Bank Of India Two Wheleer Loan FAQs

Two-Wheeler Loan has made your ride easier. Now you can minimize your dependency on public transport. Banks offer the best Two-Wheeler loan schemes and you can repay the loan through ECS, Standing Instructions or post-dated cheques with easy EMIs.

What are different Fees and Charges Applicable on Two wheeler Loans?

Fees and Charges Applicable on Two wheeler Loans are:

  • Loan Processing Charges
  • EMI Late payment penalty
  • Prepayment Fees
  • Loan cancellation charges
  • No Due Certificate
  • No Objection Certificate (NOC)
  • Charges for Conversion
  • Administrative Fee
  • Cheque Bounce / EMI return charges
  • Loan Rebooking Charges
  • Legal, Repossession & Incidental charges
If I have enough money to buy a two-wheeler, should I avail the loan then too?

Yes, you should avail the loan even if you have enough money with you. The reason is you don't have to spend your money in lumpsum and you can invest that money in better options like mutual funds, banks FDs, etc. Further, two-wheeler loans are available in very attractive and competitive interest rates in the market.

What is the maximum repayment period for a two-wheeler loan?

The two-wheeler loans offered by banks are available for a period ranging from 3 years to 5 years. This period also varies on the basis of purchase of new two-wheeler or old two-wheeler.

What is secured two-wheeler loan?

If the loan is taken against a security or collateral like home, flat, debentures, land, etc., it is called secured two-wheeler loan. This type of loan is offered on very low rates as the risk of loan repayment is reduced.

What is unsecured two-wheeler loan?

If the loan is taken without any collateral or security, it is called unsecured two-wheeler loan. As the loan repayment risk is high for banks, they offer this loan on higher interest rates.

What is the benefit of a good credit score?

If you have a good credit score then the loan will be offered at the most competitive interest rates and other lenient terms.

How much will be the processing time?

It generally takes about 1-7 working days for processing the loan and getting it sanctioned after submission of all the required documents.

What are the different stages involved in availing a two-wheeler loan?

There are 4 stages involved in availing a two-wheeler loan, which are:

  1. Submitting a Loan Application
  2. Processing of application
  3. Approval of the loan
  4. Disbursement of loan amount
What is the maximum amount of two-wheeler finance available?

It varies from bank to bank. Some banks provide loans up to 100% for their account holders for some specific models.

 

Other Bank Two-Wheeler Loan FAQs

Check more banks Two-Wheeler loan faqs

Allahabad BankAllahabad Up Gramin Bank
Andhra BankAndhra Pradesh Grameena Vikas Bank
Andhra Pragathi Grameena BankArunachal Pradesh Rural Bank
Aryavart BankAssam Gramin Vikash Bank
Au Small Finance Bank LimitedAxis Bank
Bandhan Bank LimitedBangiya Gramin Vikash Bank
Bank Of BarodaBank Of India
Bank Of MaharashtraBaroda Gujarat Gramin Bank
Baroda Rajasthan Kshetriya Gramin BankBaroda U.p. Bank
Baroda Up Gramin BankBharatiya Mahila Bank Limited
Bihar Gramin BankCanara Bank
Capital Small Finance Bank LimitedCatholic Syrian Bank Limited
Central Bank Of IndiaCentral Madhya Pradesh Gramin Bank
Chaitanya Godavari Grameena BankChhattisgarh Rajya Gramin Bank
City Union Bank LimitedCorporation Bank
Dakshin Bihar Gramin BankDcb Bank Limited
Dena BankDena Gujarat Gramin Bank
Dhanalakshmi BankEllaquai Dehati Bank
Equitas Small Finance Bank LimitedEsaf Small Finance Bank Limited
Export Import Bank Of IndiaFederal Bank
Fincare Small Finance Bank LtdGramin Bank Of Aryavart
Hdfc BankHimachal Pradesh Gramin Bank
Icici Bank LimitedIdbi Bank
Idfc First BankIndian Bank
Indian Overseas BankIndusind Bank
Jammu And Kashmir Bank LimitedJammu And Kashmir Grameen Bank
Jharkhand Gramin BankJharkhand Rajya Gramin Bank
Karnataka Bank LimitedKarnataka Gramin Bank
Karnataka Vikas Grameena BankKarur Vysya Bank
Kashi Gomti Samyut Gramin BankKaveri Grameena Bank
Kerala Gramin BankKotak Mahindra Bank Limited
Langpi Dehangi Rural BankLaxmi Vilas Bank
Madhya Bihar Gramin BankMadhya Pradesh Grameen Bank
Madhyanchal Gramin BankMaharashtra Gramin Bank
Malwa Gramin BankManipur Rural Bank
Meghalaya Rural BankMizoram Rural Bank
Nagaland Rural BankNarmada Jhabua Gramin Bank
North East Small Finance Bank LimitedOdisha Gramya Bank
Oriental Bank Of CommercePallavan Grama Bank
Pandyan Grama BankPaschim Banga Gramin Bank
Pragathi Krishna Gramin BankPrathama Bank
Prathama U.p. Gramin BankPuduvai Bharathiar Grama Bank
Punjab And Sind BankPunjab Gramin Bank
Punjab National BankPurvanchal Gramin Bank
Rajasthan Marudhara Gramin BankSaptagiri Grameena Bank
Sarva Haryana Gramin BankSarva Up Gramin Bank
Saurashtra Gramin BankSouth Indian Bank
State Bank Of Bikaner And JaipurState Bank Of Hyderabad
State Bank Of IndiaState Bank Of Mysore
State Bank Of PatialaState Bank Of Travancore
Suryoday Small Finance BankSutlej Kshetriya Gramin Bank
Syndicate BankTamil Nadu Grama Bank
Tamilnad Mercantile Bank LimitedTelangana Grameena Bank
The Nainital Bank LimitedTripura Gramin Bank
Uco BankUjjivan Small Finance Bank Limited
Union Bank Of IndiaUnited Bank Of India
Utkal Grameen BankUtkarsh Small Finance Bank
Uttar Banga Kshetriya Gramin BankUttar Bihar Gramin Bank
Uttarakhand Gramin BankVananchal Gramin Bank
Vidharbha Konkan Gramin BankVijaya Bank
Yes BankZila Sahakari Bank Ltd