How long will it take to get my bike loan?

How long does it take for bike loan?

Takes time in processing: In general, the processing time for bike loans is anywhere between 4 to 5 days. The documentation is fairly strict in bike loans, and it takes time to process all of those. Limited amount: You can avail of the amount which is equivalent to the value of your bike.

How do I find out if my bike loan is pending?

Check the Two-Wheeler Loan Status – Online

Visit . Enter the Application Name or Reference/ Proposal Number. Enter the Date of Birth or Mobile Number. Click on ‘Submit’ to check the application status.

Is it hard to get a motorcycle loan?

Motorcycle financing is not something that we consider hard to do. Motorcycle financing with us is really a pretty simple process with high loan approval rates. If you have bad credit or no credit, most new or used motorcycle dealers will mae it seem nearly impossible to get you approved for financing.

How can I check my two wheeler loan status?

Through SMS:

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The number 97177 52222 is their self-service call number. After giving a call to this number, it instantly gets disconnected. You then immediately receive the details regarding your loan application status on the mobile number listed with the company.

What happens if bike loan is not paid?

Failing to pay without informing the lender will still result in EMI Default status and you will be charged with EMI bounce charges. Also, this is not loan forgiveness. The interest will continue to accrue and be payable by the customer even for the extended loan tenure.

Can I get 100% bike loan?

A two-wheeler loan is the best option to own your dream bike without redeeming your savings. … You can get up to 100% of your bike’s on-road price as a loan without pledging anything as collateral. With affordable interest rates and longer loan tenure, you can plan your repayments based on your needs.

What is the interest rate on bike loan?

Two wheeler Loan Interest Rates 2021

Bank Lowest Interest Rate Processing fee
L&T Finance 10.75% p.a. – 15.00% p.a. At L&T discretion
State Bank of India (SBI) 16.25% p.a. To 18.00% p.a. 2% of the loan amount + GST
Axis Bank 10.80% – 28.30% Up to 2.5% of the loan amount
HDFC Bank 20.90% p.a. Up to 2.5% of the loan amount

Is cibil score required for bike loan?

A: Yes, a CIBIL score is necessary for a bike loan; CIBIL stands for Credit Information Bureau of India Limited, which is a credit bureau. … The required CIBIL score for bike loan is 750 – it enables you to avail a bike loan at a low-interest rate.

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Can I finance a motorcycle with a 560 credit score?

There’s no fixed standard credit score for a motorcycle loan, but some say between 670 to 850 is best. Essentially, you need to have a good credit score to get the best rates for a motorcycle loan.

Can I get a motorcycle with a 600 credit score?

There’s no minimum credit score required for a motorcycle loan, but the better your score, the easier it may be to qualify for better rates and terms. In general, a higher credit score will lead to a lower interest rate on your loan and, therefore, less spent on interest charges over the life of the loan.

How much is a downpayment on a motorcycle?

Most typical Harley-Davidson loans will require 10%-20% down.

Bike Amount 10% Down 40% Down
$15,000 $1,500 $6,000
$20,000 $2,000 $8,000
$25,000 $2,500 $10,000
$30,000 $3,000 $12,000