A loan for a bike or a scooter
A two-wheeler loan is a small, secured loan repaid over a short tenure. The vehicle is hypothecated to the lender until you have repaid. Our lending partners decide what they will fund and on what terms; we help you send a clean file in.
Secured against the vehicle, which is hypothecated to the lender.
We introduce, the lender decides
TommyAndFurry Insurance does not lend money. We introduce you to lending partners who handle the kind of loan you are asking about. The loan agreement is between you and the lender you choose, and the lender alone decides whether to approve your application and on what terms.
Loans are offered by our lending partners and are subject to their eligibility criteria, terms and approval. [LENDING PARTNER DISCLOSURE]
No one can promise you a loan, a rate or a date before a lender has assessed your application. We will not tell you that you are approved, and we will not quote a rate a lender has not offered you.
What a two-wheeler loan is
A two-wheeler loan funds part of the price of a bike or scooter and is repaid in monthly EMIs. The lender's hypothecation is recorded on the registration certificate and removed when the loan is closed.
Amounts are small and tenures short, so the EMI matters more than the headline rate. What you would pay is [INTEREST RATE], over up to [MAX TENURE], as the lender sets it.
The vehicle is the lender's security until the loan is repaid, so selling or transferring it while the loan runs needs the lender's consent.
Who it usually suits
Your first vehicle
A bike or scooter for getting to work or study, where the full price at once is more than you want to part with.
Replacing an ageing two-wheeler
Spreading the cost over a short tenure instead of waiting to save the whole amount.
A small amount over a short period
These are the smallest loans on this site. The shorter you keep the tenure, the less interest you pay in total.
When it isn't the right tool: Not worth financing if you can pay outright, and not worth stretching the tenure for: on a small amount, a long tenure costs a lot of interest for very little EMI relief.
What lenders typically look at
General points, not any lender's criteria. Each of our lending partners applies its own credit policy and can weigh these differently.
Income and how steady it is
Your income and how long you have earned it. Lenders consider income from [MIN INCOME] upwards under their own policies.
The EMIs you already pay
Existing commitments are weighed against your income, even on a small loan.
Your repayment record
How you have repaid past borrowing, assessed by the lender. First-time borrowers are assessed under each lender's own policy for them.
The vehicle
The lender works from the on-road price and funds a share of it, and the model can affect what it will consider.
The tenure you ask for
Tenures on two-wheelers are short. Lenders cap them at [MAX TENURE].
Terms we cannot confirm yet
These are the numbers people ask about first, and we will not guess at them. Each one is set by the lender for each application, and will appear here once our lending partners have confirmed it.
- Loan amount
- [LOAN AMOUNT RANGE]Within its own range, the lender decides what it will sanction.
- Interest rate
- [INTEREST RATE]Quoted by the lender for your application. We cannot quote it for them.
- Maximum tenure
- [MAX TENURE]A longer tenure lowers the EMI and raises the total interest paid.
- Processing fee and charges
- [PROCESSING FEE]Charged by the lender. Every charge should be listed in its sanction letter.
- Income considered from
- [MIN INCOME]Each lender sets its own cut-off under its own credit policy.
- Lending partners
- [LENDING PARTNERS]Published here once each partner agreement is in place.
Documents usually needed
A general list, not a lender's list. Each lending partner publishes its own requirements and can ask for more.
Identity and address
- PAN card
- Aadhaar or another address proof the lender accepts
- Recent passport-size photograph
Income, if you are salaried
- Recent salary slips
- Bank statements showing your salary credits
- Form 16 or your income-tax return
Income, if you are self-employed
- Income-tax returns with the computation of income
- Financial statements for the period the lender asks for
- Current-account bank statements
- GST returns, if you are registered
The vehicle
- Quotation or proforma invoice from the dealer
- A copy of the insurance policy once the vehicle is insured
- Driving licence, if the lender asks for it
How to apply
Check the EMI
Run the amount and a short tenure through the EMI calculator. On a small loan the difference a shorter tenure makes is easy to see.
Send us an enquiry
Tell us the bike or scooter and the amount you want to finance. An advisor calls you back.
Get the papers in
We tell you what our lending partners ask for and check your KYC, income proof and the dealer's quotation before the file goes in.
The lender decides
If it approves, the lender issues its sanction, normally pays the dealer directly, and its hypothecation is recorded on the RC. Read the sanction letter before you sign.
Do the sums first
- EMI calculatorPut in an amount, a rate and a tenure and see the monthly EMI, the total interest and the total you would repay.
- Home-loan eligibilityA rough indication of what your income and existing EMIs could support, before you speak to any lender.
Both calculators work on the numbers you type in and give you an estimate. They are not an offer, and the lender's own assessment is what decides your loan.
Two-wheeler loan questions
Do I need insurance on the vehicle?
Yes. Third-party cover is compulsory by law for any vehicle used on a public road, and a lender will require the vehicle to stay insured while its loan is outstanding. You can compare bike insurance through us.
Will a lender fund the whole price?
No. Lenders fund a share of the on-road price and expect you to pay the rest as a down payment. The share is each lender's own decision.
What tenure should I take?
The shortest one whose EMI you are comfortable with. On a small loan, stretching the tenure saves little each month and adds a lot of interest overall. The EMI calculator shows both figures side by side.
Can I get one if I have never borrowed before?
Lenders assess first-time borrowers under their own policies, and some do lend to them. We cannot tell you in advance what any lender will decide.
When does the hypothecation come off?
After the loan is repaid the lender issues a no-objection certificate, and you use it to have the hypothecation removed from the registration certificate at the RTO.