Owning a two-wheeler can save time and negotiate traffic more easily on your daily commute. However, handling the initial outlay of funds required to buy a bike or scooter can occasionally be difficult. The HDFC Two Wheeler Loan can help you in this situation. This loan is a dependable option for people looking for affordability and flexibility, as it is intended to provide financial support for acquiring your ideal two-wheeler. We’ll go over the features, advantages, requirements for eligibility, and application procedure for HDFC Two Wheeler Loan in this post so you have all the information you need to make an informed choice.
HDFC Two Wheeler Loan Overview
| Interest Rate (Rack Interest) | 14.50% p.a. onwards |
| Maximum Loan Amount | Up to 100% of the price of the vehicle* |
| Minimum Loan Amount | As per the bank’s terms and conditions |
| Minimum Income Requirement | As per the bank’s requirement |
| Repayment Period | 12 months to 48 months |
| Processing Fee | Up to 2.5% of the loan amount (maximum) |
| Prepayment Charges | Up to 5% of the outstanding principal |
Procedures and Benefits of Online Application
- Transparency and Clarity: You can check the loan’s processing data, payment status, and EMI status in a matter of seconds.
- Mode of Application: Using either the HDFC Bank’s mobile application or its internet site, applicants must create their online accounts.
- Quick and Easy: By providing accurate information and submitting the necessary soft copies for documentation and verification, applicants can obtain loans quickly.
- Better Accessibility: Following online verification and documentation, the loan application’s status and all payment-related details are available online from the location itself.
- Convenient Payment Options: The applicant can save a great deal of time and effort by using the online account to conveniently pay the EMIs whenever and wherever they choose, eliminating the need for most of the accessible payment methods.
Eligibility Criteria for HDFC Two Wheeler Loan
- One year is the bare minimum for job status.
- The age restriction falls between 21 and 65 years of age.
- The candidate must be self-employed and receive a salary.
- The paid employee’s annual income cannot exceed Rs 84,000.
- The applicant must have a phone and office landline connection.
- For self-employed workers, the minimum yearly income is Rs 72,000.
- Proof of identity, proof of income, and proof of address are among the documents that must be submitted.
Documentation for HDFC Bank Two-Wheeler Loan
- Proof of Residence or Address Proof: Passport, voter ID card, driver’s license, latest credit card bill, LIC policy, gas connection bills, electricity bill, ration card, rental agreement, sale deed, phone bill, etc.
- Proof of Identity: PAN cards, photo credit cards, driver’s licenses, voter ID cards, ration cards (with photos), business ID cards, etc.
- Income Proof: For salaried individuals, three months’ worth of pay stubs, Form 16, or three months’ worth of bank statements with salary credit.
For self-employed people: three months’ worth of bank statements or the most recent income tax filings.
How to Apply for HDFC Two Wheeler Loan?
- Visite HDFC website.
- Check the box next to the bank’s privacy policy.
- The ‘Proceed’ button should be clicked.
- Here is where you will need to provide your mobile number.
- Following that, bank executives will contact you and walk you through the loan application procedure by your needs.
- Using your Customer ID or net banking information, you can apply for a loan immediately if you are already a bank customer.
- In this scenario, you will need to input a captcha code, your registered mobile number, and either your Customer ID or your Net Banking Customer ID.
- Either way, the bank will use the registered mobile number to send you an authentication code.
- Verify the credentials and submit a loan application.
Conclusion
Although purchasing a two-wheeler can be difficult, owning one provides unparalleled convenience for everyday travel. This process is made easier by HDFC Two Wheeler Loan, which offers flexible and reasonably priced financing choices. To help you realize your dream of buying the ideal bike or scooter, we’ll go over its features, advantages, eligibility requirements, and application procedures in this guide.