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Super Bike Loans

Updated: 28-08-2020, 09:39:35 PM

Superbikes are highly popular among people in the nation, especially among youngsters who have the need for speed and thrill. These motorcycles deliver extremely high performance. They are powered by excellent quality features and specifications for high acceleration and speed with safe braking and cornering. They also deliver first-class fuel economy. Users find comfort and adventure while riding superbike loans.

Due to the high demand for superbike loans, there are quite a lot of lenders that offer superbike loans exclusively. Superbikes usually cost quite high due to the superior quality features that enable to offer high performance. Hence, to make the purchase process easier for these expensive superbikes, one can apply for a two-wheeler loan or a superbike loan specifically.

Some of the leading lenders in the country that provide superbike loans include HDFC Bank, Axis Bank, State Bank of India (SBI), YES Bank, and lots more. Superbike loans are available at affordable prices with competitive interest rates and reasonable fees and charges. Superbike loans typically have longer tenures when compared to normal two-wheeler loans.

List of Top Banks Offering Superbike Loans in India

Let us now take a look at some of the top superbike loans that can be availed in India:

HDFC Bank Superbike Loan

With the Superbike Loan offered by HDFC Bank, you can avoid letting go of your dream of owning a brand new superbike. You can make your dream come true by getting a loan from the bank. The bank has an exclusive superbike loan to help you purchase one conveniently.

Features and benefits of HDFC Bank Superbike Loan

  • With this superbike loan, you will be able to receive up to 85% of funding to buy your dream superbike.
  • You can enjoy savings of up to Rs.12,500 when you avail this superbike loan.
  • You can get funding for accessories for up to Rs.2 lakh!
  • The bank has doorstep documentation processes for this loan application. You can submit the mandatory documents at your doorstep itself and provide proper proof.
  • You can apply for the HDFC Bank Superbike Loan online itself. This way, you can avoid waiting in a long line at a bank branch.

Eligibility Criteria for HDFC Bank Superbike Loan

  • This loan can be taken by a salaried employee.
  • This loan can also be availed by a self-employed person.

Documents Required for HDFC Bank Superbike Loan

Salaried employees will have to submit the following documents while applying for this loan:

  • Proof of residential address
  • Proof of identity
  • Latest bank statements
  • Form 16
  • Salary slip for the last 3 months
  • Repayment details

Self-employed individuals will need to furnish the following documents:

  • Latest bank statements
  • Proof of residential address
  • Proof of identity
  • Income Tax Returns for the last 2 years
  • Repayment track details

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How to apply for HDFC Bank Superbike Loan?

  • You can apply for this loan by clicking ‘Apply Online’ on the official website of the bank.
  • When you click, you will first have to check your eligibility by entering your city of residence, type of residence, date of birth, kind of loan, type of your employment, on-road price, mobile number, and your name.
  • Once you get your eligibility details, you can choose to apply online and complete the application.

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SBI Superbike Loan

State Bank of India (SBI) has an amazing superbike loan that will assist anyone in purchasing their superbike. The bank offers this loan to anybody who is interested in purchasing a bike with 500 cc or higher engine capacity.

Features and benefits of SBI Superbike Loan

  • You will receive 15% of the ex-showroom price of your superbike as financing.
  • This loan is provided exclusively for purchasing new superbikes that have an engine capacity of 500 cc or higher.
  • The loan will have to be repaid within 5 years.
  • The rate of interest for this loan is 3.65% above 1-year MCLR that is 11.60% p.a.
  • The processing fee for this loan is 2% of the loan amount along with the GST. The minimum amount will be Rs.5,400 along with GST. The maximum amount is Rs.17,800 along with the GST.

Eligibility criteria for SBI Superbike Loan

  • Any salaried employee or self-employed individual or any individual involved in agriculture and related activities can apply for this loan.
  • The net annual income of any applicant or/and co-applicant should be Rs.6 lakh or higher for salaried employees.
  • The net profit or gross taxable income of a self-employed individual should be Rs.6 lakh or higher.
  • For agriculturists, the net income should be Rs.6 lakh. This can include a co-applicant’s income too.

Documents Required for SBI Superbike Loan

  • Passport size photographs
  • Proof of residence with telephone bill, tax receipts, electricity bill
  • PAN or Voters ID or Passport
  • Bank statement for the last 6 months
  • Income Tax Returns
  • Most recent salary slips
  • Form 16
  • Office address proof for non-salaried individuals
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Axis Bank Superbike Loan

Axis Bank has a specialized loan product for purchasing superbikes. The bank has a quick and easy application process for this superbike loan option.

Features and benefits of Axis Bank Superbike Loan

  • The bank approves superbike loans quickly if the applicant meets required eligibility criteria.
  • The bank offers pre-approved superbike loan options to certain existing Axis Bank customers.
  • One will be entitled to Axis eDGE reward points whenever they complete any transaction.
  • A borrower of this loan will get an extra funding of 8% for accessories that are billed when the bike is delivered.
  • The minimum tenure is 12 months and the maximum tenure is 48 months.
  • The effective rate of interest ranges from 10.5% to 24%.
  • The processing fee for this loan is Rs.5,000.
  • The documentation charge for this loan is Rs.500.

Eligibility criteria for Axis Bank Superbike Loan

  • You should be at least 21 years and not more than 58 years while applying for this loan.
  • You should be staying in the same residence for at least 1 year.
  • Both salaried and self-employed individuals can apply for this loan.
  • You should have at least 2 years of work experience while applying for this loan.

Documentation for Axis Bank Superbike Loan

Most recent bank statements

Proof of address and identity

  • Passport
  • PAN card
  • Driving license
  • Aadhaar card

Proof of income

  • Latest Form 16
  • Latest salary slips
  • Latest Income Tax Returns

Proof of age

  • Birth certificate
  • Driving license
  • Passport
  • PAN card

YES Bank Bike Loan

YES Bank has a bike loan product that can be utilized to purchase superbikes and other types of bikes too. You do not have to make any lump sum payment while taking this loan. You can repay this loan easily through equated monthly installments (EMIs).

Features and benefits of YES Bank Bike Loan

  • The loan quantum ranges from Rs.1 lakh to Rs.25 lakh.
  • The bank offers up to 85% of the on-road price as funding for certain superbike models.
  • The loan will need to be repaid within 5 years.
  • The documentation process for this loan is simple and minimal.
  • The bank will disburse the loan on time.
  • You can apply online by filling the application form available on the bank’s official website or by visiting any branch directly.
  • The bank offers attractive interest rates for superbike loans.
  • The maximum tenure is 60 months. The minimum tenure is 1 year.

Eligibility criteria for YES Bank Bike Loan

  • One should be at least 18 years to apply for this loan.
  • You can call or visit the bank to know regarding minimum income.
  • You will have to prove residential stability while applying for this loan.

Documentation for YES Bank Bike Loan

  • PAN card, Aadhaar, Driving license, or passport for identity proof
  • KYC documents
  • Salary slips, Income Tax Returns form, Bank account statements
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These are some of the superbike loans that are offered in the country. You may apply for these loans online on the official website of the bank or offline by visiting any bank branch. You may also apply on any third-party financial website. You can decide your loan tenure and loan amount by evaluating your requirements, the price of your superbike, your other existing monthly expenses, and your prevalent financial condition.

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