Vehicle Loan Desktop

Two-Wheeler Loan/Chakra Loan

Make your daily commute easier with our Chakra Loan – a two-wheeler loan designed to make your life simpler. We offer financing up to 95% of the on-road price of the vehicle. Enjoy competitive rates, flexible repayment tenures, minimal documentation, and more. Avail our two-wheeler loan to add speed and progress to your life!

Two-Wheeler Loan EMI Calculator

Calculate and compare your EMI in few seconds with our Two-Wheeler Loan EMI Calculator.

Months
per annum

Break-up of Total Payment

 

Monthly Loan EMI

 

Principal

 

Total Interest

 

Total Payment 
(Principal + Interest)

 

Features & Benefits

  • Financing up to 95% of the on-road price
  • Competitive interest rates
  • Minimal documentation
  • Flexible repayment tenure up to 48 months
  • Customised financing options
arrow

Minimum Requirements

KYC documents

One passport-size photograph

Eligibility

Age: 18 to 59 years


Employment: Salaried/Self-employed with minimum work experience of 1 year

Schedule Of Charges

Effective from 1st April 2024 below the Schedule of charges

Loan Amount₹ 26,000 - ₹ 2,75,000
Loan Tenure12 - 48 months.
Rate of Interest20%- 26% p.a. diminishing balance method.
Processing FeeUp to 4% of the Loan Amount plus GST.
Documentation Charges₹ 500 + GST.
Stamp dutyAs per the state by-laws.
CERSAI ChargesAt actuals
Late Payment Charges2.5% on the overdue amount + GST (w.e.f. 1st Apr’24)
Bounce ChargesRs.500 plus GST
Pre-closure Charges2% of principal outstanding, if loan is pre-closed on or before 12 months from date of disbursement. 
1% of principal outstanding, if loan is pre-closed after 12 months from date of disbursement.

Frequently Asked Questions

1. What is a Two Wheeler Loan?

A two-wheeler loan helps customers purchase the ride of their dreams. He can then pay it in Equated Monthly Installments [EMIs].

2. What is the Loan tenure?

12-48 months

3. What is the amount being offered by USFB's Two Wheeler Loan?

We offer funding up to 2.75 Lakh on your dream ride.

4. What are the interest rates?

20% - 26% p.a diminishing balance method

5. What is the documentation charges?

Rs.500 plus GST

6. What is the processing fees?

Upto 4% of the loan amount plus GST

7. What is the bounce charge?

Rs.500 plus GST per bounce

8. What is the late payement charges?

Late payment charges will be 2.5% plus GST of loan amount for every late EMI

9. Who can apply for the two-wheeler loan?

Minimum Age- 21 years at the time of loan application & ·Maximum Age- 62 years at the end of the loan tenure (last EMI date)

10. What is the maximum bike loan I can get with Ujjivan SFB?

We offer financing up to 95% of the on-road price of the vehicle capped at ₹2.75 lakh. Contact us to know your eligibility.

11. How is two-wheeler loan EMI calculated?

The mathematical formula for two-wheeler loan EMI calculation P * r * (1 + r)^n / ((1 + r)^n - 1), where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the loan tenure in months. However, manual calculations are time consuming and may leave room for errors. As a better alternative, use our two-wheeler loan EMI calculator to check your monthly repayment obligations.

12. Can I get a two-wheeler loan with poor credit score?

It’s important to maintain a good credit score, typically above 750. A higher credit score may help you secure your loan faster.

Customer Speak

Supercharge your savings! Earn up to 7.50% p.a. interest with our Digital Savings Account!

Open Online