Indian’s love two-wheelers, whether it is to commute, cruising, long distance riding or recreational, sales of bikes and scooters are always strong. However, the popularity does not mean they will be easily affordable. Some of the bikes available in India are very expensive. Therefore, many people apply for a two-wheeler loan. A scooter or bike loan in India can be availed from a lot of different lenders including NBFCs (Non-Banking Financial Institutes) and banks. However, the competition between the lenders and abundance of choice available to you, it may get difficult to identify which two-wheeler loan will be best suited to you. Here is a list of banks that offer the lowest two-wheeler loan interest rate.

Lowest Two-wheeler Loan Interest Rate

Firstly, while deciding to select a two-wheeler loan, you need to remember that interest rates are not the only thing that matter. Without further ado, here are the banks that offer the lowest two-wheeler loan interest rates:

Bank of India Two-wheeler Loan

Bank of India offers the lowest two-wheeler loan interest rates in the nation. The bank also provides the option of providing loans for buying a secondhand bike or scooter. Noteworthy features of the bike loan are:

Interest Rate 9.35%
Loan Term Up to 5 years
Max Loan Amount Offered 75-85% of the vehicle’s on-road price
Eligibility Minimum age of 21 years and maximum age of 65

Jammu and Kashmir Bank Two-wheeler Loan

Jammu and Kashmir Bank offers attractive two-wheeler loan interest rates to its customers but the bank does not sanction loan for used bikes or scooter. Noteworthy features of the bike loan are:

Interest Rate 9.95%
Loan Term Up to 5 years
Max Loan Amount Offered 75-90% of the vehicle’s ex-showroom price
Eligibility Minimum age of 18 years (16 for purchase of scooter with an engine capacity not exceeding 55cc, also the borrower should have a valid license) and maximum age of 60 for salaried individuals (65 years for others) while the minimum yearly income of the individual should be INR 1 Lakh for vehicles that do not cost more than INR 75,000, and INR 2 Lacs for vehicles that cost more than 75,000.

PNB Two-wheeler Loan

Punjab National Bank is one of the largest public sector banks in the nation. The bank offers a two-wheeler loan scheme especially for women known as PNB Power Ride. Noteworthy features of the bike loan are:

Interest Rate 10.20%
Loan Term Up to 5 years
Max Loan Amount Offered 90% of the vehicle’s ex-showroom price
Eligibility Minimum age of 18 years and maximum age of 65 while the minimum monthly income of the individual should be INR 10,000 for males and INR 8,000 for females

SBI Two-wheeler Loan

State Bank of India is the single biggest lender of India. A key aspect of the bike loan offered by SBI is the interest is higher compared to other banks. However, the tenure of the loan is only 3 years compared to the tenure of 5 years offered by other banks. Noteworthy features of the bike loan are:

Interest Rate 12.65%
Loan Term Up to 3 years
Max Loan Amount Offered 85% of the vehicles on-road price
Eligibility Minimum age of 21 years and maximum age of 65 while the minimum yearly income of the individual should be INR 75,000 (if applying for regular scooters & motorbikes), and INR 60,000 (if applying for battery operated vehicle or mopeds)

United Bank of India Two-wheeler Loan

United Bank of India offers loan only for purchasing new bikes or scooters. So, if you are looking to avail loan for buying a used bike or scooter then you should try other lenders. Noteworthy features of the bike loan are:

Interest Rate 11.00%
Loan Term Up to 5 years
Max Loan Amount Offered 75-90% of the vehicle’s ex-showroom price
Eligibility Minimum age of 18 years and maximum age of 65 while the minimum monthly income of the individual should be:
1.80 Lakh Gross Salary for salaried individuals
2 Lakh average annual income for self-employed or business person2 Lakh annual income for person engaged in allied or agricultural activity.

Get Two-Wheeler Loans Instantly

Now that you know which banks offer the best two-wheeler loan interest rate, you must be itching to apply for a loan. But wait; there is an easier way to avail two-wheeler loan. PaySense offers you instant two-wheeler loans. It is true that the banks mentioned above offer you a lower interest rate, but there applying to banks for loans is not a smooth process. One of the most tiresome parts of the loan application process is the documentation process. If you were to apply to a bank, you will need a plethora of documents. However, PaySense has an easy and hassle-free documentation process that ensures that the loan is sanctioned quickly. Furthermore, a lot of the banks do not offer loans to purchase used bike, but PaySense has no such restrictions. You can not only use the personal loan to buy a used bike or scooter, but if there are funds left after the purchase, you can use the same for repairs and maintenance of the vehicle. So what are you waiting for, check your eligibility and apply for personal loans at PaySense now!