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Two-wheeler vehicle loan interest rate is the rate at which you'll have to pay interest on your two-wheeler loan principal for a fixed tenure. It differs from lender to lender.
| Type of Fee | Applicable Charges |
|---|---|
| Processing Fee | Up to 4% + GST on total loan amount |
| Additional Processing fee/Admin fee | Up to ₹ 2000 wherever applicable |
| Post Disbursement Documentation Charge | Up to ₹ 650 + GST |
Tata Capital offers the lowest two wheeler loan interest rate in the industry, starting at just 11.5%.
₹ 850
₹ 450 + GST
2% of loan amount or ₹5,750 whichever is higher
₹ 550 + GST
5% of the principal outstanding at the time of foreclosure + GST
₹ 450 + GST Charges will be applicable on your EMI Due date in case the account does not have an Active mandate after the exhaustion of the given post-dated cheques. This charge would be applied every month until there is an Active Mandate linked to the account.
At Actuals
₹ 8,000
₹ 300
₹ 550
₹ 300
Up to ₹ 650 + GST
For loan amounts up to ₹ 85,000 – ₹ 250
For loan amounts above ₹ 85,000 – As per state
Before you apply for a loan, make sure you get the best deal on the interest rate. Follow these simple tips to get the lowest bike loan interest rate-
While availing a loan for two wheeler, interest rate is not the only charge you need to pay. There are many other factors that you must consider before you apply for a loan. They include-
A two wheeler loan has the following benefits–
With Tata Capital, you can get a bike finance for a maximum value of Rs. 2.85 lakhs. Depending upon your two wheeler loan eligibility, you can choose from a wide principal bracket (Rs. 25k to Rs. 2.85 lakhs). Moreover, our bike EMI interest rates start at just 10.99%. You can also calculate your bike loan EMI in advance using our two wheeler loan EMI calculator.
You can avail two wheeler loan ranging from 6 months to 60 months.
No, you do not need to pledge any additional asset as collateral when you avail of bike finance from Tata Capital. The vehicle you purchase will itself act as the security for your two wheeler loan.
Yes, you can avail a zero down payment two wheeler loan with Tata Capital. This means you don't have to make any down payment or pay any upfront costs. Your bike loan will cover 100% of your desired bike’s value up to ₹ 2.85 lakhs. Moreover, you can avail of this loan at affordable 2 wheeler loan interest rates.
Two wheeler loan interest rate refers to the rate at which you'll have to pay interest on your two wheeler loan principal for a fixed tenure. Tata Capital offers the best interest rates in the industry. Our two wheeler loan rate starts at just 10.99% flat rate.
Besides the 2 wheeler loan interest rate, you'll also have to pay a processing fee. Processing fee of a two wheeler loan is the fee charged for the processing of your loan application. This one-time fee is non-refundable even if we reject your loan application. Tata Capital charges a processing fee which is upto 4% + GST on the loan principal amount.
Since the interest rate is expressed as a percentage per annum, the following formula is used to calculate two wheeler loan interest - (Bike Loan Interest Rate/Number of Payments) x Loan Principal = Interest.
Let us understand this with the help of an example – For a loan principal of Rs. 2 lakhs taken at a bike loan interest rate of 12% for a period of 12 months or one year, the bike loan interest rate can be calculated as – (0.12/12) x 2,00,000 = Rs. 2,000.
Besides two wheeler loan interest rate, you also have to pay other charges like foreclosure charges. These are the charges you need to pay if you want to close your loan before the completion of the tenure. You will have to pay the relevant foreclosure charges along with the payment of the outstanding principal. Tata Capital levies foreclosure charges equivalent to 5% of the principal outstanding at the time of foreclosure of two wheeler loan + applicable GST.
Yes, the 2 wheeler loan interest rate is eligible for tax deductions to a maximum of Rs. 1.5 lakhs in a financial year as per Section 80 C of the Income Tax Act. You can only claim the deduction if you purchase the vehicle for business purposes. This is a big relief for self-employed individuals from high two wheeler loan interest rates. You cannot avail tax deductions if you purchase the vehicle for personal use.
No, the processing fees for two wheeler loan is not refundable. This is because we use the money you pay as processing fees towards the legal and technical action involved in the processing of your loan application. Hence, it is non-refundable even if your application is rejected.
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