If you want to buy a two-wheeler vehicle but are concerned that you cannot afford the whole amount at once, you can consider availing a two-wheeler loan. If this is the first time that you are applying for a loan, here’s a complete guide to choosing the best.
Research– One of the most important things before applying for Two Wheeler loan is to do a thorough research. Check the various loan offers from different lenders and compare them based on factors like rate of interest, EMI, plan benefits, tenure etc.
Interest Rate- Different lenders offer different interest rates on two-wheeler loans. The interest remains constant throughout the year, but the amount increases. Hence, select the finance company that has the minimum interest rate.
Loan Repayment- The tenure of repayment and EMI varies for different loan plans. You can calculate it by using the Two wheeler loan EMI calculator. This will give you an idea about the amount of EMI that you need to repay.
Tenure of the Loan– There are many tenure options available on two-wheeler loan, starting from 12 months to 48 months depending on your loan repayment capacity. The tenure of the loan repayment can be adjusted according to the necessity.
Offers- During festivals and other occasions, finance companies provide some additional offers and attractive discounts on the loan like low-EMI, low rate of interest, flexible tenure etc. You can make the most out of such occasions to get a better deal. This will allow you to save money and you canalso buy your desired vehicle at the best price.
Hope these tips can help you find the best two-wheeler loan for your needs.
When talking about day-to-day driving, eating food from the nearest mall or visiting a nearby city, two-wheelers are preferred mode of commutation for most people in India. However, you should ideally take a bike loan when purchasing a new two-wheeler instead of making cash payment upfront.
Advantages of a Bike Loan:-
For two-wheelers, lenders offer low-interest rates for ease to make significant transactions, and these can be calculated by bike loan EMI calculator. The final interest rate usually depends on the income source of the borrower, credit score, the two-wheeler price and demand variation.
Quick Approval of Loans
Quick clearance of two-wheeler loans means fast payment for your two-wheeler when you purchase the same on financing.
Reduce the Burden on Your Budget
Another advantage of bike loans is that you can conveniently save while repaying your loan via instalments.
High Coverage of Loan Amount
If you are on a low budget, you can easily buy a two-wheeler with a higher bike loan coverage. You can always calculate your interest rate in a bike loan EMI calculator and decide the sum you want to borrow.
The simple benefit is you do not have to spend large sums of capital, which affects your liquidity adversely. If you use cash rather than a bike loan, the liquidity will be affected adversely.
Gone are the times when loans were a stressful and time-consuming process. Today, there exist a hundred types of loans, and most of these are super easy to avail. All thanks to the increased digitization of financial application processes.
With the modified eligibility criteria and quicker approval process, going for aTwo wheeler loan is a more advantageous option than spending all your savings to buy your desired vehicle.
There are many benefits of taking a two wheeler loan –
Easy eligibility and Quick approval
Increased CIBIL score
Freedom to bring home your dream bike
The lesser burden on the pocket
The article talks about various reasons which make the loan a reliable option if you are planning to switch to personal transport. It discusses in detail the advantages of a two-wheeler loan. From increased CIBIL scores to insurance benefits, a loan is a superb way to buy your favourite bike. And that too, without any associated downsides. You can easily calculate bike loan EMI with Bike Loan EMI Calculator.
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.
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.
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.