A Complete Guide To Choosing The Best Two Wheeler Loan

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 can also buy your desired vehicle at the best price.

Hope these tips can help you find the best two-wheeler loan for your needs. 

Must Read:

How To Calculate Two Wheeler Loan EMI Online Or Offline?

Is It Good Option To Avail For A Bike Loan To Buy Two Wheeler

There are many benefits of taking a fresh credit line for purchasing a new bike. Here are the six essential reasons why a two-wheeler loan is a better bet as compared to an upfront cash payment.

Zero Financial Burdens

A bike loan allows you to save the hard-earned money and segregate the borrowed amount into easy installments, which doesn’t burden you, financially.

Quicker Approvals

While cash payment is quick, a bike loan is easy to get approved in almost no time, provided your credit score is on point.

Better Bike Selections

While your cash reserves might be limited, getting a credit line allows you to focus on a bigger and better bike, as you can pay up the sum in easy installments.

Competitive Interest Rates

Almost every lender offers decent bike loan interest rates which keep the EMIs within the affordable limits

Covers almost any Bike

Credible lenders do not discriminate but offer credit lines on any given bike, provided you are eligible

Additional Perks

Certain financial forms offer accidental coverage or complimentary insurance with a two-wheeler loan. 

Each of the 6 benefits needs to be considered before you can even plan on purchasing a new bike. 

Must Read:

How To Get The Best Two Wheeler Loan Interest Rates

4 Factors that can help you get the Best Two Wheeler Loan Interest Rates

Purchasing the preferred two-wheeler on a loan can be tricky if you aren’t sure about the lender and the quoted interest rates. Therefore, it is necessary to be aware of these 4 factors to get the best interest rates on your credit line.

  1. Credit History

Lenders instill faith in your repayment history upon checking your credit score. Therefore, a higher credit score automatically qualifies you for a lower two wheeler loan interest rate.

  1. Cost of the Bike

A two-wheeler loan for a budget-centric bike has better chances of getting approved and attracting nominal interest rates.

  1. Down Payment

In case you choose to make sizable payment upfront, it is possible to get a better deal on the two wheeler loan interest rate as the lenders are expected to show more faith in your repayment capabilities.

  1. Loan Tenure

If you want to procure a lower interest rate for your two-wheeler loan, you should opt for a longer tenure and consider prepaying the same after a certain point in time. 

In addition to these four factors, your job, financial stead, annual income, and credit history also have a bearing on the interest rates. 

Must Read:-

6 Benefits of Two Wheeler Loans That You Didn’t Know

Why Two Wheeler Loans Is The Smarter Way of Financing?

After selecting the model of the two-wheeler that you want to buy from many options available, the next thing you need to determine is how to finance that bike. There are two prominent options available when it comes down to it. You can either choose to pay cash or avail a vehicle loan. Let’s consider why availing a Two wheeler loan is the smarter way of financing

Additional Offers

You can get various gifts and offers like:

  • Cashback
  • Reduced interest rates
  • Zero down payment schemes
  • Free gifts

Quick Paperwork

Most bike sellers on the market today are in partnership with bike finance companies to provide rapid loans to customers. The paperwork required for these loans is minimal, and the processing time is extremely small. 

Down payment

Incase of cash-crunch, you don’t have to worry as the minimum down payment for bikes is very low. Some financers allow zero down payment facilities

Improve Credit Score

Opting for easy to repay loans help you to improve your CIBIL score.

Upgrade your bike’s model

Availing a loan can help you to buy a better, more advanced bike than before. 

So, instead of opting to pay cash during your bike purchase, it might be smarter to take a loan.

Additionally, Read:-

Here is the all Requirement to apply for Two Wheeler Loan

Here’s How a Two Wheeler Loan Helps you Purchase the Dream Bike

More often than not, there is a glaring difference between the bike you ride and the bike you want. A Two-Wheeler loan can readily fill up this gap by offering the needed financial support to help you purchase the vehicle of your dreams. 

Here are some of the best and most productive ways by which a 2 Wheeler Loan empowers you towards the bike that you have always desired:

  1. Easy Repayment Schemes

Bike loans can be repaid as monthly EMIs. This ensures a state of financial well-being whilst allowing you to save the cash reserves for an emergency. For someone looking to buy a pricey back without financial support, paying the entire sum at once is often next to impossible.

  1. Better Payment Restructuring

Every lender offers a Two Wheeler loan EMI calculator. Once you have an idea of the interest rates, you can calculate the monthly payments as per your preferences. You can restructure the total payable amount in any manner you like by modifying the tenure. 

  1. Easy to Apply

A two-wheeler loan is probably the easiest to apply for. Besides, if your credit score or profile is sound enough and all the documents are in place, you might even be eligible for instant approvals. 

The bike loan flexibilities mentioned above ensure that you can easily get hold of a dream Two-wheeler without having to worry about the price tag.

5 Reasons to Apply for a Loan while Purchasing a Bike

Are you interested in purchasing a new bike? If yes, it is advisable to apply for a two-wheeler loan from credible banks or NBFCs. Although you can take any preferred application route, going online is probably the fastest way of getting approved.

All things aside, here are some of the primary reasons for getting hold of a bike loan to purchase a new vehicle instead of extinguishing your savings:

  1. Periodic Payments

A Two-wheeler loan is easy to pay off, courtesy of the systematic payment structure. This ensures that your short-term goals aren’t compromised while purchasing a new bike.

  1. Better Credit Profile

While you might be tempted to pay off the entire amount at once, a loan helps build your credit profile for the future, thereby increasing your eligibility for personal, car, or even home loans. 

  1. Better Usage of Cash Reserves

If you are worried that a loan might cost you more in the long run, compare and opt for the lowest bike loan interest rates and invest the cash reserves someplace else to get the same or better rates. This approach takes care of the additional payment and helps you plan better in the long run.

  1. Financial Discipline

Recurring monthly payments ensure that you keep up with the financial cycle and learn about the importance of keeping adequate funds in the account.

  1.  Better Buying Options 

If you are on-board with a loan, you can always opt for a better bike as periodic payments wouldn’t overburden you financially.

Paying the bike value upfront is not a bad option at all. However, these reasons ensure that your finances are managed better.  

Additionally, Read:- 

A Complete Guide to Understand Bike Loan Interest Calculation

What Documents Are Required for a Two Wheeler Loan

Bajaj has made it possible for everyone to own their dream bike. With their low-interest loans, anyone can have a bike they want or need. With the rise of the motorcycling culture in India, the lenders should also keep pace as the price of an average bike has now gone up. With foreign brands investing heavily in India, finance companies have got a great future to look ahead to. Nowadays, finance companies offer Two wheeler loan at the lowest interest rates to buy a vehicle.

Here is what you need for applying for a two-wheeler loan –

Eligibility

  • Should be at least 21 years of age

Or 

  • Less than or equal to 65 years at the maturity of the loan
  • Have had a residential address in the city for at least 1 year
  • Salary slips for 1 year must be there
  • Must have a postpaid connection

The documents required for a two-wheeler loan are-

For a Salaried Person

ID Proof – This can be 

  • Passport
  • Pan Card
  • Credit Card with photo
  • Driver’s License
  • Voter ID
  • Aadhaar Card

Address proof – 

  • Passport
  • Driver’s License
  • Voter ID card
  • Utility Bill
  • Aadhaar Card
  • Bank Account
  • Last 3 months salary slips 
  • Form 16
  • Last 3 months bank Statement

For Self Employed People

ID Proof – This can be

Two Recent Passport size photos

Address Proof – This can be 

  • Passport
  • Driver’s License
  • Utility Bill
  • Voter ID card
  • Bank Account Statement
  • Aadhaar Card

Latest Income Tax Return

Last 3 months bank statement

Always use a bike loan calculator to tally your calculation against that of the lender and choose a tenure and EMI that would suit you.

For an online EMI calculator you can use simple steps like select your Loan Amount, Interest Rates and Loan Tenure and get the results in the form of payable EMI’s with interest rates.

Factors To Consider While Comparing Two Wheeler Loan

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
  • Age
  • 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

  1. The loan amount that the bank approves. This is denoted by P
  2.  The interest rate that the bank or lender is charging. It is  denoted by a percentage and is compounded annually.
  3. 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. 

A Guide to Choosing The Best Two Wheeler Loan

When one thinks of two-wheelers more often than not, they are thinking of either bikes or scooters. Newly purchased two-wheelers can last up to 1 lakh kilometers or even more depending on how you take care of them. With the right two-wheeler, you will have the added convenience of swerving through traffic at any time, whether it be to reach work or go out to any destination you feel like. With the independence that one gets with a vehicle, it is easy to have more adventures. 

But many times, these dreams are held back by monetary constraints. Whether it be a lack of funds or anything money related, companies like Bajaj are there to help you out. We provide an Online Two Wheeler Loan at the lowest-interest rates so that your dreams can come true too. Many companies have a long and complicated loan disbursal, but Bajaj has been rectified so that you can have a secure loan experience.

Important things to consider when choosing loan:-

  • Loan Amount
  • Interest Rates
  • EMI
  • Loan Tenure
  • Eligibility Criteria
  • Required Documents

Also, Read:-

5 Reasons To Avail A Bike Loan Instead Of Cash Payment

Things To Consider Before Availing A Two Wheeler Loan

The Two wheeler vehicle is the best mode of transportation. Nowadays, for Two wheeler vehicles purchase most of the people prefered Two wheeler loan instead of one time cash payment. Here are some important things to consider before availing a two-wheeler loan : –

  • Eligibility criteria
  • The maximum loan amount offered
  • Repayment Options
  • Check the loan disbursal time
  • Keep a note of the specialized schemes

Before applying a loan check loan amount, interest rates and loan tenure and keep your documents ready. With Bike EMI Calculator you can easily calculate your bike loan EMI , this is the most important thing for loan.