Bike Loan Interest Rate: In this article, we will provide you information about 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.
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 2022
Bike loan or Two wheeler loan both are the same thing friends, don’t get confused between them. When we take a loan to buy our dream bike, it is a bike loan or a two wheeler loan. Two wheeler loan are of both types Secured & Unsecured loan.
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. The lender checks the CIBIL score before giving the loan to the customers.
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 a stable job, then you can apply for an attractive job in the bank. bike loan interest rate can take advantage of.
HIGHLIGHTS:
| Article | All Bank Bike Loan Interest Rate 2022 |
| loan name | two wheeler loan |
| lender | Banks and NBFCs |
| Rate of interest | Different between Bank and NBFC |
| Application Mode | online / offline |
Types of Bike Loan Interest Rates
There are mainly two types of interest rates offered by the lenders 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 ups and downs in the market.
bike loan interest rate 2022
Below is 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 | 16.25% |
| Allahabad Bank | 10.35% |
| Axis Bank | 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 to have proper knowledge about the interest rate of that loan. The loan interest rate is calculated taking into account several factors such as applicant’s income, age, repayment capacity, applicant’s profile etc.
As you know that two wheeler loans are of both secured and unsecured types. The interest rate of these two (Secured & Unsecured loan) Two wheeler loans are different. Unsecured loans have a higher interest rate as compared to secured loans.
All banks offer attractive interest rates on bike loans to the customers. 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 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 taking 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 from. Generally, a CIBIL score of 750 or above is considered a good score.
- Your place of work: Where are you living and your work place 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 get. With your good employment, the lender feels that you will repay their money on time.
- your age: Your age affects your loan interest rate. If you are close to retirement, then your loan interest rate can be higher.
- 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 steady income, then you can get relief in the interest rate. You can get more loan at lower interest rate.
bike loan calculator
The interest rate plays an important role in the EMI of the loan. The EMI of Two Wheeler Loan depends on three main factors namely 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 will be able to know which loan will be right for you.
How to get the cheapest two wheeler loan?
If you want to get the loan at the cheapest i.e. Lowest 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 does a necessary check of the customer’s CIBIL score before giving the loan. Always maintain a good credit score which helps you in getting a loan at a lower rate of interest. You can improve your CIBIL score by paying your loan EMIs on time.
- Negotiate with the Lender: If you have a good relationship with the lender, then you should negotiate with the lender who can help you get a lower 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 processing charges, 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 the fees: Different types of charges are levied by the lender from the customer. You should be aware of all these charges. Some lenders charge hidden fees which can increase your loan burden.
conclusion
In this article we have given you Bike Loan Interest Rate 2022 Complete information about has been provided. If you also want a cheap bike loan, then you can apply for the loan by reading this article.
You can compare the bike loan interest rates of different banks and lenders and apply for the loan which suits you the lowest 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.
Mostly asked questions:
The interest rate of different banks and lenders is different, about which information has been given in detail in this article.
Different banks have different interest rates. For more information read this article completely.
You can find this out by comparing the bike loans of different banks.
It depends on the factors like age of the applicant, income, repaying capacity, employment status, place of work etc.
If your CIBIL score is very good and your income is good then you can get loan at low interest rate.