Through proper financial preparation, you can be confident that you can handle the remaining monthly expenses. A private loan’s most crucial characteristic is that you don’t have to note to your provider that you’re purchasing a vehicle with the loan, but the interest rates is very high. Due to the lowest interest rates, nowadays Two wheeler loan is the good option, because there are many benefits. Some are listed below: –
Ease and Convenience
Less Pressure on Financing
Better Credit Score
Raising Resale Value
Now, you can apply for two wheeler loan and get 95% finance.To apply for the loan online, you’ll need to access ‘ official website. To get a fast and easy loan application process, you should hold all your documentation ready for evidence. Many lenders and financial web portals allow the electronic transfer of documentation to borrowers; this is perfect since it encourages paperless, streamlined transfers.
Two-wheelers in India are becoming a popular means of transport since they are economical than automobiles and suitable for intra-city movement. Bike loans are a dynamic category, and as a borrower, you get to choose from the best price available in the market. By doing extensive research on the internet and evaluating the costs, you will determine processing fees as well as interest rates. You can easily take a bike loan at lowest interest rates with minimum documentation from Bajaj Auto Finance.
India is home to maximum number of two-wheelers in the world. The roads, utility and the type of traffic make two wheelers perfect for daily commutations. Apart from it, there are many bike enthusiasts who love to stroll on the roads on muscular two-wheelers. Due to these reasons, the financial institutions offer attractive deals on bike loans.
There are several benefits of availing a bike loan in India. First among them are the interests rates, the interest rates on bike loans are comparatively lower than the other types of loans. In addition to it, they are quickly approved and a majority of the dealership agencies have the facility to get your two-wheeler financed if you desire so. Taking a bike loan is a good option if you want to reduce the burden on your budget or if you want to avoid a sudden investment of money. Also, the bike dealerships are ready to accept less down payments and rest you can pay back through the EMIs and you can calculate bike loan EMI with Bike Loan EMI Calculator. There are several other benefits too like insurance and accident covers which come with bike loan packages.
With people living busy lives nowadays it has become essential for them to save all the time they can for the mind and body to rest. Transportation happens to take a large part of one’s daily routine, and there is no guarantee of reaching from point A to point B on time. Plus, the stress of missing out on one form of public transport on-time guarantees to be late to your office or an important meeting. This is why the two-wheeler financing option by banks is pretty reasonable as well as feasible.
There are two types of people who are eligible for application and passing of a Two wheeler loan. They might be different documents that are required for loans from various banks, and financial institutions.
Documents required for Two wheeler loan –
Most commonly, be it for a salaried person or an individual, the documents are quite similar. Recognized identity proof like Aadhar Card or driver’s license, passport-size photographs, address proof, the recent income tax return of the applicant and the applicant’s last three months bank statements. They form the basis of the judgement of the applicant’s payback capacity. On these documents lies the fate of the applicant’s loan status.
Bikes are the most comfortable means of transport in India. They are convenient, quick and saves a lot of time. For buying a bike on cash enough savings are required. One with much money to spend at one time can go for cash option But on the other hand getting a two wheeler on a loan helps borrowers in saving time and money. The borrower needs to do good research and choose the best financial institution for them. Bajaj Auto Finance offers best and reliable two wheeler interest rates without having any down payment.
Following are a list of documents required to avail bike loan in India:
Getting a bike on a two wheeler loan than paying by cash makes more sense if one doesn’t have enough funds. There are many that can proof bike loan is better financial option. In such type of loan borrower doesn’t need to furnish any collateral or security. The interest rates are quite reasonable. Interest rate pay an important role in your expenses as a whole. If interest rates on bikes is low then your EMIs (equated monthly installments) will also be low.
One can now think whether to go for a bike loan or not. Loan application request can be sent online as well as offline. Many banks or financial institutions allow borrowers to upload documents on the web portal for their convenience.
Paying the bike loan faster helps in lessening the financial burden of the borrower. The sooner you pay the two wheeler loan the better. One can go for prepay your loan option. To prepay your loan of banks or financial institutions will charge some amount of fee. It is possible to prepay your loan only when you have some surplus amount other than your fixed monthly income.
Below are the methods to pay your bike loan debts faster:
1. Make Use of Excess Money-
Few times people get money which they didn’t expect. For example: Bonus by the employer, old debt settled by friend etc. People should use such amount instead of wasting it.
2. Choose Auto Payments-
Few banks and financial institutions offer discounts if borrowers choose auto payments as it saves a lot of paperwork and time. It will also help in saving some money.
Though financial institutions may charge a penalty on prepayment, most lenders don’t mind a couple of extra installments per year. So, take advantage of that. Just in case, you’re capable to fully settle the loan, make ensure the savings you’re making via prepayment is somewhat more than penalty charged. 4. Negotiate Repayment Terms-
It is one of the most important step to negotiate bike loan interest rate, amount, tenure. One shouldn’t hesitate because any bank or financial institutions don’t want to let go of an eligible borrower.
5. Focus on Other Sources of Income
If your monthly income is not enough to pay off the bike loan then generate some other sources of income. This will help you in paying your loan faster.
If you are planning to buy a bike with a loan from a private institution or a bank, you must first know which documents will be required to take a loan. Due to the absence of documentary, it may be time to get an exposure of your loan. This will waste your time. Therefore it is necessary to collect all the necessary documents before applying for a bike loan. To get approved loan, lender seeks different types of documents from the applicant.
Required Documents For Bike Loan
Applicant must have Income Proof, Identity Card, Resident Proof, Income Tax Return or Form-16, latest salary slip, bank statement, passport and driving license. Also, decide how long you can repay the loan. If you have taken any loan in the previous years, the bank or a private institution also checks the rebate of its payment.
After giving all the documents in the bank or a private institution, the Investigator comes to your home or office and again checks the papers you have made available to the bank or a private institution. The applicant is required to meet the bank or a private institution representative’s visit. If he/she asks for some information, then you need to provide information to them.
In India, Two wheeler is one of the most used modes of transport. Many people are opting for bike loan nowadays but one must have to meet certain criteria set by the lender to avail a bike loan. If you are a student and want to get a bike loan, so you have to match with following eligibility and criteria:
Age- The minimum age to avail a two wheeler loan is 21 years. But there are some lenders which are ready to give loans to 18 years students as well.
Credit Score History- A person with a good credit history has more chance of getting two wheeler approval.
Down Payment- Higher the down payment, the higher the chances of bike loan approval.
Guarantor- It is easy to get a two wheeler if apply for a loan with a guarantor. But the guarantor has to be in a good and stable job. A guarantor is a person who will be responsible if you couldn’t afford to pay the loan amount.
Part-Time Job- Mostly lenders wants income proof to check borrowers repayment capabilities. Students can show their part time job pay slips.
Students should be wise with Bike Loan Interest Rate because different lenders offers different interest rates. Select lowest from all. There are certain documents that almost every lender needs like ID proof (PAN card), Address proof (Driving license, voter card, passport, utility bill), Income proof (Salary slips for the last 3 months).