Compare Bike Loan Interest Rates
We bring you flexible financing options with attractive interest rates and easy repayment terms.
| Loan Features | New Bike Loan | Used Bike Loan |
|---|---|---|
| Interest Rate | Starts from 8% | Starts from 12.5% |
| Processing Fees | Varies with bank | Varies with bank |
| New Car Loan Tenure | Up to 7 years | 1 to 4 years |
| Collateral/Security Requirement | Varies | Varies |
| Prepayment Charges | None | None |
| Approval Time | 2 to 5 days | 3 to 7 days |
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FAQ (Frequently Asked Question)
A bike Loan EMI (Equated Monthly Installment) is a fixed
monthly
payment you make to repay your bike loan. It consists of two parts:
- Principal Amount – The original loan amount borrowed from the lender.
- Interest – The cost charged by the lender for borrowing the money.
The EMI is calculated using the following formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N -1]Where:
- P = Loan Amount
- R = Monthly Interest Rate (Annual Interest Rate ÷ 12 ÷ 100)
- N = Loan Tenure in Months
Several factors impact your EMI amount:
- Loan Amount – Higher the amount, higher the EMI.
- Interest Rate – A lower interest rate reduces EMI.
- Loan Tenure – A longer tenure lowers EMI but increases overall interest paid.
- Down Payment – A higher down payment reduces the loan amount and EMI burden.
The typical process for obtaining a bike loan is as follows:
- Check Eligibility: Lenders assess income, credit score, and employment type.
- Choose Loan Amount & Tenure: Decide the loan amount and repayment period.
- Submit Documents: Provide identity proof, address proof, and income proof.
- Loan Approval & Verification: The lender verifies documents and creditworthiness.
- Loan Disbursement: Once approved, the loan amount is transferred.
- EMI Repayment: Monthly EMI payments begin as per the schedule.
Yes, most banks allow prepayment. However, some may charge a
penalty.
Missing an EMI can result in penalties and impact your credit
score.
A higher credit score can help you get a lower interest rate.