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Found your dream bike but it doesn't fit your budget? A Two Wheeler Loan is just what you need. It helps you bring your dream motorcycle or scooter home, and repay the amount in easy EMIs as per your convenience. The tenure, interest rates, and other terms of the two wheeler vehicle loan depend on your repayment capacity.
In these unprecedented times, using public transports to commute can be risky. Owning your own two wheeler will give you the freedom to commute safely and comfortably. So, don't let a lack of funds stop you from getting what you want. With a two wheeler vehicle loan, you can secure anywhere between 80% to 100% of the bike cost. From commuter bikes to premium motorcycles, Tata Capital helps you finance bike loan for a variety of two wheelers conveniently. What's more? At Tata Capital, we assure you of minimal paperwork and quick processing.
Disclaimer: Loans are brought to you by Tata Capital Financial Services Limited and are at its sole discretion. Terms and Conditions apply.
Loan Amount
₹25,000 - ₹5,00,000
Loan tenure
6 - 60 months
Interest rate starting @
10.99% p.a
Every loan comes with its own set of features that make it attractive for consumers, and the same applies to two-wheeler loans as well. Tata Capital has several features that make two-wheeler finance loans quite competitive in the market. Let's take a look at them in-depth now.
You might wonder how you might benefit from taking a two-wheeler loan. Apart from the funds involved, there are other key benefits of bike loans that you might know of. Tata Capital offers the following two-wheeler loan benefits that you can take advantage of.
While Tata Capital offers you the chance to apply online, it still has the traditional means of applying offline as well. This can be particularly useful to people who are more accustomed to traditional means of availing of a loan.
The process to apply for a two-wheeler loan offline is as follows:
Don't know if a two wheeler finance is for you?
Here are some benefits that will help you make a decision:
When you opt for a two-wheeler loan, there are several factors involved that help you make your decision. Apart from convenience and flexibility in bike financing, factors like the lender's reputation and trust are also important that should help you decide.
You can avail of a Two Wheeler Loan for the following situations –
Residential stability – You must have at least one year of residential stability to apply for a two wheeler loan.
Employment stability – You must have a minimum of one year of employment stability for a standard bike loan.
Age – You must be between 21 to 60 years old at the time of application.
Residential stability – You must have at least one year of residential stability to apply.
Employment stability – You must have a minimum of one year of employment stability for a standard bike loan.
With a zero down payment bike loan, you can secure 100% financing for the two wheeler you wish to purchase. Under this option, you don't have to pay any amount upfront. With Tata Capital, you can finance 100% of the value of the two wheeler, up to a maximum of Rs. 2.85 lakhs. This facility is suitable when you have a lack of funds or don't want to dip into your savings to arrange money for the down payment.
The most basic charge applicable on a Two Wheeler Loan is that of interest. The Two Wheeler Loan interest rate is the rate at which you'll have to pay interest on the principal loan amount for a specified tenure.
Besides the interest rate, you'll need to pay various other fees and charges like the processing fees, foreclosure charges, and other additional costs. You can find all bike loan details here.
Want to get a 2 wheeler loan but don't know if the EMI will fit your monthly budget? You can use a bike finance EMI calculator to calculate your potential EMIs in advance. It is a free online tool that helps you determine the amount you need to set aside every month to repay your Loan including the interest amount.
An EMI calculator gives you instant and accurate estimates.
All you need to do is enter your 2 wheeler loan amount, interest rate, and tenure in the bike finance EMI calculator to check your projected EMIs and accumulated interest throughout your loan tenure. This will help you plan your monthly budget in advance to avoid any repayment defaults.
You can easily repay your bike finance EMI with our Standard EMI plan. Your EMI value will remain the same every month. This will help you avoid any confusion and know exactly how much amount you need to pay month after month.
A two wheeler loan offers multiple benefits–
With Tata Capital, you can avail two wheeler finance for up to Rs. 5 lakhs. Depending on your two wheeler loan eligibility, you can choose from a wide principal bracket (Rs. 25k to Rs. 2.85 lakhs). You can also calculate your bike loan details for EMI using the two wheeler loan EMI calculator.
You can avail of a two wheeler loan ranging from 6 months to 60 months depending upon vehicle model.
The IRR and Flat Interest Rates are two different types of methods used by NBFCs and Banks to calculate interest. A flat rate of 10.75% will be equal to IRR ROI of 19.50% approx. Loan’s rate of interest is calculated on a flat rate basis and IRR (Internal Rate of Return) is calculated on a reducing rate basis.
If your loan was disbursed on or before 9th of a month then your loan’s 1st EMI will be on the 5th of next month. And if your loan was disbursed after 9th of a month then your loan’s 1st EMI will be on 5th of next-to-next month.
The following are the two wheeler loan eligibility criteria –
You must produce the following documents to avail of a two wheeler loan –
ID Proofs - Passport/Driving License/PAN Card/Voter’s ID/Aadhaar Card along with recent passport size photographs
Residential Proofs - Passport/Driving License/Utility Bill/Voter’s ID/Aadhar card
Residence Ownership Proof - must be in the name of applicant, their parents, or spouse in case of a standard online bike loan.
No, you do not need to pledge any additional asset as collateral when you avail of bike finance from Tata Capital. The bike you purchase will act as the security.
Yes, you can avail of a zero down payment two wheeler loan with Tata Capital. This means you don't need to make a down payment or pay any upfront costs. You can secure finance 100% up to Rs 2.85 Lakhs of your desired bike’s value with Tata Capital.
Credit report provides details on your financial status and your ability to repay a Loan. This helps us evaluate your financial history. A good credit score will ensure faster approval of loan at better rates.
Once we have all your documents with us, it generally takes about 20 minutes to calculate the eligibility for the Two-Wheeler Loan amount to be approved.
Tata Capital offers several Ways to Service:
You can avail of a two wheeler loan ranging from 6 months to 60 months depending upon vehicle model.
| For a new loan requirement | |
| Tata Capital Financial Services Limited - Consumer Loans | |
| Tata Capital Financial Services Limited - Corporate Loans | |
| Tata Capital Housing Finance Limited - Home Loans |
|
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 |
For Retail Loans:
Please click here to know if your bank is a participant for digital E-NACH
If your bank is a participant in digital E-Nach registration.
You are requested to complete the E-NACH registration by clicking on the link. Once registration journey is completed successfully, the new bank account details will be updated in our records.
Note: Requests submitted between 27th day of the month & EMI due date, upcoming EMI will be debited from the existing bank account. Subsequent EMIs will be debited from new Bank account, post mandate is registered successfully.
Example - In the scenario of EMI due date on 3rd of every month. If the request is submitted between 27th September – 3rd October, October month’s EMI will be debited from existing bank account. New bank account will be debited from November month.
If your bank is NOT a participant in digital E-Nach registration.
Since your bank does not participate in digital e-NACH registration, we would need some physical documents from you. You can contact us to place a request for your Bank NACH change. Our service executive will connect with you on your registered mobile number to fix an appointment as per your convenience to collect the below documents.
1. Photocopy of a cancelled personalized cheque from the new desired bank account
2. Your consent and signature on the new NACH mandate form (executive will carry this form along with him)
Please note that it takes about 30 days for the NACH to be registered with the bank.
Note: EMI will be presented to the existing bank till the time your new bank account gets updated in our records.
NOC will be dispatched to your registered Address within 5 working days from the date your loan closure.
In case you need us to send the NOC on any other address or at your nearest branch, you can contact us or visit the branch.
Your CIBIL score will automatically get updated after a month of your loan closure
To download your two-wheeler loan statement of account:
1. Visit the Tata Capital Website. Click on login and select ‘Retail customer login.’
2. Enter your mobile number/email ID/user ID and provide the OTP.
3. In the retail customer portal, click the “Download Account Statement” button to download
your 2 wheeler loan statement in PDF format.
To be eligible for the bike loan, having a credit score of 750 or above is preferable. The higher your credit score, the higher your chances of getting your loan application approved.
Yes, a salaried person is eligible for two-wheeler finance. To avail of Tata Capital’s 2 wheeler loan benefits, you need to meet the following eligibility criteria:
1. Minimum one year of residential stability.
2. Minimum one year of employment stability.
3. Age requirement: 21 to 60 years.
Follow this procedure to download your bike loan statement of account:
1. Visit the website and select login. Go to the retail customer login.
2. You will be taken to the retail customer portal login page. Login using your mobile number/email ID/user ID and provide the OTP.
3. Click the “Download Account Statement” button to download
your 2 wheeler loan statement in PDF format.
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