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The interest rate plays a very important role in debts. A lower interest rate yields low EMI. Hence, interest rate is the major consideration when applying for any type of loan. At Fullerton India, we offer a competitive two-wheeler interest rate best suited to your profile.
Fullerton India Bike Loan Interest Rates - Jan 2023 | |
Bike Loan Interest Rate |
8%- 28% |
Processing Fee |
Up to 5% of the loan amount |
Loan Tenure |
Up to 36 months |
Prepayment Charges |
180 Days – 3% |
Two-wheeler loan interest rate varies between 8% and 28%* per annum and depends on several factors as mentioned below:
Actually, two wheeler loans are available on both variable and fixed rates of interest. But fixed interest rate is the most favorable type of interest rates applicable on two wheeler loans.
With a fixed rate of interest on the two wheeler loan, the monthly instalment amount remains the same right till the end of the repayment period. Generally, the fixed rate of interest is low on the risk front and ranges from 8% to 28% per annum as per your credit profile. You can avail the benefits of a lower interest loan with a good CIBIL score and longer loan tenure. Additional factors can be whether or not you reside in a metro city and the type of two-wheeler you select.
The best part about loans with fixed rates of interest is that they come with minimal documentation, apply to all financial backgrounds, have low processing fees, and offer zero down payment options for certain models, too.
The fixed rate of interest ensures that there is no change in the interest rate during the tenure of your loan repayment. The variable rate of interest can fluctuate depending on current market conditions, roping in the factor of uncertainty.
With a fixed rate of interest, you do not have to worry about any change in your monthly installments. That’s why a fixed interest rate loan is preferred because it ensures financial security despite volatile market rate dips and saves you the trouble of bearing heavy expenses.
Fixed rates of interest on bike loans range from 8% to 28%, depending on numerous factors like a good CIBIL score (700-900), longer tenure of the loan, area of residence, type of vehicle purchased, and prior history with the lending company.
Hence, it is highly recommended to choose a fixed rate of interest for a bike loan since it brings along pocket-friendly benefits.
Two-wheeler loans are popular because they can be availed by anyone, anywhere. Also, Two-wheeler loans offer several benefits as mentioned below.
Fullerton India’s Zero down payment Two-wheeler loan enables you to purchase a bike easily. Thus, instead of waiting for several months to save up, you can instead get your dream bike today!
You can apply online by visiting the Fullerton India website and fill out the form with mandatory details. Our customer care representative will contact you for further processing. Alternatively, you can call us or visit us at your nearest branch directly.
Fullerton India provides loans up to 100% of the bike’s market value. To know more, please contact us or visit your nearest branch to find out if you are eligible for the offer.
For any other questions/concerns about a two-wheeler loan please feel free to contact us. We will be happy to assist you.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.