Financing Options / Auto Loans For New Bikes

Picking the right auto loan is an individual choice and depends on various loan options, banks, vehicle type and credit history. Hence, pre-calculated EMIs are usually inaccurate. Rather than comparing the absolute EMIs, it is recommended that a buyer examines various options available to him and make the best choice suitable for him.

Besides this, getting information from an auto dealer about the varied options in the offing may be useful. Find ideal auto dealers in India to avail the best deals in car purchase.

In order to simplify the process of obtaining finance for purchasing a vehicle, we have gathered the loan information from most of the Indian banks in one place. The information presented below will give you an indication of the prevailing rates, application process etc. You can use this information to calculate your EMI or pick the best loan using our Loan / EMI Calculator.

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Bank Name	Repayment Period	Down Payment	Interest Rate	Loan Amount	Processing Charges	Eligibility / Documents
Bank of Baroda	Maximum 60 months from the date of disbursement of loan.	10% on loan amount	12.75%(Fixed)	A minimum of Rs. 5000 and a maximum of Rs. 1 Lakh (or five times of the monthly income, whichever is less)	2%.Minimum : Rs. 250/-	Show Details    Eligibility: Total(Income tax return for 3 years).existing deductions (pf) and proposed installments at 60% of monthly gross salary.85% of quotation price. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement. Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement
State Bank of India	Upto 3 years	Data Not Available	15.50%.Floating Rate	Data Not Available	Data Not Available	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16, Bank statements not necessary Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement
ICICI Bank	6 months to 36 months	15%	13.75%.Interest rate charged on a monthly reducing balance.	85% of on-road price of the two-wheeler.Loan amount - Rs. 7,500/- to Rs. 90,000/-.	2.50 % of loan amount or Rs. 750/- whichever is higher (in select cities, it can be upto 5%) + Origination Charges of upto 2% of the Loan amount	Show Details    Eligibility: For Salaried Individuals:monthly net income of Rs 5000 at Metro locations while Rs 4000 at other locations. For Self-Employed individuals, Minimum Annual Income of Rs. 42,000/- at all locations. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Last 3 months bank statements Documents Self Employed: Application form with photograph Identity & residence proof Latest Income tax return Last 3 months bank statement
HDFC Bank	12 to 48 months	15%	Data Not Available	Minimum loan amount-Rs.7000/- and a maximum of Rs. 1 Lakh.Up to 85% of the Invoice value depending on the model.	Upto 4% of Loan Amount	Show Details    Eligibility: Minimum gross income is equivalent to Rs. 54,000/- p.a.if you reside in Mumbai, Delhi, Chennai, Bangalore, Calcutta, Pune. Rs. 42,000/- p.a. for all other cities. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Documents Self Employed: Application form with photograph Identity & residence proof Last year income tax returns Bank statement
Axis Bank	from 1 Year to 3 years	15% to 20% depending on the Two Wheeler Model	17.00% per annum on a monthly reducing basis.	From Rs 20,000 to Rs 70,000	2% of the loan amount	Show Details    Eligibility: For salaried persons, Minimum Income - Rs 60,000 to Rs 75,000 per annum(Depending on the Two Wheeler Model) For salaried persons, Income eligibility as per latest salary slip or Form 16. For self-employed persons, Minimum Income - Rs 60,000 to Rs 75,000 per annum.(Depending on the Two Wheeler Model) Documents Salaried Person: Application form with photograph Identity & residence proof Bank statement income proof signature verification proof Waiver of Income documents & bank statements for priority account holder Waiver of Salary Slips & Bank Statements for salary a/c holder Documents Self Employed: Application form with photograph Identity, residence, income and signature verification proof, Bank statement, Waiver of Income documents & bank statements for priority account holder. 6 months bank returns. Latest IT Returns
Union Bank of India	Maximum of 36 months.A Maximum of 60 EMIs for Bajaj vehicles.	20% of cost of vehicle.Under tie-up,10%	11.5%-12.00%	80% of the vehicle.For tie-up,90% of the cost of vehicle	Rs. 250	Show Details    Eligibility: Professional/Businessmen having regular income. Documents Salaried Person: Application form with photograph Identity & residence proof 3yr returns Bank statements Documents Self Employed: Application form with photograph Identity & residence proof 3yr returns Bank statements. Balance sheet & pl account.
Bank of Maharshtra	Maximum 5 years	10%	10.75%(upto 3 years).11.75%(Above 3 years)	90% of the vehicle cost.Maximum Rs.1.00 Lakh	Rs.500/-	Show Details    Eligibility: For Salaried persons, 18 times of monthly Gross emoluments For proprietorship,partnership firm & company,1.50 times of average annual Income as per their last three Balance - Sheet/ P & L account. For Salaried persons, permanent in service / professional / businessmen, minimum Gross income Rs. 0.50 Lakh per annum. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Canara Bank	48-60 months	20%	11.50%	For salaried persons,80 % of the invoice value or 15 months of net salary whichever is less. For self-employed,professional persons,80 % of the invoice value or to the extent of 50 % of their annual net income in the immediate previous year whichever is less.	0.1 % of the loan amount subject to minimum of Rs.100/- and maximum of Rs.250/-.	Show Details    Eligibility: Salaried persons, professionals and business people, with qualifying income and required repayment capacity. Reputed firms and corporate are also eligible. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Central Bank of India	Maximum 48 months	15%	Upto 36 months, Interest rate- 10.50. Above 36 months, Interest rate- 11.50	For salaried persons,24 months gross monthly salary on the basis of last salary drawn For other persons,2 times average annual income as per Income tax return of last three years.	1% of the loan amount subject to minimum of Rs.250/-	Show Details    Eligibility: Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Dena Bank	Maximum 60 months	20%	11.50%-11.75%	Upto Rs. 50,000/-	Rs. 250/-	Show Details    Eligibility: You have a gross income of more than Rs. 75,000 p.a. for a two wheeler Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Federal Bank	Maximum 48 months	10%	14.25%	Up to 90% of vehicle price	Data Not Available	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Karnataka Bank	Upto 60 months	Data Not Available	13%-On reducing balance	Maximum Rs.0.75 lakh. Upto 15 times the net take home salary (in the case of salaried persons).Maximum 90% of the invoice value of the vehicle. Road tax and insurance are excluded. Equivalent of declared annual gross income (in the case of professionals / businessmen / self employed persons). Maximum 90% of the invoice value of the vehicle. Road tax and insurance are excluded.	Data Not Available	Show Details    Eligibility: Having a gross monthly salary of Rs.4,500/- /gross monthlyincome of Rs.3,500/-. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Oriental Bank of Commerce	Maximum 60 months	10%	For 3 years-11.5%. For 5 years-12.0%	90% of the cost of two wheeler including registration charges, insurance and road taxes.	0.50% of loan amount with minimum of Rs. 500/-.	Show Details    Eligibility: For salaried person,Gross Salary atleast Rs. 6,000/- p.m Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
State Bank of Mysore	Data Not Available	Data Not Available	14.25% for 3 years & 5 years	Data Not Available	Data Not Available	Show Details    Eligibility: individual with annual income of Rs. 75000 & above /-.Self-employed & Professionals with annual income of Rs. 75000/- & above Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Same as documents required for salaried person plus Last 2 years IT return.
Corporation Bank	Maximum 60 months	Minimum 10% of the invoice value, life tax and insurance premium	12%	Maximum Rs.1 lakh	0.50% of the loan amount sanctioned with a minimum of Rs.500/-.	Show Details    Eligibility: Individuals minimum annual gross income of Rs.50000/. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Centurion Bank of Punjab	Minimum 12 months.Maximum 36 months.	Minimum 10%	22% upto 3 years	Finance upto 100%	Data Not Available	Show Details    Eligibility: For Self-employed,Gross Annual Income of just Rs. 42,000/- For Salaried Gross Annual Income of just Rs.54,000/- (Metro) and Rs.42,000 (Non Metro) Documents Salaried Person: Latest 3 months Salary slips showing all deductions and Form 16 of the last FY. Residence and identity proof bank statement Documents Self Employed: Copy of Income Tax return (+) Computation of Income (+) Balance Sheet (+) P & L account for last 2 years. Residence and identity proof bank statement
Indian Bank	Maximum 60 months	10%	12.00% fixed	Maximum Rs. 50,000,90% of the cost of vehicle	Data Not Available	Show Details    Eligibility: 20 times the gross monthly income (income of spouse also can be included with personal guarantee of spouse) Pensioners and Bank Employees are not eligible for the loan. Based on their income earned and capacity/ability to repay the loan. Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Vijaya Bank	Maximum 5 years	20%	Within 3 years,10.50%(floating rate).Beyond 3 years,11.00%	Loan up to 80% of the cost/invoice value of the vehicle including accessories and registration expenses	Data Not Available	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Karur Vyasa Bank	Maximum 36 months	25 %	11.5%	Up to Rs 40,000/-	Data Not Available	Show Details    Eligibility: Data Not Available Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
DCB Bank(Development Credit Bank)	Minimum 12 months-Maximum 36 months	10%	10.50%(floating rate)	90% of the value of the Two-wheeler.Minimum Rs. 15000, Maximum Rs. 50,000.	Data Not Available	Show Details    Eligibility: Minimum Gross Annual Income Rs.40,000 For salaried persons, Minimum age:21 years,Maximum age:58 years For self-employed persons, Minimum age:21 years,Maximum age:65 years Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.
Andhra Bank	Minimum:12 months,Maximum:60 months	10 %	As applicable on the date of loan	90% of road price which includes invoice price, Life tax, Registration charges, Insurance and accessories or Rs. 60,000 /- whichever is lower.	Data Not Available	Show Details    Eligibility: Any individual having minimum gross income of Rs. 60,000 /- p.a Documents Salaried Person: Application form with photograph Identity & residence proof Latest salary slip Form 16 Last 6 months bank statement Documents Self Employed: Application form with photograph Identity & residence proof Last 2 years income tax returns Last 6 months bank statement.

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