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.
Before applying for a two wheeler loan, it’s best to compare the interest rates with different lenders. Interest rates also depend on whether you are self-employed or a salaried individual. Because if you are self-employed, loans are lent at a higher rate because of the uncertainty associated with employment type. Your income range and your credit score will also influence the lending criteria. SBI Bank provides loans at interest rates at around 12.65% and for HDFC Bank it starts from around 14.03%. It changes from lender to lender and according to criteria.