Who can apply for the Tata Capital Two-Wheeler loan?
Before looking at the Tata Capital bike loan interest rates, it is important to know whether you fit the profile accepted by the lender. The loan is available to both salaried and self-employed individuals living in India, as long as they hold a valid two-wheeler driving licence and have a stable income.
According to Tata Capital, salaried applicants need a minimum monthly income of Rs. 15,000 and at least 1 year in their current job, while self-employed applicants must show equivalent income and 2 years of business vintage. A CIBIL score of 700 or above is preferred and may influence the terms offered.
Requirements to get the Tata Capital Two-Wheeler loan
✔️ Be a resident of India
✔️ Be at least 21 years old, up to 60 (salaried) or 65 (self-employed)
✔️ Hold a valid two-wheeler driving licence
✔️ Minimum monthly income of Rs. 15,000 (salaried) or equivalent (self-employed)
✔️ 1 year in current job or 2 years of business vintage
✔️ CIBIL score of 700 or above, preferably
✔️ Identity proof: passport, driving licence, Aadhaar or voter ID
✔️ Address proof: Aadhaar, passport or voter ID
✔️ Income proof: salary slips, bank statements or income tax return
✔️ Proforma invoice or quotation of the chosen bike
How repayment works and when the amount is released
EMIs can be paid through e-mandate, post-dated cheques or online payment, giving borrowers different options to keep their instalments on time according to the payment method that suits them best.
As for approval, Tata Capital states that it can happen on the same day once documents are verified, although the page’s FAQ mentions 24 to 48 hours. When applying through a partner dealer, the amount is paid directly to the dealer after approval.
A tip for you!
When comparing the Tata Capital bike loan interest rates with other offers, note that the rate starting at 12.5% per annum is stated as flat. This means interest is calculated on the original loan amount for the entire tenure, even as the outstanding balance keeps going down.
In practice, the effective interest rate ends up higher than the advertised flat rate. So ask for the total cost of the loan and calculate the EMI based on the Tata Capital bike loan interest rates offered to you, also adding charges such as the processing fee, to compare offers fairly.
Tata Capital bike loan interest rates
The Tata Capital bike loan interest rates start at 12.5% per annum on a flat basis, and the final rate depends on the applicant’s profile and the product chosen. Besides interest, there is a processing fee of up to 4% plus taxes and documentation charges of up to Rs. 1,999.
Tata Capital also charges 5% of the amount prepaid in case of part-prepayment or foreclosure, and 2% of the loan amount or Rs. 5,750, whichever is higher, for loan cancellation. Stamp duty is nil for loans of up to Rs. 85,000.
How to apply for the Tata Capital Two-Wheeler loan?
You can apply online through the Tata Capital website or app. Simply fill in your personal, employment and chosen bike details, upload the documents and complete the e-KYC with Aadhaar OTP, then wait for the verification to be completed.
If you prefer to apply in person, you can visit a Tata Capital branch or a partner dealer with your documents in hand. Either way, it is worth reviewing the Tata Capital bike loan interest rates and charges before confirming the offer.
Want to know the updated Tata Capital bike loan interest rates and start your application? Click the button below and visit the official Tata Capital website to check all the loan terms and conditions.
