HDFC Bank Two-Wheeler Loan
HDFC Bank is one of the leading private banks which offers two-wheeler loans for borrowers across the country. The loans are offered at rates of interest starting at 14.50% p.a. (rack interest). A borrower can avail up to 100% of the on-road price of the vehicle with a loan repayment tenure of 12 months to 48 months.
HDFC Bank Two-Wheeler Loan Interest Rate
Category | Details |
Interest Rate (Rack Interest) | 14.50% p.a. onwards |
Maximum Loan Amount | Up to 100% of the price of the vehicle* |
Minimum Loan Amount | As per the bank's terms and conditions |
Minimum Income Requirement | As per the bank's requirement |
Repayment Period | 12 months to 48 months |
Processing Fee | Up to 2.5% of the loan amount (maximum) |
Prepayment Charges | Up to 5% of the outstanding principal |
Documentation Charges | Up to 2.25% of the loan amount |
*Up to 100% financing option available for existing HDFC Bank account holders and applies to specific models of two wheelers only.
Compare with: Lowest two wheeler loan interest rate
How to Apply for HDFC Bank Bike Loan?
You can apply for an HDFC Bank Bike loan online. You will be required to follow a few simple steps which can be summed up as follows:
You can visit the official website of the bank and check if you meet the eligibility criteria to apply for a two-wheeler loan. If you meet the eligibility criteria, you can apply for a loan online and upload the relevant documents.
You can visit the nearest HDFC Bank branch and apply for a two-wheeler loan. You will need to submit the necessary documents.
HDFC Bank Two-Wheeler Loan EMI Calculator
HDFC Bank offers an EMI calculator on the official website which can be used by any user to calculate the EMI for the prospective loan amount chosen by them. The EMI calculator is available on the product page of two wheeler loans.
In this two wheeler loan emi calculator, the user will be required to enter the details of the loan such as the loan amount, the annual rate of interest, and the loan repayment tenure in months. Once all the details have been entered, click on the 'Calculate' button and the calculator will make the necessary calculations and display the EMI amount as per the details provided by the user at the bottom of the table.
HDFC Bank Two-Wheeler Loan Eligibility Criteria
An applicant for HDFC Bank two-wheeler loan will be required to fulfil certain eligibility criteria and are mentioned below:
- At least 21 years old at the time of applying for the loan, and less than 65 years at the end of the loan tenure.
- A salaried or self-employed individual.
- The applicant's minimum monthly income must be Rs.10,000.
- Non-individual bodies such as partnership firms, private Limited companies, limited companies etc. can also apply for a two-wheeler loan from HDFC Bank.
Documentation for HDFC Bank Two-Wheeler Loan
The following documents are required for the purpose of applying for a two-wheeler loan through HDFC Bank:
Proof of Residence or Address Proof
Any one of the following - Passport, Voters' ID card, Driving license, Electricity bill, Ration card, most recent credit card bill, LIC policy, gas connection bills, rental agreement, sale deed, telephone bill, etc.
Proof of Identity
Any one of the following - PAN card, Photo Credit Card, Driving License, Voters' ID Card, Ration Card (with photograph), Company ID card, etc.
Income Proof
For Salaried Individuals | 3 months' salary slip, Form 16, or bank statement for 3 months with salary credit |
Self-Employed | Latest income tax returns, or 3 months bank statement. |
Features and Benefits of the HDFC Bank Two-Wheeler Loan
HDFC two-wheeler loans come with a wide array of attractive features and benefits. They have been listed below:
- The repayment tenure ranges from 12 months to 48 months. This facility is available even at the point of purchase.
- Rack interest rates starting at just 14.50% p.a.
- Quick disbursal of loan and hassle-free process.
- Easy documentation process and doorstep service.
- All the loan charges are communicated in writing along with the loan quotation.
HDFC Two-Wheeler Loan Fees and Charges
Fee | Amount to be paid |
Legal, Repossession & Incidental charges | At actuals |
Loan Reschedulement/ Rebooking Charges | Rs.400/- |
Special NOC Charges | Rs.200/- |
CIBIL Charges (on request) | Rs. 50/- |
Loan Cancellation Charges |
|
Duplicate NOC | Rs.250 for each request |
No Due Certificate | Nil |
CIBIL Charges Payment Return Charges | Rs.450/- |
Repayment Mode Change Charges | Rs.500 |
Amortization Schedule Charges | Rs.50 |
Incidental, Repossession, and Legal Charges | At Actual |
RTO Charges | At Actual |
Stamp Duty charges Registration Certificate (RC) Collection Fee | Rs.885 plus GST |
Documentation Charges | Up to 2.25% of the loan amount |
Check - HDFC Ergo Two- Wheeler Insurance
FAQs about HDFC Two-Wheeler Loan
- Can I get the NOC by using HDFC Bank's net banking portal?
Yes, you can get the NOC by visiting HDFC Bank's net banking portal.
- Do I need to submit the NOC to remove the hypothecation from my bike?
Yes, the NOC will need to be submitted to the insurance company and the RTO to remove the hypothecation from your two-wheeler.
- When is the NOC provided?
The NOC is provided only once the two-wheeler loan is repaid in full.
- How can I pay the EMI via BillDesk?
In order to pay the two-wheeler loan EMI via BillDesk, you need to visit https://www.billdesk.com/pgidsk/pgmerc/hdfcemi/HDFCEMIDetails.jsp . Once on the page, you will need to enter the loan number and date of birth. Click on 'Proceed' to pay the EMI from any bank account.
- Is there any penalty charged if I fail to pay my two-wheeler loan EMI on time?
Yes, a NOC is required in case you wish to sell the two-wheeler which was purchased by availing a loan.
- What is the procedure to get a NOC from HDFC Bank for a two-wheeler loan?
You can visit a HDFC Bank branch or log in to the net banking portal to get the NOC for a two-wheeler loan. However, the entire loan must be paid in full to get the NOC.
- How can I pay the EMI for a HDFC Bank two-wheeler loan online?
You will need to visit https://www.billdesk.com/pgidsk/pgmerc/hdfcemi/HDFCEMIDetails.jsp to pay the two-wheeler loan EMI.
- Is there any penalty charged if I fail to pay my two-wheeler loan EMI on time?
Yes, a penalty of 2.5% per month is charged on the unpaid instalment.
- Can I pre-pay the entire loan amount?
Yes, customers can pre-pay the loan after the first six months of availing the loan.
- Will I need a guarantor to get a loan?
Not in most cases. Unless you fail to meet the Bank's norms, you will not need a guarantor.
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