How to Apply for Suzuki Access 125 Loan, Eligibility, and EMI Details



Suzuki Access 125 is one of the best selling and popular scooters in India. It is manufactured by Suzuki motorcycle India limited. Suzuki Access 125 was originally introduced on 18th September 2007. Today there are a total of 7 different variants of Suzuki Access 125 like; Drum CBS, Drum Cast, Drum brake CBS special edition, Disc CBS, Disc brake CBS special edition, Drum alloy Bluetooth enabled and Disc alloy Bluetooth enabled.
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Suzuki Access 125 Bluetooth enabled

Currently, the new 2021 Suzuki Access 125 model has been launched that is Bluetooth enabled. This means now you can connect your smartphone with the new Bluetooth enabled Suzuki access 125 and can get the call, message and WhatsApp notifications on the Bluetooth enabled digital console.

Isn't it cool?

Also, you can set your destination in the Suzuki ride connect application, through which you will get the turn-by-turn navigation on the display. And many more features like digital speedometer, digital odometer, battery voltage, digital clock, etc.

The ex-showroom price of the new Bluetooth-enabled Suzuki access 125 is around Rs 72,000 for the drum brake variant and Rs 80,000 for the disc brake variant. So, the on-road price can be expected to be between Rs 90,000 to Rs 95,000 (may vary at different dealers).

The on-road price varies in different states, depending upon RTO charges. This scooter is so cool and it gives the value for your money, then what's the problem? The problem is not everyone can arrange this amount, don't worry we have a solution for this also. Loan? Let’s have a detailed discussion on Suzuki Access 125 Loan.

Loan for Suzuki Access 125

Here are the details such as eligibility, interest rates, EMI, tenure, etc for the loan of Suzuki Access 125.

Eligibility

One should have at least 1 year of experience at an employer if they are salaried class consumers. The annual income of salaried class consumers should be at least Rs 1.5 lacs. The age standards for salaried consumers range from 21 to 60 years that is the age of the consumer at the time of application should be a minimum of 21 years or the maximum age at the end of loan tenure should be 60 years.

The self-employed consumers must have a minimum annual profit of Rs 2.5 lacs and a minimum experience of 1 year in their respective business line. The age standards for self-employed class customers are the same as that of the salaried class customers.

Interest Rates, EMI, and Tenure

The CIBIL score (or you can say the credit score) plays a key role in the availability of any loan. You can go for the maximum eligible loan amount only if you have a good CIBIL score. The minimum CIBIL score should be 600 (and above) to avail of the loan.

Your loan's tenure should be as short as possible because the tenure is directly commensurate with interest. Otherwise, you will end up paying more interest if you take the loan for a longer period.
suzuki access 125 bank loan information carbikeloans
Here we have emphasized a few popular banks and finance companies so that you can get some ideas about the two-wheeler loan like; payable interest, down payment, and the total amount paid at the end of tenure.

1) State Bank of India

The State Bank of India offers two-wheeler loans under the "SBI TWO-WHEELER LOAN SCHEME". Under this scheme, you should have to pay the 20% of the on-road price of the vehicle as a down payment. The age of the applicant should be between 21 to 65 years and the monthly income should be a minimum of Rs 12,500/-, that is Rs 1.5 lacs annually.

A minimum loan amount of Rs 30,000/- can be borrowed by the customer. The customer can avail maximum loan amount of Rs 2.5 lacs (for scooter, motorcycle, moped, and battery-operated two-wheelers). The cumulative loan allowable will be limited to 6 times the wage of the salaried class client (that is the net of all deductions).

For self-employed customers, after netting depreciation and repayment on all previous debts, the maximum amount that may be issued is limited to 50% of net annual earnings as for ITR. One can get a two-wheeler loan under this scheme, at a 16.05% annual rate of interest for the maximum tenure of 3 years.

2) HDFC Bank

If you are an HDFC Bank customer, then you can check for eligibility from the official site of HDFC Bank. Here you can avail of up to 85% financing for a two-wheeler, depending upon your account type and transaction history. HDFC Bank offers the step-up EMI scheme, which is pleasant to your pocket.

Under the step-up EMI scheme, you will pay 25% lower EMI for the first six months, which will be increased later. HDFC Bank offers a two-wheeler loan at an 11.66 % rate of interest for the maximum loan tenure of 4 years. The interest is calculated on a monthly reducing balance method for EMI. HDFC Bank charges 3% of the loan amount with a minimum of Rs 600/- as a processing fee.

If you want to know about the latest 2021 Suzuki Access 125 Bluetooth Enabled scooter, you can find all information here: ALL YOU NEED TO KNOW ABOUT BLUETOOTH ENABLED SUZUKI ACCESS 125

3) Bank of India

Bank of India provides a two-wheeler loan of up to 100% of the ex-showroom price at a 7.35% rate of interest for the maximum tenure of five years. The processing fees charged by Bank of India is 1% of the loan amount, that is a minimum of Rs 500 and a maximum of Rs 10,000/-. The interest calculated on EMI will be according to the monthly reducing balance at the Bank of India.

4) Axis Bank

Axis bank offers two-wheeler loans up to 100% of the ex-showroom price of the vehicle at 10.8% interest rates for the maximum tenure of 4 years, for which the bank charges 8% of the loan amount as processing fees. If you wish for foreclosure of the loan repayment, then there are no charges after 12 EMIs.

5) Bank of Baroda

Bank of Baroda provides two-wheeler loans up to Rs 10 lacs, depending upon the type of vehicle, pet the minimum interest rate of 11.5% what the maximum tenure of 5 years, for that they charge 2% of the loan amount with a minimum of Rs 1,000/- as processing fees.

6) Bajaj Finserv

Bajaj auto finance provides financing up to 100% of the ex-showroom price for a two-wheeler at a 7.85 percent rate of interest for the maximum tenure of 3 years with 1% processing charges. There are no charges of foreclosure after 12 EMIs at Bajaj Auto Finance.

7) Tata Capital

Tata Capital offers financing up to 100% of the ex-showroom price of the vehicle at a 10.75% starting interest rate for the maximum tenure of five years. That means you can even get a zero down payment bike loan from Tata Capital.
suzuki access 125 bluetooth loan emi calculator carbikeloans


Suzuki Access 125 EMI Calculator

Let's take an example to better understand. If the on-road price of Suzuki Access 125 goes around Rs 84,000/- and you take a loan of Rs 60,000/- from HDFC Bank at 11.66 percent interest rates for the tenure of 30 months by paying the down payment of Rs 24,000/-, then you will have to pay the monthly EMI of Rs 3,000/-. At the end of the tenure, you will pay a total of Rs 68,800/- including the interest of Rs 8,800/-.

If you buy Suzuki Access 125 on Rs 92,000/- and take a loan of Rs 76,000/- from Tata capital at a 10.8% interest rate for the tenure of 12 months, then you will have to pay Rs 6,600/- as monthly EMI. The total amount paid by you at the end of tenure will be approximately Rs 79,800/- including total interest of Rs 3,800/-.

Furthermore, you can calculate EMI for your Access: Suzuki Access EMI Calculator.



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