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    Bankbazaar Two Wheeler Loan
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    About Bike Loans:

    Whether you are buying an entry level Scooty Pep+, or a Royal Enfield Bullet with a 350cc engine, you would probably have to opt for a Bike loan. Some of the luckier people who do have the finances to buy it without loan also might consider two wheeler loans because they are easy to have approved and have monthly Installments that are overwhelming. For the rest of the majority of the prospective two wheeler users loans are perhaps the perfect idea.

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    Also, considering that a lot of families are going nuclear bikes are more preferable and economic. The other observation that has been noticed is the rise in the youth demographic in India (18 to 25 years), forming a majority of motorcycle buyers in India. To make this seem like a cake walk, we give you the various aspects of a two wheeler loans, starting from industry specifics of the vehicle in India to the requisites and frequently asked questions about this vehicle finance product.

    Two Wheeler Industry in India (as of. August, 2016)

    The two wheeler industry in India is said to be one of the largest of its kind in the World. Whether it is due to the fact that bikes are the cheapest form of personal transport or the large urban middle income demographic in the country, this motor industry is booming. However, entry level two wheelers, which starts from INR 40,000 in India has slown down by some margins the overall industry is on the rise. The partial reason for the growth is due to fact that, today two wheeler loans are easily accessible to Indians, as numerous banks are offering, a variety of options.

    A few more things that one would be interested to know when buying a two wheeler include:

    1. Indian Two wheeler Heavy Weights Domestically Also in the International Market: Hero MotoCorp had a whopping market share of over 41% from Y-2013 to Y-2014 and still holds the maximum share in the two wheeler industry in India. Some of their popular foreign markets include Africa and Sri Lanka.
    2. Future Potential for Industry: In August 2016, Mahindra Group announced invested a lumpsum on their two wheeler division of INR 500 crores. This is despite running at a loss, in the industry despite of ad campaigns and other investments in their 7 years of existence. It shows how the company does still see potential in this sector and is willing to invest. Currently, they have an ambitious target of selling 30,000 to 35,000 units each year.
    3. Foreign Investments in India: There are also foreign investors who do find India, one of the most lucrative two wheeler market. For example, US-based UM Motorcycles launched their cruiser range of motorcycles in association with Lohia Auto in India. This is not all. Suzuki has also has set a target of selling at least 10,000 units of Gixxers in this fiscal year alone.

    Why Opt For a Bike Loan?

    Considering the rising number of private cars in the urban regions in India, one might think that, rural area transportation may have similar trends. The truth is that the majority of the rural demographic can afford a two wheeler, mainly due to the availability of loans to buy the same. But the convenience of bikes are not the only factors that make these loans a popular finance product in India:

    • Two wheelers have a better resale value in the long run against cars and hence once your loan repayments are made, you can think of a new vehicle already.
    • A lot of people in India have the money to buy an entry-level motorcycle or scooter at one-go. But this would cause much distress, in terms of finances for the family. Also a part of the lump sum that they have can be used to save or even invest in other investment products such as mutual funds, fixed deposits or even buy Two Wheeler Insurance. In other words, it helps to ease of the burden of buying a vehicle in a single month.
    • A lot of people cannot afford to buy a vehicle unless allowed to pay installments and the majority of buyers fall in this demographic. Also, they have much lower maintenance costs than four-wheelers. The mileage or fuel consumption is also better making it a more convenient buy.
    • The Indian loan market has a lot of options in the form of banks to choose from with competitive interest rates and even throwing in combos for loans and insurance packages taken together. Some even come with the advantage of paying through post-dated cheques.

    Types of TWO Wheeler Loan:

    There are 2 types of Bike loans available in India, based on the security of the loan:

    1. Secured Bike loans: You generally take these loans against a security or collateral that may be an asset, such as home, bonds, lands, etc. While these loans are easily available and have comparatively lower interest rates than unsecured loans, they also carry the risk of losing your asset, in case you are unable to successfully pay off your loan amount.
    2. Unsecured Bike loans: At first this may seem quite lucrative, consider they require no collaterals to be declared for loan sanction, but it eventually makes pay a much higher price for vehicle than you should have paid, if you had taken a secured loan. But first time buyers. Sometimes a secured loan is not a possibility. Hence, this type of loans is the only option that remains.

    However, if one has the liberty, they should choose their loan type based on their priorities, both current and long-term.

    How to avail two wheeler loans?

    A two wheeler loan can be availed in two different ways:

    • Online: In times like these, it is convenient for people to get their work done online. Thus, availing a two wheeler loan online is very mush possible. The process of getting one online is fast and hassle free. As a borrower, you will be able to draw a comparison between the various loans available to you. Knowing the features, benefits and terms of the loan you want to avail is of utmost importance. You can also make use of the EMI calculator online to compute the monthly instalments for the bike or scooter you wish to purchase. You can change the tenure and amount on the EMI calculator which makes the tool pretty dynamic.
    • Offline: The offline method suggests that you need to go to the bank or a lender who will provide you the money you need. You must complete the loan formalities with the concerned lender before the amount is disbursed. With the offline loan application method, you will not be able to enjoy the perks of an EMI calculator. Comparing the perks of different loan offers will also be difficult offline.

    Features of 2 Wheeler Loans:

    There are numerous reasons and benefits of a two wheeler loan, but there are some that stand out. It has mostly to do directly with the financing aspect of it but still is highly valuable to most customers, if they are aware of it. Read on to know the major features that you should look out for in your choice of two wheeler loan:

    1. Margin of Finance: On an average, most 2 wheeler loans will pay for up to 90% margin of finance. This means that you can make a loan downpayment of only 10%, which is measely considering the prices of an average tw-wheeler.
    2. Loan Partnerships with Dealers: Auto-financiers often have special deals with with motorcycle and scooter dealerships to provide convenient loans, which often prove to be cheaper than the ones, if opted separately. Also, as a buyer, you can negotiate freebies and added benefits if the bike or scooter dealership offers you the same.
    3. Relieving Financial Burden: The most beneficial feature is the fact that it helps spread the costs into a yearly loan that will last, based on your requirements, never to be responsible to give you a tough time when it comes to financing it. Some companies also take post-dated cheques for loan repayments, which is also convenient for many.
    4. Annual Income Leverage: Banks often offer these loans to people who are earning as low as INR 50,000 in a year. This means that you do not even have to be in the taxable bracket to get these loans and at the same time you can still afford it. Since, the loan repayment tenure can go upto 4 years, you monthly installments will not affect your income as such as long as you have that in your mind, in your monthly budget.
    5. No prepayment or early foreclosure charges: Most banks do not charge any prepayment charges if you are able to pay up your loaned amount before your tenure ends. This is often suitable for some, because it helps to clear off your debts faster, if you can. At the same time, banks know that two wheeler loans do not have very high loan amounts and hence charge nominally and sometimes do not charge anything at all.
    6. Other Costs Covered: These loans often cover the costs of accessories, insurance and even registration. This means that you are getting finance for not only the vehicle but the essential expenses on the same. It is a good idea to add security accessories and make the most of this opportunity, since the premiums also are made lower if you have extra security and safety features in the vehicle.
    7. Flexibility in loan Tenure: Loans provide borrowers with ample time to pay back for the 2 wheeler loan with tenures that range between 12 to 48 months. A longer tenure helps to manage an individual's monthly fiance better and at the same time avoid defaulting payments.
    8. Credit Score: As a first time vehicle buyer or opting for a loan for the first time, motorcycle loans are a great idea to open your file for your credit score since not only will this be a fast loan to repay but will not affect your credit score with lower chances of defaulting the loan repayments.

    Eligibility Criteria for Two Wheeler Loans:

    Banks will not give you loans for your vehicle, on your face value. Infact today the banks are extremely careful about making sure that their customers are able to pay up their loans, considering the rising debt rate among youngsters, in India. So, they have a general set of eligibility criteria set, among which the following are the most important to cover:

    1. Age: Generally, for two wheeler loans, the banks allow a ripe age of 18 years as the minimum acceptable age for a loan application in India. This is not only because of the factor of reyment capacity, but also the fact that many students use bikes as their form of commute to their institute or college. Some banks may require the applicant to be at least 21 years, too. The maximum age for loan application is generally around 65 years for most banks.
    2. Employment: This is is absolutely essential because banks sanction your loan application based on the fact that you are a salaried individual or at least self-employed, involved in some sort of business or have a source of regular income.
    3. Employment Tenure: Now there are banks that offer special loans to students who are not employed yet, with a system that works similar to an education loan, but if you are applying as non-student, some banks may want to check your stability of income by requiring you to have worked with your current employer for at least 6 months.
    4. Minimum income: The minimum income requirement is really low for 2 wheeler loans and if you are living in urban areas and salaried, it would not need much trouble to cover for. However, it is always a good idea to check for the same because often the minimum income may be based on the loan amount.
    5. Residential Requisite: Banks often require that an individual stay in a singular home as sign of stability in address for loan sanction because to avoid loan defaulters who change their residence often.
    6. Permanent Numbers: Some banks may require to provide a permanent land line number, where they can get in touch with you, whether it is your residence or your office landline.
    7. Credit Score and Ratings: For those who are just starting off their financial portfolio, this loan is a very good path to start with. However, if you already have a credit history, make sure it is good. The most accepted credit score, by banks, that is considered is CIBIL score. This should be be at least 750 to give the loan company, the confidence to help you seek finance for the vehicle. Also, most unsecured loans require you to have a positive CIBIL score, which is not hard to get as long as your bill payments are made and you have a healthy credit history.
    8. Documentation: To prove the above, you are required to furnish some documents, which are comparatively lower for two wheelers, when compared with other loan products. Read the next section to know more.

    Documentation Required for Bike Loan Applications:

    It is essential to remember that with every eligibility criterion that needs to be covered, comes the requirement to prove it to the bank through documentation. Based on these, the following are the most basic documentations that may be required to be submitted along with your loan application to ensure positive results on the loan loan approval:

    • Photo Identity Proof: passport size photographs, at least 2 to 6 are recommended to be kept handy for your loan application.
    • ID Proof: This not only helps to prove your age, but also works as an alternate document as your address proof. Whatever, you submit as the address proof will be compared with the ID proof. This may be any of the following documents:
      • Passport
      • Driving License
      • Voter ID card
      • Aadhar Card
      • PAN Card
    • Address Proof: There are two types of address proof that you may need to submit based on your current resident. The first one is your permanent address proof and the second is your current address proof. While another ID proof other than PAN Card can be your permanent address proof, your temporary address proof should be any bills that you pay against your name. Some banks ask for multiple bills as current address proof.
    • Employment Proof: There are multiple documents that may be required for this. Generally, it includes your employment or offer letter, salary slips and bank's statements. For people who are self-employed will have to furnish bank statements and their source of income. Also, the latest Form 16 will be required to be furnished.

    Note, that you will need both the the originals and the copies, for loan applications, hence keep both at an arm's distance.

    Two Wheeler Loan Interest Rates:

    Two wheeler interest rates are variable, based on the bank as well as a range of other factors such as your chosen tenure, your credit report and even the vehicle you have chosen to buy. The rates generally vary between a minimum of 11% to 18.25% (as of August, 2016). However, it is essential to understand that sometimes an 11% interest rate may be deceiving with a very high processing fee, which we will come too later. Hence, do not be bought instantly by just the interest rate figure appealing to you. It is a must to consider the other charges and fees levied for a loan for your two wheeler loan as well.

    Fees and Charges Applicable on Two wheeler Loans:

    People when opting for a two wheeler loan have the major requirement of ensuring that they do not pay a lot more than the actual price of the product in the end. To avoid this, people generally consider interest rates. However, low interest rates may not be sufficient to note. There are other factors that need a close consideration which includes:

    • Processing Fee: Processing fees are charged for processing the request for the loan and is mandatory in most banks. They are also, generally calculated in percentages of the total loan amount. It is also essential to note that this fees is non-refundable under any given situation. The amount charged for it varies from bank to bank but ignoring this number often leads to people paying excess for their loan.
    • Prepayment Fees: This is is charged under the circumstance where people are able to pay the repayments earlier than due and sometimes even pay the remaining loan amount earlier. For bike loans this charge is generally very low and sometimes even non-existent.
    • Late-payment Fees: As the name suggests, this fees can be easily avoided, with a little bit of planning. The borrower is generally charged this when crossing the due date for loan repayment, generally is a genuine result of financial crunch or lack of funds. However, banks charge a fee regardless the circumstances.
    • Charges for Conversion: If you wish to change your two wheeler loan from a floating rate calculation to a fixed rate or vice versa, this fees is charged. This is basically a charge for switching, based on your requirements. In other words, it is a flexibility fee.
    • Copy of an Account Statement: Sometimes people may require a statement for their current statement for the loan. While most banks do not charge for getting you a copy of the same, there might be a few banks which may levy a nominal charge for a hard copy of the same.
    • Administrative Fee: This is often a very deceiving name for this fee because it is often confused with processing charges. This charge takes care of the administrative cost to the bank for processing your loan, which are not part of the processing fees.

    Online Application for Bike Loans:

    You do not have to run to the bank for weeks to get a loan sanctioned anymore. Instead have soft copies of all the documents required stored in your system. Go online, compare your options, choose one that offers you to apply online and Razmataz!!! Your loan application is submitted with soft copies of all your documents in very little time. While some banks might even send you a representative to pick up your documents incase you do not have soft copies, some banks take little time for processing a bike finance.

    Once the loan is sanctioned, you will receive the amount and you are ready to buy your new vehicle. Sounds almost as easy as getting a dealership loan offer? Sometimes, it is actually easier to deal with than a showroom loan plan. The best part is that you are able to go through all the details of the loan terms and conditions so that you are aware of the commitment you are getting into when buying a two wheeler.

    Tops Banks Offering Motorcycle Loans in India:

    While this may seem like a cake walk for most, a lot of people end up paying more than they can chew for a two wheeler in India, if they do not take the adequate loan for the purpose. Banks offer you a lot of benefits and really low interest rates for such loans in India, including both private and public sector banks. But the main issue, regardless the bank you choose is the question often ignored by most: Is this the best deal that I can procure for my new vehicle?

    While some may finance a bike a mean of regular commute, others may buy even a second-hand Yezdi for the thrill for it, In India. Regardless the requirements, the most important thing to note is the affordability. While most top loans for two wheelers are highly affordable, it is never a bad idea to make sure that you have the best deal in terms of benefits both basic and added. So, check for all the features and benefits mentioned here and much more if you can.

    Points To Remember Before You Get a Bike Loan:

    We are not calling this section, tips since all these points must be kept in mind when buying a bike mainly because of the fact that when you are buying something as important as a vehicle you need to be aware of both your rights as well as commitments. So, here is what you need to keep in mind:

    1. Perfect Your Credit History: Starting with your CIBIL score to the last mobile post-paid bill payment, today is the time for you to make amends in your credit history if you want to get a two wheeler loan at reasonable interest rates. You need to understand that most loan companies are slowly getting access to you full financial profile, allowing them to judge as a customer who will keep to the loan repayment commitments.
    2. Research for the best offer: While your dealership may offer you high on flexibility, on your vehicle loan, it is essential that you scrutinize other options as well. Compare each product's and look through the various fees and charges, along with the interest rates. Check the features and benefits as well and then decide.
    3. Go Through the Product Disclosure Sheet/ Terms and Conditions/ Product Brochure: Before you actually apply, the last thing that you may often forget is to check their terms and conditions, etc with proper product details. If you are unsure about any information or it seems misleading, contact the bank immediately to clarify.
    4. Analyse Your interest Rates: You can use a two wheeler loan EMI calculator to give you an approximate idea about how much you actually owe ultimately. You should also note other things such as whether it is a fixed or floating rate, different base rates, etc. Every bank has a different way of calculation, with different numbers and this needs to be understood well by you.
    5. Fees and Charges: As repeatedly mentioned, do not ignore these numbers and amounts if you see a pleasing interest rate for your two wheeler loan.
    6. Documentation: Have all your documentation ready, because once you are sure about a loan product, you can instantly apply online or at the dealership.

    FAQs on Bike Loans:

    1. Do I need to visit the bank to avail a two wheeler loan?

      Absolutely not. In fact, in the case of a dealership, the showroom will take care of the things related to the loan sometimes with a representative from the bank available in the showroom. Else, you can apply online. While some loans require soft copies of documentation, others will simply send a bank representative to collect the documentation and even discuss the product with you.

    2. When do I know that it is the right time to apply for a two wheeler loan?

      The only way you can find it out is by calculating your finances, both currently and for the future. Use an EMI calculator to do so and get an estimated number in your head for monthly repayments. Once you think you can afford it, nothing should stop you, unless you have a terrible credit history.

    3. Will the bank pay for the whole bike or scooter?

      Different banks offer different margins of finance. While some may offer you only 80% margin, do not be surprised when you get 90% covered as well. It is essential to note that most top banks will offer you the full cost of your new vehicle, including other costs such as insurance and accessories.

    4. Is it essential to take a personal accident insurance when riding a two wheeler?

      Absolutely yes, since riding a two wheeler has a lot in stake against riding a closed four-wheeler.

    5. Can I pay the full loan repayment, before the tenure for the loan ends?

      Yes, sure you can. You might be charged a nominal pre-payment charge for the same.

    6. Will I be allowed to choose between MLCR and base rates?

      The bank's terms and conditions on the same actually, rule over that. However, different banks will give you different numbers, resulting differently. So, to be absolutely sure, refer to their product brochure or literature.

    7. What is 2 wheeler hypothecation?

      Hypothecation is a process of guaranteeing possessions as a security/ collateral for the settlement of your loan. In other words, it is an entitlement against the pledged asset as a security of a debt in a contract between you and the bank.

    8. How to cancel my two wheeler hypothecation?

      The steps for two wheeler hypothecation, are as follows:

      • Once your loan is completely repaid, keep the receipt as a proof.
      • You will be given two forms of Form 35 from the lender (bank) and fill them up duly as directed.
      • Get a postal cover and put a 12 rupee stamp on it. Remember to put your name and contact details on it.
      • You will be levied INR 100 as the processing fee for HP termination. Now get the receipt after disbursement.
      • Attach your bike's original RC book, copy of your insurance document and duplicate copy of valid pollution under control certificate along with the aforementioned postal cover and submit it to the Regional Transport Office.
      • You will get a receipt from the RTO as a proof of your submission.
      • You will be sent the RC book by speed post in less than a week.
      • Please keep the copy of all the original papers that you have sent.
    9. Will I be allowed to switch from a floating rate to a fixed rate of interest or the other way round for my two wheeler loan?

      Yes, some banks make it possible to do so. But, they also charge a conversion rate for the same. This fee can be looked up for each product, at the fees and charges sections.

    10. If I am 18 years old, but I don't have a job yet, can I apply for a two wheeler loan?

      Yes, some banks may allow you to do so, as long as you have a collateral or a guarantor to support you in the case, you are unable to make loan repayments on time. As a student, you can apply for loans, but note that they are treated as special cases and are completely at the bank's discretion.

    Read Two wheeler Loan news or Enjoy it on the go

    • Motorcycles over 350cc Likely to get GST of 31%

      According to the guidelines of the Goods and Services Tax (GST), all motorcycles with engine capacities beyond 350cc will be taxed at a rate of 31 percent, where 28% is the GST and 3% is cess. The category of motorcycles and mopeds will attract a maximum GST of 28%. For high capacity motorcycles, the 31% tax rate has driven them into the same tax bracket as private aircrafts and luxury yachts. With the introduction of GST, heavy duty motorcycles will not become any cheaper than they already are since the upcoming tax rate is quite similar to the existing total of applicable indirect taxes. The cost of owning a motorcycle is also expected to go up given the proposed 28% GST that will be applicable not only on motorcycles but also on auto components. Also, the likely hike in the tax rate for services from 15% to 18% will add to ownership costs.

      25th May 2017

    • Hero MotoCorp to introduce 6 new vehicles this fiscal

      Hero MotoCorp has announced that it will launch 6 new products during the financial year 2017-18. The company also confirmed that it will invest Rs.2,500 crore for the purpose of new developments. These funds will be utilised for upgrading the machinery of its bikes and expanding its existing manufacturing units. The upcoming Xtreme 200S will most likely be the first launch from the company this fiscal. Hero MotoCorp will also launch a 125cc automatic scooter, the Dare that was showcased at the Auto Expo in 2014. Additionally, Hero is set to launch the 150cc scooter, Zir, this financial year.

      22nd May 2017

    • Jawa launches the 660 Vintage and 350 OHC bikes in Europe

      In 2016, India’s leading automaker, Mahindra & Mahindra made headlines after acquiring the legendary Czech motorcycle brand, Jawa, planning to bring the same to India. After its acquisition, Jawa, which s otherwise known for it 2-stroke motorbikes, will be launching two 4-stroke machines - 350 OHC and the 660 Vintage. The 660 Vintage is not a new motorbike and derives much inspiration from the older Jawa 660 Sportard which was launched in 2011. The Sportard was powered by a 660cc, parallel-twin, four-stroke, liquid-cooled motor and sourced from the famous Italian automaker, Minarelli. The new 660 Vintage however has been designed to appear more classic in style which is heavily inspired by the iconic Type 634. Mechanically, the motorbike continues to be deliver the same amount of power at 49hp and peak torque at 57.5Nm. Changes however have been made to the improve the ergonomics of the 660 Vintage.

      8th May 2017

    • Suzuki launches GSX-R1000 and GSX-R1000R in India

      Suzuki Motorcycle India Ltd. has launched the sport bikes GSX-R1000 and GSX-R1000R. The ex-showroom price for GSX-R1000 in Delhi is Rs.19 lakhs and for GSX-R1000R it is Rs.22 lakhs. Globally, Suzuki has sold over 1 million units of these bikes in the past 30 years. As per Suzuki, GSX-R1000 is fitted with a new engine which is lighter and provides a wide range of power. It features motion tracking brake system, LED headlights, and full LCD instrument panel. The bike also comes with a Suzuki Racing Variable Valve Timing derived from Suzuki MotoGP machines.

      4th May 2017

    • India is emerging as one of the top two-wheeler markets for Yamaha

      Yamaha is looking at India as one of their biggest markets for the current year. With sales records for two-wheelers touching the sky every year, Yamaha is all geared up to set a new record this year. India has witnessed a boom in the automobile sector. Every year, the automobile sector is attracting major brands from across the globe. This year, Yamaha is expecting to sell 1 million two-wheelers in India. Yamaha is also looking at expanding their service and sales network to accommodate the increasing demand.

      11th April 2017

    • ICRA Report Says Two-Wheeler Industry Set for 7-8% Growth

      A report released by ICRA revealed that although the two-wheeler sector was recording commendable growth until October 2016 is now set to wave off the impact of demonetisation and close FY 2016-17 with a growth of between 7% and 8%. Following the liquidity crisis induced by demonetisation, sales in the two-wheeler industry fell by 11.3% from November 2016 to January 2017. During the first ten months of FY 2016-17, the two-wheeler industry recorded a growth of 8.3%, and although it has exceeded the growth rates recorded over the past four FYs, is still lower than the exceptional growth recorded until November and demonetisation.

      “The impact of note ban appears to have moderated with the industry limping back to normalcy as reflected by smaller volume contraction in January and expectations of flattish February and March. For the fiscal 2017, we expect the industry to grow 7-8%,” revealed the report by ICRA.

      15th March 2017

    • Demonetization makes Royal Enfield the 4th largest motorcycle seller

      Indian automobile giant's two-wheeler brand, Royal Enfield has become the fourth largest seller of motorcycles overthrowing TVS Motor Company. The manufacturer of Bullet has sold 1,70,292 units in the period between November 2016 to January 2017 in the country. TVS Motor, on the other hand, sold 1,18,489 units. The change is a result of demonetization. In fact, it is also because of demonetization that since November 2016, the TVS Motor's sales of motorcycles remained in the negative slot. Experts say that TVS Motors' strength is in the mass segment of motorcycles and the demonetization drive affected the buyers in this particular segment. Also, the use of BS-IV norms from the month of April 2017 will be challenging for the makers of two-wheelers to predict the production. Since Royal Enfield is popular in a segment that does not include commuter bikes, the change in the economic conditions in the company has not affected the brand too much. Before the demonetization drive began, the sales of TVS Motor was amazing and were recorded at 96,673 units in the month of October 2016. On the other hand, in the same month, Royal Enfield had sold 58,379 units.

      23rd February 2017

    • Major increase in the number of vehicles on city roads

      There have been more than 4.33 lakh new two-wheelers and cars that have come on the roads of Bangalore in the last nine months. Out of these, 93,172 are cars while two-wheelers comprise 3.4 lakh of the remaining. The highest rise has been in the number of two-wheelers when compared to the figures from last year. Officials from the transport department are expecting the count of two wheelers that have been registered to go past 4 lakh by the closing of the financial year 2017.

      There have been 3.81 lakh two wheelers that were registered in the period between 2014 and 2015. However, the figures came down to around 3.78 lakhs the next year. By December 2016, the city had around 12.88 lakh cars and 46.6 lakh motorbikes that were privately owned. The number of these vehicles increased to 66.65 lakh from 61 lakh in a span of 10 months.

      The numbers indicate the shortcomings in the system of policy-making in the city. The commission have not paid too much attention to give convenient and efficient public transport systems to the city and thus, limiting the increase in the number of the vehicles have been difficult.

      23rd February 2017

    • SWM bikes launched by Kinetic in India

      Kinetic has recently ventured into the manufacturing of high-performance bikes in India. The retailing chain, called Motoroyale, is gaining popularity among the riders of the country. At present, the chain is assembling and selling the MV Augusta bikes in the country.

      Kinetic is now making plans to join SWM Motors to the chain of Motoroyale. The brand has officially quoted a lot of times that they want to make Motoroyale a multi-brand entity. It is to be noted that Fausto Vergani and Piero Sironi launched the SWM motorcycles brand in the year 1971. The company made off-road motorcycles, Trials and motocross in the 1970s and 80s. At the 2014 EICMA, SWM motorcycles had declared that they will be re-entering the market.

      SWM will be doing so by introducing one off-road and six street bikes in the market. They displayed off-road and six street bikes with engine capacities between 300cc to 650cc at the 2014 EICMA. It is being said that Kinetic will bring the Silver Vase and the Gran Milano models in the Indian markets.

      23rd February 2017

    • India to become Yamaha’s second largest two wheeler market

      Yamaha, one of the many Japanese two wheeler companies in the country, has recently said that the company is set to sell over 1 million vehicles in the country.

      Based on the statistics from 2016 this goal looks very doable as the manufacturer had sold over 7.86 lakh vehicles of which 50% of them were the non-geared variants.

      If the company reaches their new target, India will become the second biggest market for the bike manufacturer behind Indonesia.

      Speaking on the issue, Roy Kurien, VP Sales and Marketing, Yamaha Motor India said that 2016 was a very productive year for the company and the company is working harder to build on this impressive growth to achieve more success.

      Currently, Yamaha is in all segments including sports, commuter, and scooter variants and feels that all of this will help the company outgrow some of it competitors in the upcoming years.

      Yamaha, which has three manufacturing plants at present is open to adding another facility to its Chennai plant if and when demand rises.

      1st February 2017

    Two Wheeler Loan by Other Banks
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    Two Wheeler Loan Reviews

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    • Shriram City Two Wheeler Loan
      "Good Service"
      SHRIRAM CITY UNION FINANCE
      0.5 4.0/5 "Great!"
      In the year of 2014, I had taken two wheeler loan from Shriram Finance. Also I cleared the loan and received NOC from them as well. I do not remember the rate of interest for two wheeler loan. As per my experience Shriram finance is recommendable for the loan.
      Was this review helpful? 0
      , haldwani
      Reviewed on May 24, 2017
    • IOB Two Wheeler Loan
      "Good Response"
      INDIAN OVERSEAS BANK
      0.5 5.0/5 "Blown Away!"
      Interest rate for two wheeler loan is of 10.2%. It was quite easy to take the loan from Indian Overseas Bank. The entire process went good with no issues. The bank delivered good customer service as well and I got proper response for my loan application.
      Was this review helpful? 0
      , thrissur
      Reviewed on May 24, 2017
    • ICICI Two Wheeler Loan
      "Good Service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Long back I had taken two wheeler loan from ICICI bank. The loan process went smooth and it was very easy to approach the bank for the loan. They had done with the loan process within a day. It was hassles free service with ICICI bank.
      Was this review helpful? 0
      , salem
      Reviewed on May 24, 2017
    • L&T Finance Two Wheeler Loan
      "Fair"
      L&T FINANCE LIMITED
      0.5 3.0/5 "Satisfactory"
      Currently, I am having the two wheeler loan with the L&T finance limited and the loan amount got credited within an hour of time. They have provided around 80% of cost of the vehicle as loan and the processing charges were nil with them. They did not provide the ECS option for me till now.
      Was this review helpful? 0
      , siliguri
      Reviewed on May 23, 2017
    • review Two Wheeler Loan
      "Good Service"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      I had taken the bike loan from bajaj finance i just waked into bajaj they explained me everything which includes the bike value is rupees one laks the total loan amount including emi is 1.20 thousand next month the loan is getting completed EMI is 3200 and this is for a tenure of 2.5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2017
    • review Two Wheeler Loan
      "Happy banking"
      KARNATAKA BANK
      0.5 5.0/5 "Blown Away!"
      Actually I had taken two wheeler loan every year with Karnataka bank. Till date, I had take four two wheeler loan with the same bank for my family members. I feel more comfortable with Karnataka bank. Actually I had given the proposal to the bank at 3:30 PM and I got loan DD in the evening, so such a fast service they had delivered my loan application. I used to pay double the EMI to close the loan earlier. I am more than happy with Karnataka bank and its services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • HDFC Bank Two Wheeler Loan
      "Helpful Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Long back ago I had taken a two wheeler loan from HDFC bank. At that time, the interest rate was very normal and affordable. Also the process went smooth without any hassles. Moreover it was very easy to avail the loan from HDFC bank as they are supportive.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 20, 2017
    • review Two Wheeler Loan
      "Good service"
      UNION BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      It was very good service with Union bank of India. I got a good 2 wheeler loan experience with Union bank during the year 2005. The rate of interest and processing fee is nominal with Union bank. This Two-wheeler loan has the tenure of 3 years. Overall it was a very good service provided by them.
      Was this review helpful? 0
      , asansol
      Reviewed on May 19, 2017
    • review Two Wheeler Loan
      "Wonderful "
      INDUSIND BANK LTD
      0.5 4.0/5 "Great!"
      I have closed the two wheeler loan with the Indusind bank and the interest rate was lesser one with them on that time. I got the NOC paper within one to two months of time and there are no issues with them. I got the loan amount within two weeks of time.
      Was this review helpful? 1
      , chennai
      Reviewed on May 17, 2017
    • HDFC Bank Two Wheeler Loan
      "Good Bank"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      In the year of 2013, I had taken two wheeler loan from HDFC bank. At that time, the interest rate is normal and I do not remember the exact rate of interest. Also they processed the loan in a very good manner. They have standard customer service. Their overall service is good.
      Was this review helpful? 1
      , pune
      Reviewed on May 17, 2017
    • review Two Wheeler Loan
      "The Best Service"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I took two wheeler loan from Bajaj in the year of 2009. The process went smooth. Actually it is very easy to avail any kind of loan from Bajaj but the only thing we have to be conscious on the rate of interest. Sometimes it will be on higher end with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 17, 2017
    • review Two Wheeler Loan
      "Hassle Free Experience"
      BAJAJ AUTO FINANCE
      0.5 4.0/5 "Great!"
      Bajaj auto finance is really great, they had processed the bike loan within a day on other next day I got my bike delivery. I requested Bajaj customer service to process my two wheeler immediately due to some emergency purpose, hence they considered and the process was compelted very fast.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 16, 2017
    • HDFC Bank Two Wheeler Loan
      "The Best Bank"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had taken two wheeler loan from HDFC bank. The rate of interest was very normal for my two wheeler loan, which was 11.25%. It was easy to avail the loan from HDFC bank, even the documentation process was very simple. There was no hassles with the bank for loan services.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 16, 2017
    • review Two Wheeler Loan
      "Good. Can be lesser in rates"
      BAJAJ FINSERV
      0.5 3.5/5 "Pretty good"
      I have taken a two wheeler loan from Bajaj Finserv. It is a flexible process to get this loan as I am a existing customer. But the institution is pretty high on the interest when I compare them with other banks. There are high charges taken a well.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 15, 2017
    • HDFC Bank Two Wheeler Loan
      "Very prompt in charges"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC bank is very prompt in charges. I took two wheeler loan from them. Their rate of interest is normal. They will charge what they committed in the beginning while taking the loan. Even they showed me about EMI calculations. They do not make the customer suffer in any way.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 13, 2017
    • ICICI Two Wheeler Loan
      "Recommendable Loan Products"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      There was nothing delayed on my two wheeler loan with ICICI, everything was on time. I approached the loan showroom, so the process was quick I got my bike delivery on time. I had taken the loan amount around Rs.60,000 from ICICI, they all have done a very good job.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 12, 2017
    • ICICI Two Wheeler Loan
      "ICICI TWO Wheelerloan"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      Best rate of interast and fast process. It was totally a hassle free experience with ICICI Bank on my bike loan, I had taken this loan in Dec 2016 at the loan amount I have opted for 30k approximately and they charges me minimal.I have preclosed loan as i got the money.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 10, 2017
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I got the 2 wheeler loan within 3 days of time with HDFC bank. The rate of interest is nominal with Hdfc 2 wheeler loan. The documentation process was done smooth and easy, but I have faced hassle while doing my endorsement clearance of the vehicles, still they can make it easy, because they do charge for the documentation process.
      Was this review helpful? 2
      , pondicherry
      Reviewed on May 10, 2017
    • L&T Finance Two Wheeler Loan
      "Excellent service"
      L&T FINANCE LIMITED
      0.5 5.0/5 "Blown Away!"
      It was totally a hassle free experience with L&T on my bike loan I did get a good assistance and they contacted me at the right time. They were very polite in their service and really good they were completely in touch with me throughout the process Initially I tried applying in India bulls but they rejected my application but same documents I submitted in L&T they approved it,
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 09, 2017
    • review Two Wheeler Loan
      "Better Service"
      BANK OF BARODA
      0.5 4.0/5 "Great!"
      I had taken two wheeler loan from Bank of Baroda and that was during the year 2014. I got spot loan from the bank with the help of Bajaj showroom. But the interest rate is higher when compared with any other banks. Other than interest rate, they provided a spot loan too.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 09, 2017
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