Two-Wheeler Loan Interest Rate and Eligibility

Rate of Interest Varies from 13% to 24.03% pa
Minimum Age 23 or above
Minimum Salary Required ₹ 15,000
Loan Amount Starting from ₹ 3000 to ₹ 5 lakh
Annual Fee ₹ 499 plus GST

MoneyTap’s Most Loved Features:

Real-time approval of up to ₹ 5 Lakh with no running around

Withdraw as ₹ 3,000 or up to your approved limit

Interest on only the amount you actually use, as you use it

Use MoneyTap Credit Card 2.0 when you need funds instantly

Convert to convenient EMIs ranging from 2 months to 3 years


  1. Must be a full-time salaried employee with a take-home salary of ₹ 20,000/month
    Must be a self-employed professional with an income of at least ₹ 20,000/month

    (Only certain professionals like doctors, lawyers, or business owners qualify)

  2. Must be above 23 years and below 55 years of age
  3. Must be a resident of one of the following cities:

    Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag

Two-Wheeler Loan Related Pages

Reasons You’re Here:

  • Planning to buy your dream bike
  • Want to help a loved one get their own vehicle
  • Looking for an affordable vehicle to ease your daily commute
  • Require a simple and quick option for two-wheeler finance
  • Dream of biking trips with friends on weekends
  • Always wanted a powerful bike for thrilling rides
  • Need to make an immediate down payment for a bike loan
  • Want a mode of transportation that’s economical and efficient

Why Does Buying a Two-Wheeler on a Personal Loan Make Sense?

  • Make down payments easily, and choose flexible EMI options and repayment tenures at affordable monthly interest rates for the remaining loan amount.
  • Since you can spread out repayments with flexible EMIs that suit your budget, the immediate financial burden is lower than for an outright purchase.
  • Two-wheeler loan eligibility is not as complicated as those for car loans, with no need to provide any collateral or security. This makes it easier for low-income groups and middle or lower middle-class customers to buy a vehicle for daily use.
  • With relatively smaller loan amounts, personal loans for two-wheelers are easier to get and repay. Consistently paying off a two-wheeler loan helps you build your credit score and improve your credit profile, even if you have never taken loans or used a credit card in the past.
  • Two-wheelers have a high resale value, so you can start thinking of an upgrade immediately after completing your loan repayment.
  • With a bike loan, you can explore a wider range of two-wheelers in different price segments and even buy one that was previously out of your budget. The price difference is spread out in EMIs, so your choices are not limited.
  • Personal loans allow for 100% financing of the on-road price for a new two-wheeler, as compared to traditional vehicle loans that offer a maximum of 80% of financing and require an out-of-pocket down payment for the remaining amount.

Tips When Buying a Two-Wheeler on a Loan:

  • Do not forget insurance and registration costs while calculating the cost of your bike or scooter purchase.
  • Account for existing financial commitments as well as potential ones while selecting a repayment tenure. A low bike loan interest rate is of no help if you keep getting charged extra for late payments!
  • For a two-wheeler loan apply online if possible. App-based loans are usually far simpler than conventional financing options, with quicker approval as well.
  • Compare two-wheeler loan interest rates as well as flexibility in repayment options while looking for a loan.

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Different Ways to Use MoneyTap Personal Loan 2.0

Two-Wheeler Loan FAQs

A two-wheeler loan helps you purchase a new scooter or a bike of your choice on EMI without having to worry about paying the entire cost of the vehicle at once.

You can get a two-wheeler loan for up to 95% of the vehicle’s on-road price with quick processing and flexible EMI options.

Two-wheeler finance is now also available online. You can check your two-wheeler loan eligibility in just a few minutes, complete your eKYC documentation and wait for your final loan approval which typically takes a few days.

Or you can visit a two-wheeler dealership near you and apply for a loan. Once you submit the documents and your loan application is approved, you might need to make some down payment.

You can also get a personal loan to pay for our two-wheeler with MoneyTap and use the remaining about in your credit line for other expenses as and when needed.

The following documents are required if you are applying for a two-wheeler loan with MoneyTap:

  • Aadhar
  • Identity proof (Driving license/Voter ID/Passport/Aadhar/PAN)
  • Address proof (Driving license/Voter ID/Passport/Aadhar/Utility bills/Scheduled Bank Statements)
  • Original photograph

Anybody who meets the loan eligibility criteria of the bank can buy a bike on EMI. The eligibility criteria vary from bank to bank.

You can also use MoneyTap’s personal loan and use it as a bike loan.

No. There is no such thing as zero down payment bike loan, but if you apply for MoneyTap’s personal loan online, you can use it as a bike loan without down payment.

Depending on your credit history, monthly income and repayment ability, you can get approved for a credit line of up to ₹ 5 Lakh.

To get a two-wheeler loan through MoneyTap online, follow this quick application process:

  1. Download MoneyTap app and register
  2. Fill in your basic information
  3. Complete your KYC documentation

The pre-approval is done in real-time. Final approval and disbursement will be done once your KYC documentation is submitted and verified.

Generally, two-wheeler loan interest rates in India range between 10 to 18 % depending on the lender and the loan amount.

The applicant’s age, credit score, annual income, vehicle model, loan scheme and repayment tenure will also affect the interest rate.

Below is the two-wheeler interest rate comparison of some of the banks in India:

PNB - 10.20%

HDFC Bank - 14.03%

SBI- 12.65%

IndusInd Bank - 12.00%

No. There is no exemption on two-wheeler loans or bike finance in India.

If you are looking for a second-hand bike loan or used two-wheeler loan, apply online at MoneyTap.

MoneyTap Personal Loan 2.0 is the best option for buying second-hand two-wheelers because:

  • The interest rates are relatively low
  • Repayment tenures are flexible
  • You pay interest only on the amount used and not on the amount disbursed