How to Choose the Right Two Wheeler Loan Based on Interest Rates?
May 29, 2025 | 4 mins read
List of all fees and charges
| Processing Fees: | Regular and Royal Enfield- Up to 2% of the loan amount or Rs. 5,000/- whichever is lower + applicable taxes Superbikes- Up to 1.5% of the loan amount or Rs. 6,000/- whichever is lower + applicable taxes Trade Advance – Up to 2% of the Sanction amount + applicable taxes |
| Documentation and repayment setup fee | Up to Rs. 1,750/- + applicable taxes |
| Facilitation Fee | Up to 2% of loan amount + applicable taxes |
| Penal Charge/Late Payment Charge (LPC) | Up to 2% per month (p.m.) on overdue EMI + applicable taxes Trade advance - Up to 2% per month (p.m.) on overdue amount + applicable taxes |
| EMI Dishonour/ Bounce Charge*: *A bounce charge is a charge for (i) dishonour of any repayment instrument; or (ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate | As shown in the table below |
| Loan sanction amount in Rs. | Charges in Rs. |
| < ₹ 5 lakhs | ₹ 500 |
| ₹ 5 - ₹ 50 Lacs | ₹ 1000 |
| > ₹ 50 Lacs - 2 Cr | ₹ 1500 |
| > ₹ 2 Cr | ₹ 2000 |
| Foreclosure Charges: | Up to 5% of principal outstanding + applicable taxes |
| Repayment instrument swap charge (per swap): | Up to Rs. 500/- + applicable taxes (applicable only for branch walk-ins) |
| Document retrieval / Duplicate NOC charges | Duplicate NOC: Up to Rs. 500/- + applicable taxes (Charge is applicable post 3 free copies) |
| Loan Cancellation fee: | Up to Rs. 2000/- + applicable taxes |
| Legal fees and charges: | As per actuals or Up to Rs. 30,000/- whichever is lower + applicable taxes |
| Recovery charges: | As per actuals or Up to Rs. 15,000/- whichever is lower + applicable taxes |
| Auction fees: | Up to 1% of auction sale amount + applicable taxes |
| RC non submission charge: | Up to Rs. 1,000/- per month post 120 days + applicable taxes |
| Field collection service charge: | Up to Rs. 500/- per collection + applicable taxes |
1. Eligibility Requirements :
Applicants must meet age, income, and employment criteria set by the lender.
2. Loan Tenure :
Up to 5 years, allowing flexibility in repayment terms to suit your financial plans.
3. Interest Rates :
Subject to change and depend on the applicant's profile and lender policies.
4. Documentation :
Include valid ID proof, address proof, income proof, and additional two wheeler loan documents as needed.
5. Repayment Terms :
Monthly EMIs must be paid on time to avoid late payment penalties and other Two Wheeler Loan charges.
6. Foreclosure and Prepayment :
Conditions apply concerning charges and notice periods for early loan settlement.
7. Insurance Requirement :
Comprehensive insurance for the vehicle may be mandated as part of the loan agreement.
All fees are disclosed in the loan agreement. It’s crucial to review terms carefully to understand all applicable charges.
The foreclosure charge, plus taxes, is 5% of the principal outstanding.
Interest rates vary by lender and applicant profile, so it's best to check with the specific lender for the current rates.
Foreclosure charges are 5% of the principal outstanding, plus applicable taxes.
Some charges may be negotiable, especially with a strong credit history or existing relationship with the lender.
GST is applicable to various loan fees and charges, such as processing and late payment fees, increasing the total cost.
Additional charges may encompass document duplicate NOC charges, and repayment swap charges.
The processing fees can be up to 6% of the loan amount and may vary based on the asset and scheme the customer selects.
The interest rates is determined based on factors like the applicant's credit score, income and market conditions.
Charges include processing fees, ECS/NACH charges, documentation fees, late payment charges, foreclosure charges, and part prepayment charges.
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