If you are willing to buy a two-wheeler and want to apply for a loan regarding it, visit our HDFC bank at any branch and get a two-wheeler loan at the lowest EMI possible. For those who don’t know what a two-wheeler loan EMI calculator is, this calculator helps you know about the EMI you will be paying for the loan you are applying for including the principal and interest payments over the fixed tenure. Using this EMI calculator what you can do is that you can choose a comfortable amount for paying by adjusting the tenure value. This EMI calculator for two-wheeler loans helps you for making it easy and convenient to plan your monthly EMIs and pay off your bike loan without any problem.
In general, EMI stands for equal monthly installments, which means you have to pay an equal amount every month in order to pay off the loan you have taken for your requirement. And for that, you choose a fixed time period in which you will be able to pay that amount. Your two-wheeler loan EMI will also include the principal amount + the interest applicable on that loan. The EMI for the bike loan that you have chosen to pay every month will remain the same and will not be changed till the EMI doesn’t end, but the principal and interest will vary over the months, which means that the interest is higher in starting months whereas the principal rise in later months. If this question comes to your mind that what will be the exact percentage of principal and interest? It will depend on the rate of interest (ROI) upon the two-wheeler loan and also the tenure for which the loan has been taken.
Calculate your EMI for Two Wheeler Loan
It is not a very complicated task to perform, rather it is very easy and requires only three inputs which are given below:
- The first input is Loan Principal, which is an amount that you borrow from the bank and you want to repay with the applicable interest in a fixed period of time.
- The second input is ROI (rate of interest) which refers to the rate at which interest will be put over the principal loan amount for a specific time period.
- Third and last input is Loan tenure which is that fixed time period in which a person chooses to repay the loan with the interest over in the form of Equal Monthly Instalments (EMI).
Now the further process is a three-step simple process through which you use this calculator, and those steps are:
Step 1 – In this very first step, you need to set the principal amount that you want a loan. You can either set it manually or by using symbols like ‘+’ or ‘-‘ you can adjust that amount in the slider.
Step 2 – In the second step using the second slider, you need to either manually set the correct two-wheeler loan interest rate or it can be set by using the same symbols ‘+’ or ‘-‘.
Step 3 – Third and final step is to set the desired loan tenure in which you feel that you can pay back the amount. It can be done manually and also increased or decreased by using ‘+’ and ‘-‘.
Once you have completed these steps the calculator will tell you the accurate amount of EMI you have to pay within seconds.
Eligibility and Document Requirement for Two Wheeler Loan
If anyone wants to apply for the two-wheeler loan he/she needs to fall into the eligibility criteria of the bank, and fulfill the following requirements:-
- The person who is applying for the loan should be aged between 21 to 60 years.
- Those who want to apply for a loan should have residential stability for at least one year.
- The applicant must have a stable employment status minimum for the last year.
Documents Required for the application of loan
- The applicant must submit their identity proof. It can be anything such as passport, driving license, PAN card, Aadhaar card, Voter’s ID, and recent passport-sized photographs.
- Income proof documents (if required) in case the applicant is self-employed then it requires Latest Income Tax Returns( ITR) and if the applicant is a salaried individual than it requires either last three months Salary Slip or Form 16 or last three months Bank Statement reflecting salary credits or Salary Certificate.
- The last three months Bank statement is a mandatory document to submit
- Residence ownership proof is an optional document.
Two Wheeler Loan Eligibility
People often ask that are there any factors that can affect our two-wheeler loan eligibility, and we tell them, yes, there are some factors that can highly affect your loan eligibility and those factors are as follows:
- Your CIBIL scores also known as credit score, the higher your CIBIL score will be, the higher will be your eligibility for a two-wheeler loan application. Now how much this credit score needs to be, it should be around 750 and above.
- The next factor is an Outstanding loan, if you are in outstanding debts, it will highly affect your eligibility for the loan application, which means the chances will be very less, paying off previous debts is the key to high eligibility.
- Another factor is your income, you should have a high income or at least an appropriate income so that you can easily pay your EMI every month and also can afford your regular financial requirements.
How to apply for a two wheeler loan?
If you are someone who has been traveling in local transportation and gets tired of it, as they do not move according to you, you have to keep waiting on one particular place for those buses or rickshaws to come and take you to your destination. And if you are now thinking of reclaiming your independence by buying your dream bike or scooter then there is no better time than now.
For this loan you do not even have to go to any branch of our bank, you can just apply online for it. Check your eligibility status in less than 5 minutes and apply for it. Getting a loan has never been this easy and hassle-free, here is your 5 step guide to get instant funds :
- The first step is to Pick a Two Wheeler loan and decide on a Brand that suits best your requirements. If you are looking for more than just a normal bike, HDFC bank also offers Super Bike Loans. For HDFC bank account holders the interest rate is 2% lower. You also get a flexible repayment tenure from 12 to 48 months. If you are eligible, you can get up to 100% financing without having to make any down payment.
- The next step will be to Check your Loan Eligibility.
- After which you can Calculate your Two Wheeler Loan EMI with only three steps mentioned above. For that find the HDFC bank Two-wheeler loan EMI calculator, key in your details, and within seconds check your EMI and also whether it suits you or not.
- If everything goes well, you can jump on to the next step which is to Apply online for the two-wheeler loan, you can simply visit the HDFC website, fill in your required details and make an application for the loan.
- The last step will be Submitting documents, HDFC bank has the most hassle-free and easy documentation process.
This way you can apply for your two-wheeler loan and can have your dream bike or scooter with you and can get rid of those public transport for traveling.
HDFC Two Wheeler Loan EMI Calculator – FAQs
Q1. How does monthly income affect two-wheeler loan eligibility?
Ans. When you take the loan you are supposed to repay it in the form of Equated Monthly Instalments (EMI), which means that the amount of your monthly income should be sufficient so that you will be comfortable in paying that installment without having any financial crisis. The higher your monthly income will be according to that you can get a higher amount loan.
Q2. Please explain the factors that affect two-wheeler loan eligibility.
Ans. The following factors that can affect two-wheeler loan eligibility are :
- Your CIBIL or Credit Score should be higher.
- Your monthly income should be higher and appropriate.
- You need to have stability in work.
Q3. Is it important to have some ID proof in case they want to apply for a two-wheeler loan?
Ans. Yes, ID proof is required for every kind of loan not only for a two-wheeler loan.
Q4. Can a salaried individual apply for a two-wheeler loan?
Ans. Yes, a salaried person can also apply for a two-wheeler loan, it’s just that it should fall into the eligibility criteria and should submit the required documents.
Q5. What are the standard eligibility criteria for applying for a two-wheeler loan?
Ans. The standard eligibility criteria are:
- Age between 21 to 60.
- Have residential stability for a minimum of one year.
- Have employment stability for a minimum of one year.
Q6. Is an online application available for two-wheeler loan purposes?
Ans. Yes, an online application is available on the HDFC website for a two-wheeler loan.