Allahabad Bank Two Wheeler Loan

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Tenure Up to 48 Months
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Allahabad Bank Two Wheeler Loan

Allahabad Bank Two Wheeler Loan Key Features

Allahabad Bank Two Wheeler Loan Interest Rate 11.83%* per annum
Min Loan Amount ₹ 10,000
Max Loan Amount
(Loan to Value)
Loan up to 90% of On Road Price
or 100% of Ex-showroom Price
Loan Tenure 1 year to 4 years
Lowest EMI / Lac ₹ 2,625
Minimum Net Monthly Income Salaried – ₹ 7,000, Self Employed – ₹ 6,000
Age Criteria 21 years to 65 years(At Loan Maturity)
Types of Vehicle For All New Two-Wheelers (Bikes, Superbikes, etc.)
Processing Fee Up to 3% of the Loan Amount.
Foreclosure Charges 3% – 10% Based on the time of foreclosure ( Foreclosure not allowed during the first 3 months)
Basic Documentation ID Proof, Address Proof, Bank Statement

About Allahabad Bank Two Wheeler LoanAllahabad Bank Two Wheeler Loan

Allahabad Bank Two Wheeler Loan has become essential for an individual to fulfil his dream of buying a new bike at any cost with any financial resource. Allahabad Bank is providing the opportunity of a lifetime by providing Two Wheeler Loans best offers with Lowest Interest Rates & Affordable EMIs.

Advantages of Allahabad Bank Two Wheeler Loan 

  1. Easy and hassle-free process
  2. Quick Disbursal of Loan Amount
  3. Fulfil your wants by choosing the Two Wheeler you love
  4. Attractive two-wheeler loan Rate of Interests
  5. Easy Repayment and Prepayment Method.

How to avail of two-wheeler loans?

If you’re weary of waiting for the bus or haggling with taxi drivers, now is the time to get your own motorcycle. The ability to drive fast and safely is one of the main advantages of riding a two-wheeler. Since a two-wheeler uses less fuel and is simpler to maintain than a sedan, it is a popular option for first-time car buyers. Rather than taking on the whole financial responsibility of a two-wheeler purchase, it is preferable to take out a two-wheeler loan and repay it in manageable EMIs.

A Two-Wheeler Loan is the best choice.

  • Choose the two-wheeler loan form and brand that better fits your needs. Bank provides Super Cycle Loans if you like anything better than a normal bike.
  • When you register online, the bank will send a representative to your home to complete the paperwork, so you won’t have to wait in long lines.
  • You will save up to Rs. 12,500 as a result.
  • But that’s not the end of the story. The advantages of an Allahabad Bank two-wheeler loan are many.
  • The interest rate is 2% lower for Allahabad Bank account holders.
  • You can range from a 12-month to a 48-month repayment period.

Your loan will be approved right away, which means you won’t have to wait long to get your dream vehicle.

Allahabad Bank Two Wheeler Loan Eligibility

Your ability to repay the loan is the biggest factor in deciding whether you’ll be eligible or not for the Allahabad two-wheeler loan. The following are the major criteria’s: 

  • The applicant should be of at least 21 years of age and a maximum of 65 years of age to apply for the loan. 
  • If you have an average monthly income of Rs 7000 (salaried) and Rs 6000 (self-employed), you’re eligible for the Allahabad Bank two Wheeler loan.
  • Cibil Score has a direct impact on your two-wheeler loan eligibility. If you have a high Cibil score, you can get the approval for the loan easily. 

Allahabad Bank Two Wheeler Loan Interest Rate, Fees and Charges

Interest Rate Starts at 11.83% p.a.
Processing Fee Up to 3% of the loan amount (maximum)
Prepayment Charges From 3% to 10% of the outstanding principal
Prepayment charges Within 4 to 6 months – 10% of principal outstanding
Within 7 to 12 months – 6% of principal outstanding
13-24 months – 5% of principal outstanding
Post 24 months – 3% of principal outstanding
Prepayment is not allowed within three months of EMI repayment

Allahabad Bank Two Wheeler Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof Driving Licence
Aadhaar Card
Passport
Voter ID
Address Proof Driving Licence
Aadhaar Card
Passport
Voter ID
Compulsory Documents PAN Card
Bank Statement Bank statement of last 3 months

Self-Employed Individual

Category Documents Required
Identity Proof Driving Licence
Aadhaar Card
Passport
Voter ID
Address Proof Driving Licence
Aadhaar Card
Passport
Voter ID
Required Documents PAN Card
Bank Statement Bank statement of last 3 months

Allahabad Bank Two Wheeler Loan EMI Calculator

The applicant has the option to know the EMI’s before availing Allahabad Bank Two Wheeler Loan. Thus, you can easily check through the link below:

Two Wheeler Loan EMI Calculator

Factors Affecting  Two-wheeler Loan Application

  • Until taking out a two-wheeler loan from Indian Overseas Bank, consider the following considerations.
  • Your credit score. When you approach a lender in India for a loan, one of the first and most important criteria they consider is your credit score.
  • Secured vs Unsecured Loan Loan Amount Loan Duration Dealership Location

Compare Bike Loan Interest Rates of the bank with other banks

Bank

Two Wheeler Loan Interest Rates

Lowest EMI Per ₹ 10 Thousand For Max Tenure

Axis Bank

10.85%

₹ 217 for 5 years

SBI

16.05%

₹ 352 for 3 years

HDFC Bank

9.10%

₹ 249 for 4 years

PNB

9.55%

₹ 210 for 5 years

Bajaj Auto Finance

13.26%

₹ 338 for 3 years

IndusInd Bank

21.00%

₹ 377 for 3 years

Allahabad Bank

10.40%

₹ 214 for 5 years

Andhra Bank

9.90%

₹ 212 for 5 years

Bank of India

7.45%

₹ 200 for 5 years

Union Bank of India

9.90%

₹ 322 for 3 years

United Bank of India

9.55%

₹ 210 for 5 years

Corporation Bank

9.90%

₹ 322 for 3 years

Indian Bank

10.40%

₹ 214 for 5 years

Karnataka Bank

8.48%

₹ 205 for 5 years

Jammu And Kashmir Bank

8.70%

₹ 206 for 5 years

Canara Bank

9.00%

₹ 318 for 3 years

Allahabad Bank Two Wheeler Loan Types

Allahabad Bank offers multiple types of loans to its customers, and you have the option of choosing one of them as per your requirements. You have the following two options:

  1. Two Wheeler Loan – If you wish to buy a two-wheeler and wish to finance it, then Allahabad Bank has the best offer for you. You can avail of this loan at an attractive interest rate of 12%.
  2. Super Bike Two Wheeler Loan – If you’re planning to buy a Superbike and are looking for funds, then this is the best deal available for you at an attractive interest rate of 11.83%.

Allahabad Bank Two Wheeler Loan Pre Calculated EMI

Rate 4 yrs 3 yrs 2 yrs 1 yr
11.83% 2625 3313 4699 8876
12.00% 2633 3321 4707 8884
12.50% 2658 3345 4730 8908
13.00% 2682 3369 4754 8931
13.50% 2707 3393 4777 8955
14.00% 2732 3417 4801 8978
14.50% 2757 3442 4824 9002
15.00% 2783 3466 4848 9025
15.50% 2808 3491 4872 9049
16.00% 2834 3515 4896 9073
16.50% 2859 3540 4920 9096
17.00% 2885 3565 4944 9120

How to Apply for Allahabad Two Wheeler Loan

You can apply for Allahabad Bank Two Wheeler Loan online by visiting Dialabank’s digital platform and then : 

  1. Fill the basic Application Form for Two Wheeler Loan
  2. Please wait for a call from our Relationship Manager
  3. Get personalised assistance and choose the most suitable offer based on your needs. 
  4. Enjoy your Two Wheeler. 

Allahabad Bank Two Wheeler Loan for Top Selling Bikes

Other Available Products from Allahabad Bank 

Allahabad Bank Personal Loan Allahabad Bank Gold Loan Allahabad Bank Home Loan
Allahabad Bank Credit Card Allahabad Bank Car Loan Allahabad Bank Education Loan

FAQs for Allahabad Bank Two Wheeler Loan

✅ What is Allahabad Bank Two Wheeler Loan?

Allahabad Bank Two Wheeler Loan has been designed to offer finances to people who are planning of buying a new two-wheeler. With the help of financial assistance from Allahabad Bank, users can buy a necessary mode of transport and enjoy the thrill of biking.

✅ How can I get a Two Wheeler Loan from Allahabad Bank? 

To apply for Allahabad Bank Two Wheeler Loan, the applicant needs to satisfy the terms and conditions set by the bank.

If the customer fulfils the requirements for the loan, they can visit the bank’s branch or apply for the loan online.

You can also visit Dialabank to get assistance to apply for the Allahabad Bank Two Wheeler Loan.

✅ How does Allahabad Two Wheeler Loan work?

  • The borrower needs to have a minimum salary of Rs.15000 per month or an ITR of Rs.180000.
  • The loan eligibility will be their salary for 6 months or half of the ITR amount (maximum of Rs.1.00 Lakh).
  • The applicant should be between 21 to 60 years old.
  • If the borrower is a salaried individual, the loan should be repaid 3 months before the date of retirement.
  • The loan should be repaid at least one year before his/her retirement from service.
  • The applicant’s minimum gross salary per month should be Rs.20000.

✅ What is the Two Wheeler Loan interest rate in Allahabad Bank?

Allahabad Bank offers interest for Two Wheeler Loan starting at 8.40%, which is the base rate. The additional interest between 3% to 3.25% is added to the base rate depending upon the loan factors.

✅ How to check Two Wheeler Loan status in Allahabad Bank?

To check the loan status, you can do any of the following:

  • Visit the Bank’s Branch Office.
  • Check online on the bank’s website.
  • Contact customer care.

✅ How to calculate the Two Wheeler Loan interest in Allahabad Bank?

To calculate the interest rate for Allahabad Bank Two Wheeler Loan, visit Dialabank.

✅ What is the maximum loan amount I can avail myself of on Two Wheeler Loan from Allahabad Bank?

Allahabad Bank offers to pay approximately pay 85% of the on-road price of the Two Wheeler. The maximum amount allowed for a two-wheeler loan is Rs 1 Lakh.

✅ What is the Loan tenure of Allahabad Bank Two Wheeler Loan?

Minimum – 12 Months.

Maximum – 48 Months.

✅ Can I get a 100% Two Wheeler Loan from Allahabad Bank?

No, Allahabad Bank can only fund for the 85% of the on-road price of the vehicle. Other charges like insurance, processing fee, etc need to be paid by the customer.

✅ How much processing fee is applicable to Allahabad Bank Two Wheeler Loan?

Allahabad Bank charges a Processing Fee of Minimum Rs. 614 with applicable service tax.

✅ What are the EMI options available on Allahabad Bank Two Wheeler Loan?

Customers can repay the loan amount with a maximum of 48 Equated Monthly Instalments (EMIs)

Allahabad Bank allows the customers to pay the EMIs through two modes.

  1. Online Payment
  2. Post-dated cheques (PDCs)

Online payment is one of the safest and easiest modes of payment as the customer needs not to submit PDCs in a timely manner.

✅ What are the charges for Prepayment in Allahabad Bank Two Wheeler Loan?

Allahabad Bank charges a prepayment fee of 2.25% of Outstanding Balance.

✅ Can I get a top-up loan on my existing Allahabad Bank Two Wheeler Loan?

Yes, you can get a new loan on your existing Two wheeler loan. The EMIs will be calculated according to the total amount of both the loans. You can also choose to keep the EMIs separate.

✅ Do I need to provide a guarantor to avail of a Two Wheeler Loan from Allahabad Bank?

A third person guarantor is not compulsory for the Two Wheeler Loan. However, if some conditions are not met a guarantor may be required.

✅ How to get Allahabad Two Wheeler Loan Statement?

  • Visit the Allahabad Bank website and log in from your account
  • Check the loan status and download the statement
  • The statement can also be downloaded through a mobile application

✅ How to Pay Allahabad Bank Two Wheeler Loan Interest Online?

Customers can pay the interest amount on the Allahabad website. To do so

  • Visit the Allahabad Bank site, log in, enter the amount, and select your bank.
  • Login to Your Bank’s Website Net Banking.
  • Confirm Payment.
  • Receive Confirmation.

✅ What if I can’t pay the interest on Allahabad Two Wheeler Loan for 3 months?

Allahabad Bank provides the customers with the option to go for a moratorium in case they fail to pay interest for 3 months.

✅ How can I apply for EMI Moratorium on Allahabad Two Wheeler Loan?

Customers can apply for the EMI moratorium by contacting the bank.

  • SMS or e-mail.
  • Allahabad Bank’s website.
  • Visiting the nearest bank branch.

✅ What is the number for the Allahabad Two Wheeler Loan agent?

Dialabank can provide you expert assistance for Allahabad Two Wheeler Loan, you can reach out to us at 9878981166.

✅ Can I close Allahabad Two Wheeler Loan online?

There are multiple ways through which you can close the Allahabad Bank Two Wheeler Loan:

  1. Go to the bank website and apply for loan closure.
  2. Apply for loan closure through the mobile application.
  3. Visit the nearby bank branch.

✅ What is Allahabad Two Wheeler Loan Customer Care Number?

Allahabad Bank Customer Care representatives can be contacted at 1800 572 2000.

✅ How can I get NOC from Allahabad Bank for Two Wheeler Loan?

Once your loan is closed, the bank will issue a NOC within 3 working days and send it on your registered Email Id. A physical copy of the NOC can also be issued as per the customer’s demand.

News about Allahabad Bank Two Wheeler Loan

2021-07-23:

PNB Housing Finance made a net profit of Rs 127 crore in the fourth quarter:
PNB Housing Finance reported a combined net profit of Rs 127 crore in Q4 thanks to retail loans such as home, personal, LAP, two-wheeler, car, education, and doctor loans, as well as deposits such as fixed and recurring deposits. In January-March, total revenue was Rs 1,834 crore, down from Rs 1,952 crore in the same period the previous fiscal year. Interest income dropped by more than 7% to Rs 1,670 crore in the third quarter, compared to Rs 1,803 crore a year earlier, due to the country’s turbulent economic condition.

2021-06-24:

Bangalore’s two-wheeler dealers advise reluctant customers to hire a motorcycle:
Automotive retailers are urging clients who are reluctant to take out bank loans to try leasing vehicles, according to reports. A car leasing firm, OTO Capital, recently announced a major extension of its relationship with Bangalore’s auto dealers. Since the COVID-related lockout restrictions were lifted, customers’ appetites increased. Many owners, on the other hand, choose to hire vehicles rather than taking out bank loans for two-wheelers or cars. This is due in part to the country’s precarious economic status.

 

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