How to choose the best two-wheeler loan?

You have your heart set on a dream bike. You wondering how you can finance the purchase of your two wheeler. You decided to opt for a Two Wheeler Loan. You have put together a sum of money to make as a down payment.

Your challenge now is this: how to go about getting a loan that is just right for you. What are the factors to consider while choosing a Two Wheeler Loan?

Here are 5 things to consider when you are in the market for the best Two Wheeler Loan.

• Eligibility: Every bank has its own criteria to determine eligibility. So, the first thing you want to do is check if you fulfil the eligibility criteria for a loan. You can check your Two Wheeler Loan eligibility in minutes with the HDFC Bank calculator.
• Loan amount: The loan amount you can get will be based on the price of the bike you wish to buy and your eligibility. If you are an HDFC Bank customer, you could get up to 100% of the value of the Two Wheeler as a loan. The good thing about this is that you then don’t need to make a down payment.
• EMI: This is one of the most important points to consider. EMI or equated monthly instalments is what you will pay every month till you repay the loan. Your EMI is determined largely by the tenure of your loan, the loan amount and the interest rate. If you can’t change the loan amount and interest rate, tweak your tenure till you arrive at a comfortable EMI.
• Loan process: Time was when applying for a loan was a long drawn out affair. No longer. The best Two Wheeler Loans are disbursed quickly in a hassle-free manner. You can check your eligibility for an HDFC Bank Two Wheeler Loan instantly and apply online. Your loan application status will be communicated to you in 15 minutes. As a pre-approved HDFC Bank customer, you can get the loan credited to your account within a few seconds. Enjoy doorstep service and minimal processing and documentation.
• Special Offers: Banks periodically announce offers across their products. HDFC Bank (at the time of writing) offers its existing customers a 2% lower rate of interest and 50% lower processing fees*.

If you are looking to apply for a Two Wheeler Loan, click here to get started.

* Terms & conditions apply. Two Wheeler Loan disbursal at sole discretion of HDFC Bank Ltd.