Buying the two-wheeler means upfront outgo of money equivalent to several months’ salary. Hence, it is more convenient to buy the two-wheeler through loan and repay in easy installments, popularly known as EMI (Equated Monthly Instalments). HDFC bank offers Two Wheeler Loans at 9.05% onwards with reasonable eligibility criteria that almost every salaried or self-employed person can fulfill. Due to flexible repayment plans, even people with lower income range are also eligible for HDFC Bank Two Wheeler Loan.
Eligibility Criteria for HDFC Bank Two Wheeler Loan
| Applicant’s Profession | Salaried or Self-Employed person |
| Work Experience | Min. 1 year |
| Min. Annual Income |
|
| Minimum Age | 21 years |
| Maximum Age | 65 years |
| Residential Status | Min. 1 year in the same city or town |
HDFC Two Wheeler Loan Interest Rates – 9.05% onwards
The interest rate for HDFC bank two-wheeler loans varies from 9.05% to 16% for Superbike two wheeler loan categories. It varies from 10.40% to 29.01% for standard two-wheeler loan category. The exact interest rate applicable to your loan varies with tenure and amount of your loan as well as your financial profile.
Charges and Fees for HDFC Bank Two Wheeler Loan
| Processing Charges | Up to 3 % on the loan amount |
| Documentation Charges | Up to 3 % on the loan amount |
| Pre-Payment Charges |
|
| No Objection Certificate (NOC) charges | NIL |
| Overdue interest rate | 2.5% per month. |
| Stamp Duty | At actual. |
| EMI return Changes | Rs. 500 plus GST |
| Loan Cancellation Charges | NIL |
| Legal Charges | At Actual |
| Duplicate NOC | Rs. 500 per request |
| Loan rescheduling | Rs. 1000 per request |
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 charges.
Documents Required for HDFC Two Wheeler Loan
To process your two-wheeler loan application, you will have to submit below documents along with the application form:
Mandatory Document
- PAN Card
Identity Proof (Only one document from below list)
- Valid Passport
- Voter’s ID card
- Driving License
- Employer’s ID
- Ration card
- Aadhar Card
Residential Proof
- No separate residential proof is necessary if your current residential address is mentioned on identity proof submitted. If not, you can submit any of the below additional documents:
- Rental Agreement
- Telephone Bill
- Electricity Bill
- Gas Bill
- Water Bill
- Municipal Tax Bill
- Credit card bill
Income Proof
- Last 3 months’ salary slips (In case of salaried persons)
- Copy of recent Income tax return (In case of self-employed persons)
- Last 6 months’ bank statement (For every type of applicants)
Features and Benefits of HDFC Bank Two Wheeler Loan
As compared to other banks and NBFCs, HDFC bank offers two-wheeler loans at a lower interest rate. Apart from the interest rate, below are the key takeaways of HDFC Bank two wheeler loan.
- Flexible Tenure: You can choose any tenure from 1 year to 5 years to repay the HDFC Two Wheeler Loan. Opting for longer repayment tenure allows you to be eligible for a higher amount of loan even if your income is lower.
- Faster Disbursement: The efficient back-office operations and use of technology enable HDFC bank to process your loan application faster. Hence, you can expect the loan disbursement within 6-9 hours after your loan application and once you visit the nearest outlet to drive back your vehicle.
- Online Application: You can apply for HDFC Bank Two wheeler loan from the comfort of your home or office through the official website of the bank. It eliminates multiple visits to banks for your two-wheeler loan application.
- Variable Interest Rates: You can negotiate a better interest rate with HDFC Bank for your two-wheeler loan based on your financial profile, loan amount, income level and type of loan.
Frequently Asked Questions (FAQs)
Q. What is Grahak Seva Kendra of HDFC Bank two-wheeler loans?
A. Grahak Seva Kendra is the dedicated unit to resolve queries of two-wheeler loan customers. You can call on 020-39401010 within office hours for any queries related to your two-wheeler loan.
Q. If I am getting salary in cash, am I eligible to avail HDFC two-wheeler loans?
A. Only cash salary is not sufficient evidence to establish the confidence of repayment of your loan. You may have to produce other relevant documents like income tax returns and salary slip to avail the loan. Bank may refuse the loan if the supportive documents are not matching to your income claim from cash salary.
Q. Can I avail HDFC bank two-wheeler loans directly from vehicle dealers?
A. The dealers who have a tie-up with HDFC bank will provide you single window service for your HDFC bank two wheeler loan. You can also approach the bank directly with necessary documents.