Shriram Two Wheeler Loan
Two-wheeler Loan
Owning your dream two-wheeler is now simpler than ever with Shriram Two-wheeler Loan. We offer financing options up to 95% of the on-road price of the vehicle. This means that you don’t have to worry about a large down payment. Whether you want a scooter for daily commute or a bike for leisure, the Shriram Two-wheeler Loan helps customers manage their financing needs with minimal documentation and affordable EMIs. Start your journey today with our intuitive digital platform and ride home on your bike of your dreams.
Two-wheeler Loan - Important Info
Here’s a quick look at some important facts about the Shriram Two-wheeler Loan that you’d want to remember before applying:
| Parameters | Criteria |
|---|---|
| Loan Amount | Up to 95% of the on-road price of the selected make and model |
| Tenure | 12 - 60 months |
| Interest Rates | Starting from 10%* p.a. |
| Age | 21-59 years |
| Eligibility | Both Salaried and Self-employed professionals |
| Documents Required | Identity proof and proof of address |
Two-Wheeler Loan Rates and Charges
Shriram Finance believes in keeping the rates and charges of the two-wheeler loan transparent to help customers make informed decisions. Here’s what you need to do before applying:
| Type of Fees | Applicable Charges |
|---|---|
| Rate of Interest | Starting from 10%* p.a. |
| Processing Fee | Up to 5%* |
| Foreclosure Charges | Up to 4%* (The customer cannot close the loan account within 12 months from the date of the first EMI. An additional 2% charge will be applied if the loan is transferred to another financial institution.) |
Please note that the interest rates and charges of the Shriram Two-wheeler Loan are subject to change. They may vary based on your loan tenure, market conditions and other relevant factors. Check the Interest Rates and Charges document for the most accurate and up-to-date information.
Two-wheeler Loan - Features & Benefits
Shriram Two-wheeler Loan comes with several appealing features and benefits, like:
Attractive Interest Rate
Our two-wheeler loan starts at 10%* p.a., making it an affordable option for you.
Flexible Tenure Options
With tenure options ranging from 12 to 60 months, you can pick a repayment term that’s suitable for you and your finances.
Maximum Financing
We finance up to 95% of the on-road price of your dream vehicle. This means you don’t have to arrange for a large down payment.
Quick Approval
Loan application is processed quickly and once approved, funds are disbursed within a few hours to a few days.
Hassle-free Process
Our simple and straightforward loan application process makes sure you can complete your purchase on time.
Two-wheeler Loan Eligibility
Here’s a quick eligibility checklist that can help you secure the Shriram Two-wheeler Loan without delays:
Eligibility Criteria
Age Limit- 21 to 59 years
Status of Employment- Salaried or Self-Employed
Employment Proof- Salaried Professionals: Work experience letter from the current company of at least one year
- Self-Employed Professionals: Should have an active business and show a record of running the business for 2 years successfully
Unorganised Sector (Housewives, students, farmers, etc.)- Co-applicant or guarantor with a stable income and good credit score
Residence Proof- Applicant must be living for at least one year at the current address
Documentation Requirements for Shriram Two-wheeler Loan
To apply for a Shriram Two-wheeler Loan, please submit the following list of documents along with your loan application:
Required Documents
For Proof of Identity- Passport
- Driving Licence
- Voter ID Card
For Proof of Residence- Passport
- Driving Licence
- Gas bill with Gas book
Income Proof Documents- Bank statements of the last six months
- One cancelled cheque
- ACH form for electronic clearing mandate
Other Documents- Recent passport-size photographs
For New Vehicles- Duly endorsed vehicle registration certificate on receipt
How Does a Two-Wheeler Loan EMI Calculator Work?
The Shriram Two-Wheeler Loan EMI Calculator is an online tool that helps calculate your two-wheeler loan EMI. Here is how it works:
Loan Summary
Interest Rate %
Loan
The two-wheeler EMI calculator generates a loan summary based on your inputs. The loan summary includes detailed information about the monthly EMI, including the principal loan amount and interest rate.
How to Apply Online for a Shriram Two-wheeler Loan?
You may apply for a Shriram Two-wheeler Loan online. The application process is simple and straightforward. Please follow these steps to initiate your two-wheeler loan online application from Shriram Finance:
Step 1
Click on Apply Now and enter your mobile number.Note: If you are assisted by our executive, be sure to toggle Yes.
Step 2
Use your mobile number to registerRegister with your mobile number and set up your account with Shriram Finance.
Note: You may do this through our website or the Shriram One app.
Step 3
Enter your personal informationFill in your personal information (Your full name, residential pin code, date of birth, PAN number, and email address).
Click Continue.
Step 4
Collect loan voucherAfter submitting your personal information, you’ll receive a voucher with your loan details. Use this voucher and visit a partnering showroom.
Step 5
Meet a representative and complete the applicationAt the showroom, meet with a representative to submit KYC (Know Your Customer) documents and finalise the loan application. The representative will verify all the submitted documentation and notify you of your loan status.
Shriram Two-wheeler Loan FAQs
Can you refinance a Shriram Two-Wheeler Loan?
No, at Shriram Finance - we do not offer refinancing options for two-wheeler loans.
What is the easiest way to apply for a two-wheeler loan with EMI?
The easiest way to get a two-wheeler/bike loan is by submitting an online two-wheeler application. Please visit the Shriram Finance website or use the Shriram One app to register with your mobile number. Or you may also visit a physical branch. Please ensure that you provide all the necessary documentation for your application. Do refer to the Documentation Required section for more details on your Shriram Two-wheeler Loan application.
What is the interest rate for a two-wheeler loan?
The interest rates for two-wheeler loans usually vary from one lending institution to another based on factors like the loan amount, loan tenure, and the lender’s policy. You may apply for Shriram Two-wheeler Loan starting at 10%* per annum.
How can you get your two-wheeler loan approved faster?
If you want a two-wheeler loan to get approved faster, remember the following:
- Fill out the online loan application with complete and accurate information.
- Provide the list of documents required for your two-wheeler loan application.
- Make sure you have a steady income to increase your chances of loan approval.
- If you do not meet the eligibility criteria, please consider getting a co-applicant or a guarantor.
How soon will my two-wheeler loan be sanctioned?
Once you submit your loan application and the required evaluation and verification is complete, Shriram Finance may approve your two-wheeler loan within a few hours to days. Loan sanction and approval usually depend on necessary approvals.
Does Shriram Finance provide loans on vehicle insurance?
Shriram Finance does not provide loans specifically for vehicle insurance. For complete coverage on your two-wheeler, you may consider Shriram Two-wheeler Insurance for your vehicle.
What are the types of two-wheeler loan that Shriram Finance offer?
Shriram Finance offers two-wheeler loans for:
- New bikes/two-wheelers
- Used bike/used two-wheeler loans
- Electric bike/electric two-wheeler loans
Can I pay my Shriram Two-wheeler Loan EMI online?
Yes, you may pay your Shriram Two-wheeler Loan EMI online. Please visit the Shriram Finance website, and click “Payments”. Then choose “Pay Loan EMI” to make your loan repayments. If you prefer, you can also set up auto-deductions for every month from your bank account. That way, your EMIs get automatically paid on the due date.
What is the minimum credit score for Shriram Two-wheeler Loan?
Shriram Finance considers several factors when evaluating your two-wheeler loan application. Usually, we do not have a stipulated minimum credit score. Maintaining a good credit history may improve your chances of getting the loan approved.
Can I get a two-wheeler loan if I have no credit history?
You may apply for a two-wheeler loan from Shriram Finance even without credit history. Check that your documents are up-to-date and accurate. Make sure you have a steady income. You may apply with a co-signer or guarantor to increase your Shriram Two-wheeler Loan approval chances.
Low Processing Charges & Quick Loan Disbursals on Two-Wheeler Loan
