Most people figure out the bike quickly. The model, the colour, the showroom — that part is almost always decided. What slows things down is the loan. Specifically, which scheme to pick, what the EMI will look like, and whether you actually qualify.
It is a fair question. There are a few different Shriram two-wheeler loan schemes, and they are not all the same. Understanding the available Shriram bike loan options upfront saves you from choosing in a hurry at the showroom. The one meant for a new 110cc commuter bike works differently from the one for a used motorcycle or a premium superbike. Picking the wrong one — or not knowing the difference — can mean a higher EMI than you needed or terms that do not actually fit your situation.
This article breaks each scheme down so you can decide better.
How to Choose the Right Shriram Two-Wheeler Loan Scheme
Most articles on this topic try to give one answer. There isn't one.
A schoolteacher in Warangal buying a 125cc scooter to get to work has completely different requirements from an engineer in Bengaluru buying a 650cc bike on weekends. Finding the best Shriram bike loan scheme for you comes down to three things — what bike you are buying, what you can actually pay every month, and how long you want the loan to run.
Once you know those three things, the rest becomes much easier.
The Main Shriram Two-Wheeler Loan Schemes
New Two-Wheeler Loan: Up to 95% Financing, Tenures from 12–60 Months
This is what most people are looking for. New bike, new showroom, standard commuter or mid-range model.
Financing goes up to 95% of the on-road price. In practice, that means if your scooter costs ₹85,000 on-road, you may only need to arrange ₹4,000–₹8,000 from your own pocket. Everything else is covered by the loan.
Interest rates start from 10% per annum, and repayment tenure ranges from 12 to 60 months. So you have genuine flexibility — a 24-month loan keeps total interest low, while a 48-month loan keeps the monthly EMI manageable. Neither is wrong; it depends on what your budget looks like right now.
Say you are a government school employee in Rajkot earning ₹16,000 a month. A ₹75,000 loan over 36 months at around 10–12% p.a. works out to roughly ₹2,400–₹2,600 per month. That is likely within reach. A 24-month plan would push it to around ₹3,400–₹3,500. Different number, same loan — just a different tenure choice.
This suits: Salaried employees, small traders, self-employed professionals buying a new commuter or mid-range bike.
Used Two-Wheeler Loan: Finance a Bike Up to 3–4 Years Old
Not everyone is buying brand new. Plenty of people — especially in smaller towns — prefer a reliable 2–3 year old bike over a new entry-level model. And that is a practical choice. A 3-year-old 150cc motorcycle at ₹45,000 often makes more sense than a new 110cc at ₹80,000.
Financing for used bikes is available too, though the loan amount depends on the bike's assessed value rather than a fixed on-road price. Interest rates for used two-wheelers start from 11% p.a.* — slightly higher than new bike loans, which is standard given the nature of the vehicle. Tenure and EMI can still be structured around your monthly income, and the documentation process is similar to a new bike loan.
The key difference is that the lender will evaluate the bike's current value and condition before finalising the loan amount. Newer used bikes — ideally within 3–4 years of purchase — are easier to finance than older ones.
This suits: First-time buyers, those upgrading from an older bike on a tight budget, or anyone in a semi-urban area where used bikes are more common than new showroom purchases.
*Interest rates for used two-wheeler loans vary based on vehicle condition, tenure, credit profile, and applicable scheme. Final rate is determined at the time of loan sanction.
Superbike and Premium Bike Loan: For Two-Wheelers Priced ₹2.5 Lakh* and Above
This is a separate scheme for bikes priced significantly higher — generally ₹2.5 lakh and above. If you are looking at a 300cc or 400cc bike, or anything in the premium segment, this is the relevant option.
The loan structure here allows for higher amounts and longer tenures — up to 60 months. That matters because a ₹3.5 lakh bike on a 24-month plan creates a very heavy EMI. Spreading it to 48 or 60 months keeps the monthly number reasonable even if the total interest paid is slightly higher.
Interest rates for this scheme are competitive, and the process includes more detailed income and credit assessment — which makes sense given the loan size.
This suits: Working professionals with a stable income who want a premium or performance bike and need a structured repayment plan that does not strain their monthly budget.
Electric Two-Wheeler Loan: Up to 100% Financing with No Down Payment
Electric scooters have become genuinely popular over the last couple of years — particularly among delivery workers, daily commuters, and anyone tired of fuel prices.
The key difference here is financing — it can go up to 100% of the on-road price for electric two-wheelers, compared to 95% for fuel-based bikes. That means, in eligible cases, you may not need any down payment at all. If your electric scooter is priced at ₹95,000 on-road and you qualify for full financing, you walk in with minimal upfront cash.
Repayment tenure ranges from 12 to 36 months. That is a shorter window than fuel-based bike loans, so the EMI will be higher by comparison — worth factoring in when you calculate your monthly budget.
This suits: Daily commuters, delivery professionals, or anyone looking to reduce fuel costs and wanting a loan that requires little to no initial down payment.
Found your scheme? Check your EMI before you apply. Use the Shriram Two-Wheeler Loan EMI calculator to see your exact monthly number — takes under a minute.
Key Shriram Two-Wheeler Loan Features and Charges to Know Before You Apply
Before you apply, these are the figures worth keeping in mind:
Interest rate: Starts from 10% per annum. Your actual rate depends on your credit score, income, tenure, and the scheme.
Tenure: 12 to 60 months for most schemes. Electric two-wheeler loans are capped at 36 months.
Processing fee: Up to 5% of the loan amount. This is charged upfront and not added to your EMI — factor it into your initial cost.
Foreclosure charges: Up to 4% if you want to close the loan early. You cannot foreclose within the first 12 months from your first EMI. If you transfer the loan to another lender, an additional 2% charge applies.
Eligibility: Minimum age 21 years. Salaried individuals need at least one year of continuous employment. Self-employed applicants generally need to show 2 years of stable business income.
What Actually Determines Your Interest Rate
The 10% p.a. rate you see advertised is the starting rate — not a guaranteed number for everyone. Your actual rate can be higher depending on a few things.
Credit score matters the most. A CIBIL score above 700 generally gets you closer to the base rate. Below 650, the rate moves up — and in some cases, you may need a co-applicant to strengthen the application.
Job or income stability also plays a role. Someone who has been at the same workplace for 3 years is seen as lower risk than someone who switched jobs recently. Self-employed applicants with consistent bank statements fare better than those with irregular deposits.
Tenure length can influence the rate too. Shorter tenures sometimes attract slightly better terms, though the tradeoff is a higher monthly EMI.
Down payment size is another factor. If you are putting in a larger margin upfront, it reduces the lender's exposure — and that can work in your favour when the rate is being decided.
Knowing this in advance helps. If your credit score is on the lower end, spending a month or two paying down an existing loan or card balance before applying can make a visible difference.
How to Apply for Shriram Two-wheeler Loan Online
The online process is straightforward. Visit the Shriram Finance website or the Shriram One app, enter your mobile number, fill in your details, and upload the required documents. Once everything is submitted and verified, approval typically comes within a few hours to a couple of days.
Documents you will generally need: identity proof, address proof, PAN card, income proof (salary slips or ITR), and a cancelled cheque for the repayment mandate.
If online feels uncertain — or you simply prefer talking to someone — walking into a branch works just as well.
A Simple Way to Decide Which Scheme Is Right for You
If you are still not sure where you fit, here is a quick way to work it out:
Bike price under ₹1.5 lakh, new: Standard new bike scheme, up to 95% financing.
Bike price under ₹1.5 lakh, used: Used bike scheme, loan based on assessed value.
Electric scooter or bike: EV scheme, up to 100% financing, tenure up to 36 months.
Bike priced above ₹2.5 lakh: Superbike scheme, higher loan amount, longer tenure.
After that, explore the Shriram Finance EMI options using the EMI calculator on the website to check what your monthly number looks like at different tenures. That one step — checking the EMI before applying — avoids a lot of surprises later.
Conclusion
No single Shriram two-wheeler loan scheme works for everyone. What works is matching the scheme to your situation — the bike's price, your monthly income, and the tenure you are comfortable with.
If you are going for a new commuter bike, 95% financing over 36–48 months is usually the sensible middle ground. If it is an electric scooter, take the 100% financing and plan your EMI around a 12–36 month window. If it is a superbike, plan the EMI carefully before committing.
The loan itself is not complicated. The part that takes thought is knowing what you are stepping into — and this article should have given you that.
Ready to move forward? Apply for a Shriram Two-Wheeler Loan online — the process takes a few minutes. Want to check your EMI first? Use the Shriram Finance EMI calculator before you apply.
Frequently Asked Questions
I want to buy a used bike. Can I still get a loan from Shriram Finance?
Yes, used two-wheeler loans are available. The loan amount is based on the current assessed value of the bike, not a fixed on-road price. Bikes that are newer — typically within 3–4 years of purchase — are easier to finance. It helps to have the bike's registration certificate and service records ready.
What does "up to 95% financing" actually mean in practice?
It means the lender covers up to 95% of the bike's on-road price. You are responsible for the remaining 5%, which is called margin money. On an ₹80,000 scooter, that works out to ₹4,000 from your side. The exact percentage may vary based on your eligibility and the scheme.
If I want to close the loan early, what will it cost me?
You cannot foreclose within the first 12 months from your first EMI. After that, a charge of up to 4% applies on the outstanding amount. If you are transferring the loan to another lender, an additional 2% is charged. So before prepaying, check if the savings on interest outweigh these charges — especially in the early years of the loan.
Can I apply with a co-applicant or guarantor?
Yes, you can. If your income is on the lower side or your credit score is not where it needs to be, adding a co-applicant can help. The co-applicant's income and credit history are considered alongside yours — which can improve your eligibility and sometimes get you a better interest rate too.
My credit score is below 700. Can I still apply?
You can still apply. A lower score does not automatically mean rejection, but it may mean a higher interest rate or a request for a co-applicant. If your score is between 600–700, having a co-applicant with a stable income and a good score can significantly improve your chances — and may get you a better rate too.