Looking to finance your dream bike or scooter with the best two-wheeler loan? Look no further! CredBuddha offers a seamless application and approval process, allowing you to secure your loan quickly with minimal documentation.
| NBFC | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| Muthoot Finance | 14% onwards | Up to 3.5% |
| Tata Capital | 10.99% onwards | Up to 2.75% |
| Bank | Interest Rate (p.a.) | Loan Tenure | Processing Fee |
|---|---|---|---|
| HDFC Bank | 10.50% - 21.00% | 12 - 60 months | Up to 2.5% |
| Yes Bank | 10.00% onwards | 12 - 60 months | Up to 2.5% of the loan amount |
Keep standard identification, residence, and income proofs ready for a seamless loan application process.
A two-wheeler loan is a type of financing provided by banks or financial institutions specifically for purchasing a motorcycle or scooter.
Eligibility criteria typically include age (usually between 18 to 65 years), income stability, employment status (salaried or self-employed), and credit history.
Commonly required documents include identity proof (such as Aadhaar card, passport, or driving license), address proof, income proof (salary slips, bank statements), and photographs.
Loan amounts generally range from 70% to 100% of the ex-showroom price of the two-wheeler, depending on the lender and your eligibility.
Interest rates can vary based on factors like the lender, loan amount, tenure, and your credit profile. Typically, interest rates for two-wheeler loans range from 8% to 18% per annum.
Loan tenures can range from 12 months to 60 months (1 to 5 years), depending on the lender’s terms and your preference.
Yes, lenders may charge processing fees, documentation charges, late payment fees, or prepayment charges. It’s important to understand these fees before applying for the loan.
Yes, most lenders allow prepayment of the loan. Some may charge a prepayment penalty, so it’s advisable to check the terms and conditions of the loan agreement.
Defaulting on loan payments can lead to penalties, higher interest rates on overdue amounts, and negatively impact your credit score. It’s crucial to communicate with your lender if you anticipate difficulty in making payments.
You can apply for a two-wheeler loan online through the lender’s website or visit their branch office. Complete the application form, submit the required documents, and await approval.
An education loan is a type of financial assistance provided by banks or financial institutions to students or their parents to cover the cost of higher education expenses, including tuition fees, living expenses, books, and other related costs.
Eligibility criteria typically include admission to a recognized university or institution, the course being pursued (undergraduate, postgraduate, etc.), and the student's academic performance. Usually, parents or guardians act as co-borrowers.
Education loans can be categorized into two main types: (a) Loans for higher studies in India, and (b) Loans for studies abroad. They can further be classified based on the amount, repayment terms, and collateral requirements.
Commonly required documents include admission letter from the educational institution, mark sheets of the last qualifying examination, income proof of parent/guardian, KYC documents, and collateral documents if applicable.
Education loans typically cover tuition fees, examination fees, library fees, laboratory fees, hostel charges, cost of books and equipment, and other related expenses essential for completing the course.
Interest rates can vary based on factors such as the lender, loan amount, tenure, and the applicant's credit profile. Generally, interest rates for education loans range from 7% to 15% per annum.
For higher loan amounts, lenders may require collateral security such as land, house, or fixed deposits. However, loans up to a certain amount (typically under Rs. 4 lakhs) may be available without collateral under government schemes.
The loan amount depends on factors like the course pursued, institute's reputation, and the lender's policies. Typically, lenders offer up to 100% coverage of the educational expenses, depending on the applicant's repayment capacity.
Repayment periods can vary but generally range from 5 to 15 years. Some lenders may offer a moratorium period (grace period) post the completion of the course before the repayment begins.
Yes, under Section 80E of the Income Tax Act, borrowers can claim tax deductions on the interest paid on education loans. This deduction is available for a maximum of 8 years or until the interest is fully repaid, whichever is earlier.
Yes, most lenders allow prepayment of education loans without any prepayment charges. It's advisable to confirm this with your lender before making any prepayments.
Defaulting on education loan payments can lead to penalties, higher interest rates on overdue amounts, legal action, and adversely affect the borrower's credit score. Communicate with the lender if facing difficulties to explore repayment options.
