Whether you’re planning for a daily commute or long weekend rides, getting a bike or scooty on EMI is a smart choice for many. But before you apply, it’s important to compare the best bike loan interest rates from various banks and NBFCs.
Even a small difference in two wheeler loan interest rates can make a big impact on your monthly EMIs and total repayment.
🔢 Current Bike Loan Interest Rates (Feb 2026)
Here’s a quick look at the lowest bike loan interest rates offered by top banks and finance companies. Whether you need a bike loan for salaried individuals or a scooty loan with low EMI, this chart helps you find the right option.
| Bank / NBFC | Interest Rate (p.a.) | Loan Amount | Max Tenure | Processing Fee / Charges |
|---|---|---|---|---|
| SBI Bank | 11.7% – 15.7 % | Min ₹50,000 – up to ₹25 lakh | Up to 60 months (5 yrs) | 2.00% of loan + GST (max ₹10,000 + GST) |
| HDFC Bank | Starting – 14.5 % | Contact the bank | Contact the bank | Up to 2.5% of loan amount |
| Bajaj Markets | 0.99 % – 36% | Flexible NBFC lending | 12 to 96 months | Up to 5% of loan amount (incl. taxes) |
| ICICI Bank | 10.25 % – 24 % | Min ₹10,000 – up to ₹30 lakh | Up to 36 months | Up to 4% of loan amount |
| Axis Bank |
10.50 % – 25.00 % | Min ₹25,001 – up to 100% of on‑road price | Up to 5 years | From 0.5% of loan amount |
| Kotak Mahindra Bank | 10.00 % – 11.50 % (up to ~32 %) | Min ₹25,000 – up to 100% of on‑road price | 12 – 48 months | Up to 2% / ≥ ₹1,500 (whichever is higher) |
| Bank of Baroda |
12.65% – 18.00 % | ₹5,000 – up to ₹10 lakh | Up to 60 months (5 yrs) | 2% of loan amount (min ₹250) + GST |
| Canara Bank | 10.35% – 16.25 % | Contact bank | Up to 60 months | Contact the bank |
| Union Bank of India | 11.15% – 12.50 % | Up to ₹10 lakh | Up to 3 years | Contact the bank |
| Bank of India | 7.85% – 11.10 % | Contact bank | Up to 5 years | Contact the bank |
| UCO Bank | 9.25% – 14.10 % | Contact bank | Up to 7 years | 1% of loan amount (min ₹500) |
| Yes Bank | 9.25 % – 15.00 % | ₹1 lakh – ₹25 lakh | Up to 5 years | Up to 1% of loan amount (max ₹10,000) |
| Bandhan Bank | 9.47 % – 22.50 % | Contact bank | Up to 48 months | 2.5% of the loan amount + GST |
Note: For cheapest two wheeler loan interest rate, look for government banks like Bank of India or Canara Bank — especially if your credit score is 750+.
📌 What You Should Know Before Applying
When you apply for a two-wheeler loan, banks check your credit score, the bike type, and how much you want to borrow. A good score and higher down payment usually give you better bike loan interest rates.
Before you apply, it’s smart to:
✔️ Check if you’re eligible
✔️ Calculate your EMI in advance
👉 Use the tools below to plan better:
| Bike Loan Calculator | Check Loan Eligibility |
🚲 New vs Used Bike Loan Interest Rates
| Type of Loan | Interest Rate | Tenure | Other Info / Conditions |
|---|---|---|---|
| New Bike | From ~ 14 % p.a. onward | Relatively longer tenures (3‑5 years or more) | Better offers, dealer tie-ups, special festivals / promo discounts |
| Used Bike | ~ 12 % – 24 % p.a. (or sometimes up to ~30 %) | Generally shorter tenures (1‑3 years) | Higher risk, faster processing, stricter scrutiny, more margin on rate |
New bikes usually get lower bike loan interest rates, especially if you apply through the dealer or during a festive offer.
🧠 How to Get the Best Bike Loan Interest Rate
Want to reduce your EMI and save money? Here are some helpful tips:
✔️ Keep your CIBIL score above 750
✔️ Make a larger down payment
✔️ Compare 2–3 loan offers before choosing
✔️ Apply during festive seasons
✔️ Choose a shorter loan period if you can
📉 Use the Bike Loan EMI Calculator
Our Bike Loan EMI Calculator is easy to use. It helps you find out your monthly payment and total repayment instantly.
Just enter:
🔸 Loan Amount
🔸 Interest Rate
🔸 Loan Tenure
📍 You can see the full EMI and total loan amount upfront—no hidden surprises
📌 Why Bike Loan Interest Rate Matter
A lower interest rate means:
✅ Lower EMI every month
✅ Less money paid in total
✅ Faster loan closure
Even a 1% difference in bike loan interest rates can save you ₹5,000 to ₹10,000 over the loan period.
📝 Documents Required for Bike Loan
To apply for any two wheeler loan, including scooty or electric bike loans, you’ll typically need:
- ID Proof (Aadhaar, PAN, Voter ID)
- Address Proof (Utility bill, Passport, Aadhaar)
- Income Proof (Bank statement, salary slip, ITR)
- Passport size photos
- Quotation or invoice of the bike
Tip: Having complete and updated documents can speed up your loan approval and give you better bike loan interest rates.
❓ FAQs on Bike Loan Interest Rates
Q1: What affects bike loan interest rates?
A1: Credit score, loan amount, bike type (new/used), and lender’s policy.
Q2: Can I get a bike loan without a credit history?
A2: Yes, but interest rates may be higher if you have no credit history.
Q3: Is zero down payment bike loan available?
A3: Some banks offer it during offers, but usually require good credit.
Q4: How much down payment is needed for a bike loan?
A4: Normally 10%–25% of the bike’s cost. More down payment = lower EMI.
Q5: Can I close my bike loan early?
A5: Yes, but some lenders charge a small foreclosure fee.
Q6: Which lender has the lowest bike loan interest rates?
A6: In 2026, Bajaj Finserv and HDFC Bank start from 0.99 % p.a., depending on your profile.
Q7: Are interest rates fixed or floating for bike loans?
A7: Most are fixed, so your EMI stays the same throughout the loan term.
Q8: Can I get a loan for an electric bike?
A8: Yes, many banks finance electric two-wheelers with attractive rates.
✅ Final Words
Don’t just pick the first loan you see. Instead, compare the best bike loan interest rates, calculate your EMI, and pick a lender that matches your needs.
Whether you’re looking for a cheapest two wheeler loan interest rate, zero down payment scooty finance, or just want to reduce your EMI — a little research can save you thousands.
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