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A personal vehicle gives you the freedom to move around as per your need and convenience. In India, where a large part of the population lives in villages, towns, or small cities, two-wheelers are popular means of personal transport for everyone. It is mainly due to the pocket-friendly cost of scooters and bikes, and the ease with which you can manoeuvre it on the narrow crowded roads. Other advantages are its fuel efficiency, sleek design, sturdy body, functional carrying capacity, and attractive offers of bike loan or two-wheeler loans by many banks and NBFCs at very competitive terms.

What is a Two-wheeler Loan?


This is a loan which helps you to purchase a bike or a scooter of your dreams. Like many people, you may also consider loan as a liability and would like to go for a cash purchase of your two-wheelers. But wait – take a look at some of the benefits of two-wheeler loans. Also, check how it makes your life easy before making a dent in your pocket. These features are:


  • Reduce the burden on your pocket 

One has to have significant savings tucked somewhere to purchase a bike in cash. But everyone does not have this surplus available on hand. Secondly, there may be some urgent financial needs which require cash funds immediately. In such situations, a two-wheeler loan comes in handy. It reduces the burden on your pocket and makes life easy for you.


  • Eligibility across the wide income range

Anyone who can repay the loan can avail of it. Your income range does not matter, although it is essential in deciding the loan tenure and the EMI amount. You have to produce your salary certificate or income tax return to avail this loan.


  • Easy processing and approval

The processing and approval of a vehicle loan are easy and quick. Online application facility is also available with some lenders. Fewer documents and fast disbursement makes this loan very attractive.


  • Competitive interest rates

Two-wheeler loans come with attractive interest rates. Due to the high demand for two-wheelers and the large scale production of the same to meet this demand, people can have easy access to bikes and scooters in the market. To lure the buyers for a vehicle loan, the lenders offer it at competitive interest rates.


  • Helps to improve your CIBIL Score.

Loans like a home loan, car loan, or personal loan require the applicant to have an excellent CIBIL score. A CIBIL rating reflects your credit history. If you are a first-time borrower, then two-wheeler loans can be a unique instrument to build your credit score. As the price of two-wheeler is less as compared to other vehicles, the loan amount is also less. You can quickly and regularly repay the loan amount and build a good CIBIL score for yourself.


  • Tax Exemption

Your two-wheeler loan amount is eligible for tax exemption if the vehicle is in the name of your company or business. Your loan is also eligible for an exemption from tax if you are a freelancer or a professional and use your vehicle for work.


  • Insurance cover

According to the Indian Motor Act, a vehicle loan comes with an insurance cover for you and your vehicle. The loan amount also covers extra expenses that may incur, like the cost of accessories and the registration.


A two wheeler loan is ideal for the purchase of the bike or scooter of your choice as it gives you full ownership from day one without paying the whole amount. It also allows you to spend your cash on some urgent financial need without any worry and tension.


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