Indian nationals, above age 18
Two Wheeler Loan
We assist you in purchasing the ride of your dreams by providing customizable two-wheeler loans. You can choose from a variety of tenures and down-payment amounts to find the financing solution that is right for you.
Two Wheeler Loan EMI Calculator
HERO TWO WHEELER LOANS
Loans from ₹10,000/- to ₹3,50,000/- available for all Hero MotoCorp Two Wheelers
Flexible Tenure of up to 60 months
Quick Decisioning in under 15 minutes
High LTV of up to 95%
ELIGIBILITY & DOCUMENTATION
Eligibility
Salaried: Employed for min. 1 year, with at least 6 months at current job
Self-employed professionals: Should be in current business for min. 1 year
Documentation
KYC documents: Identity & address proofs
Income proofs: Bank statement, etc.
One passport size photograph
Two Wheeler Loans interest Rates
Two-wheeler loan interest rates vary from one lender to another. The rates are generally dependent on the following factors:
Credit Score: Those with a good credit score usually get loans on lower interest rates and vice versa. Your previous loan repayment history can also affect the interest rate.
Monthly Income: The higher your income is, the greater your repayment capacity. This encourages lenders to disburse loans to you at lower interest rates. Working for a reputed employer can also help you get lower interest rates.
Loan Amount: Rate of interest is directly related to loan amount. Generally, collateral based loans have lower interest rates.
Lender-Borrower Relationship: If you have a trustworthy relationship with the lender due to a positive payment history, it can positively affect your two-wheeler loan interest rate.
Loan Tenure: Interest rates will be lower for loans availed for a smaller tenure. The higher the tenure, the more the interest rate, and the more the total interest you end up paying.
Category of Vehicle: The two wheeler loan’s interest rate will also depend on the category of the vehicle you plan to buy. For instance, scooters can have a different interest rate than that of a standard motor bike or a sports bike. Depending on the value of the vehicle, the financier fixes the rate of interest.
City Tier: The tier to which your city belongs to can also influence the rate of two wheeler loans. Lendors consider the credit score and the risk involved in the transaction from the city to determine the interest rate at which the loan can be disbursed.
At Hero FinCorp, we offer competitive two-wheeler loan interest rate that suits your budget and finances.
Now, a two wheeler loan to fit your budget
While availing a two wheeler loan, the EMI is a very crucial factor that comes into play. EMI or Equated Monthly Installment is the amount that you pay monthly to the financial institution from which the loan was availed. These installments comprise the principal amount and interest rate on the loan. EMIs facilitate the borrower to pay back the loan over a period of time, in equal monthly installments. Until the last EMI, the vehicle will be hypothecated to the lender.
To ease your repayment, Hero FinCorp has introduced the concept of MMI or Meri Monthly Instalment to make two wheeler loans even more accessible. Under this, you get the liberty to select the amount of monthly installments, as per your own convenience. The sales executive will design a loan plan for you as per the selected MMI amount. The tenure of the loan, along with the rate of interest, are the major factors that determine the amount of monthly instalments. Contrary to the concept of EMI, where, the rate of interest and the tenure of the loan are considered first, MMI, gives you the opportunity to select an instalment amount you can afford to pay, and the tenure is fixed later.
Most lenders have their presence online and therefore, enable the use of two wheeler loan EMI calculator on their respective websites. Using these tools, you can enter the loan amount, rate of interest and the loan tenure to get an estimate of the EMI that you will be paying.
Hero FinCorp offers an online two-wheeler loan calculator to help you calculate and evaluate your loan EMI.
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Frequently Asked Questions (FAQs)
An EMI stands for equated monthly installments. The installment comprises of two components principal and interest. EMI’s provide you with ease and benefit of paying back your loan amount over a long period of time via fixed monthly payments.
You have to mail a self-attested copy of any KYC document as mentioned earlier in the Eligibility & Documentation section to our customer care e-mail ID – Customer.Care@HeroFinCorp.com or walk in to any of our branches along with your KYC documents.
New phone number details can be changed by calling our call center helpline. This could be done as soon as your contact details changes in order for us to service you better.
Special schemes are available from time to time. Get in touch with a
Hero FinCorp representative at any Hero MotoCorp dealership to get
information on the latest schemes and offers.
Yes. However, any loan approval will be based on your credit score and
eligibility for the given product.
Yes. Once you clear your loan without any defaults, you may be
eligible for a special scheme.
Yes, this can be done as per the foreclosure terms mentioned in your
loan agreement.
Your loan will be processed within 24 hours subject to the documents
and verification requirements.
No, neither can be changed.
Yes! You can pay your installment and other dues online through our
Online EMI payment option
, located on the header of our website.
You need to visit a Hero MotoCorp Two-Wheeler Dealership and ask for a Hero FinCorp
representative, we will be happy to assist you with your loan
requirement. You may also visit our website or Social Media Pages and
provide your contact details, post which our representative will get
in touch with you shortly.
No. You only have to submit your KYC documents along with bank details
for loan approval. Until the loan is repaid, the vehicle will be
hypothecated to Hero FinCorp.
You can borrow up to 95% of On-Road Price of the vehicle (subject to
applicable terms & conditions). Exact percentage would depend upon
your credit score and eligibility.
We offer multiple tenure options ranging from 6 months to 48 months (subject to conditions).
Ranging from 6 months to 60 months
Down payment is a small initial amount that you will need to pay at
vehicle dealership. It’s the difference between On-Road Price and
disbursed amount to you.
To ensure a smooth experience, we charge a nominal processing/
document fee and applicable stamp duty. You can get detailed
information from our representatives at a Hero MotoCorp Two Wheeler
Dealership.
Once you have completed your loan repayment, we will process and close
your loan, post which a physical copy of the NOC will be sent to your
registered address. You may also contact our customer care number at
1800-102-4145 or write to us at
Customer.Care@HeroFinCorp.com
You can get your NOC once you’ve paid your entire loan amount and any
corresponding dues applicable.
Yes, you can apply for another loan.
No, a guarantor is not required.
Your spouse or any blood relative staying at the same residence as
yours can be a co-applicant.
The cheques submitted, will be defaced and retained. And in case you wish to get back your cheques, kindly lodge a request with our customer care or write us an email at Customer.Care@HeroFinCorp.com.