So, How does Two-wheeler Loan work?
Why take Two-wheeler from LoanTap?
With Our Two-wheeler loan you can walk into the showroom of your choice and ride home your favorite Two-wheeler just by presenting the loan sanction letter that is provided by LoanTap. Our two wheeler loans can be availed to fund purchases of used two wheelers as well as Brand new models. Avail LoanTap’s Two wheeler loan and pay in small installments for tenures across 12 to 36 months!
Instant approval & disbursal
Flexible Repayment Option
Higher Loan Amount
Longer Loan Tenure
Basic Eligibility Criteria for availing Two wheeler Loan with LoanTap
- Individuals with a minimum monthly income of INR 10,000
- Indian citizens/residents who are 21 years and above
Basic Documents required for availing Two wheeler Loan with LoanTap
- PAN Card
- Salary Slips (Last 3 months)
- Salary Account Bank Statement (3/6 months)
- Address Proof
Personal Loan Product Suite
Flexible Repayment options
Repayment done via Fixed Equated Monthly Installments, where EMI=Principal + Interest.
Each Installment reduces both interest and Principal amount.
Ideal when: You know the precise Loan Amount needed and your income is consistent.
Your Personal Loan, Your Way!
Frequently Asked Questions
LoanTap offers up to 80% of on road vehicle price. Final loan amount decision is done on the basis of your eligibility and credit checks.
We need below documents for processing your loan request-
3 months’ pay slips,
6 month’s salary account bank statement,
e-NACH mandate form.
However, we might request for a few other documents if need arises during credit checks.
Yes, the vehicle purchased needs to be hypothecated to partner NBFC.
There is no exclusive list of dealers. You may apply for almost any bike belonging to any dealership-in locations where LoanTap is operating.
Two-wheeler Loan is available in cities where LoanTap is operational. Currently we are providing our loans in Bangalore, Hyderabad, Chennai, Coimbatore, Mumbai, Pune, Ahmedabad, Vadodara, Raipur, Bhopal, Indore, Jaipur, Delhi-NCR, Ajmer, Lucknow, Mysore, Visakhapatnam, Kolkata, Howrah, Bhubaneshwar, Patna, Nagpur, Nashik, Rajkot, Surat and Chandigarh locations.
Processing fee for this loan is 2%+applicable taxes; on the gross loan amount sanctioned.
Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure-with minimal charges applicable.
In this loan, interest amount needs to be paid every month and in every 6 months a bullet amount needs to be paid towards the outstanding principal amount. Interest amount is revised post bullet payment of principal amount.
Yes, you can make higher payments towards your loan. No charges for higher payments or foreclosure are applicable post 6 months. Within 6 months you can make part payments or foreclosure with minimal charges applicable.
Yes, you can prepay the loan facility post 6 months of disbursement. No foreclosure charges are applicable post 6 months of loan completion, however within 6 months you can prepay your loan with minimal charges.