HDFC Two Wheeler Loan
HDFC offers two wheeler loan at affordable interest rates, with minimum documentation, making it a hassle-free and smooth process. One of the USPs of the bank is also its quick disbursal of loans. Owning a two wheeler is a dream that every Indian cherishes. While some see it as the most ideal mode of daily transport, some want to enjoy the thrill of biking across the vast and varied geographical terrain of our nation. HDFC two wheeler loans provide you with ideal financial assistance to buy a two wheeler of your choice.
Features and Benefits of HDFC Bank Two Wheeler Loan:
HDFC two wheeler loans come with a wide array of attractive features and benefits. They have been listed below –
- The loan comes with a 2% lower rate. The processing fees is 50% lower for HDFC account holders.
- The bank provides an online facility of checking the loan eligibility and loan status in no time.
- The repayment options, ranges from 12 to 48 months. This is flexible repayment options. This facility is available even at the point of purchase.
- EMIs can be easily paid through Standing Instructions, ECS or post-dated cheques.
- Practical and easily affordable interest rates.
- Loans can be availed from more than 3000 branches across India.
- Quick disbursal of loan and hassle-free process.
- Easy documentation process and doorstep service
- Two wheeler loans are provided up to 100% to HDFC account holders for specific two-wheeler models.
- All the loan charges are communicated in writing along with the loan quotation
HDFC Two Wheeler Loan Interest Rates:
One of the key features of HDFC Two Wheeler that has made it so popular in the Indian market is the competitive interest rate. Interest rate of the loan which starts at 10.50% and goes up to 14.85% (Average IRR of 12.25%) for superbike two wheeler loan lets you save big. The minimum interest rate for a standard two-wheeler loan is 11.81% and the maximum is 24.00%.
| Interest Rate Average | |||
| Product | Min IRR | Max IRR | Avg IRR |
| Two wheeler loan | 11.81% | 24.00% | 22.28% |
| Super Bike Two Wheeler Loan | 10.50% | 14.85% | 12.25% |
HDFC Two Wheeler Loan Fees and Charges:
The charges applicable to your HDFC Two Wheeler Loans is minimal compared to other banks. These include necessary charges such as Pre-payment charge, EMI Late payment penalty, Loan cancellation charges etc.
EMI Late payment penalty: If you happen to be late on your EMI payment due to an unavoidable reason, you will be charged 2.5% Per Month on the Unpaid Installment.
The pre-payment charge that one will have to bear differs and depends on when you make the prepayment. There are slabs of periods to which a certain percentage will be assigned. For example, if you do prepayment between 7 and 12 months from the date of the 1st EMI, the pre-payment charge will be 6% of principal outstanding. Refer the table below to see the complete list:
| Description of Charges | Two Wheeler Loans |
| Documentation Charges | Maximum is 3% of Loan Amount |
| Loan Processing Charges | Maximum is 3% of Loan Amount |
| Pre-payment charges |
|
| EMI Late payment penalty | If you are late to pay your EMI, you will be charged 2.5% Per Month on the Unpaid Installment |
| No Objection Certificate (NOC)/ No Due Certificate | Nil |
| EMI return charges/ Cheque Bounce | Rs 550/- only |
| Stamp Duty | At actuals as levied by respective State Govt |
| Legal, Repossession & Incidental charges | At actuals |
| PDD Collection Charges | Up to Rs.300/- |
| CIBIL Charges (only on request) | Rs. 50 only |
| Loan cancellation charges | NIL (The customer will however be charged interest for the interim period between date of loan disbursement and date of loan cancellation. Documentation charges, Processing fees and Stamp Duty would be retained.) |
| Duplicate NOC | Rs. 500/- per request |
| Cheque/ECS swapping Charges | Rs 500/- only |
| Reschedulement Charges/ Loan Rebooking | Rs 1000/- only |
| Special NOC Charges | Rs 500/- only |
| Amortization Schedule Charges | Rs 200/- only |
HDFC Two Wheeler Loan Eligibility:
Applicant of HDFC two wheeler loan has to be –
- At least 21 years old at the time of applying for the loan, and less than 65 years at the end of the loan tenure.
- A salaried or self-employed individual.
- The minimum gross income for salaried individuals should be Rs. 84,000/- per annum, and Rs. 72,000/- per annum for self-employed individuals.
- Working for minimum 1 year.
- Own a telephone at his/her office and house.
- Reside for minimum 1 year at the given address.
Documentation:
- Proof of residence/ address proof
- Copy of – passport, voter’s identity card, Driving license, Electricity bill, Ration card, most recent credit card bill. Address proof in the name of the applicant’s spouse or parents’ name is also valid.
- Proof of Identity:
- Income Proof:
- For Salaried Individuals – For Govt. employees, the most recent salary slip.
- For Self-Employed: Copy of the most recent Income Tax return form.
