New Year is just a few days away and 2 wheelers give freedom of movement at a relatively smaller cost. These days most consumers resort to loans when buying a car or a 2-wheeler. Two-wheeler sales are also regarded as an important indicator for the state of consumption in the country too, especially consumption and income levels in the rural sector of the country.
Loans from banks are crucial in the sales since loans increase the accessibility of consumers to these vehicles. The easy availability of funding is one of the major triggers for the rise in 2-wheeler sales in India in recent years. One can also check if companies or dealers are offering New Year sales promotions for these vehicles.
SBI two wheeler loan rates
The 2-wheeler loans from SBI (State Bank of India) can go up to 85% of the on-road price of the vehicle. There is also an age limit for 2 wheeler loans from SBI. But the applicant must be between 18 and 65 years of age. The minimum (monthly) income criteria is: Rs 10,000 for salaried and pensioners while for others it is Rs 1.50 lakh (annually). Loans are sanctioned between Rs 50,000 and Rs 3,00,000. Interest rate on loans from SBI would begin from 12.80% (regular 2 wheeler loan). SBI also offers a 0.50% concession on interest rates for electric vehicles.
HDFC Bank, ICICI Bank two wheeler loan
The interest rate on 2 wheeler loans from HDFC Bank starts from 14.5% and it depend son the creditworthiness of the applicant and vehicle category. A loan processing charge of 2.5% of the loan amount is charged as well. Documentation charges of 2.25% of the loan amount can also be charged. Premature closure charges on these loans are applicable too.
The interest rates on 2 wheeler loans from ICICI Bank is a 10.50% (minimum) and 25.10% (maximum). The mean rate of interest has been mentioned as 19.68% by the bank (Q2 of FY25). Besides these some of the charges are: loan processing fee (up to 4% of the loan amount), documentation charges (Rs 500 + GST), registration certificate collection fees (Rs 600 + GST). ICICI Bank will levy on you penal charges for late payment.
Nothing perhaps pumps adrenaline and excitement more than the wind brushing against your ears as you ride a two-wheeler. All major banks in the country offer loans to fund acquisition of 2-wheelers. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
