to time. In these offers, you can get a loan at a low interest rate. You should inquire about these offers from time to time.
- Be aware of fees: Different types of charges are levied by the lender from the customer. about all these charges There should be information. Some lenders charge hidden fees which can increase your loan burden.
Read Also:
- Axis Bank Bike Loan
- SBI Bike Loan – Two Wheeler Loan
- Zero Down Payment Bike Loan
- Bajaj Finance Bike Loan
- BOI Bike Loan
Final World:
In this article we have you Bike Loan Interest Rate 2024 Provided complete information about. Before taking a bike loan from any lender, it is important for you to know about the interest rate of that loan properly. You can compare the bike loan interest rates of different banks and lenders and apply for the loan at the lower interest rate.
For more information about the interest rate, you can contact the customer care number of the lender. If you have any query related to this article, then you can feel free to write us in comment.
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FAQ’s on Bike Loan Interest Rate
How to get two wheeler loan at low interest rate ?
If your CIBIL score is very good and your income is good then you can get loan at low interest rate.
How is EMI calculated in a bike ?
You can calculate the EMI of your loan with the help of Online Bike Loan EMI Calculator.
How can I get a loan for a bike ?
For this you have to apply. You can apply both online and offline.
Which bank has the lowest interest rate on bike loan ?
You can find out by comparing bike loans from different banks.
Which loan is best for bike loan ?
The interest rates of different banks are given in this article, you can compare them.
What is the bike loan interest rate ?
The interest rate of different banks and lenders is different, about which information has been given in detail in this article.