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The Reserve Bank of India (RBI) increased the benchmark lending rate or repo rate by 25 basis points to 6.50 % on February 8th 2023 to strengthen the fight against inflation. The repo rate is the rate at which the central bank lends money to commercial banks. This decision to hike the repo rate will lead to an increase in the EMIs on home loans and other borrowings.
You can check the outstanding balance of your two-wheeler loan account on your loan statement, through internet banking. You can login to ICICI Bank’s official website with your User ID and password → Main Page → My Accounts → Select Loans → View Repayment Schedule → Your outstanding balance will be displayed.
You would want to stay updated on the status of your two wheeler loan at any point of time. Almost all banks have official websites that will help you check your loan details. You can log on to your account online by using your credentials. After logging in, you’ll be able to see your two-wheeler loan details and the status of your loan.
Two wheeler loans are provided by banks and other financial institutions offering 90%-100% financing for selected two wheelers. The interest rate provided differs from bank to bank. Interest rate offers depend on the type of vehicle you are purchasing, your income level, type of loan you applied for and your creditworthiness. The interest rate for two wheeler loans with HDFC Bank are from around 14.03%.
Two wheeler loans are provided by banks and other financial institutions offering 90%-100% financing for selected two wheelers. The interest rate provided differs from bank to bank. Interest rate offers depend on the type of vehicle you are purchasing, your income level, type of loan you applied for and your creditworthiness.
As of now, State Bank of India does not provide two wheeler loan EMI calculator on their website. However, you can find EMI calculators that are available commonly on various financial platforms. EMIs are calculated based on the following formula.
There are a few differences between a personal loan and a bike loan (two-wheeler loan). Here are the differences:
If you are looking to buy a two-wheeler with the help of loan, then there are advantages to taking a personal loan and a bike loan. Based on financial and personal requirements, one can choose what is best suited.
Most banks offer an option known as prepayment for loans so that one can close the loan sooner than the tenure opted for. This helps one get rid of one financial burden if he/she can do so. So, if you want to prepay your two-wheeler loan, there is a certain procedure to follow with your lender.
Two-wheeler loans are in demand by many Indian citizens. Bikes and scooters are the most convenient private modes of transportation used to move from one location to another in the city traffic. They are also very fuel efficient in comparison to cars.
If you are looking to buy a two-wheeler with a personal loan, there are certain eligibility criteria that you must meet to get the loan approved.
Yes, students can get a two-wheeler loan to buy a bike if they meet certain eligibility criteria that are set by the lender.
One can finance a two-wheeler in India with the help of a two-wheeler loan that can be applied for from a bank or Non-Banking Financial Company (NBFC).
Buying a bike with EMI paid from either a credit card or with a two-wheeler loan provided by a bank or an NBFC (Non-Banking Financial Company) will have its own sets of advantages and disadvantages. You can pick which is better based on your personal requirements.
Two-wheeler loans are very widely sought after in India as the majority of the population travels either by bike or scooter. They are cheap to maintain and can help one get through the maddening city traffic with ease. There are many features of a two-wheeler loan.
The interest rate for a two-wheeler loan is dependent on certain factors. In general, the interest rates for two-wheeler loans begin at just 9% and can go upwards based on the below factors.
If you are looking to buy a Royal Enfield Thunderbird 350, you can opt either for a personal loan or a two-wheeler loan based on what your requirements are.
In India, the majority of the population uses two-wheelers to commute as it is practical and saves time in city traffic. So, as most individuals cannot afford to buy a two-wheeler in one shot, banks offer two-wheeler loans to make it easy for the individual to buy a two-wheeler without it taking a toll on their finances for the month.
A two-wheeler loan is provided by many banks to help you buy your dream bike or scooter when you do not have sufficient funds to pay for it in one shot. The interest rates are comparatively low and can be availed based on one’s credit profile, loan amount and other factors.
A two-wheeler loan is a loan given by a bank or an NBFC (Non-Banking Financial Company) to an individual to help them buy a bike or scooter when they do not have enough funds to buy the same. This can help the individual with transportation to get through the city traffic with ease.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application