Two Wheeler Loans

While helping you with a financial boost to realise you two wheeler dream a two wheeler loan with Axis Bank also provides you with benefits such as:

• Minimal Documentation for processing your loan
• Customised loan amounts: depending upon your need you can opt for a loan from Rs. Rs. 25,001 up to 100% * on-road funding
• Flexibility of tenure: You can set the repayment of your loan over a tenure ranging from 12 to 48 months for two wheeler loans and a tenure ranging from 12 to 60 months for super bike loan.

Any pre-payment/excess amount paid by you to the Bank; shall be appropriated in the loan account basis the below criteria/methodology in the absence of any specific instructions from you:

1. Excess amount greater than (>) EMI: If service request (SR) for part payment is not created/received within 2 days of receipt of funds, the excess funds will be adjusted towards principal outstanding as part payment.
2. Excess amount equal to (=) EMI: If service request (SR) / instructions for part payment is not created/received on same day of receipt of funds, excess amount will be refunded to your operative account.
3. Excess amount less than (<) EMI: Excess amount will be kept unappropriated in the Loan account for 15 days. Post 15 days, the excess funds shall be adjusted towards principal outstanding as a part payment.
4. Excess amount equal to (=) or greater than (>) foreclosure / pre-closure amount : In case no instructions are placed by you at the Loan Centre / Phone Banking within 3 working days from the date of credit in Loan account and:
1. Excess amount is equivalent (=) to the foreclosure amount, Loan account will be proactively closed by the Bank.
2. Excess amount is greater than (>) the foreclosure amount, adjustment in Loan account would be as follows:
1. If excess amount is up to INR 20,000, Loan account would be closed by the Bank and after closure, excess funds would be credited to the Loan repayment account.
2. If excess amount is greater than INR 20,000, the Bank will connect with you telephonically for verification of payment. Alternatively, you may connect with the Bank on 18604195555 to confirm the credit adjustment in your Loan account.
5. Excess amount less than (<) the foreclosure amount: In case no instructions are placed by you at the Loan Centre / Phone Banking within 3 working days from the date of credit in Loan account, then excess amount will be adjusted against the outstanding principal, leaving an amount equivalent to one EMI for forthcoming EMI presentation. However, in case you would like the entire amount to be adjusted against the outstanding principal, please place a request at Phone Banking / Loan Centre at the earliest.

Yes, you can get a bike loan to fund the total value of your vehicle, provided it falls under the two-wheeler loan category. We offer two types of bike loans – two-wheeler loans and superbike loans. In two-wheeler loans, you get 100% on road funding to fund the total value of your bike if it is less than ₹1,00,000.

A two-wheeler loan prepayment is the payment of the entire loan amount (principal + interest rate) before the due date or expiry of the two-wheeler loan. Prepayment helps clear your outstanding debt towards the bike loan and frees you from paying further interest. You also get peace of mind knowing your two-wheeler finance obligations get cleared. However, prepayment often comes with a penalty charge ranging between 2% to 5% of the total loan amount.

Most first and second-hand bike loans are unsecured loans and don’t require the pledging of collateral for the lender to issue the bike loan. However, if you want the option of choosing the lowest two-wheeler loan interest rates, you can apply for bike loans that are secured and require collateral. The lender will decide if the collateral is appropriate for pledging.

It would be difficult but not impossible to get a bike loan if you are a student. At Axis Bank, anyone below the age of 21 years cannot get a bike loan. So, if you are a student above 21 years of age, the second condition is that you must have some source of income of at least ₹1.44 lakh per year. If not, you can get a co-guarantor or co-applicant with a stable income source to get the bike loan online/offline.

Yes, you can get a two-wheeler loan online. In fact, it is easier and time-saving to apply for two-wheeler loans online. The process hardly takes a few minutes. Before you apply for bike loans, check your two-wheeler loan eligibility criteria and get your documents ready in hand.

The minimum credit score to get a two-wheeler loan is 600 to 750. There is no fixed credit score, and the requirements vary from bank to bank. However, it is advisable to maintain a credit score within this range to get a two-wheeler loan at low-interest rates.

Axis Bank will convey its decision (a) within 14 working days for credit limit up to ₹ 25 lakh for Micro & Small enterprises borrowers OR (b)within 30 working days for other borrowers from the date of receipt of the application, provided the application is complete in all respects and is submitted along with all the documents as per ' check list' provided in the application for loan and/or any additional documents as may be required by the bank for proper appraisal of the application. The computation of timeline of shall start from the day on which all documents required for a proper appraisal are provided by the Customer to the Bank. The applicant is in receipt of the indicative Interest Rate, Processing Fees & Other Charges that would be applicable, if the Bank grants the facility.