Vehicel Loan
Check out the various two-wheeler loans available to you if you’re looking to take out a loan to buy a motorcycle.
Take a look at some of the banks that can provide you with these loans. Interest rates, processing fees, and EMIs are all factors to consider. Continue reading to discover the best solution for you.
Take a look at some of the banks that can provide you with these loans. Interest rates, processing fees, and EMIs are all factors to consider. Continue reading to discover the best solution for you.
Vehicel Loan Interest Rates for All Banks
| TWL Banks | Interest Rate | Loan Amount | Processing Fees |
|---|---|---|---|
| State Bank of India | 16.75% to 18.50% p.a. | Rs.20,000 to Rs.3 lakh | 2.00% of the loan amount + GST (minimum of Rs.1,000) |
| HDFC Bank | 14.50% p.a. onwards | Nil to Rs.15,000 + GST | 2.5% of the loan amount |
| Punjab National Bank | 9.55% p.a. onwards | Up to Rs.10 lakh | 0.5% of the loan amount subject to Rs.500 to Rs.1,000 |
| Union Bank of India | 10.80% onwards | Up to Rs.10 lakh | Contact the bank |
| Axis Bank | 12.00% to 23.50% p.a. | Rs.25,001 onwards | 2.5% of the loan amount |
Vehicel Loan Eligibility
Lenders have certain eligibility criteria they expect you to fulfil before they process your application. These may vary from one lender to another. Some of the general eligibility criteria are as follows:
| Requirements | Salaried Individuals | Self-employed individuals |
|---|---|---|
| Age | Minimum - 21 years at the time of application Maximum - 65 to 70 years at the end of the loan tenure | Minimum - 21 years at the time of application Maximum - 65 to 70 years at the end of the loan tenure |
| Monthly income | Rs.7,000 | Rs.6,000 |
| Credit score | Above 750 | Above 750 |
| Loan amount | Up to 100% of the value of the vehicle | Up to 100% of the value of the vehicle |
| Residential stability | Must be staying at the current address for at least 1 year | Must be staying at the current address for at least 1 year |
| Work experience | At least 1 year | At least 1 year |