HDFC Two-Wheeler Loan EMI Calculator
Compare with other banks - Two-Wheeler Loan
| Bank | Interest Rate (%) | Source |
|---|---|---|
| HDFC Bank (Your selected bank) | 9.50 - 10.50 | View Details |
| State Bank of India | 13.35 - 14.85 | View Details |
| Bank of Baroda | 13.15 - 14.15 | View Details |
| ICICI Bank | 9.60 - 10.60 | View Details |
| Bank of India | 10.60 - 10.75 | View Details |
| Canara Bank | 10.90 - 15.75 | View Details |
| Punjab National Bank | 11.60 - 12.10 | View Details |
| Kotak Mahindra Bank | 10.99 - 16.99 | View Details |
| Axis Bank | 15 - 25 | View Details |
| Central Bank of India | 11.25 - 12.05 | View Details |
| Indian Bank | 10.00 - 11.50 | View Details |
| Indian Overseas Bank | 11.10 - 14.25 | View Details |
| Union Bank of India | 11.85 - 11.95 | View Details |
| IndusInd Bank | 13 - 30 | View Details |
| Yes Bank | 11.85 - 12.85 | View Details |
| IDFC First Bank | 15.99 - 18.75 | View Details |
| Federal Bank | 11.75 - 10.75 | View Details |
| RBL Bank | 12.50 - 15.85 | View Details |
Two-Wheeler Loan EMI Calculator
A Two-Wheeler Loan EMI Calculator helps you estimate your monthly two-wheeler loan payments and plan your vehicle purchase effectively. It calculates your equated monthly installment (EMI) based on the loan amount, interest rate, and loan tenure you enter.
How Two-Wheeler Loan EMI Calculator Works
Step 1
Enter the amount you wish to borrow for your two-wheeler purchase
Step 2
Input the interest rate offered by the bank
Step 3
Select the loan tenure in years
Step 4
Get an instant calculation of your monthly EMI
Factors Affecting Two-Wheeler Loan EMI
Credit Score
Credit Score: Higher score can help you secure better interest rates
Income
Income: Determines your loan eligibility and EMI capacity
Two-Wheeler Value
Two-Wheeler Value: The price of the vehicle affects your loan amount and EMI
Loan Term
Loan Term: Longer term means lower EMI but more total interest
Interest Rate
Interest Rate: Fixed or floating rates affect your EMI amount
Down Payment
Down Payment: Higher down payment reduces loan amount and EMI
Two-Wheeler Loan EMI Examples
Example 1: ₹1 Lakh Two-Wheeler Loan
For a ₹1 lakh two-wheeler loan at 10.5% interest for 3 years, your monthly EMI would be approximately ₹3,251. The total interest paid would be ₹17,036.
Example 2: ₹70,000 Two-Wheeler Loan
For a ₹70,000 two-wheeler loan at 10% interest for 2 years, your monthly EMI would be approximately ₹3,225. The total interest paid would be ₹7,400.
Types of Two-Wheeler Loans
New Two-Wheeler Loan
Lower interest rates (typically 8-12%), higher loan-to-value ratio (up to 90% of vehicle value), and tenure options up to 5 years.
Used Two-Wheeler Loan
Higher interest rates (typically 12-18%), lower loan-to-value ratio (up to 70% of vehicle value), and shorter tenure options (up to 3 years).
Electric Two-Wheeler Loan
Often comes with special interest rates and benefits to promote green mobility. Some lenders offer lower rates and zero processing fees for electric vehicles.
Two-Wheeler Refinance Loan
Allows you to transfer your existing two-wheeler loan to another lender for better interest rates or EMI terms.
Frequently Asked Questions
How much down payment is required for a two-wheeler loan?
Most banks and NBFCs require a down payment of at least 10-20% of the two-wheeler's value. The remaining amount can be financed through a loan. A higher down payment leads to lower EMIs and interest costs.
Can I prepay my two-wheeler loan?
Yes, most lenders allow you to prepay your two-wheeler loan. However, some may charge a prepayment penalty, typically 2-5% of the outstanding loan amount. Check your loan agreement for specific terms.
What documents are required for a two-wheeler loan?
Common documents include identity proof, address proof, income proof (salary slips or ITR), bank statements, employment details, and two-wheeler quotation/proforma invoice from the dealer.
Are interest rates higher for two-wheeler loans compared to car loans?
Yes, generally two-wheeler loans have higher interest rates compared to car loans. This is because two-wheelers depreciate faster and the loan amounts are smaller. Typical two-wheeler loan interest rates range from 8% to 16% depending on your credit profile and lender.
What is the typical loan tenure for two-wheeler loans?
Two-wheeler loans typically have shorter tenure options compared to car loans, ranging from 1 to 5 years. The most common tenure chosen by borrowers is 3 years, which balances affordable EMIs with reasonable total interest costs.
Do I need a guarantor for a two-wheeler loan?
For salaried individuals with good credit scores, a guarantor is usually not required. However, self-employed individuals, those with low income, or those with poor credit history may be asked to provide a guarantor to secure the loan.
Tips for Two-Wheeler Loan Planning
- Compare interest rates from multiple lenders before finalizing your two-wheeler loan
- Consider your total budget including insurance, maintenance, and fuel costs
- Maintain a good credit score to secure better interest rates
- Opt for a shorter loan tenure if you can afford higher EMIs to save on total interest
- Make a larger down payment to reduce your loan amount and EMI
- Check if the dealer offers special financing schemes or festive discounts