Two wheeler Loan Interest Rates 2021
| Bank | Lowest Interest Rate | Processing fee |
|---|---|---|
| L&T Finance | 7.99% p.a. – 15.00% p.a. | At L&T discretion |
| State Bank of India (SBI) | 16.25% p.a. To 18.00% p.a. | 2% of the loan amount + GST |
| Axis Bank | 7.35% – 28.30% | Up to 2.5% of the loan amount |
| HDFC Bank | 20.90% p.a. | Up to 2.5% of the loan amount |
Then, can I borrow money with no income?
Most lenders require you provide some proof of income before they’ll let you borrow money. However, no-income loans are products some lenders may offer if you have a way to prove you can repay the debt with no earnings from employment.
Besides, can unemployed get loans?
Yes, since the bank may not be willing to offer you a loan if you are unemployed. The bank takes into consideration your occupation and annual income as it helps them determine the rate of interest, they should levy on your loan amount and whether you will be able to repay the loan back in time.
Can we use Bajaj Finserv card to buy bike?
Bring home the best cycle on easy EMIs with your Bajaj Finserv EMI Network Card. You can also shop for the latest cycle on EMI on the Bajaj Finserv EMI Store and avail benefits like free home delivery, zero down payment on select products and No Cost EMI facility.
Can you get bike loan without proof?
Q5. Can I get a bike loan without proof of income? Yes, with other documents in place.
How can I get a bike with no down payment?
How to apply for a Zero down Payment Bike Loan?
- Get in touch with a representative from the lending institution.
- The representative will understand your needs and give details about the zero down payment bike loan.
- If you are interested in the borrowing product, then you can fill and sign the loan application form.
How do you calculate a down payment?
Often, a down payment for a home is expressed as a percentage of the purchase price. As an example, for a $250,000 home, a down payment of 3.5% is $8,750, while 20% is $50,000.
How is EMI calculated on bike?
Bike Loan EMI Calculation Formula
EMI = [P x R x (1+R)^N]/[(1+R)^N-1], P stands for the loan amount or principal, R is the interest rate per month and N is the number of monthly installments.
How is EMI calculated?
Equated Monthly Installment (EMI) Formula
The EMI flat-rate formula is calculated by adding together the principal loan amount and the interest on the principal and dividing the result by the number of periods multiplied by the number of months.
Is Bajaj Finance available for bike?
Bajaj Bike Loan Application Process
You can apply for a two wheeler loan at Bajaj showrooms and authorised service centres across India. We have a transparent and simple process.
Is it good to buy bike on EMI?
Advantages of Taking a Bike Loan on EMI
A small portion of the loan can be paid in the form of initial down payment thus reducing the financial burden of the borrower. Repayment tenure can extend up to five years which results in lower EMIs every month.
What is down payment for bike?
Minimum Down Payment Required for a Bike Loan
It ranges from 15-30%* of the two-wheeler value. Down payment solely depends on the cost of the bike and your repayment capacity. It is advisable to pay some amount as down payment for availing lower EMIs on bike loan.
What is no cost EMI?
No Cost EMI is an offer by which you pay your EMI provider only the product price, equally divided over your repayment timeline. For example, if you buy a Rs. 18,000 item at a 6 month tenure, you will pay your EMI provider Rs. 3,000 every month for 6 months, amounting to a total of Rs. 18,000*.
What is the cibil score?
CIBIL Score is a 3-digit numeric summary of your credit history, rating and report, and ranges from 300 to 900. The closer your score is to 900, the better your credit rating is.