Two-wheeler loans are considered to be the most convenient way of funding provided by HDFC bank to fulfill your desire of buying a dream bike. Owning a two-wheeler has been made simpler, as the loan repayment can be done in the form of Equated Monthly Instalments (EMIs), as per the budget of the borrower. HDFC bank allows customers to take home their vehicle the same day from the dealership, once the documents are verified. However, the interest rates may vary as per the chosen loan amount, interest rate and repayment tenure.
HDFC Bank Two Wheeler Interest Rate 2019
|Type of Loan||Interest Rate|
|SuperBike Two Wheeler Loan||9.10% onwards|
|Two Wheeler Loan||10.45% onwards|
Note: The mentioned interest rates, fees, and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned interest rate.
Two-wheeler loan interest rate offered by HDFC bank starts from 10.45% and for Superbike two-wheeler loans the interest rate offered is 9.10% onwards.
Check HDFC Two Wheeler Loan Eligibility Criteria
Applicants fulfilling the below criteria are eligible for financing of their two wheeler by HDFC Bank:
- The age for applying the loan can range between 21 years (at time of loan application) to 65 years at the time of loan maturity.
- Salaried people having an annual income of Rs. 84,000 can avail the benefits of this loan.
- A self Employed individual should have Rs. 72,000 income status annually to apply for the loan.
- People residing at the current address for minimum one year need to have valid documents in case of transfer for the loan approval.
- Any individual should have a work status of a minimum one year.
- People having a telephone or office landline connection are eligible.
Documents Required for HDFC Two Wheeler Loan
The submitted documents are validated at the bank, so it becomes mandatory for the applicant to provide correct documents when applying for a loan for their bike/scooter.
Identity Proof Documents
- Valid Passport
- Voter’s ID card
- Driving License
- PAN card
- Company ID card
- Ration Card (If exists)
Residential Proof Documents
- Valid Passport
- Voter’s ID card
- Driving License
- Rental Agreement
- Telephone Bill
- Electricity Bill
- Gas Connection Bill
- Ration Card
- Property Purchase Agreement
- Latest Credit Card Billing
- LIC Policy
- A letter from the company (accommodation if provided or residential address)
Income Proof Documents
- Salaried: Recent salary slip for government employees or an authorized salary certificate having the name and designation of the customer.
- Self Employed: A copy of a recent Income Tax Return.
HDFC Two Wheeler Loan Features
The HDFC Bank offers 2% lower interest rates for two-wheeler loans; the bank also offers flexible tenure for loan repayment. With its quick and hassle-free process, it saves time and money of its customers.
Some of the features and other details that make it stand out from the crowd are:
- The bank offers Two-wheeler loans to both Salaried and Self-employed people.
- EMI option: The bank offers you various options in EMIs where people can select any one favorable to them according to their income and expenses.
- Variable Interest Rates: The bank also has flexible interest rates depending on the amount of loan and tenure of the customer.
- Online Process: There is the facility to do the process online and get things done just in few clicks while sitting at home.
- Easy Repayment Options: The consumer can repay the amount through EMI or post-dated cheques, whatever is the best option for the consumer at that point.
- Instant Loan Approval: By just providing correct documents at the dealership, the bank verifies the documents and provides instant approval.
Additional Fees & Charges - HDFC Two Wheeler Loan
|Two Wheeler Loan Extra Charges||Amount and Procedure|
|Loan Processing Charges||Max. 3% on the loan amount|
|Documentation Charges||Max. 3% on the loan amount|
|No Objection Certificate (NOC)||NIL|
|Overdue EMI interest||The rate will be 2.5% each month on the unpaid installment|
|Stamp Duty||It Depends as stated by the State Government|
|Cheque Bounce or EMI return Changes||Rs. 500/-|
|Loan Cancellation Charges||NIL (There might be charges for the interim period that lies in the date of loan disbursement to the cancellation of loan, documentation charges, and stamp duty that is applied on documents like cheques, receipts, or any transaction records would be retained and charged accordingly)|
|Legal, Repossession or Incidental Charges||At Actuals|
|Duplicate NOC||Rs. 500/- for each request|
|CIBIL charges (on request)||Rs. 50/-|
|PDD Collection Charges||Up to Rs. 450/-|
|Cheque or ECS Swapping Charges||Rs. 500/-|
|Amortization Schedule Charges||Rs. 200/-|
|Special NOC Charges||Rs. 500/-|
|Loan rescheduling Charges||Rs. 1000/-|
Note: The mentioned interest rates, fees, and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned fees & charges.
Frequently Asked Questions (FAQs)
Ques. Is it possible to get status and updates of my two wheeler loan in a different branch of HDFC bank?
Ans. Yes, with multiple branches they do have a database where they have the customer records and with that, you are free to check the status of your loan and other services provided by them.
Ques. As a customer am I liable to change the mode of repayment, if yes then how much time it will take?
Ans. Yes, a customer has been given a chance to change the mode of repayment and it may take 25 working days to update your data after the request has been made.
Ques. What are the different methods to check my HDFC Loan status?
Ans. The customer is allowed to check the status in three different ways:
- Net Banking
- HDFC website
- Offline by visiting any branch of HDFC bank