+91 93842 63478 / +91 97151 63478

Loan-Against-Existing Two-Wheeler / R.C book

Short term finance requirements such as medical emergencies, school and college fees etc., can be fulfilled by availing a loan against two-wheeler R.C book at Erode with Shri Chakra Two Wheeler Finance.You could get upto 85% of the current market value of your two-wheeler as loan.
1.Zero processing / document charges.
2.Financing vehicles upto 10 years from the date of manufacturing.
3.Instant cash / direct fund transfer to the applicant’s bank account.
4.The RC book is mandatory for providing a loan against existing two-wheeler.
5.Physical inspection of the two- wheeler will be done while disbursing the loan to arrive at the market value.
6.Guarantor for the loan is mandatory:
a) The guarantor must own a house, if the applicant is in a rented house.
b) If the applicant owns a house, the guarantor can either be in a rented or own house


  1. No credit check and income proof required.
  2. Interest rate can vary from 1.80 % to 2.5 % per month.
  3. Flexible EMI tenure from 1 month to 24 months.
  4. Maximum time for loan processing and disbursement would be around 15 minutes, provided the applicant submits all required documents.
  5. Customers can continue to use their two-wheelers and need not be deposited in our custody.
  6. Insurance for two-wheelers will be arranged, if needed.
  7. Multiple modes of repayment – Online Banking / Payment Wallets / Cash.


  1. Daily wage worker / Salaried / Self – Employed businessmen / Student.
  2. Applicant should be between 18 and 65 years of age.
  3. Reside either in an own / rented house in and around Erode.
  4. Previous loans on the vehicle have to be closed for getting a new loan against existing two-wheeler.
  5. RC book should not be hypothecated or should have an NOC from the financier.
Loan Documents


  • Two passport size photos
  • Aadhaar Card
  • Driving Licence / Voter ID
  • Latest Utility Bill (Gas Connection bill, if in rented house)
  • R C Book of the Two Wheeler


  • One passport size photo
  • Aadhaar Card / Voter ID / Driving Licence

* Please note that Shri Chakra Two-Wheeler Finance may ask for additional documents, if needed.

EMI Calculator
EMI Pickup / Collection charges Rs. 150/-
Processing Fee / Document Charge Nil
Valuation and Verification Charges Rs. 150/-
Late Payment Fees Rs. 5/- Per Day for the default days
Fee for NOC/NDC Nil
Foreclosure Charges Within 1 month of loan disbursement date – 3.5%

Within 2 months of loan disbursement date – 7%

Within 3 months of loan disbursement date – 10%

Above 3 months of loan disbursement date – 12%

of the principal outstanding amount

Part Payment Charges Part Payment is not allowed
Legal/Collections/Repossession & Incidental Charges As per actual
Other Charges (If applicable) Rs. 100/-
How to Apply
Apply Online

Visit our Office

Shri Chakra Two Wheeler Finance

8/1, First Floor , Agilmedu 4th Street ,
opposite Maruthi Lorry office,
Erode – 638009

Landmark: Near Kalyan Silks, Erode

+91 93842 63478 / +91 97151 63478