Bike Loan Interest Rates
₹ 850
| Type of Fee | Applicable Charges |
|---|---|
| Processing Fee | Up to 5% on loan amount |
| Documentation Charge | Up to ₹ 3500 wherever applicable |
| PDD - Post disbursal document charges | Rs 500 + GST |
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Two Wheeler Loan Interest Rates
Two-wheeler vehicle loan interest rate is the rate at which you'll have to pay interest on your two-wheeler loan principal for a fixed tenure. It differs from lender to lender.
Tata Capital offers the lowest two wheeler loan interest rate in the industry, starting at just 8.99% flat rate (may vary as per the product and profile)
Avail TATA Capital loans directly from WhatsApp
Two Wheeler Loan Other Charges
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PDC Charges-Post Dated Cheques
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Cancellation Charges
2% of loan amount or ₹5,750 whichever is higher
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Payment Instruments swapping
Rs.550/- each time
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Prepayment / Foreclosure charges
5% of the principal outstanding at the time of Prepayment / Foreclosure charges + GST
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Broken Period Interest
At Actuals
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Repossession Charges
Rs. 8000 + GST as applicable
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Statement of Accounts
₹ 300
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Foreclosure Report
₹ 550
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Duplicate NOC
₹ 300
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Stamp Duty
For loan amounts ₹ 85,000 and below– ₹ 0
For loan amounts above ₹ 85,000– As Per State - The rates/charges indicated above are subject to revision at Tata Capital’s discretion from time to time.
- Soft copies of documents mentioned in the table above will be provided free of cost. For hard copies, please refer to the above table for the applicable fees & charges.
Note: GST, other government taxes and levies as applicable, will be payable on all fees and charges.
Disclaimer:
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Default in payment of amounts due as per the Facility Documents
3% per month on overdue amount
-
Dishonour of any cheque/
payment instrumentsThese are those charges that are levied in case of an EMI bounce per instance. In other words, these charges are levied when you miss a personal loan EMI payment due to inadequate funds in your bank account. At Tata Capital, you’ll be required to pay Rs. 600 for every Cheque/Payment Instrument Dishonour.
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Mandate Rejection Service Charge
Charges will be levied if new mandate form is not registered within 30 days from the date of rejection of previous mandate form by Borrower’s bank for any reason whatsoever. Tata Capital charges a nominal amount of Rs. 450 + GST.
Two Wheeler Loan Penal Charges
Types of Bike Loan Interest Rates
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Pros of fixed interest rates
- These interest rates never change, so you can always expect to pay the same rates until the end of the tenure and plan your finances better.
- This can be advantageous in an unstable market condition, especially when money is important to save
-
Cons of fixed interest rates
Although they are stable, they can be higher than floating interest rates
You can lose money indirectly as interest rates would come down for floating interest rates in good market conditions
For Two-wheeler loans, there is only one type of interest rate that is applied which is fixed interest rates. Let's look at it in-depth now.
Fixed interest rates
Fixed interest rates, as the name suggests, do not change over the tenure of the loan. This means that you pay only a fixed interest rate throughout the entire duration. For example, let's say you take a bike loan for Rs. 2 lakhs for five years at 7%. This means you'll only pay interest at a rate of 7% till the end of the loan tenure.
Key Factors That Affect Bike Loan Interest Rate
Before you take on a two-wheeler loan, it can help to know what factors influence it so you can make a more informed decision. We dive into each of these factors so you can get a good overview of the loan's working.
- Credit scores – Your credit score is a critical factor in determining your loan interest rate. It reflects your financial health and repayment history. A score of 750 or above shows good creditworthiness, reassuring lenders of your ability to repay the loan. This often results in lower interest rates, while a lower score may lead to higher rates or even loan rejection.
- Loan Amount - The loan amount you apply for can influence the interest rate. Larger amounts pose a higher risk to lenders, which might result in slightly elevated rates. Conversely, smaller loans may attract lower rates, though this depends on the lender's policies.
- Loan Tenure - The tenure of your loan also affects interest rates. Loans with shorter tenures often have lower rates since the repayment period is less risky for lenders. However, shorter tenures also mean higher EMIs, which will lead to higher interest payout. So you’ll need to balance affordability with savings on interest to choose the best tenure.
- Income Level - Your monthly income demonstrates your ability to repay the loan. Borrowers with higher and steady incomes are seen as low-risk, leading to more favourable rates. On the other hand, an inconsistent or low income may increase the perceived risk and the interest rate.
- Employment Status - Your profession and job stability significantly impact your interest rate. Salaried individuals with stable jobs, especially in reputed organisations, are considered more reliable borrowers.
- Relationship with the Lender : Existing customers with a positive relationship with their lender can often benefit from preferential rates. Timely repayments on previous loans can build trust and lower the interest rate.
- Age : Your age can influence the interest rate as lenders assess financial stability based on your life stage. For instance, if you are close to the retirement age, the loan interest rate can be higher due to limited earning years.
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