HDFC Two Wheeler Loan Interest Rate, Eligibility

HDFC Bank Two Wheeler Loan Process.
HDFC Bank Two Wheeler Loan Process.

HDFC Bank two wheeler loan

HDFC Bank is the one which will provide two-wheeler loan at rates of interest which are affordable with very less documentation which makes it a simple and smooth process. One of the USPs of the HDFC bank is also for its quick loan disbursals. To own a two-wheeler is always a dream of every Indian. While few of them see it as the best mode of daily transportation, few would just enjoy the thrill the bikes provide across this large and varied geographical terrain of India. HDFC Bank two-wheeler loans will give you the best financial assistance for purchasing two-wheeler of your choice.

HDFC Bank two wheeler loan features and benefits

HDFC Bank two-wheeler loans will come with a large array of excellent features and benefits. All of them are listed below

  • This loan will come with a lower rate of interest of just 2%. The fee for processing the loan is 50% less for the account holders of HDFC Bank.
  • Bank will provide online facility to check the eligibility for the loan and the HDFC Two wheeler loan status.
  • The options for repayment of loan ranges between 1 to 4 years. This is a flexible way of repayment and this facility will be available at the purchase point too.
  • You will be able to pay the EMIs easily through ECS or post-dated cheques, standing instructions.
  • Interest rates are not only practical but also easily affordable.
  • You will be able to avail these loans from almost 3000 branches throughout India.
  • The process of application of loan is hassle-free and even the disbursal of loan is quick.
  • Process of documentation is easy and you will be provided with a doorstep service.
  • Loans for two wheelers are provided up to 100% to the account holders of HDFC for certain models of two-wheelers.
  • All the charges on the loans will be communicated in a written way along with the quotation of loan.

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HDFC Two-wheeler loan Interest rate

HDFC Bank Two Wheeler Loan Interest Rate.
HDFC Bank Two Wheeler Loan Interest Rate.

One of the main features of HDFC Two wheeler loan which has made it very much known in the market of India is its competitive rate of interest. Rate of interest of the loan will start at 10.50% and will go up to a maximum of 14.85% where the average would be at 12.25% for superbike two-wheeler loan which will help you to save the maximum. The minimum rate of interest for a two-wheeler loan which is standard is 11.81% which would be up to a maximum of 24%.

Fees and charges of HDFC Bank Two-wheeler loan

The charges which are applicable to your HDFC Bank Two Wheeler loan is very less when compared to other banks two-wheeler loans. These will consist of required charges like prepayment charge, late payment penalty on EMU, cancellation charges of a loan and many more.

Late payment penalty on EMI

If you are delaying the payment of EMI due to some reasons, then you will be charged with 2.5% of late payment charges per month on the instalment which is left unpaid.

Prepayment charge

The prepayment charge which you have to pay will vary and is completely based on when are you making the prepayment. There are allocated periods to which a specific percentage will be assigned. For instance, if you are making prepayment between 7 to 12 months starting from the date of first EMI, the charges of prepayment will be 6% of the principal outstanding balance.

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  • A maximum of 3% of the amount of loan will be charged as documentation charges.
  • The charges for the processing of loan would be 3% of the loan amount.
  • If you are making prepayment within 7 to 12 months from the first EMI date, you will be charged with a prepayment charge of 6% of the principal outstanding amount. If you make prepayment between 13 to 24 months, then the charge would be 5% of the outstanding balance amount. If you do prepayment after 24 months from the date of first EMI, you will be charged with a prepayment charge of 3% of the principal outstanding. You will not be allowed to make a prepayment within six months of repayment of EMI.
  • If you are late for the HDFC two-wheeler loan payment of your EMI of two-wheeler loans, then you will be charged with an interest of 2.5% per month on the instalment which is unpaid.
  • No fees will be charged for the No Objection certificate.
  • Charges for return of EMI or cheque bounce will be an amount of Rs.550/-.
  • Charges for stamp duty will be charged as decided by the respective State Government.
  • The charges for legal, repossession or incidents is as at the actuals.
  • Collection and PDD charges will be up to a maximum amount of Rs.300/-.
  • Cibil charges will be an amount of Rs.50/- and this will be provided only upon request.
  • No charges will be made for cancellation of the loan. However, you will be charged with an interest in the interim period which is between the date of disbursement of loan and cancellation of the loan. Charges for documentation, the fee for the processing of loan and stamp duty will be retained.
  • Charges for duplicate NOC is an amount of Rs.500/- per request.
  • Charges for cheque swapping or ECS swapping is an amount of Rs.500/-.
  • Charges for rescheduling of loan is an amount of Rs.1,000/-.
  • Charges for special NOC is an amount of Rs.500/-.
  • Charges for authorization schedule is an amount of Rs.200/-.

Eligibility criteria required for the application of HDFC Bank Two Wheeler loan

  • Your age should be a minimum of 21 years when you are applying for this 2 wheeler loan and should be less than 65 years.
  • You can either be a salaried or self-employed individual.
  • The minimum income for salaried individuals should be an amount of Rs.84,000/- per year and an amount of Rs.72,000/- per year for individuals who are self-employed.
  • You should be working at least for 1 year by the time of application.
  • You should have a telephone at your house or office.
  • The address which you have provided should be the one you are residing for a year.

Required documentation for the application of HDFC Two wheeler loan

  • Address proof like a bank statement, aadhaar card, passport etc
  • Identity proof like PAN card, driving licence.
  • Proof of income like your recent payslips for salaried and for self-employed, it would be Income Tax Returns. You can visit nearest HDFC Bank branch for any other details or assistance.

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