Which bank is best for 2 wheeler loan?
Two wheeler Loan Interest Rates 2021
| Bank | Lowest Interest Rate | Processing fee |
|---|---|---|
| L Finance | 10.75% p.a. – 15.00% p.a. | At L discretion |
| State Bank of India (SBI) | 16.25% p.a. To 18.00% p.a. | 2% of the loan amount + GST |
| Axis Bank | 10.80% – 28.30% | Up to 2.5% of the loan amount |
| HDFC Bank | 20.90% p.a. | Up to 2.5% of the loan amount |
What is the interest rate for bike loan in SBI?
16.25%
Current SBI Bike Loan Interest Rate 2021
| Interest Rates | 16.25% |
|---|---|
| Lowest EMI per ₹ Ten Thousand Loan Amount | ₹ 353 |
| Processing Fee | 2% of Loan Amount with Min ₹ 1000 |
| Prepayment Charges | Nil charges |
| Interest Calculation | EMI on a monthly reducing balance |
How is EMI calculated for two wheeler?
Bike Loan EMI Calculation Formula EMI = [P x R x (1+R)^N]/[(1+R)^N-1], P stands for the loan amount or principal, R is the interest rate per month and N is the number of monthly installments.
What is the EMI for 10 lakhs in SBI?
SBI Personal Loan EMI for ₹ 10 Lakh
| Loan Amount | Interest Rate | EMI |
|---|---|---|
| ₹ 10,00,000 | 9.60% | ₹ 45,961 |
| ₹ 10,00,000 | 9.60% | ₹ 32,080 |
| ₹ 10,00,000 | 9.60% | ₹ 25,171 |
| ₹ 10,00,000 | 9.60% | ₹ 21,051 |
What is the minimum downpayment for a bike?
Normally, the minimum down payment while purchasing a two-wheeler may range between 10% to 30% value of the vehicle. . Down payment on your two-wheeler loan depends on the policies of the lenders. Certain lenders make it compulsory to pay a down payment of 20% of the value of the vehicle.
How is EMI amount calculated?
The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.
How can I check my bike loan details?
Through SMS: The number 97177 52222 is their self-service call number. After giving a call to this number, it instantly gets disconnected. You then immediately receive the details regarding your loan application status on the mobile number listed with the company.
How can I get a bike with no down payment?
Bike Loan without any Down payment A zero loan without down payment loan is called a 100% financing Loan. The lender doesn’t ask for any margin or down payment, and the lender finances the bike’s whole cost. There is some processing fee that the borrower will have to pay, but the lender finances the bike’s entire cost.
What is minimum down payment for bike?
Minimum Down Payment Required for a Bike Loan It ranges from 15-30%* of the two-wheeler value. Down payment solely depends on the cost of the bike and your repayment capacity. It is advisable to pay some amount as down payment for availing lower EMIs on bike loan.
What will be the EMI for 20 lakhs?
EMI on a 20 lakh home loan for 20 years
| Loan Amount | Interest rate | EMI |
|---|---|---|
| Rs.20 lakh | 6.75%* | Rs.19,300 |
How can I get a bike with no money?
You can go to a thrift store. Often you can find things that are very very inexpensive so while you think you can’t afford it, if you have some income and you really want it you might be able to find something at Good Will or some other local thrift shop.
What is the interest rate of SBI two wheeler loan?
SBI Two Wheeler Loan Interest Rates: The bank lends out two wheeler loans to borrowers at an affordable interest rate of 8.60% above Base Rate i.e. 17.90% per annum. The interest is calculated on daily reducing balance.
Which is the best loan for two wheeler?
SBI Two Wheeler Loan SBI Two Wheeler Loanhas become essential for an individual to fulfil his dream of buying a new bike at any cost with any financial resource. SBI is providing the opportunity of a lifetime by providing Two Wheeler Loans with Lowest Interest Rates & Affordable EMIs.
What is the EMI rate of SBI car loan?
Receive monthly installment at a nominal rate of Rs.1,629 per lakh. The lowest car loan rate of interest currently offered by SBI is 9.40% as of 10 May 2019. For a loan tenure of 6 years, get an optimum EMI of Rs.1,822 per lakh. For a loan tenure of 5 years, get an optimum EMI of Rs.2,095 per lakh.
Who is eligible for two wheeler loan in India?
Persons engaged in Agriculture with SB/CA/Time Deposit maintaining satisfactory conduct for minimum 1 year. Existing borrower customers with satisfactory repayment history may be considered selectively. Loans will be sanctioned at home branches only.