Is Choosing Two Wheeler Loan is a Good Option?

Two Wheeler Loan

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:

  1. 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.
  2. 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.
  3. 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.
  4. Multiple Benefits – As per the Indian Motor Act, Banks and NBFCs approve loans with an accidental cover and an insurance cover.
  5. 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.

Before applying for a bike loan, you should also check bike loan interest rates. To apply for a two wheeler loan, visit the official website today.

Purchasing a Bike on Cash or EMI- Which One is Better?

bike loan

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:

  • ID proof
  • Address proof
  • Income proof
  • Income tax returns of last 2 years
  • Salary slip of last three months
  • For salaried individual Form 16 is needed

Additional Read: Duke 390 vs RC 390

Conclusion:

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.

Useful Links:

5 Tips to Pay Off Two Wheeler Loan Faster
Bajaj Pulsar NS200 or Bajaj Pulsar RS200
Is Taking a Two Wheeler Loan is Easy Process or Not?

5 Tips to Pay Off Two Wheeler Loan Faster

bike loan

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.

Additional Read: Bajaj 100cc Bike

3. Make Prepayment- 

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.

Useful Links:

Is It Possible for a Student to Get a Bike Loan?

How to Get Bike Loan without Down Payment?

Documents Required for Bike Loan

What are the Documents Required to Get a Bike Loan?

bike loan

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. 

You may also like: Top 5 Fuel Efficient Bajaj Bikes

Representative’s Visit and Loan Acceptance

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.

Check bike loan interest rate and ride your dream bike.

Is It Possible for a Student to Get a Bike Loan?

bike loan

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.

Also Check Out: KTM Bikes in India

  • 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).

You May Also Like to Read: Bajaj Pulsar NS200 or Bajaj Pulsar RS200

How to Get Bike Loan without Down Payment?

Two Wheeler Loan

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.

Must Read: KTM Bike vs TVS Apache

4) Income: Gross income of a salaried person minimum should be Rs. 84,000 a year and for self-employed, it should be Rs.72,000.

5) Existing Customer: One can get loan at low-interest rate if you already have an account in the bank/financial institution. Existing customers gets preferred before anyone else.

6) Working Status: Minimum 1 year of work experience required.

Check- KTM bike price in India

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.

You can check your Two Wheeler Loan Eligibility online.

Bajaj Pulsar NS200 or Bajaj Pulsar RS200- Which One Should Buy?

Bajaj Bikes

Bajaj bikes are reliable as well as offer great quality. Bajaj Auto started by Jamnalal Bajaj is one of the leading producer of two-wheelers and three-wheelers in India. The company ranked at 1639 by the Forbes in Global 2000 which shows the respect company earned in all their years of existence. Currently, Bajaj Auto’s worth is 1.5 billion USD. The launch of Bajaj Pulsar marked history and till now it is dominating the Indian market. 

About Bajaj Pulsar NS200:

Engine Displacement (CC) :199.5 cc
Power (PS@rpm) : 23.5 PS @ 9500 rpm
Mileage (ARAI) kmpl :36.1 Kmpl
Gear Box : 6 Speed
Fuel System : Fuel Injection
Fuel Type : Petrol
ABS :Single Channel
Head Lamp :Blue Tinge With AHO
Wheels Type (Pressed Steel/ Alloy) :Alloy
Tyre Type : Tubeless

You can Also Check Comparison Between Bajaj Pulsar 150 vs Honda CB Unicorn 150

About Bajaj Pulsar RS200:

Engine Displacement (CC) :199.5 cc
Power (PS@rpm) : 24.5 PS @ 9750 rpm
Mileage (ARAI) kmpl : 35 Kmpl
No Of Gears :6 Speed
Fuel System :Fuel Injection
Fuel Type :Petrol
ABS : Dual Channel
Head Lamp :Low and High Beam Projector
Wheels Type (Pressed Steel/ Alloy) :Alloy
Tyre Type : Tubeless

If you are planning for long tours on a two wheeler as a means of transport always compare and check reviews of long ride bikes. One should choose lightweight and great suspension bike which will save the rider’s energy. Both Bajaj Pulsar NS200 and Bajaj Pulsar RS200 are a great option for long distance with a quality ride.

People should consider the following points before choosing a motorcycle:

  • Comfort
  • Reliability
  • Performance 
  • Fuel tank capacity
  • Body Type
  • Engine Displacement
  • New or Used

Note: Use bike EMI calculator to get an estimate about your bike EMI.

Is Taking a Two Wheeler Loan is Easy Process or Not?

Two Wheeler Loan

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.

You May Like to Read: 10 Advantages of Opting for a Two-Wheeler Loan

4. Understand Loan Requirements- It is necessary to know about the loan requirements like interest rate, tenor and charges  etc. You should follow guidelines to avoid loan application rejection.

5. Agree to the Terms and Conditions – The last step is to agree to the terms & condition applied by the lender. After that, you will get the required amount for your dream bike.

Conclusion:

In the digital  world, It is very easy to get 2 Wheeler Loan in India. Minimal eligibility criteria makes easy approval of loan.