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Two-wheeler Loans: Guide to Bike Financing in India 2024
Posted on Tuesday, December 10th, 2024 | By IndusInd Bank
Summary: IndusInd Bank’s two-wheeler loans make it easy to afford your dream bike in 2024. With a hassle-free application process, higher loan amounts, competitive interest rates, and flexible repayment terms, we make bike ownership easily accessible.
As per TechSci Research, the two-wheeler loan market in India is projected to surpass $12 billion by 2025, from roughly $6.7 billion in 2019. This substantial growth highlights the burgeoning preference for two-wheelers as a preferred mode of daily commuting, given their ability to navigate congested lanes and traffic with ease.
However, a two-wheeler, especially a high-end model, can come with a hefty price tag. Fortunately, two-wheeler loans are now easily accessible, which makes bike ownership more manageable. IndusInd Bank provides affordable two-wheeler loan options distinguished by their exceptional features and benefits.
In this blog post, we will explain how IndusInd Bank’s two-wheeler loans can make financing your dream bike easy in 2024.
About Two-Wheeler Loans
Two-wheeler loans have been designed to assist individuals in buying scooters, motorcycles, or other types of two-wheeler vehicles. These loans cover a significant portion of the vehicle’s cost, which the borrower repays over a predetermined period via EMIs (Equated Monthly Instalments) along with any applicable interest.
Why Opt for an IndusInd Bank Two-Wheeler Loan?
IndusInd Bank’s two-wheeler loans come with a range of benefits tailored to satisfy diverse customer needs. The table below elucidates some of the key benefits:
| Attractive Interest Rates | With competitive interest rates on two-wheeler loans, IndusInd Bank ensures your EMI payments are affordable and manageable throughout the loan tenure. |
| Higher Loan Amounts | With a substantial loan amount, you can finance up to 95% of your two-wheeler’s on-road price, starting at INR 15,000. |
| Flexible Repayment Tenure | Select from flexible loan tenures ranging from 12 to 36 months for standard two-wheelers and up to 60 months for high-end two-wheelers. |
| Quick Loan Processing & Documentation | We guarantee prompt processing of your loan application within four hours with simple, hassle-free doorstep documentation. |
How to Apply for a Two-Wheeler Loan at IndusInd Bank
Applying for a two-wheeler loan with IndusInd Bank is simple. Follow these steps to get started:
1. Check Eligibility Criteria
For Salaried Individuals
- Applicants must have a minimum monthly salary of INR 10,000.
- Applicants must be between 21 and 60 years old at the time of loan application.
- Applicants should have a stable current employment.
For Self-employed Individuals
- Applicants must have a minimum of three years of stable business experience.
- Applicants must be between 21 and 65 years old at the time of loan application.
- Applicants must provide Income Tax Returns (ITR) for the last two years or proof of business.
2. Gather Documentation
Income Proof for Salaried Individuals
Self-attested photocopy of one of the following:
- Form 16
- Latest three months’ salary slips
- Bank statement
- Latest ITR
- Identity proof
- Residence proof
Income Proof for Self-employed Individuals
Self-attested photocopy of one of the following:
- Latest ITR
- Bank statement
- Identity proof
- Residence proof
For Applicants Without Income Proof
Self-attested photocopy of one of the following:
- Bank statement
- Business incorporation certificate or proof of business continuity for the last three years
- Proof of owned residence
- Repayment track record
- Identity proof
Income Proof for Agricultural Income
Self-attested photocopy of one of the following:
- Proof of agricultural land or Pattadar passbook
- Bank statement
- Proof of owned residence
- Repayment track record
- Identity proof
Obtaining a bike loan online from IndusInd Bank is an efficient way to finance your dream bike in 2024.
Apply now and hit the road with your new two-wheeler!
Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
