Bike Loan / Personal Loan for Two Wheelers
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With the crowded roads of India, a two-wheeler can offer you a great deal of flexibility and practicality. Whether you're looking for a simple way to navigate the city or embark on an adventure with your companions, there's a two-wheeler to suit every need. Thanks to Piramal Finance, you can now receive up to 100%* financing for your two-wheeler at highly competitive interest rates. Additionally, you can easily apply for a Personal Loan through Piramal Finance online with minimal documentation. Pre-approved employees can even receive immediate disbursal of their Two-Wheeler Loan amount.
Features & Benefits of a Two Wheeler Loan
Competitive Interest Rates
When deciding on your personal loan EMI, it's crucial to consider the interest rate. At Piramal Finance, we provide competitive interest rates that ensure our loan applicants have reasonable EMI amounts for their tenure. You can now obtain your bike loan with interest rates beginning at 12.99% p.a.
Collateral-Free Loan
We understand that obtaining a personal loan can be necessary in certain situations. That's why we don't ask for collateral during the application process. However, we do need some information and verification of your identity, address, and income to proceed with your loan application.
Paperless Loan Application
Obtaining a two wheeler loan is now more convenient than ever before! Piramal Finance provides a fully online application process that can be completed from your home. With our entirely digital experience, you can meet your financial requirements without complications. Our straightforward and effortless process guarantees that your loan process is seamless and worry-free.
Flexible Repayment Option
Piramal Finance offers repayment options tailored to your needs. You can choose a shorter loan term with a higher monthly installment or a longer one with a lower installment. The loan term can be customized according to your liking, with options ranging from 1 year to 5 years.
Instant Disbursal
Rest assured that your bike loan amount will be processed swiftly and efficiently. Once you submit your application and all the required documents, our team will immediately initiate the verification process. This process typically takes between a few minutes to an hour to complete. Assuming everything is in order, we will approve your loan immediately. Once the loan has been approved, you can expect to see the funds deposited directly into your account within 24 hours.
Documents Required for Availing a Two-Wheeler Loan
Are you applying for a two wheeler loan? Below are some documents you must submit as part of the loan process.
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- Document Type
- For Salaried Individuals
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- ID Proof
- Aadhaar card, driving license, passport, pan card, voter id
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- Residence Address Proof
- Aadhar card, voter id, utility bills, driving license
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- Office Address Proof
- Not applicable
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- Income Proof
- Bank account statement of salary account, salary slip of the last three months, form 16
Documents Required for Availing a Two-Wheeler Loan
Are you applying for a two wheeler loan? Below are some documents you must submit as part of the loan process.
Fees and Charges for A Bike Loan
Get a two wheeler loan at competitive interest rates. Below is a table of our fees and charges.
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- Two Wheeler / Bike Loan Features & Fees
- Details
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- Bike Loan Interest Rates
- {plintrestrate}* p.a. onwards
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- Loan Amount
- ₹ 25,000 to ₹ 5,00,000
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- Processing Fees
- Up to 5% plus applicable taxes
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- Loan Tenure
- 3 - 60 months
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- Prepayment Charges
- ₹ 0
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- Foreclosure Charges
- ₹ 0
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- Stamp Duty
- At actuals (as per state)
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- Cheque Bounce Charges
- ₹ 500 plus applicable taxes
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- EMI Bounce Charges
- ₹ 500 plus applicable taxes
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- EMI Pickup/Collection Charges
- ₹ 250 per visit plus applicable taxes
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- Change of Loan Repayment Mode
- ₹ 500 plus applicable taxes
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- Loan Cancellation after Disbursement
- Interest accrued & due plus applicable taxes
Fees and Charges for A Bike Loan
Get a two wheeler loan at competitive interest rates. Below is a table of our fees and charges.
Get Bike Loan at Lower Interest Rates
Piramal Finance offers bike loans with highly competitive interest rates, beginning at 12.99% p.a. The interest rates are calculated according to various factors such as age, employment status, and credit score. Examining these factors closely is important to determine the best interest rate that suits your needs.
- Age:
- To be eligible for a two wheeler loan, you must fall within the age bracket of 21 to 60. Younger applicants are often seen as more financially responsible and may be able to secure lower interest rates. In contrast, older adults aged 50 to 60 may be offered higher interest rates due to the perceived risk of being unable to make timely payments.
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Employment Status:
- If you're considering applying for a bike loan, it's crucial to have a reliable and steady source of income. This not only enhances your chances of being approved for the loan but can also lead to lower interest rates. Generally, individuals employed in the government, private, or PSUs are more likely to receive loans faster and with better rates due to their consistent and timely incomes. This reduces the risk of defaulting on repayments and offers added security for both the borrower and the lender.
- Credit Score:
- Your credit score is an important factor in getting a good interest rate on a loan. A higher score means you're more likely to be viewed as a reliable borrower, which can result in a lower interest rate. For example, you might get a better deal if your CIBIL score is 750 or higher. Nevertheless, it's important to remember that Piramal Finance provides competitive interest rates to everyone, regardless of their credit scores.
Types of Personal Loans
Home Improvement Loan
You can use the funds from a personal loan to complete renovations in your home. Moreover, you can also use the funds to expand your home.
Wedding Loan
Indian weddings can be expensive, but the funds from a personal loan will help you deal with the expenses
Travel Loan
If you are willing to travel to an exotic location, applying for a personal loan is the way to go.
Car Loan
You can buy your dream car with a flexible car loan, offering freedom of choice and fixed monthly payments.
Emergency Loan
Health insurance may not cover family medical emergencies. Emergency personal loans can help with medical crises.
Festival Loan
The festive season often comes with various expenses, which online insta loans can help cover.
Loan for Women
Empower yourself with a specially designed quick personal loan for women. It provides financial support for various needs with competitive interest rates and flexible repayment options.
Loan for Salaried Employees
Unlock financial flexibility with a personal loan designed exclusively for salaried employees. Get the loan quickly and conveniently.
Education Loan
You can borrow finance online to pay for housing and food while studying at a university in another city or country.
Frequently asked questions
- Credit Clean-up: You can improve your eligibility by increasing your credit score. A higher credit score makes you a reliable borrower.
- Rebalancing your income and debts: Your income-to-debt ratio helps determine the portion of your income that gets contributed toward covering your debts. A low income-to-debt ratio can make you more eligible for an instant loan.
- Limit Your Borrowing: If you have too much debt, lenders will see you as a risky borrower. If you plan on taking an insta loan, try repaying your existing loans first.
- Choose the Right Lender: Choosing the right lender is the key and working with a lender like Piramal Finance increases your chances of receiving instant loan approval due to our less rigid criteria.
You must choose Piramal Finance for a bike loan for various reasons. Some of these include:
- 100% digital and paperless loan process
- Minimal documentation requirement
- Collateral-free loan application procedure
- Attractive and competitive interest rates
- Flexible loan repayment tenures
- Quick verification and approval
- Convenient, instant, same-day disbursal
- User-friendly, 24/7 customer support service.