A practical, step-by-step guide for financing your Hunter 350 — eligibility, documents, lender comparison, EMI example and tips to get the best deal.
1. Know the On-Road Price
Royal Enfield Hunter 350 prices vary by city and variant. Typical ranges (approx):
- Ex-showroom: ₹1.50–₹1.75 lakh
- On-road (with RTO, insurance, accessories): ₹1.80–₹2.05 lakh
Banks base loan calculations on the bike’s on-road price.
2. Check Your Eligibility
Common lender criteria:
- Age: 21–65 years (some flexibility exists)
- Income: Minimum ₹10,000–₹15,000/month (varies by bank)
- Employment: Salaried — 6+ months in current job; Self-employed — 1+ year in business
- CIBIL / Credit Score: 700+ ideal; many lenders accept 650+
- Residency: Indian citizen with valid ID and address proof
3. Loan Amount & Down Payment
Banks/NBFCs commonly finance 85%–95% of the on-road price.
Example: On-road price ₹1.90 lakh → loan ₹1.71–₹1.80 lakh → down payment ₹10,000–₹28,500.
4. Compare Lenders (Snapshot)
Rates and fees change frequently — use this as a starting point and verify current offers before applying.
| Lender | Interest Rate (p.a.) | Processing Fee | Tenure | Max Loan % |
|---|---|---|---|---|
| SBI | ~8.6% – 10.3% | ₹500 – ₹1,000 | 12–36 months | 90% |
| HDFC Bank | ~9.2% – 11.5% | ~2% of loan | 12–48 months | 95% |
| ICICI Bank | ~9.5% – 12.0% | ₹1,500 – ₹2,500 | 12–48 months | 90% |
| Axis Bank | ~9.8% – 12.0% | ₹1,000+ | 12–48 months | 90% |
| Bajaj Finance | ~10% – 14% | ₹1,500+ | 12–36 months | 95% |
5. Documents Required
Personal: Aadhaar, PAN, Driving Licence, Passport/Voter ID, passport photos.
Address: Utility bill, Aadhaar, or other accepted proof.
Income:
- Salaried: Last 3 months’ salary slips, last 6 months’ bank statements
- Self-employed: ITR for last 1 year, bank statements (6–12 months), business proof (GST, trade licence)
Vehicle: Proforma invoice from the Royal Enfield dealer.
6. Application Process (Step-by-Step)
- Visit a Royal Enfield showroom and request a proforma invoice for your chosen Hunter 350 variant.
- Shortlist lenders (prefer the bank where you already have an account).
- Fill the loan application (online or branch) and submit documents + processing fee.
- Bank performs verification and credit check.
- On approval, the loan is sanctioned and disbursed directly to the dealer.
- You pay the down payment, sign the agreement, and take delivery.
7. EMI Example
Loan amount: ₹1,75,000 • Rate: 10% p.a. • Tenure: 36 months
Approx. EMI ≈ ₹5,645 / month Total interest ≈ ₹28,220 Total repayment ≈ ₹2,03,220
(Use an EMI calculator to get exact figures for your chosen rate/tenure.)
8. Tips to Get the Best Deal
- Apply with a bank where you already have a salary/savings account for faster processing and sometimes better rates.
- Keep a healthy credit score — clear existing EMIs and credit card dues before applying.
- Compare offers from at least 2–3 lenders and negotiate processing fee or rate if possible.
- Look out for seasonal or festival offers from Royal Enfield and partner banks which may include lower rates or zero processing fees.
- Read the loan agreement carefully — check prepayment charges, foreclosure rules and late payment penalties.
9. Quick Checklist Before You Apply
- Proforma invoice from dealer
- Identity, address and PAN
- 2–3 months recent bank statements, salary slips or ITR
- Valid driving licence (many dealers request this)
- Decide preferred tenure and EMI affordability
Note: Interest rates, processing fees and lending rules vary across banks/NBFCs and over time. Always verify current terms directly with the lender before signing any document.
Written by Dimapur Today. For queries or to suggest updates, contact us at dimapurtodayofficial@gmail.com.
