HDFC Bike (Two-Wheeler) Loan: Buy a Bike with 0% Down Payment, Know How

If you are planning to buy a Bike and are worried about financing, HDFC offers an excellent option. HDFC Bank provides 100% finance for two-wheeler loans. In this article, we will discuss how you can get 100% financing from HDFC Bank without making any down payment, and also look at loan offers from other banks.

Benefits of 100% Finance from HDFC

If You Have an Account with HDFC:
If you have a salary account, savings account, or current account with HDFC Bank, you are eligible for 100% finance on the on-road price. This means there is no need for any down payment.

For Non-HDFC Customers:
For those who do not have an account with HDFC Bank, finance ranging from 80% to 90% of the on-road price is offered.

Loan Tenure and Process

Loan Tenure:
You can take a loan for a minimum of 1 year and a maximum of 4 years. The loan disbursement process is also very quick, ensuring you get the funds fast.

Eligibility and Required Documents

Eligibility:
Anyone who is salaried or self-employed can apply for this loan.

• Age Limit: The minimum age to apply is 21 years, and the maximum age for repayment is 65 years.
• Monthly Income: Your minimum monthly income should be at least ₹1 lakh.

Required Documents:

• Identity Proof (Voter ID, Driving License, Passport, Aadhar Card)
• Address Proof (Electricity Bill, Gas Bill, etc.)
• Income Proof (Three months’ bank statement, latest ITR, or salary slips)

Interest Rates and Fees

Interest Rate:
The interest rate starts at 14.5% at HDFC Bank. This rate depends on your credit score and the two-wheeler you are purchasing.

Processing Fees:
The processing fee is ₹2, along with stamp duty and other charges which vary by state.

Registration Certificate Fees:
There is a registration certificate collection fee of ₹6600, and RTO charges are separate.

Interest Rates on Two-Wheeler Loans from Other Banks

If you want to know the interest rates offered by other banks, here are some examples:

• Bank of India: 8.85%
• IAC Bank: 8.5%
• III Bank: 10.49%
• Punjab National Bank: 11.15%
• Union Bank: 12.15%
• State Bank: 13.10%

EMI Calculation

If you take a loan of ₹5 lakh at an interest rate of 14.5%, your EMI will be as follows:

• For 2 Years: EMI will be ₹7237
• For 1 Year: EMI will be ₹1503

You can calculate your EMI and interest using the EMI calculator provided in the video description.

Conclusion

HDFC Bank’s 100% finance option is an excellent choice for buying a two-wheeler, especially for those who have an account with HDFC. Compared to other banks, HDFC offers quicker loan approvals and better financing options. For more information, click on the link provided in the video description.

Note: Taking a loan is a responsible step that needs to be taken with care. If you are taking a loan for a big purchase or to finance your business, it is important that you choose it wisely and pay attention to your financial situation.