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Axis Bank Two Wheeler Loan

Thinking of owning a two-wheeler. You can avail a loan from Axis Bank. The bank which lets you avail a loan in order to buy a super bike charge attractive interest rate. The interest charged on the two-wheeler loan by the bank is in the range of 9.25% p.a. to 28.50% p.a. You can repay the loan in affordable EMIs within 60 months.

Here, we can take look at all you need to know about Axis Bank two-wheeler loan. Read on to know more about it.

Axis Bank Two-Wheeler Loan Interest Rate

Interest Rate 9.25% - 28.50%
Minimum Loan Amount Rs.1 lakh
Minimum Income Two-wheeler loan
  • Salaried – Rs.84,000 per year
  • Self Employed – Rs.1.5 lakh per year
Super Bike Loan
  • Salaried – Rs.4.8 lakhs per year
  • Self Employed – Rs.4 lakh per year
Repayment Period Up to 60 months
Processing Fee Up to 8% of the loan amount
Prepayment Charges Not allowed

Compare with: Lowest two wheeler loan interest rate

Features and Benefits of Axis Bank Two –Wheeler Loan

Axis Bank offers two types of bike loan. They are two-wheeler loan and super bike loan. The features and benefits of both the types are listed below:

Two-wheeler loan

  • Loans start at Rs.1 lakh
  • Comes with flexible repayment tenure
  • Minimal documentation
  • Loan is processed quickly
  • Road funding up to 100 percent

Super bike loan

  • Loans can be availed starting at Rs.1 lakh
  • Quick disbursal of loan
  • Flexible tenures
  • LTV up to 85 percent on road funding

Axis Bank Two-Wheeler Loan EMI Calculator

In case, you want to know the amount which you will be paying as EMI you can the two wheeler loan emi calculatoroffered by BankBazaar. All you need to do is enter the loan amount you are looking to avail, the interest rate, repayment tenure, and the processing fee and click on ‘Calculate’. It will provide you the EMI amount as well as the amortization details.

Axis Bank Two-Wheeler Loan Eligibility

The eligibility for availing a bike loan from Axis Bank depending on the type is listed below:

Two-wheeler loan

1. For Salaried:

  • Should be aged between 21 and 60 years
  • Minimum annual income should be Rs.84,000
  • Should have minimum experience of 1 year

2. For Self Employed

  • Age should be between 21 and 65 years
  • Should have a minimum yearly income of Rs.1.5 lakh
  • Should be the same line of business for a minimum of 1 year

Super bike loan

1. For Salaried

  • Must be between 21 and 58 years of age
  • Should have annual income of Rs.4.8 lakhs
  • Must have 1-year work experience

2. For Self Employed

  • Should be aged between 21 and 60 years
  • The yearly incomes should be Rs.4 lakhs
  • Must be in the same line of business for at least 2 years

Find: Two Wheeler Loan Eligibility

How to Apply for Axis Bank Bike Loan Online?

When looking to avail a bike loan from Axis Bank, you can apply for it online or by visiting a branch of the bank. To apply online, you need to follow the steps mentioned below:

  • Visit the official website on the bank
  • Select ‘Two Wheeler Loans’ under the loans section
  • Click on ‘Apply Online’
  • On doing so, you will be redirected to a new webpage
  • Enter details like name, email ID, mobile number, state and city name along the captcha code
  • Next, accept the terms and conditions and click on ‘Submit’
  • Thereafter, proceed as per the instructions displayed on the screen.

Documents Required

Two-wheeler loan For Salaried

  • Passport size photograph
  • KYC documents
  • Latest salary slip
  • Latest Form 16
  • Proforma Invoice
  • Bank account statement for the last 3 months
  • Proof of age

Two-wheeler Loan For Self Employed

  • Passport size photograph
  • KYC documents
  • Proforma Invoice
  • Proof of business
  • Proof of age
  • Latest ITR
  • Bank account statement for the last 3 months

Super Bike loan For Salaried

  • KYC documents
  • Passport size photograph
  • Proforma Invoice
  • Bank account statement for the last 3 months
  • Proof of Income
  • Proof of age
  • Sign Verification proof
  • Employment continuity proof

Super Bike Loan For Self Employed

  • Passport size photograph
  • Proforma Invoice
  • KYC documents
  • Proof of business
  • Proof of Income
  • Proof of age
  • Sign Verification proof
  • Proof of business continuity
  • Bank account statement for the last 3 months

FAQ's

1. What is the spread over the 1-year MCLR for two-wheeler loan?

The spread over MCLR for the two-wheeler loan is in the range of 3.05% to 20.55%.

2. What are the foreclosure charges?

The foreclosure charge is 10% of outstanding principal between 0 to 12 months and 5% of outstanding if paid after 12 months.

3. What is the penal interest?

The penal interest is 2 percent per month.

4. the bank charge the same interest rate for bike loan and super bike loan?

No, the interest rate for bike loan and super bike loan is different. Axis Bank charges interest in the range of 11% p.a. and 28.50% p.a. for bike loan while for super bike loan, the interest charged is in the range of 9.25% p.a. to 16.00% p.a.

5. What is the stamp duty charge?

The stamp duty charged by the bank is at actuals.

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