Decoding Two-Wheeler Loan Interest Rates from Axis Bank

Decoding Two-Wheeler Loan Interest Rates from Axis Bank

Loans by Team Drivio | 11 Dec 2023

Understanding Axis Bank's loan interest rates will help you assess the affordability of your EMIs. Also, this can help you compare the rates offered by Axis Bank with other lenders and make an informed purchase.

Planning to get your new motorcycle financed by one of the leading private banks in India? Among other lenders, Axis Bank continues to be one of the most preferred creditors, offering cost-effective loans. In this guide for decoding two-wheeler loan interest rates Axis Bank, let’s take a look at the rate of interest, processing fee, and additional information you will find valuable while financing your new bike.

While it’s crucial to know the interest rate you are paying, other factors like the processing fee, loan tenure, minimum and maximum loan amounts, and documentation fees also deserve attention. A careful scrutiny from your end ensures that you can choose an affordable loan and manage the EMIs seamlessly. Understanding Axis Bank's loan interest rates will also help you compare them with other banks.

An Overview Of Motorcycle Loan Interest Rates Charged By Axis Bank

Axis Bank continues to be a highly sought-after lender, primarily due to its competitive interest rates and customer-centric approach. Broadly, bike owners can reach out to Axis Bank for two types of loans:

  • Two-wheeler loans for ordinary bikes
  • Superbike loans for expensive models

For two-wheelers, the minimum amount to apply for is INR 25,001, and Axis Bank offers these loans for a maximum tenure of 48 months. For superbikes, you need to apply for a minimum loan amount of INR 1 lakh, and the maximum tenure for such loans is 5 years.

Understanding Axis Bank's loan interest rates

CategoryEligibility for salaried buyersEligibility for self-employedInterest RateRepayment PeriodProcessing FeePrepayment Charges
Two-Wheeler LoanSalaried - Rs.1.44 lakhs per yearSelf-Employed - Rs.2.5 lakhs per year16.50% - 24.00%Up to 48 monthsUp to 2.5% of the loan amountNot allowed
Super Bike LoanSalaried - Rs.4.8 lakhs per yearSelf-Employed - Rs.4 lakhs per year11.50% - 24.00%Up to 60 monthsUp to 2.5% of the loan amountNot allowed

As evident from the table above, Axis Bank charges lower interest rates for superbike loans, considering the high principal amount. Therefore, if you are planning to purchase an expensive motorcycle, you can capitalize on these privileges. 

Moreover, this bank also offers a longer repayment tenure for superbikes. Owners settling for two-wheeler loans get a maximum repayment tenure of 48 months, while superbike owners can enjoy the privilege of 60 months during which they can repay the loan. This flexibility explains the commitment of Axis Bank to its customers.

Both salaried and self-employed professionals can apply for these loans. Once you check out the eligibility requirements, you can prepare your documents.

Documentation Process ForAxis Bank Two-Wheeler Loan

It’s imperative to understand the documentation requirements when you apply for a two-wheeler loan at Axis Bank. Check out the documents you need to furnish when you apply for these loans.

For Salaried Individuals

  • Proof of Identity (Aadhar Card, Passport, etc.)
  • Proof of Address (Utility bills, Rental Agreement, etc.)
  • Income Proof (Salary Slips, Form 16, Bank Statements)
  • Proof of age
  • Income Tax Returns
  • Passport-sized Photographs

For Self-Employed Individuals

  • Bank Statements for 3 months
  • Business Registration Documents
  • IT files
  • Photographs
  • Proforma Invoice
  • Proof of age

Depending on your type of employment or business, make sure to keep these documents handy to facilitate swift loan processing.

Advantages of Choosing Axis Bank for Two-Wheeler Financing

Bike owners reaching out to Axis Bank for a two-wheeler loan can benefit in several ways.

Quick and Convenient Loan Processing

Axis Bank has streamlined its loan application and approval process with minimal paperwork. It mostly works on the digital platform, which ensures fast and efficient processing. As a borrower, you can expect a quick turnaround, which ensures that you can buy your desired motorcycle sooner.

Attractive Special Schemes

 Besides decoding two-wheeler loan interest rates Axis Bank, it’s crucial to keep an eye on promotional offers and special schemes. Axis Bank periodically offers such deals which may include processing fee waivers, interest rates, or exclusive offers for specific models. It’s wise to remain informed about these schemes and make the most of the deals.

Online Loan Application

Following the trend set by the leading banks in India, Axis Bank has also rolled out the privilege to apply for motorcycle loans online. Potential borrowers can enjoy the comfort of their homes while applying for these loans, thereby saving effort and time. The online platform further facilitates easy tracking of the application.

Tips for Loan Repayment

Besides gaining rate insights, it’s crucial to manage your loan repayment. Here are a few tips that will streamline your repayment journey.

  • Consider your EMI affordability while choosing the loan tenure. If you have other ongoing repayments, choose a longer tenure to keep the EMIs low. Although you end up paying more on interest, this will help you in budgeting.
  • Consider setting up automatic payments from your bank account to reduce the chances of missing out a repayment. This will also help you maintain a clean credit report.

Wrapping up

Besides offering competitive interest rates on motorcycle loans, Axis Bank’s customer-centric approach makes it a preferred lender. With our rate insights and comparison, you are in a better position to get your motorcycle financed by this lender. Now that you know the interest rate charged by this bank for two-wheelers and superbikes, you can prepare the necessary documents and plan your repayment schedule. Axis Bank continues to be a reliable financial solution for all your loan requirements.