11 Best Banks for Personal Loan in India for 2021
- SBI Personal Loan Interest Rates. …
- HDFC Personal Loan Interest Rates. …
- Personal Loan Interest Rates Axis Bank. …
- Bajaj Finserv Personal Loan Interest Rates. …
- Personal Loan Interest Rates Bank of Baroda. …
- Citibank Personal Loan Interest Rates.
Considering this, can I get 100 percent bike loan?
A two-wheeler loan is the best option to own your dream bike without redeeming your savings. … You can get up to 100% of your bike’s on-road price as a loan without pledging anything as collateral. With affordable interest rates and longer loan tenure, you can plan your repayments based on your needs.
Similarly one may ask, do banks give loans for motorcycles?
Motorcycle loans: Motorcycle loans are specialty loans offered by some banks, credit unions, and online lenders. Depending on the lender, they can be secured or unsecured, but unsecured loans tend to have higher interest rates than secured ones.
Is it good to buy bike on EMI?
Advantages of Taking a Bike Loan on EMI
A small portion of the loan can be paid in the form of initial down payment thus reducing the financial burden of the borrower. Repayment tenure can extend up to five years which results in lower EMIs every month.
Motorcycle financing is not something that we consider hard to do. Motorcycle financing with us is really a pretty simple process with high loan approval rates. If you have bad credit or no credit, most new or used motorcycle dealers will mae it seem nearly impossible to get you approved for financing.
Most lenders require a credit score of 620 in order to get motorcycle financing. If your score is below 620, you may still be able to find a lender to work with you.
Minimum Down Payment Required for a Bike Loan
It ranges from 15-30%* of the two-wheeler value. Down payment solely depends on the cost of the bike and your repayment capacity. It is advisable to pay some amount as down payment for availing lower EMIs on bike loan.
The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.
Comparison of Best Personal Loan Providers in India
|Lender||Interest Rate (p.a.)||Processing Fee|
|HDFC Bank||10.25% – 21%||Up to 2.5% (Maximum Rs. 25,000)|
|Kotak Mahindra Bank||10.25% onwards||Up to 2.5%|
|Federal Bank||10.49% – 17.99%||Up to 3%|
|IDFC FIRST Bank||10.49% onwards||Up to 3.5% (Minimum Rs. 2,999)**|
Best for lower interest rates
Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.