HDFC Bank is one of the leading private banks of the nation, which offers a plethora of financial products. It is among the handful of lenders which also offer superbike loans in addition to the usual two wheeler loan. HDFC Bank offers bike loans at lucrative rates of interest and flexible loan repayment tenure. With a very steady and effective customer support, and a number of branch offices across the nation, HDFC Bank is one the best places from where you can avail your two wheeler loan and buy a two wheeler of your choice.
HDFC Bank Two Wheeler Loan Interest Rate
|Interest Rate||20.90% p.a.|
|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 3% of the loan amount (maximum)|
|Prepayment Charges||From 3% to 10% of the outstanding principal|
*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 a HDFC Bank Bike loan online. You will be required to follow a few simple steps which can be summed up as follows:
- Visit the official website of HDFC Bank at www.hdfcbank.com.
- On the website, click on the ‘Borrow’ option from the main menu and select ‘Two Wheeler Loan’ under the ‘Popular Loans’ section.
- You will be redirected to the HDFC Bank Two Wheeler Loan product page.
- On this page, scroll down to the bottom of the page and click on the ‘Apply Online’ button.
- You will be redirected to the apply.hdfcbank.com portal.
- Click on the ‘Proceed’ button to enrol your number.
- Executives from the bank will get in touch with you after that and guide you through the process in regard to the loan application as per your requirement.
- If you are an existing customer of the bank, you can directly apply for the loan by using your Customer ID or Netbanking details.
- In this case, you will be required to enter your Customer ID or your Netbanking Customer ID and registered mobile phone number along with a Captcha code.
- In either case, the bank will send you an authentication code on the registered mobile phone number.
- Validate the login and apply for the loan.
Other than the method mentioned above, you can also visit BankBazaar.com for your Two Wheeler Loan requirement. On BankBazaar, you can compare the different two wheeler loan products which are available as per your eligibility criteria and choose the one that suits all your requirements. You can apply for a loan product directly through BankBazaar.
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 to be able to avail the loan. These can be summed up as follows:
- 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.
- He or she should have been working for a minimum of 1 year.
- The applicant should have an active landline connection at his or her office or house.
- Reside for minimum 1 year at the given address.
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 - Most recent salary slip for Govt. Employees, Salary certificate, etc.
- For Self-Employed: Copy of the most recent Income Tax return form.
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 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 tenure ranges from 12 months 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.
- Interest rates starting at just 20.90% p.a.
- 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
- All the loan charges are communicated in writing along with the loan quotation
- 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 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.
- What are the pre-payment charges for HDFC Bank Two Wheeler loans?
The pre-payment charges that you will be required to pay for HDFC Bank bike loans are as follows:
- Within 4 months to 6 months – 10% of the outstanding principal amount
- Within 7 months to 12 months – 6% of the outstanding principal amount
- Within 13 months to 24 months – 5% of the outstanding principal amount
- After 24 months – 3% of the outstanding principal amount