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HDFC Two Wheeler Loan Interest Rates

Home HDFC Bank HDFC Bank Two Wheeler Loan HDFC Two Wheeler Loan Interest Rates
Updated: 22-05-2024 05:31:54 AM

HDFC charges interest rates according to the following brackets while offering two wheeler loans:

IRR (Internal Rate of Return) for super bike two wheeler loan

  • Minimum IRR- 9.65%
  • Maximum IRR- 15.00%
  • Average IRR- 11.55%

IRR (Internal Rate of Return) for Regular Two Wheeler Loan

  • Minimum IRR- 14.03%
  • Maximum IRR-27.53%
  • Average IRR-21.79%

APR (Annual Percentage Rate) for Super Bike Loan

  • Minimum APR- 9.68%
  • Maximum APR-15.12%
  • Average APR-11.74%

APR (Annual Percentage Rate) for Regular Two Wheeler Loan

  • Minimum APR- 14.14%
  • Maximum APR- 33.35%
  • Average APR- 23.09%

*The values specified above are the maximum limits offered to customers for the loans taken during October 2016 to December 2016.

Apart from interest rate the other applicable charges include:

  • Pre-payment Charge:
    • You are not allowed to prepay the loan before 6 months.
  • If you prepay the loan within 7-12 months since the first EMI was paid, you will be liable to pay penalty at the rate of 6% of the outstanding principal.
  • If you prepay the loan after 12 months but before 24 months since the first EMI, you will be liable to pay prepayment fee at the rate of 5% of the outstanding principal.
    • After 2 years of repayment tenure i.e. 24 installments, the prepayment charges are reduced to 3% of the outstanding principal.
  • No applicable charges for No Due Certificate or No Objection Certificate(NOC)
  • Late Fee: You will be liable to pay penalty at the rate 2.5% on the pending installment, in case you fail to pay your EMIs on time.
  • EMI return or Cheque Bounce Charges: Rs. 550 for every failed EMI payment and for each instance of cheque bounce.
  • Stamp  Duty: According to the norms of the respective state government.
  • Rs. 500 per request is charged for issuing a duplicate NOC
  • PDD collection charges up to Rs. 450 may be charged. (These charges are refundable in case of loan cancellation)
  • If you wish to opt for loan rebooking or are looking for loan reschedulement, you are liable to pay Rs.1000 for it.
  • Amortization schedule provides a breakup of applicable charges along with details of each periodic payment and when do they fall due. You can view the amortization schedule for your loan by simply paying an amount of Rs. 200
  • Cheque or ECS swapping charges: Rs. 500
HDFC Bank Two Wheeler Loan
Frequently Asked Questions (FAQs)
HDFC Bank Two Wheeler Loan

HDFC bank offers two wheeler loans which are famous for their minimal documentation, quick disbursal and customer friendly procedure. The unique benefits that HDFC two Wheeler loan offers include:

  • You can take this loan from more than 3000 branches across India
  • The loans are offered at interest rates that are quite competitive and up to 100% financing is offered to account holders on select models of two wheelers.
  • You are entitled to additional benefits such as 50% discount on processing fee and 2% less interest rate if you have an account with HDFC bank.
  • The repayment tenure may range from 12 months to 48 months and the loan provides for flexible repayment options at the point of purchase as well.
  • The loan approval process is very quick and involves minimal documentation thus taking very less of your time and effort.
  • The bank’s website provides separate tools to help you check your eligibility and calculate your EMIs. You can check your eligibility, payable EMIs and the status of your application within 15 minutes.
  • The entire loan procedure is kept very transparent by communicating everything up front well in advance so as to make sure that the borrower is aware of the applicable charges at all times
Frequently Asked Questions (FAQs)

Q. Is there any processing fee for an HDFC Two wheeler loan?

Ans. Yes there is a processing fee charged for HDFC two wheeler loan, it is either 3% of the loan amount or Rs. 600 whichever is higher.

Q.What will happen if I fail to pay my EMIs on time?

Ans. If you do not pay your EMIs on time, you will be charged with penalty at the rate of 2.5% per month on the pending installment amount.

Q. Is there an option to prepay my HDFC two wheeler loan?

Ans. Yes HDFC two wheeler loan comes with the prepayment option but not before 6 months. You need to pay applicable charges for prepaying the loan amount. These charges may vary according to the remaining repayment tenure.

Q. What are the applicable prepayment charges on my HDFC two wheeler loan?

Ans. Prepayment charges will be levied according to the following:

  • If you prepay the loan within 7-12 months since the first EMI was paid, you will be liable to pay penalty at the rate of 6% of the outstanding principal.
  • If you prepay the loan after 12 months but before 24 months since the first EMI, you will be liable to pay prepayment fee at the rate of 5% of the outstanding principal.
  • After 2 years of repayment tenure i.e. 24 installments, the prepayment charges are reduced to 3% of the outstanding principal.

Q. What is the maximum amount offered under HDFC two wheeler loans?

Ans. You can avail a maximum of Rs. 1.5 lakhs under this scheme.

Q. What is the minimum amount that can be borrowed under HDFC two wheeler loan?

Ans. A minimum of Rs. 20,000 is offered under this scheme.

Q. What is the processing time for this loan?

Ans. After all the documents are submitted, it takes around 48 hours for the loan to be sanctioned and disbursed.

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