Everything You Should Know About Two Wheeler Loan ( 2021 )

It’s a common feature in India to come across a daily commuter who has to change buses and wait for auto-rickshaws to reach any destination. With the pandemic, there’s also the added worry of catching the deadly virus while sharing public transport with fellow commuters. Either instance is enough to depict the need for a personal vehicle that is fuel-efficient and quick enough to save your time.

A two-wheeler checks all these boxes, but people might hold the opinion that even two-wheelers don’t come inexpensive these days, and a sudden expense on a bike or a scooter might not be easy on your pocket. That is why a Two wheeler loan automatically may be the best option for you. In this blog, we will discuss everything that you need to know about two-wheeler loans.

What Are The Types Of Two-Wheeler Loans?

Mainly, there are two types of two-wheeler loans, and they are:

  1. Secured loans: These are typical loans that you get against collateral security, which can be anything of a sound monetary value, such as gold jewellery, bond papers, etc. Also, you can secure a two-wheeler loan against your bike itself.
  2. Unsecured loans: Unsecured loans are just like personal loans where you don’t have to pledge any collateral, and you generally have to meet pre-set eligibility criteria to get an unsecured two-wheeler loan.

Benefits Of A Two-Wheeler Loan

Here are a few advantages of applying for a two-wheeler loan:

  1. A bike loan requires minimal paper-work, and you are generally not even required to visit a bank as the bike showroom itself has a tie-up with banks to help you get your two-wheeler financed. All you need to do is fill the application form, and the two-wheeler loan is sanctioned quickly.
  2. You get multiple repayment options, and you can choose the one which suits you.
  3. The bike loan interest rates are relatively lower, and you can get competitive interest rates from different lenders.
  4. Compared to other category loans, documentation and formalities are minimal in the case of bike loans.

Things To Keep In Mind

Although a two-wheeler loan is much simpler than the other loans, you can always keep a few things in mind to make the whole tenure way easier for you. 

  1. Compare the interest rates: Different lenders offer different bike loan interest rates, and some of them even offer very attractive repayment offers on certain bike models or to buyers working in a specific industry. Therefore, it is better to compare the interest rates and repayment offers beforehand and select your lender.
  2. Don’t over-borrow: The lenders tend to advise you to go for the minimum down payment and borrow the rest of the money from the lender. However, it is not advisable to do so, it will only increase your interest amount and to save that, you should try to arrange a maximum down payment and only borrow what you seem necessary.
  3. Have your repayment plan ready: Whether it’s a two-wheeler loan or a house loan, repayment failure invites unnecessary troubles like a mortgage of the vehicle or fines. Therefore, it is essential to have a repayment plan in your mind and that you can do this by pre-accessing your financial position during the repayment period. It is better to opt for a system that offers you flexible EMI options and grace periods.


The two-wheeler loans let you buy a vehicle even if you don’t have a sufficient amount at present. Also, by riding a two-wheeler, you can proudly call yourself an eco-friendly commuter, and you can do some additional savings by offering your colleague/classmate a daily ride. 

Overall, two-wheeler loans are an excellent deal for people who need a vehicle and can repay the amount in time. If you are also planning to buy a bike anytime soon, you can start by selecting your preferred model and then you can scroll through the different bike loan options available at a leading lender like Bajaj Auto Finance.

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