Own the Streets: Hassle-Free Used Two Wheeler Loans Now Available!

Experience the joy of ownership with seamless processing and unbeatable rates – Your journey begins with hassle-free used two wheeler loans at your fingertips

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used two wheeler loan

Features and Benefits

Experience the freedom of the open road with our used two-wheeler loan, offering competitive interest rates, flexible repayment options, and a quick approval process.

Affordable Ownership

Affordable Ownership

Save money by opting for a used two-wheeler and still benefit from financing

Quick Asset Acquisition

Quick Asset Acquisition

Speedy loan approval means you can own your pre-owned bike sooner

Boosts Credit Score

Boosts Credit Score

Timely repayments positively impact your credit score

Budget-Friendly EMI

Budget-Friendly EMI

Enjoy the flexibility of choosing an EMI that aligns with your budget

No Need for Full Cash Payment

No Need for Full Cash Payment

Purchase your dream bike without the need for a lump sum payment

Ownership Security

Ownership Security

Secure your ownership with a legitimate and straightforward financing process

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Loan Amount:
Interest:
Your monthly EMI is

a quick and transparent process

We have a simple online
application

Check Eligibility

Check Eligibility

Check eligibility criteria before applying for a loan to ensure approval possibilities.

Calculate Your EMI

Calculate Your EMI

Estimate your monthly EMI effortlessly with our user-friendly loan calculator.

Check Required Documents

Check Required Documents

Ensure which necessary documents are required for loan application.

Fill Application Form

Fill Application Form

Accurately provide all required information in the loan application form for prompt processing.

Eligibility and Documents

Essential documents that need to be provided to complete the process successfully are listed below:

Identification Proof

This includes a valid government-issued photo ID such as a passport, driver’s license, or national ID card

Address Proof

A document confirming your residential address, such as a utility bill, bank statement, or rental agreement

Income Proof

To assess your ability to repay the loan, we may require income-related documents such as salary slips, bank statements, or income tax returns (ITR) for self-employed individuals.

Employment Verification

This can be in the form of an employment letter from your employer or a certificate confirming your business ownership and income for self-employed individuals

Credit Score & History

We may check your credit score and credit history, which can be obtained from credit bureaus in India

Frequently Asked Questions

Questions From Customers

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A used two-wheeler loan is a type of financing provided by banks or financial institutions to individuals for purchasing a pre-owned motorcycle or scooter. This loan typically covers a significant portion of the vehicle's cost, allowing the buyer to repay the amount in installments over a specified period. Key features often include competitive interest rates, flexible repayment terms, and eligibility criteria based on the borrower's creditworthiness and income.
Eligibility for a used two-wheeler loan typically includes the following criteria:
  • Age: Applicants are usually required to be between 18 and 65 years old.
  • Income: A stable income, either through employment or self-employment, is necessary to demonstrate the ability to repay the loan.
  • Credit Score: A good credit score enhances the chances of approval and may result in better interest rates.
  • Residency: Proof of residence and a stable living situation, often requiring the applicant to have lived at the current address for a minimum period.
  • Employment: A minimum period of continuous employment, typically around 1 year, with proof of income through salary slips or bank statements.
    • These criteria can vary between lenders, so it's advisable to check specific requirements with the chosen financial institution.
To apply for a used two-wheeler loan, you typically need the following documents:
  • Identity Proof: Aadhaar card, PAN card, passport, voter ID, or driving license.
  • Address Proof: Utility bills, rental agreement, passport, or Aadhaar card.
  • Income Proof: Salary slips, bank statements, or income tax returns.
  • Age Proof: Birth certificate, school leaving certificate, passport, or Aadhaar card.
  • Photographs: Passport-sized photographs.
  • Employment Proof: Employment certificate or appointment letter (if employed).
  • Vehicle Documents: Documents related to the used two-wheeler being purchased.
    • These requirements can vary by lender, so it's best to check with the specific financial institution.
Yes, the minimum credit score requirement can be higher for used two-wheeler loans compared to new two-wheeler loans. Lenders often see used vehicle loans as riskier, so they may set a higher credit score threshold to ensure the borrower has a good credit history and repayment capability. However, the exact requirement can vary by lender.
Yes, you can get a used two-wheeler loan if you are self-employed. You will need to provide proof of a stable income, such as recent bank statements, income tax returns, and other relevant financial documents to demonstrate your ability to repay the loan.
The approval time for a used two-wheeler loan can vary, but it typically takes between a few hours to a few days. This depends on the lender's processes, the completeness of your application, and the verification of your documents. Some lenders offer instant approvals if all criteria are met and documents are in order.
The maximum loan amount for a used two-wheeler loan typically depends on factors such as the lender's policies, the value of the vehicle, and the borrower's eligibility. Generally, lenders offer up to 70-85% of the vehicle's current market value. Some lenders might have a cap on the maximum loan amount, often ranging from ₹50,000 to ₹1,00,000, but this can vary widely.
Typical loan terms for a used two-wheeler loan include:
  • Tenure: 12 to 48 months.
  • Interest Rates: Often higher than new vehicle loans, varying between 10% to 20% per annum.
  • Loan Amount: Up to 70-85% of the vehicle's market value.
  • Repayment: Monthly EMIs.
  • Processing Fees: Usually 1% to 4% of the loan amount.
Terms can vary based on the lender and the borrower's profile.
The interest rate on a used two-wheeler loan typically ranges from 10% to 20% per annum. The exact rate depends on factors such as the lender's policies, the borrower's credit score, income, and overall financial profile.
Yes, you can make a down payment on a used two-wheeler. The down payment typically covers the portion of the vehicle's cost that the loan does not, often ranging from 15% to 30% of the vehicle's market value. The exact amount can vary depending on the lender's policies and the loan terms.
When buying a used two-wheeler, watch out for these red flags:
  • No or Incomplete Documents: Missing or incomplete registration papers, insurance documents, or service history could indicate issues with ownership or maintenance.
  • High Mileage: Excessively high mileage for the vehicle's age may indicate heavy wear and potential future maintenance costs.
  • Visible Damage or Rust: Signs of significant damage, rust, or poor maintenance can indicate hidden issues that may lead to costly repairs.
  • Mismatched VIN or Engine Number: Ensure the vehicle identification number (VIN) matches the documents. A mismatch can indicate tampering or a stolen vehicle.
  • Unusual Engine Noise or Smoke: Strange noises, smoke from the exhaust, or difficulty starting the engine could signify mechanical problems.
  • Seller Reluctance or Rush: If the seller is hesitant to provide information or pressures you to make a quick decision, it could indicate they're hiding something or trying to sell a problematic vehicle.
  • Unusual Modifications: Non-standard modifications or alterations to the vehicle could affect its performance, safety, or legal compliance.
  • Lack of Test Drive or Inspection: Always insist on a test drive and have a mechanic inspect the vehicle before making a purchase to ensure it's in good condition.
Being vigilant about these red flags can help you avoid purchasing a used two-wheeler with hidden problems or potential legal issues.
Yes, it's generally a good idea to consider getting a warranty for a used two-wheeler, especially if you're financing it with a loan.
Different repayment options for a used two-wheeler loan typically include:
  • Equal Monthly Installments (EMI): This is the most common repayment method where you repay a fixed amount each month, consisting of both principal and interest.
  • Step-Up or Graduated EMI: Initially, you pay lower EMIs which gradually increase over time, typically suited for borrowers expecting their income to rise.
  • Bullet Repayment: You pay the interest throughout the loan tenure and repay the principal in a lump sum at the end of the tenure.
  • Balloon Repayment: You pay smaller EMIs through the tenure and a larger final payment (balloon payment) at the end of the loan tenure.
  • Flexible EMI: Allows you to increase or decrease your EMI amount periodically based on your financial situation, though it might come with conditions.
The specific options available can vary by lender, so it's important to check with your lender for the exact repayment options they offer for used two-wheeler loans.
Prepayment charges on used two-wheeler loans vary by lender and the terms of the loan agreement. Some lenders may impose prepayment penalties if you choose to repay the loan amount before the scheduled tenure ends. These charges are typically designed to compensate the lender for the interest income they would have earned if you had continued with the loan as per the original schedule.
In addition to the interest rate and potential prepayment charges, here are some common fees associated with a used two-wheeler loan:
  • Processing Fee: This is a one-time fee charged by the lender for processing your loan application. It typically ranges from 1% to 3% of the loan amount.
  • Documentation Charges: Fees for processing and verifying the documents required for the loan application.
  • Late Payment Charges: Penalties levied if you fail to make your EMI payment on time.
  • Insurance Premium: Some lenders may require you to purchase comprehensive insurance coverage for the two-wheeler, and the premium will be an additional cost.
  • Administrative Fees: Charges for administrative tasks related to the loan, such as loan servicing and maintenance.
  • Stamp Duty: Applicable in some regions for legalizing the loan agreement.
It's important to carefully review the loan agreement and discuss with the lender to understand all the fees and charges associated with the used two-wheeler loan before proceeding.
Yes, two-wheeler insurance is mandatory for a used two-wheeler loan. Lenders typically require borrowers to have comprehensive insurance coverage for the vehicle throughout the loan tenure. This insurance helps protect the lender's financial interest in the vehicle in case of damage or loss.
The insurance premium is an additional cost that the borrower needs to bear along with the loan repayment. It covers damages to the vehicle due to accidents, natural calamities, theft, and third-party liabilities.
Before finalizing the loan, the lender will usually require proof of insurance coverage for the two-wheeler. It's important to factor in the cost of insurance when budgeting for the total cost of financing a used two-wheeler.
Using a loan broker for a used two-wheeler loan can be beneficial if you value convenience, access to multiple lenders, and expert advice. However, it's essential to carefully consider the costs and ensure transparency in the broker's services and fees. If you're comfortable researching and negotiating on your own, exploring direct options with lenders could also be a viable approach to find a competitive loan deal.a
If your used two-wheeler gets stolen while you have a loan on it, here's what typically happens:
  • Insurance Claim Process: You should immediately inform your insurance company about the theft. Your comprehensive insurance policy, which is mandatory for the loan, should cover theft of the vehicle.
  • Filing a Police Report: You must file a police report (FIR) regarding the theft. This is necessary for processing your insurance claim.
  • Insurance Settlement: Once you have filed the police report and informed your insurance company, they will initiate the claim process. The insurance company will evaluate the claim and, if approved, provide you with a settlement based on the insured value of the vehicle.
  • Loan Repayment: After receiving the insurance settlement, you must use it to repay the outstanding loan amount to the lender. The insurance payout may cover the remaining loan balance, but this depends on the insured value and the outstanding loan amount.
  • Deficiency Payment: If the insurance payout is less than the outstanding loan amount, you will be responsible for paying the difference to the lender.
It's important to note that specific procedures and outcomes may vary based on your insurance policy terms, the lender's policies, and local regulations. Always review your insurance policy details carefully and stay in communication with both the insurance company and the lender throughout the process.

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