India is the largest market for two-wheeler automobiles. Recent trends have suggested that more and more people are buying bikes and scooters to commute to work. This is because of the ease of access and how efficient it is to travel on two-wheelers.
The variety offered is also amazing as now there is a bike available at every price point for every segment and most of the financial institutions offer loans at the lowest interest rates to purchase a bike, that’s why Nowadays, most of the people prefer Two wheeler loan to buy a bike.
Gone are the days when your only choices were a Bajaj Pulsar or a Royal Enfield. Today the KTM and Triumph dominate the market with a stronghold. Despite the growing craze, these machines are costly investments in the future.
If you want to avail a two-wheeler loan here are the factors that you should keep in mind –
- Principal Amount
- Tenure of the Loan
- Credit Score
- Financial Statement
- Type of Employment
- Current Income
- Existing Liabilities
- Repayment Schedule
Use an online Two wheeler loan calculator to estimate how long your tenure will be with the EMIs you select. To calculate the loan amount you will need
- The loan amount that the bank approves. This is denoted by P
- The interest rate that the bank or lender is charging. It is denoted by a percentage and is compounded annually.
- The number of months or years that the loan will be granted for. This is also known as the tenure of the term. It is denoted by N
Bajaj Finance Two Wheeler loans will make your dreams come true with their easily approved and low-interest loans.