Two-wheelers are ideal for navigating the often congested Indian roads. Both in rural and urban areas, individuals prefer owning two-wheelers for their daily commutes over four-wheelers. These vehicles are easy to handle, offer better manoeuvrability and are fuel-efficient.
Additionally, you won’t have to rely on public transport to reach your destination. Over the last decade, there has been a substantial increase in the number of registered two-wheelers in the country. Individuals today can easily purchase bikes by applying for – and gaining access to – two-wheeler loans. Thus, you can now buy your preferred bike on EMIs and repay the amount over a period of 1-7 years.
Benefits of Buying a Bike on EMI
Purchasing a bike on EMI has several merits and a few of them are highlighted below.
Affordability
Even if you want to purchase a high-end bike that is expensive, you can easily afford the bike by paying for it in bite-sized instalments. This does not require you to disrupt your savings reserve and Read Moreyou can save for a rainy day. Read Less
Flexible repayment terms
Different lending institutions offer loans with varying repayment periods. The tenure can range from 1 to 5 years, while certain lending entities offer tenures of up to 7 years. This allows you to spre Read Moread the instalment amount, resulting in low-cost EMIs. Read Less
Competitive interest rates
Before you buy a bike on instalments, you can assess the interest rates offered by different lenders. The interest rate for buying a two-wheeler can range from 8% to 28%, depending on various factors s Read Moreuch as your credit score, employment status and monthly income. You can choose a lending entity that offers the best interest rate. Read Less
Faster approval times
Unlike the offline application process, online loan applications are quicker and more convenient. Certain lenders also approve your loan application within 48 hours and also boast quick disbursal times Read More. Read Less
Up to 100% funding
Select lending institutions also provide up to 100% financing of the on-road price of the bike. This is particularly helpful if you are short on funds, or if the bike you wish to purchase is expensive.
Different lenders have varying eligibility criteria while assessing loan applications. However, the most common eligibility criteria include the following.
Criteria |
Salaried Individual |
Self-Employed Individual |
Age |
21 - 65 years |
21 - 65 years |
Credit Score |
750 or above |
750 or above |
Employment |
Gainfully employed for at least one year at a Private Limited Company, MNC or a PSE |
Working for at least one year |
Monthly Income |
At least ₹10,000 per month |
At least ₹10,000 per month |
Residence |
Residing in the same city for at least one year |
Residing in the same city for at least one year |
While the credit score requirement isn’t a prerequisite for all lending entities, it is wise to have a credit score of around 750. This shows the lender that you are a responsible borrower, and have dealt with previous loans and debts responsibly. Additionally, different lending entities have different minimum monthly income mandates, but you should earn around ₹10,000 - ₹15,000 per month.
During the loan application process, you are required to submit a few documents.
Documents |
Salaried Employee |
Self-employed |
ID Proof |
Aadhaar Card, passport, PAN Card, driver’s licence, Voter’s ID or an Identity Card with your photo, issued by the State or Central Government departments or PSU |
Aadhaar Card, passport, PAN Card, driver’s licence, Voter’s ID or an Identity Card with your photo, issued by the State or Central Government departments or PSU |
Passport-size Photos |
You also have to submit two recently taken passport-size photos |
You also have to submit two recently taken passport-size photos |
Address Proof |
Aadhaar Card, passport, driver’s licence, Voter’s ID, electricity bill, or your bank account or Post Office’s savings bank account statement, issued by the PSU or private sector or MNC banks. Additionally, you can also submit your property or municipal tax receipt |
Aadhaar Card, passport, driver’s licence, Voter’s ID, electricity bill, or your bank account or Post Office’s savings bank account statement, issued by the PSU or private sector or MNC banks. Additionally, you can also submit your property or municipal tax receipt |
Employment Proof |
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Two Wheeler Loan Quick Links
Two Wheeler Loan Providers
- Bajaj Auto Finance Two Wheeler Loan
- L&T Finance Two Wheeler Loan
- Muthoot Capital Two Wheeler Loan
- ICICI Bank Two Wheeler Loan
- Kotak Mahindra Prime Two Wheeler Loan
- SBI Bank Two Wheeler Loan
- IDFC Bank Two Wheeler Loan
- HDFC Bank Two Wheeler Loan
- Bank Of Baroda Two Wheeler Loan
- Axis Bank Two Wheeler Loan
- Bajaj Auto Finance Two Wheeler Loan Statement
- Bajaj Auto Finance
- Muthoot Capital
- L&T Finance
Upcoming Bikes & Prices
- Ather 450X
- Bajaj Bikes Price List
- Bajaj Pulsar Bike On Loan
- Best Mileage Bikes
- Bikes Under 1.5 Lakh
- Cheapest Bikes In India
- Cheapest Electric Scooter In India
- Cheapest Scooty In India
- CSD Bike Price List
- MS Dhoni Bike Collection
- Ola S1 Electric Scooter
- Revolt RV400 Electric Bike
- Royal Enfield Bike Finance
- Upcoming Bike Launches In India
Frequently Asked Questions
How to buy a scooter on EMIs?
You can follow these simple steps to buy a scooter or bike on EMI on Bajaj Markets:
Click on ‘CHECK OFFER’ on this page
Provide your professional and personal details
Choose your preferred lender from the list provided
Enter the loan amount and tenure you wish to opt for
Check all the details entered and submit the loan application.
Once your application is verified, a representative of the lender will contact you for further proceedings.
What is the interest rate for a bike loan?
You can get a bike loan on Bajaj Markets at minimal interest rates starting from just 0.99% p.a.
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