If you’re tired of getting corns on your feet from walking, or you’ve had it up to your gills arguing with crabby auto drivers, it’s probably time you took matters into your own hands. Getting a motorcycle or scooter of your own comes with a ton of advantages. No more scrambling for cab rides or squishing your frame in between sweaty bodies on local buses.
However, buying the bike of your dreams isn’t exactly a walk in the park if you aren’t in a financial position to afford it. But, that’s where HDFC’s Two-Wheeler Loans come in. If you aren’t already in the know, HDFC is one of the biggest banks in the country, with a strong track record of quick service and loan disbursals. The bank offers a wide range of financial and banking products and services, of which the Two-Wheeler Loan has proven to be quite popular among customers.
If you plan on applying for a Two-Wheeler Loan through HDFC, you can be sure of getting it at an affordable rate of interest with extremely minimal documentation. Since HDFC’s forte is quick loan disbursal, applying for a Two-Wheeler Loan is a simple, efficient and hassle-free process.
Now that we’ve set the wheels into motion, let’s get that engine purring and tell you everything you need to know about the HDFC Two-Wheeler Loan.
Additional Reading: Tyred Of Walking? Here Are 10 Benefits A Two-Wheeler Loan Can Offer You
What Are The Features And Benefits Of The HDFC Two-Wheeler Loan?
It’s only natural to wonder about how this loan could benefit you. Well, you can rest easy, because the HDFC Two-Wheeler loan comes packed with a whole host of impressive benefits and features. Take a gander at some of them below:
- Competitive and affordable interest rates
- If you are an HDFC account holder, the processing fee involved is 50% lower than usual
- You can easily check your loan eligibility and status online
- The bank offers flexible repayment tenures that range from 12 to 48 months
- The loan can be paid back easily in the form of EMIs through ECS, standing instructions or post-dated cheques
- With 3,000 branches all over the country, you can apply for this loan from practically any location
- The loan disbursal process is simple, quick and hassle-free
- The bank provides doorstep service with minimal documentation required
- All charges and fees related to the loan, as well as the loan quotation, are communicated to applicants in writing
Additional Reading: A Loan-ly Jaunt Through Space
How About The HDFC Two-Wheeler Loan Interest Rates?
All those features and benefits certainly sound great, but we’re pretty sure the burning question on your mind is what sort of interest rate you can get with this loan.
Well, fortunately for you, the primary reason for the popularity of the HDFC Two-Wheeler Loan is the affordable and competitive interest it offers. Regardless of what kind of two-wheeler you’re looking for, you can be sure to get a reasonable rate of interest on your loan.
The interest rate on a loan for a standard two-wheeler starts at 11.81% and goes up to 24%, while the interest rate on a loan for a super bike starts at 10.50% and goes up to 14.85%.
Additional Reading: 10 Safe Riding Tips For Two-Wheelers In India
What Are The Fees And Charges Applicable To HDFC Two-Wheeler Loans?
While loan fees and charges can be a bit of an annoyance, the charges that HDFC Two-Wheeler Loans entail are very minimal. Since it is extremely important to have a clear picture of all the fees and charges that come with a loan so as to avoid any rude shocks, here’s a comprehensive list you can sink your teeth into:
- Documentation charges: Maximum 3% of the loan amount
- Loan processing charges: Maximum 3% of the loan amount
- Pre-payment charges:
6% of the principal outstanding if pre-payment is made within 7 – 12 months from the date of the first EMI
5% of the principal outstanding if pre-payment is made within 13 – 24 months from the first EMI
3% of the principal outstanding if pre-payment is made after 24 months from the first EMI
- EMI late payment penalty – 2.5% per month on the unpaid instalment
- No Objection Certificate (NOC) – Nil
- EMI return charges / Bounced cheques – Rs. 550
- Stamp duty – As levied by the State Government
- Pre due date (PDD) collection charges – Up to Rs. 300
- CIBIL charges – Rs. 50
- Loan cancellation charges – Nil
- Duplicate NOC – Rs. 500 per request
- Cheque/ECS swapping charges – Rs. 500
- Reschedulement / Loan booking charges – Rs. 1,000
- Special NOC charges – Rs. 500
- Amortisation schedule charges – Rs. 200
Additional Reading: 4 Banking Charges To Avoid
Are You Eligible For An HDFC Two-Wheeler Loan?
It goes without saying that before you actually apply for a loan, you need to determine whether you’re eligible to apply for the loan or not. In order to be deemed eligible to apply for an HDFC Two-Wheeler Loan, you will be required to fulfil the following criteria:
- You must be at least 21 years of age at the time of applying for the loan
- You must be less than 65 years of age at the end of the loan tenure
- You must be a salaried or a self-employed individual
- If you are a salaried individual, your gross income should be at least Rs. 84,000 per year
- If you are a self-employed individual, your gross income should be at least Rs. 72,000 per year
- You should be employed for at least 1 year
- You should have resided at your given address for at least 1 year and own a telephone at your house and office
What Are The Documents Required When Applying For An HDFC Two-Wheeler Loan?
One of the most attractive features of this loan is the minimal documentation required. Here’s what you’ll need:
- Residence or address proof
- A copy of your:
Most recent Credit Card bill
- Proof of identity
- Proof of income:
For salaried applicants – Most recent salary slip
For self-employed applicants – Most recent income tax form
Pretty straightforward. No bulky paperwork spilling out from under you.
Anything Else An Applicant Needs To Know When Applying for an HDFC Two-Wheeler Loan?
While we’ve covered pretty much all of it, there are some other interesting bits of information that you may find useful when applying for this loan. Here are a few of them:
- The minimum loan amount you can avail is Rs. 20,000, while the maximum is Rs. 1.5 lakhs
- Once all the required documents have been submitted, the loan will be processed in 48 hours
- You can apply for this loan online from the comfort of your home
- You don’t need a guarantor unless the bank explicitly states that you do
There you go. Everything you need to know under one blog-sized roof. Time to get your feet off the road and onto the sides of a brand new bike.