Two Wheeler Loan Interest Rate

Two Wheeler Loan Fee and Charges

List of all fees and charges

Loan Processing Fees:Up to 6% of Loan amount
*Varies based on the Asset & Scheme opted by the Customer
Sanctioned Loan Amount (in ₹)Charges (in ₹)
< ₹ 5 lakhs₹ 500
₹ 5 - ₹ 50 Lacs₹ 1000
> ₹ 50 Lacs - 2 Crore₹ 1500
> ₹ 2 Crore₹ 2000
Late Payment Charges (LPC)/ Penal Charges:2% per month (p.m.) on overdue EMI + applicable taxes
*LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec 2023
*Taxes applicable on LPC w.e.f. 1st April 2024
Part Prepayment Charges:Up to 5% of prepaid amount + applicable taxes
Foreclosure Charges:5% of principal outstanding + applicable taxes
Legal/ Recovery/ Repo/ Parking & other charges:As per actuals
Duplicate NOC Charges First 3 paper copies - free of cost
₹ 250/- + applicable taxes
Repayment Swap Charges (per swap)₹ 500/- + applicable taxes (applicable only for branch walk-ins)
Document Charges:0 to ₹ 1500/-
Charges for documents:Nil for Statement of Account/Repayment Schedule /Foreclosure Letter & Welcome Kit
ECS / NACH charge:0 to ₹ 1500/-

*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.

Terms and Conditions for Two Wheeler Loan Process

1. Eligibility Requirements :

Applicants must meet age, income, and employment criteria set by the lender.

2. Loan Tenure :

Up to 5 years, allowing flexibility in repayment terms to suit your financial plans.

3. Interest Rates :

Subject to change and depend on the applicant's profile and lender policies.

4. Documentation :

Include valid ID proof, address proof, income proof, and additional documents as needed.

5. Repayment Terms :

Monthly EMIs must be paid on time to avoid late payment penalties and other Two Wheeler Loan charges.

6. Foreclosure and Prepayment :

Conditions apply concerning charges and notice periods for early loan settlement.

7. Insurance Requirement :

Comprehensive insurance for the vehicle may be mandated as part of the loan agreement.

FAQs & Support

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Are there any documentation charges for applying for a Two Wheeler Loan?

Yes there are charges for Documents which is the cost for the processing necessary paperwork.

What is the foreclosure charge on a Two Wheeler Loan?

The foreclosure charge, plus taxes, is 5% of the principal outstanding.

Can I negotiate the fees and charges on my Two Wheeler Loan?

Some charges may be negotiable, especially with a strong credit history or existing relationship with the lender.

What are the additional charges included in a Two Wheeler Loan?

Additional charges may encompass document duplicate NOC charges, and repayment swap charges.

What is the current interest rate on the Two Wheeler Loan?

Interest rates vary by lender and applicant profile, so it's best to check with the specific lender for the current rates.

How much are Two Wheeler Loan processing fees?

The processing fees can be up to 6% of the loan amount and may vary based on the asset and scheme the customer selects.

What are Two Wheeler Loan Fees and Charges?

These refer to the costs of taking out a Two Wheeler Loan, including processing fees, documentation charges, and foreclosure charges.

What are the different types of charges that can be levied in a Two Wheeler Loan?

Charges include processing fees, ECS/NACH charges, documentation fees, late payment charges, foreclosure charges, and part prepayment charges.

How does GST affect Two Wheeler Loan fees?

GST is applicable to various loan fees and charges, such as processing and late payment fees, increasing the total cost.

Is Two Wheeler Loan processing fees refundable?

No, processing fees are non-refundable as they cover the administrative costs incurred during loan processing.