If you are thinking of applying for a two-wheeler loan to get your dream bike or scooter then you need to be well informed. One of the first things that you are bound to search for is the lender who can provide you the lowest two-wheeler interest rate. Banks are known to be the providers of lowest bike loan rates in the nation. However, you should know that interest rate of your loan is not the only thing that matters. You also need to consider whether the bank in question provides loan for buying used bikes or whether the loan will be sanctioned in time for you to buy your dream bike on an auspicious day. So, which bank offers two-wheeler loans at the lowest rates?

Lowest Two-wheeler Loan Interest Rate

If you are just considering the interest rate of the two-wheeler loan, then your search ends with Bank of India. Bank of India charges the least interest rate on two-wheeler loan. Additionally, the bank also permits you to avail loan to buy a used bike or scooter. The interest rate charged by the banks is 9.35% per annum with a maximum tenure of 5 years. However, you will not receive the entire value of the bike as loan. You will only receive 75-85% of the vehicle’s on-road price. Check out two-heeler loan interest rates of different banks.

Benefits of Applying for Two-wheeler Loan Online with PaySense

Applying for a two-wheeler loan at PaySense will provide you numerous benefits. One of the first benefits is that the loan is approved without any hassle or tedious documentation process. Moreover, the amount is credited to your account instantly. Secondly, you do not have to pay a high processing fee, compared to that of banks. Additionally, you can avail a loan up to INR 2 Lakhs which means that the showroom or on-road price of your bike does not matter. Furthermore, you can buy a used bike or scooter with the loan you avail from PaySense, and if the entire amount is not used, then you can use it for repairs or buying a helmet. Therefore, applying for bike loan offers numerous benefits over banks even if the two-wheeler loan interest rate is marginally higher.