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Banks and NBFCs in Mumbai provide two wheeler loans with loan funding of up to 95% on road price. Get the lowest EMIs and low loan processing fees. Banks also provide zero down payment on these loans. Check eligibility and apply now through CreditMantri!
Located on India’s west coast, Mumbai is the largest city and financial power house of the country. Ranked among the fastest countries in the world for business start-ups, the city reverberates with full of energy and contributes to the economy of the nation in the fields of IT, textiles, gems and jewelry, leather processing, entertainment and healthcare.
If you are looking for 2-wheeler loans in Mumbai to get that dream bike to ride, then read on.
A two-wheeler loan or bike loan is a secured loan taken by the borrower to buy a bike of their choice with the two-wheeler as collateral. The two-wheeler thus purchased will initially have the ownership under the banks name, once the loan repayment has been completed the bank will send a No Objection Certificate(NOC) which needs to be used by the borrower to convert the owner of the bike to your name.
1. Two-wheeler loans are easy to get and easier to pay off.
2. The resale value of motor cycles is high and once you complete a loan you can start thinking of a new bike immediately
3. When paid off consistently affects your credit score positively and helps you build a credit profile.
4. Some banks also provide zero down payment bike loans, where you don’t have to put up your own money to buy the bike
Will vary from bank to bank for example
Fixed Prepayment charges
Prepayment at any given time – 1% to 3% (or)
Varying prepayment Charges based on repayment cycle
Important documents to be submitted while applying for two-wheeler loans in Mumbai
There many ways one can apply for a bike loan in Mumbai
1. The dealer
Most showroom owners or two-wheeler dealers have tie ups with NBFCs and Banks whose representatives you can meet at the showroom itself through whom the process and the documents required to get the loan can be ascertained.
2. Bike manufacturer
Bike manufacturers like Hero and Bajaj have their own lending services through which they provide loans for their customers at competitive interest rates
3. Bank/NBFC website
You can go online and visit any of the banks or NBFC that provide two-wheeler loan and apply for it. You will need to fill up the necessary details asked on the website. A bank/NBFC representative will come to your home to collect the necessary documents. The loan amount will be disbursed after document verification. This the best way to get an instant eligibility check.
4. Bank/NBFC branch
This a type of offline mode where the borrower can visit any bank or NBFCs branch in Mumbai to meet with a representative who will give all the details of their two-wheeler loan scheme. You can also ask any queries you might have to get a complete understanding of what you are agreeing to in taking their loan.
5. Customer care
A potential borrower can also call a bank/NBFC customer care with whom they can get the details and also apply for the two-wheeler loan. A bank/NDFC representative will come and collect the necessary documents from your home. Once the verification process is completed your loan will be disbursed.
6. Applying through CreditMantri
You can check your eligibility and apply for a Two-Wheeler Loan by signing up with CreditMantri. It is quick, simple and above all, free.
CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence, the chances of your two-wheeler loan application getting approved is higher.
When choosing a two-wheeler loan in Mumbai, a person needs to first analyze their income and expense to see how much they make and how much they spend each month. Next, he/she needs to check their credit score if they had taken loans before or if they own a credit card. If the credit score is low the person needs to improve it before applying for the loan to make sure they get the best offer.
Then he/she needs to decide what bike they want. This because in two-wheeler loans there are separate criteria for superbikes and other bikes. After choosing the bike you need to decide how much you are going to pay and how much loan amount you are going to take. Never take a loan beyond your means. Choose a loan and EMI which you can pay comfortably.
There are many banks and NBFCs which offer two-wheeler loans in Mumbai like HDFC, ICICI, SBI etc. The best lender is one where you can get the loan amount you want at an interest rate that is comfortable for you and who can disburse the funds as early as possible. You should not choose a bank just because you know it, you need to choose the bank that provides the best benefits for you.
To get a better understanding of your loan requirement and how much EMI you will pay, you can use the EMI calculator available on CreditMantri website and on the bank/NBFC website. By inputting the tenure, interest rate and loan amount you will get to know how much EMI you will pay. You can vary the inputs for various scenarios and know the EMI in each case. This will help you plan for the loan you want.
In India usually, the retirement age Is 60 years, while banks provide loans for a maximum age criterion of 65 years. It is above this age that getting a two-wheeler loan is difficult. Many banks provide bike loans for senior citizens if they can show that they have paying capability. Some banks might also ask for a guarantor with a good credit score. The loan tenure might be very high as banks feel that the risk will be higher.
To get a two-wheeler loan with bad credit is quite difficult. Even if you do get one it will be at unfavorable terms. The ideal option for people with bad credit is to improve their credit score before taking a loan.
1. Where can I get the cheapest two-wheeler loan interest rates in Mumbai?
The interest rate depends on your salary, the loan amount you require, credit score and the tenure you opt for. You can negotiate for good terms with a good credit score.
2. How to get instant e-approval on 2-wheeler loans?
You need to visit the website of lenders be it banks or NBFCs and apply on their website. After inputting the details asked the bank will immediately give you an update if your loan application is approved or not.
3. Where can I find a two-wheeler loan interest calculator?
You can visit CreditMantri website or the lending bank website where you will find the option of EMI calculator. Input various interest rates to get the respective EMIs. The interest rate can be obtained by applying for the loan where you will submit basic information like salary, company and job experience details based on which interest rates will be displayed.
4. Two-wheeler loan interest rates in all banks in Mumbai
Interest rate subject to change, kindly check with the lender for the latest rates
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