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.
With the increasing number of potholes and roadblocks everywhere, it is easier to have two-wheeler to commute short distances. Getting the required loan to buy a two-wheeler is very convenient and hassle-free. In fact, two-wheeler loans have a lot of advantages. Starting from having a lesser financial burden over your head to a higher degree of affordability, two-wheeler loans have a number of perks.
bank also gives you additional benefits like an increased credit
score when you pay off the loan before time. In some cases, you can
also extend the tenure of loan payment as per your convenience. Two
have a high resale value. You can choose to buy a new vehicle after
replacing your old one once you pay off the old loan.
Bajaj auto finance allows you to purchase several latest two-wheeler models on EMI. Some are:
these models have more exceptional mileage than even the basest of
four-wheeler vehicles. This would free you off all the tension on
this field. Bajaj Auto Finance hence allows you to invest in
something useful and pay for it at your convenience.
Commuting through public transport such as bus, metro, auto and more has become such a task. People face various issues like delays, time taking, seat rarely available, crowds, unhygienic, high costs when suffering in public transport.
In the market there are various kinds of bikes like adventure touring bikes, dirt bikes, commuter bikes, sports bikes, naked bikes that you can finance by taking a two wheeler loan.
Below we have listed some reasons why you should take a bike loan:
Low Financial Burden – Such loans reduces the burden from your shoulder. Everything depends on the eligibility criteria and documentation requirements. One can purchase premium bikes also.
Good Credit Score – To avail a two wheeler loan you don’t need to have a high CIBIL score that makes this loan is better from personal loan.
Fast Process – Those days are gone when you have to wait for months for loan approval and stand outside the banks/NBFCs in long queue. Nowadays the loan gets approved within a day. Also, the repayment period varies around 12-48 months which makes it convenient for the borrowers to pay it in small amounts.
Multiple Benefits – As per the Indian Motor Act, Banks and NBFCs approve loans with an accidental cover and an insurance cover.
Interest Rates: The interest rates ranges between 12%-27%. The rate depends on your income, bike specifications, employment period etc. As per the information the rates have gone down in the last 2 years.
From the last two decades, two-wheelers are in high demand in India. One can get a bike loan without down payment if you fulfill certain criteria. The norms can vary from lender to lender but there are some common criteria like:
1) Age: It Should be under 21 and 65 years of age.
2) Credit History: Lenders check your credit history to determine how you have managed your credit in the past. A good credit history will help you to get cheap finance.
3) Residential Status: One must be residing at the address for a minimum of 1 year. Document proof is needed in case of a change in the place.
For documentation address proof, identity proof, income proof among other documents are required. To apply for loan all you have to do is fill an application form online and get funds transferred to your account instantly. It is necessary to compare bike offers of various lenders before opting for one.
Two wheelers are highly popular kind of vehicle in India because everyone can afford it. But, many people don’t have the required amount of money to make payment in a lump sum for a bike. Taking bike finance help from a lender can make the whole process a lot easier.
Online Two Wheeler Loan offers a low rate of interest. Some lenders are also offering upto 90% bike finance as per customer profile. Find and compare best budget bike in India before availing a loan. See how you can apply for a two wheeler loan:
1. Know your Budget – One should plan their repayment before availing a loan.
2. Fill out Loan Application – After making plan for yourself fill correct details in the application form that will help the lender to evaluate your creditworthiness.
3. Submit Application Form – The next step after filling the details is to submit the application form online or offline.