Everyone wants to buy their dream bike or scooter. When it comes to two-wheelers, it is more than just an issue of commuting. The purpose of buying a two-wheeler can be different for everyone. However, when it comes to two-wheeler loan, everyone has the same purpose: buying a bike or scooter without challenges. Two-wheeler loan are effective in terms of offering funding to ensure timely purchase. However, a key aspect that you need to be aware of is the two-wheeler loan interest rate. Generally, banks in India offer the lowest interest rate on a two-wheeler loan, but the interest rate is not the only thing that matters. The tenure of the loan, available loan amount, your net annual income and you credit score are also important. You should always use a two-wheeler loan calculator to know then Still, which bank can be considered the best for taking a two-wheeler loan and offering lowest interest rates?

Bank for Two-wheeler Loan

PNB (Punjab National Bank) and Bank of India are the best banks for availing two-wheeler loans. Bank of India offers a minimum 9.35% interest rate with a maximum tenure of up to 5 years. The interest rate is lowest among all the banks. However, the bank will at max cover only 85% of the on-road price of the vehicle. On the other hand, PNB offers a minimum two-wheeler loan interest rate of 10.20% with a maximum tenure of 5 years. Furthermore, the bank will cover 90% of the on-road price of the vehicle.

PaySense offers You Instant Two-Wheeler Loan

While some banks do offer lower two-wheeler interest rate, they have their own sets of drawbacks as well. One of the most glaring drawbacks of banks is the tedious and painstaking documentation process. It leads to a very lengthy approval process. However, PaySense offers you instant two-wheeler loan up to INR 2 Lacs without any security. You can avail loan at interest rates ranging from 16.8% to 28%. The loan of interest that you could incur depends on a combination of various factors such as tenure of loan, EMIs, annual income, etc. But the most important factor is your credit score and credit history. Still, you can use the two-wheeler loan calculator to find out the best loan and EMI amount for you. Additionally, you will also be able to determine the interest rate that you will have to incur.