Overview of HDFC Bank Two Wheeler Loans:
One of the leading private banks of the nation, HDFC Bank is extremely popular amongst its customers for quick loan disbursal, swift service and credibility. Incorporated in the year 1994, the bank currently boasts of a wide network of 4,014 branches and 11,766 ATMs spread across the nation. Offering a wide array of financial products and services, HDFC has witnessed a rapid growth since its inception.
Two Wheeler Loans from HDFC Bank:
HDFC offers two wheeler loan at affordable interest rates, with minimum documentation, making it a hassle-free and smooth process. One of the USPs of the bank is also its quick disbursal of loans. Owning a two wheeler is a dream that every Indian cherishes. While some see it as the most ideal mode of daily transport, some want to enjoy the thrill of biking across the vast and varied geographical terrain of our nation. HDFC two wheeler loans provide you with ideal financial assistance to buy a two wheeler of your choice.
Features and Benefits:
HDFC two wheeler loans come with a wide array of attractive features and benefits. They have been listed below –
- The loan comes with a 2% lower rate. The processing fees is 50% lower for HDFC account holders.
- The bank provides an online facility of checking the loan eligibility and loan status in no time.
- The repayment options, ranges from 12 to 48 months. This is flexible repayment options. This facility is available even at the point of purchase.
- EMIs can be easily paid through Standing Instructions, ECS or post-dated cheques.
- Practical and easily affordable interest rates.
- Loans can be availed from more than 3000 branches across India.
- Quick disbursal of loan and hassle-free process.
- Easy documentation process and doorstep service
- Two wheeler loans are provided up to 100% to HDFC account holders for specific two wheeler models.
- All the loan charges are communicated in writing along with the loan quotation
HDFC Two Wheeler Loan Interest Rates:
One of the key features of HDFC Two Wheeler that has made it so popular in the Indian market is the competitive interest rate. Interest rate of the loan which starts at 10.50% and goes up to 14.85% (Average IRR of 12.25%) for superbike two wheeler loan lets you save big. The minimum interest rate for a standard two wheeler loan is 11.81% and maximum is 24.00%.
|Interest Rate Average|
|Product||Min IRR||Max IRR||Avg IRR|
|Two wheeler loan||11.81%||24.00%||22.28%|
|Super Bike Two Wheeler Loan||10.50%||14.85%||12.25%|
HDFC Two Wheeler Loan Fees and Charges:
The charges applicable to your HDFC Two Wheeler Loans is minimal compared to other banks. These include necessary charges such as Pre-payment charge, EMI Late payment penalty, Loan cancellation charges etc.
EMI Late payment penalty: If you happen to be late on your EMI payment due to an unavoidable reason, you will be charged 2.5% Per Month on the Unpaid Installment.
The pre-payment charge that one will have to bear differs and depends on when you make the prepayment. There are slabs of periods to which a certain percentage will be assigned. For example, if you do prepayment between 7 and 12 months from the date of the 1st EMI, the pre-payment charge will be 6% of principal outstanding. Refer the table below to see the complete list:
|Description of Charges||Two Wheeler Loans|
|Documentation Charges||Maximum is 3% of Loan Amount|
|Loan Processing Charges||Maximum is 3% of Loan Amount|
|EMI Late payment penalty||If you are late to pay your EMI, you will be charged 2.5% Per Month on the Unpaid Installment|
|No Objection Certificate (NOC)/ No Due Certificate||Nil|
|EMI return charges/ Cheque Bounce||Rs 550/- only|
|Stamp Duty||At actuals as levied by respective State Govt|
|Legal, Repossession & Incidental charges||At actuals|
|PDD Collection Charges||Up to Rs.300/-|
|CIBIL Charges (only on request)||Rs. 50 only|
|Loan cancellation charges||NIL (The customer will however be charged interest for the interim period between date of loan disbursement and date of loan cancellation. Documentation charges, Processing fees and Stamp Duty would be retained.)|
|Duplicate NOC||Rs. 500/- per request|
|Cheque/ECS swapping Charges||Rs 500/- only|
|Reschedulement Charges/ Loan Rebooking||Rs 1000/- only|
|Special NOC Charges||Rs 500/- only|
|Amortization Schedule Charges||Rs 200/- only|
HDFC Two Wheeler Loan Eligibility:
Applicant of HDFC two wheeler loan has to be –
- 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 minimum gross income for salaried individuals should be Rs. 84,000/- per annum, and Rs. 72,000/- per annum for self-employed individuals.
- Working for minimum 1 year.
- Own a telephone at his/her office and house.
- Reside for minimum 1 year at the given address.
- Proof of residence/ address proof
- Copy of - passport, voter’s identity card, Driving license, Electricity bill, Ration card, most recent credit card bill. Address proof in the name of the applicant's spouse or parents’ name is also valid.
- Proof of Identity:
- Income Proof:
- For Salaried Individuals - For Govt. employees, the most recent salary slip.
- For Self-Employed: Copy of the most recent Income Tax return form.
Frequently Asked Questions (FAQs) On HDFC Bike Loan:
- What is the loan processing charge on HDFC Two Wheeler Loan?
The bank charges an affordable loan processing fee of 3% of the loan amount or Rs. 600, whichever is higher.
- 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.
- Does HDFC provide any special schemes on two wheeler loans?
Yes, the following schemes have been designed to suit the varied needs of customers:
- Loan tenure of up to 48 months.
- Pre-approved loan of up to 100% for HDFC account holders on selected two wheeler models.
- Can I pre-pay the entire loan amount?
Yes, customers can pre-pay the loan after the first six months of availing of the loan. You will be charged a nominal charge for doing so. It must be noted that Cash Payment will not be accepted towards Pre-payment of loan. Customers will have to pre-pay using DD/MC/Cheques.
- 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. If you are asked to get a guarantor, he/she will become a co-endorser and assumes liability in event of default.
- If my vehicle’s loan has been fully repaid and closed, how can I get a duplicate NOC/Form 35 for it?
You can get a duplicate NOC/Form 35 by visiting any of the Retail Loan Service Center and submitting these documents:
- The Original Registration Certificate book for validation and duly Self-attested copy of the Registration Certificate book.
- Request form for Duplicate NOC/Form 35.
- Applicable fee of Rs. 500/- which is paid with a pay order/ cheque/ demand draft favouring "HDFC Bank Ltd Loan Account No. << >>".
- If you, the borrower is not available to submit the request personally, a bearer may do so for you. In this case, the bearer’s authorization, bearer’s KYC documents (self-attested copy and original for validation), i.e. Identity and Signature Proof like Aadhaar Card, Driving License, PAN Card or Passport Copy have to be submitted.
- You will not be granted the Loan Closure NOC/Form 35 if:
- You cannot provide a copy of RC Book
- The same vehicle is encumbered to the Bank for another loan.
- If you happen to have a notice from any authority that restrains the Bank from releasing hypothecation
- If there are any kind of over dues in your name
- How much will I be charged as processing charge for the HDFC Two Wheeler Loan?
The processing fee charged is Rs. 600 or 3% of the loan amount (whichever is higher).
- Will I be charged if I am unable to pay my two wheeler loan EMI on time?
Yes, you will be charged a penalty of 2.5% per month if instalment is unpaid.
- Are there any special schemes that HDFC provides on two wheeler loans?
Yes, there are various schemes that HDFC provides to suit the different needs of customers:
- As a HDFC account holder, you can avail a pre-approved loan of up to 100% on selected two wheeler models.
- You can avail loan tenure of up to 48 months.
- Is it possible for me apply for HDFC online?
Yes, applying for HDFC loans is possible online. Simply click on the ‘Apply Now’ button and fill in all the required details correctly. Thereafter, you shall be directed and the loan application process will be completed in no time.
- How can I calculate my two wheeler loan EMI?
You can calculate your EMI using the dynamic tool loan EMI calculator that HDFC Bank portal provides. Simply fill in the required details and your loan EMI will be calculated.
- I have to change the mode of repayment for my loan. If i request for this change, what will be done with the post-dated cheques then?
Security Cheques/ Post Dated Cheques (PDCs) that are submitted to the bank for loan repayment, but have not been encashed, will be defaced and retained by the Bank. It is possible for you to get your old Security Cheques/ Post Dated Cheques (PDCs) back. You can do so by lodging a request at the Retail Loan Service Center or through Phone Banking. Alternatively, you can write to the bank at www.hdfcbank.com/services within 45 days from the date of application for repayment instructions to be changed. If you do not contact the bank within the expected time period, the defaced cheques will be destroyed.
- How many days will the bank take to change the mode of repayment/ account for repayment of my loan?
The bank will take 25 working days to activate the revised instructions. This means that you will have to continue with the instruction already lodged if your next installment falls due prior to the said date.
- How much can I borrow with this loan?
Rs. 20,000 is the minimum loan amount that you can avail. Rs. 1.5 Lacs is the maximum that you can avail. Depending on the model, you can borrow up to 85% of the ORP.
- How much time will it take to process the loan?
Processing of the loan will be done in 48 hours once the documentation is completed.
News About HDFC Two Wheeler Loan
HDFC’s ’30-min auto’ and ’15-min 2-wheeler’ Loan Schemes Launched
HDFC Bank, India’s second largest lender in the private sector introduced two new loan schemes – ’30-min auto’ and ’15-min two-wheeler’. The bank’s customers can now avail auto loans in just a matter of 30 minutes and get approval for two-wheeler loans in a span of mere 15 minutes.
The HDFC loan schemes use the biometric technology to provide loans. Now, customers can just provide their Aadhar card number and fingerprint at any auto dealership or any of the bank’s touchpoints to avail a loan from HDFC. Based on the customer’s profile and eligibility, the loan can be approved within a short time and minimal documents. This Go Digital initiative of HDFC is expected to go one step higher in meeting customers’ financial needs.
7th April 2016