If how many emi dues can go for two wheeler loan
Answers
Planning on taking a loan to buy the bike you’ve always wanted? Before you apply for one, take a look at the interest rates being offered by some of the top lenders in the country. The interest rates on these loans range anywhere between 9% p.a. to 25% p.a.
BankBazaar brings you a way of comparing all the rates offered by banks such as SBI, Union Bank of India, HDFC Bank, and a lot more. You can also compare rates being offered by Non-Banking Financial Companies (NBFC) such as Bajaj Finance and L&T Finance.
Compare two-wheeler loan interest rates in 2019
The following table helps you compare the interest rates and processing fees charged by lenders in India along with their respective tenures.
Lender Minimum interest rate Processing fee Maximum repayment tenure
State Bank of India (SBI) 11.95% p.a. 1.22% of the loan amount 36 months
HDFC Bank 11.42% p.a. Maximum 3% of the loan amount?? 48 months
Bank of India 9.55% p.a. 1% of the loan amount (minimum Rs.500 & maximum Rs.10,000)? 60 months
Punjab National Bank 10.20% p.a. Rs.275 60 months
Andhra Bank 10.70% p.a. 1% of the loan amount (minimum Rs.500 and Maximum Rs.5,000) 60 months
Union Bank of India 11.60% p.a. 0.50% of the loan amount (maximum Rs.15,000) 36 months
Indian Bank 12.10% p.a. 0.23% of the loan amount?subject to a?maximum?of?Rs.10,236?? 60 months
Corporation Bank 12.50% p.a. 0.50% of the loan amount?(minimum?charge is?Rs.500)? 84 months
Canara Bank 11.70% p.a. 0.25% of the loan amount?subject to a?minimum?of?Rs.1,000 and a maximum of Rs.5,000)? 84 months
Bank of Baroda 12.70% p.a. Rs.500 plus taxes 60 months
UCO Bank 13.05% p.a. 1% of the loan amount subject to a minimum of Rs.500 48 months
Syndicate Bank 10.70% p.a. Minimum Rs.125 (Rs.1.25 per Rs.1,000 of loan) 60 months
Why you should compare interest rates before applying for a two-wheeler loan?
The main reason why you should compare the interest rates of the loan options available to you is to know how much each one will cost you. This will help you calculate how much you will have to repay each month on each of these options.
This should help you find the cheapest loan. Comparing other parameters such as the processing fee and the repayment tenure will help you find a loan that best suits your current needs.
Things to consider while applying for a two-wheeler loan
In this section, we’re going to talk about some of the things you need to keep in mind other than the interest rate while comparing loan options.
Apart from the interest rate, there are a few other factors that determine whether a loan is convenient or not. Comparing these factors can help you find the ideal lender and the ideal loan based on your needs.
Here are a few things you should consider other than the interest rate:
Processing fee: A processing fee is a one-time charge that your lender will levy for processing your loan application. This can impact your monthly repayments. So, even if you get a loan with a low interest rate, your processing fee will increase your costs. Choose a lender that offers you a low interest rate along with a reasonable processing fee.
Eligibility criteria: Each lender will have a set of eligibility criteria that you are expected to fulfil before they process your loan. Some lenders may have more stringent criteria than others. NBFCs may have the least stringent criteria. Choose a lender whose criteria you can easily fulfil. This should help you get your loan without any hassles.
Prepayment charges: Prepaying your loan can help you save money on interest costs. But many lenders charge a fee if you want to prepay or foreclose your loan. Compare these charges if you plan to prepay or foreclose your loan in the future. This will help you find out if foreclosing a loan will be beneficial or not
mark me the Brainlist