Whether riding as a hobby or as a daily commuter, motorcycles have long been popular in Bangladesh. But a proper two-wheeler will set you back a considerable amount of money which is often out of reach for many. But should that stop you from getting one? Not at all. In fact, several banks offer loans for your two-wheeler. So which banks in Bangladesh are the best for motorcycle loans? And what should you consider before getting one? Let's find out. Factors to consider before taking a motorbike loan Interest rate Interest rate is the main universal factor to compare between loans. Almost all the banks of Bangladesh have a unified interest scheme against their motorcycle loans. However, some banks charge more for some added perks. Loan security Loan security is another important factor. Loans of significant amounts require some form of security before they are disbursed. While it generally doesn’t apply to motorcycle loans as the amount is significantly less. However, there might be exceptions and so you have to be careful before signing up. Read: Angel Investment 101: Is It the Right Track for Your Startup? Loan inclusions Most motorcycle loans don’t cover the entire cost of the bike. Usually, it’s a percentage of the price and associated costs. The percentage amount differs from bank to bank. As a loan seeker, you would want a loan that will cover the entire cost of the cycle or a close amount. However, that might come with higher interest rates. Early termination Check whether your loan offers an early termination policy. There might be situations where you would want to pay off extra or the remaining amount in a lump sum before the maturity period. While many banks allow an early termination policy, it may come with added costs. So, it's important to consider whether you’ll be paying off your loan before maturity. Loan fees Loan fees are charged as processing fees or loan maintenance fees. Most banks in Bangladesh don’t charge a loan maintenance fee. However, there are banks that charge loan processing fees. Typically, it’s a lump sum or a small percentage of the loan. But this is also something to keep in consideration before choosing a loan scheme. Read Best Car Loans in Bangladesh to Grab Your Dream Car Best Banks for motorcycle loans in Bangladesh Eastern Bank Two-Wheeler Loan Eastern bank is one of the premier private banks of Bangladesh known for its competitive and exceptional customer service. The bank has a two-wheeler loan scheme which has several perks. EBL offers loans ranging from 50000 BDT to 4 Lac BDT which is one of the highest in Bangladesh. However, you will get 70% of the actual price of the bike as a loan. The registration will be a joint one and you will need to have a minimum income of 25000 BDT to be eligible for this loan. There is a 0.5% processing fee and 0.5 % early settlement fee added to the loan. The standard 9% interest rate is applicable for the two-wheeler loan. You will also need to have first-party insurance while registering the bike. EBL two-wheeler loan can be a great choice considering the low eligibility criteria as well as provision for early settlement. For more information, visit the official site here. Read:Student Loans in Bangladesh: Banks Offering Education Loans for Higher Studies