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HDFC 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 20.90% p.a. A borrower can avail up to 100% of the on-road price of the vehicle with an effective loan repayment tenure of 12 months to 48 months. HDFC Bank is also one of the few financial institutions which offers superbike loans in India.

HDFC Bank Two Wheeler Loan Interest Rate

Interest Rate 12.50% p.a. up to 18.16% 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 2.5% of the loan amount (maximum)
Prepayment Charges From 3% to 6% 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.
  • Click on the link https://apply.hdfcbank.com/vivid/twl_newuiux#TWL_New_Login.
  • You will be required to provide your mobile phone number here and check the box against the privacy policy of the bank.
  • Click on the ‘Proceed’ button.
  • 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 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.
    • For 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 is flexible repayment options. This facility is available even at the point of purchase.
  • EMIs can be easily paid through Standing Instructions, ECS post-dated cheques or through digital payment modes such as Payzapp, Gpay, Paytm, Billdesk, etc.
  • Interest rates starting at just 12.50% p.a. up to 18.16% 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

FAQs about HDFC Two Wheeler Loan

  1. Can I get the NOC by using HDFC Bank’s net banking portal?
  2. Yes, you can get the NOC by visiting HDFC Bank’s net banking portal.

  3. Do I need to submit the NOC to remove the hypothecation from my bike?
  4. Yes, the NOC will need to be submitted at the insurance company and the RTO to remove the hypothecation from your two-wheeler.

  5. When is the NOC provided?
  6. The NOC is provided only once the two-wheeler loan is repaid in full.

  7. How can I pay the EMI via BillDesk?
  8. 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.

  9. Do I need a NOC to sell the two-wheeler which was purchased by availing a loan?
  10. Yes, a NOC is required in case you wish to sell the two-wheeler which was purchased by availing a loan.

  11. What is the procedure to get a NOC from HDFC Bank for a two-wheeler loan?
  12. 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.

  13. How can I pay the EMI for a HDFC Bank two-wheeler loan online?
  14. You will need to visit https://www.billdesk.com/pgidsk/pgmerc/hdfcemi/HDFCEMIDetails.jsp to pay the two-wheeler loan EMI.

  15. Is there any penalty charged if I fail to pay my two wheeler loan EMI on time?
  16. Yes, a penalty of 2.5% per month is charged on the unpaid instalment.

  17. Can I pre-pay the entire loan amount?
  18. 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.

  19. Will I need a guarantor to get a loan?
  20. 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.

  21. What are the pre-payment charges for HDFC Bank Two Wheeler loans?
  22. The pre-payment charges that you will be required to pay for HDFC Bank bike loans are as follows:

    • Within first 3 months No prepayment is allowed.
    • Within 4 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

HDFC Two Wheeler News

  • HDFC offers 75 free collateral loans

    HDFC Bank has launched its Festive Treat 3.0 campaign where they will offer various offers on its personal loans, cards and EMIs. The lender has partnered with over 10,000 merchants across more than 100 locations to provide an opportunity to avail benefits of deals.

    The bank will work with national and international merchants like Amazon, Apple, Shoppers Stop, LG, Sony Samsung, Ajio Reliance Trend, etc.

    Customers will be able to enjoy cashback and no-cost EMI on premium smartphones. The bank is offering benefits on electronics and personal loans starting at 10.25%.

    08 October 2021

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