Motorcycle Loan Interest Rate and Eligibility

Rate of Interest Varies from 22% to 35% pa
Minimum Age 20 – 60 years
Minimum Salary Required VND 3 Million per month
Loan Amount VND 1 Million to VND 50 Million

MoneyTap’s
Most Loved Features

  • group

    Real-time approval of up to VND 50 Million

  • group

    Withdraw as little as VND 1 Million or up to your approved limit

  • big rewards

    Interest applied only on the amount you withdraw from your credit line

  • big payment

    Convert your purchase into convenient instalments ranging from 3 months to 48 months

Eligibility Criteria

  • Minimum income of VND 3 Million per month

  • 20 to 60 years of
    age

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Documents Required

  • National ID

    (photos of the front and back mandatory)

  • Motorcycle Registration Certificate

    (in case of MRC application)

  • Address Proof

    (Permanent Resident Book)

  • Original photograph required

    (selfie from the app)

Reasons You’re Here

  • Planning to buy your dream motorcycle
  • Want to help a loved one buy a motorbike
  • Looking for a vehicle to help you commute easily
  • Want a simple but quick motorcycle loan
  • Dream of going on biking trips with friends on weekends
  • Always dreamt of owning a powerful bike for adventure rides
  • Need money to make an immediate down payment for a bike
  • Looking for a mode of transport that is efficient and economical

Why Does Buying a Motorbike With a Personal Loan Make Sense?

  • Personal loans can provide 100% finance to buy the motorcycle you want. The traditional motorbike loan may finance 80% of the motorcycle’s cost, and you’re expected to pay the remaining 20% upfront from your pocket as a down payment.
  • You can explore a wider range of motorbike options in various price segments. With the help of a motorbike loan, you can also buy a motorcycle from the premium segment, which otherwise you would not have been able to afford.
  • The eligibility criteria for a motorbike loan is easy and not as complicated as traditional loans. You don’t need to provide collateral, and there is no guarantor required, making it easy for low-income groups such as lower-middle-class or middle-class customers to buy a bike for daily use.
  • Personal loans for motorbikes are easy to repay because of their flexible repayment terms. Choose flexible motorcycle instalments and loan term that you can afford, avoiding the financial burden you would have experienced with an outright purchase.
  • Paying monthly motorcycle loan instalment regularly on time helps build your credit score and improve your credit history.

Tips When Buying a Motorbike on a Loan

  • Factor in the insurance and registration costs while calculating the total cost of your motorcycle.
  • While choosing the loan repayment term, consider your existing financial obligations and potential financial commitments.
  • If possible, apply for a motorcycle loan online. App-based motorbike instalment loans are simple, easy and faster than conventional loans.
  • Compare motorcycle instalment loan offers from various lenders. Compare their interest rate and repayment options before applying for the loan.
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Motorbike Loan FAQs

A motorbike loan helps you to buy a motorcycle or a two-wheeler of your choice on instalment without having to worry about paying off the entire cost of the vehicle upfront.

Depending on banks and unsecured loan lenders, the interest rates on your motorcycle loan varies. Some banks and credit institutions offer motorcycle instalment loans at an interest rate, usually from 0% to 10%. The interest rate of unsecured loans for motorcycle usually ranges from 20% to 40%.

To get a two-wheeler loan through MoneyTap online follows these steps:

  • Download the MoneyTap app and register.
  • Fill in your details and submit the form.
  • Get approved within minutes.

Depending on your income, credit history, and loan repayment ability, you can get approved for a motorcycle loan of up to VND 50 Million.

For MoneyTap’s motorbike loan, your age eligibility is between 20 to 60 years.

Yes. You can get second-hand bike loan online through MoneyTap. It may be difficult to get a loan from traditional banks to buy a used motorbike (because of its depreciated value), but MoneyTap can help.

MoneyTap is the best option to buy a used motorcycle for the following reasons:

  • Easy-to-meet criteria
  • Attractive interest rate
  • Flexible repayment options
  • Interest is charged only on the amount used