HDFC Superbike Loan vs Regular Two-Wheeler Loan

HDFC Superbike Loan vs Regular Two-Wheeler Loan

Loans by Team Drivio | 21 Mar 2024

While choosing between HDFC superbike and regular loans, consider the purpose of the loan. Do you need an expensive bike or a regular one? Based on your requirements, choose the right financing option. These two loan categories come with different interest rates, processing fees, and repayment tenures.

As a motorcycle enthusiast, you might be caught between different financing options provided by reputed lenders. HDFC Bank, which continues to be a trusted lender for two-wheeler loans, offers two popular variations: regular bike loans and superbike loans. While navigating options HDFC superbike loan regular loan, you need to weigh the products carefully.

In this guide, we have comprehensively discussed the features of both these types of loans. This will help you understand the loan category you should go for. As an informed borrower, you will be well-poised for choosing between HDFC Superbike and regular loans.

What is an HDFC Superbike Loan?

Superbikes are high-performance motorcycles that are much more expensive compared to ordinary bikes. If you have a fascination for style and speed and love cruising along roads on a high-performance bike, you should go for HDFC superbike loans.

Let’s take a look at superbike loans from HDFC Bank in detail.

1. Fee structure

  • Interest rate: For superbikes, the rate of interest starts from 12% per annum, which is lower than that of ordinary bike loans.
  • Loan processing charges: Borrowers may have to shell out a processing fee for the superbike loan up to 1.5% of the loan amount. However, if you are a small or micro-entrepreneur and seek loans up to INR 5 lakhs, you need not pay any processing fee on submitting your URC before disbursal.
  • Documentation charges: These charges can range up to 2% of the amount you obtain as a loan.
  • PDD collection charges: Up to INR 500/-

2. Advantages of HDFC Superbike Loan

  • Finance expensive bikes: HDFC Bank finances up to 85% of the value of the superbike. Additionally, you can seek up to INR 2 lakhs as accessory funding.
  • Manageable EMIs: With loan tenures ranging up to 5 years, you can make your EMIs manageable even for expensive bikes.
  • Tie-ups across India: The leading bank has a network of partnerships with dealers and manufacturers of superbikes across the country. You can benefit from their network, with seamless transactions. 
  • Easy accessibility: HDFC Bank has more than 5,000 branches in India, from where owners can seamlessly obtain the loan.
  • Minimal documentation: With minimal paperwork, HDFC Bank ensures a hassle-free loan application process for superbike owners. 

 Regular Two-Wheeler Loan from HDFC Bank

 HDFC Bank also finances regular two-wheelers, including bikes and scooters that cater to a wide customer base. Let’s take a deeper look into this financing option.

1. Fee structure

  • Interest rate: The rate of interest charged by HDFC Bank for regular two-wheeler loans is 14.5%, slightly higher than that of superbike loan rates.
  • Processing Charges: The processing charge for regular bike loans can be up to 2.5% of the loan amount. Like superbike loans, the bank waives off the processing charges for loans up to INR 5 lakhs for micro and small enterprises under specified conditions.
  • Documentation charges: These charges can be around 2% of the loan amount.
  • Registration Certificate (RC) collection fees: Up to INR. 600/-

2. Advantages of HDFC Regular Two-Wheeler Loan

  • Flexible financing: For regular bikes, HDFC Bank offers up to 100% financing with affordable loans. This implies you need not shell out a down payment for acquiring your bike.
  • Customized repayment options: Owners can choose a repayment tenure ranging from 12 to 48 months, ensuring flexibility in their EMI options.

Differences between HDFC Superbike Loans and Regular Two-Wheeler Loans

While navigating options between HDFC superbike loans and regular loans, it pays to understand the differences between the two financial products.

1. Target audience

HDFC Bank has designed its superbike loans for motorcycle enthusiast who wishes to purchase expensive, stylish, and high-performance bikes. These bikes often come with higher price tags. 

Regular bike loans, on the other hand, are designed for a broader audience, including commuters, families, and students.

2. Rates of interest

Interest rates for superbike loans start from 12%, while regular loans for two-wheelers from HDFC Bank come at a 14.5% interest rate. 

3. Loan processing charges

The loan processing charges for superbikes can be up to 1.5% of the loan amount, while normal bike loans involve a higher charge, up to 2.5% of the loan amount.

4. Loan amount sanctioned

For superbikes, HDFC Bank can sanction up to 85% of the value of the bike, which implies you need to pay the remaining 15%. For expensive models, this can amount to a considerably large figure. 

However, you also get accessory funding up to INR 2 lakhs. On the other hand, regular bike owners enjoy the privilege of 100% financing of the value of the motorcycle.

5. Repayment tenure

Given that superbikes are relatively expensive, HDFC Bank offers repayment tenure of up to 5 years. For regular bike loans, the repayment window ranges from 2 to 4 years.

Wrapping Up

Now that you know the details of both loan categories, you are ready to choose between HDFC Superbike and regular loans. HDFC Bank, one of the leading private sector banks in India, has come up with tailored solutions for financing motorcycles for different customer bases. Whether you need an expensive motorcycle or simply want to settle with a regular one, make sure to choose the right type of loan.

Your choice between these two broad motorcycle loan categories from HDFC Bank depends on your requirements. Consider your preferences, financial stature, and the type of biking experience you need as you narrow down your options. HDFC Bank continues to be a preferred lender, known for its transparency, customer-friendliness, and trust. With the right approach to securing your bike loan, you can streamline your financing experience.