Two Wheeler Loan

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Two Wheeler Loan
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Two Wheeler Loan Details

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Two Wheeler Loan Overview

A Two-Wheeler loan allows you to buy your dream Bike or any other Two-Wheeler without worrying about money. Let’s take a look at the overall picture of Two-Wheeler Loan.

What is Two-Wheeler Loan or Bike loan?

  • This loan is given to buy a new or a used two-wheeler vehicle.
  • A lot of people the rural areas prefer this type of loan as it is easy to avail and finance your two-wheeler vehicle.
  • This will enable you to make the process of your purchase simple as you will not have to buy your bike with your savings.
  • The scooter or the bike can be of any type.
  • You can repay back the money of bike loan with EMI.
  • You can either buy a 200-cc scooter or a 500-cc bike with the help of this loan.
  • Non-banking financial corporations as well as banks offer this type of loan at affordable prices.
  • You should look carefully at the features of the loan and then apply accordingly. You can look at the details of the two-wheeler loan on the net and then apply accordingly for it.
  • Since bikes are an economical choice in the country for most families, a lot of families take bike loans.
  • Two-wheeler loan online apply facility is also available for people who cannot go to banks.
  • The number of private cars in urban areas is rising but most of the people of rural areas can still afford a two-wheeler that to with a loan.
  • The resale value of two-wheeler vehicles is better than private cars and therefore after the repayment of bike loan you can purchase a new vehicle.
  • Since the cost of a two-wheeler vehicle is not very high, therefore the repayment of the loan can be done with ease.
  • Buying a two-wheeler vehicle without a loan is going to cut down the family savings to a great extent.
  • Therefore, it is advisable to take a loan and then repay it back with monthly installments.
  • The EMI charged for taking a two-wheeler loan is quite less as compared to that charged for a four-wheeler loan.
  • The EMI can also be paid by post-dated cheques.
  • You can also go for used two-wheeler loan.

You can apply for two-wheeler loans either online or offline depending on your convenience.

  • Online application for two-wheeler loans:
  1. It is an easy as well as a stress-free step to go for a two-wheeler loan online apply.
  2. You can visit the third-party websites or the official websites to get information about various interest rates, fees, EMI options and other charges.
  3. Compare the features of each loan and then select a loan accordingly.
  4. You can use an official EMI calculator available on the financial and official websites to calculate the EMI.
  5. You need to just fill the loan amount, tenure and the interest rate in the calculator and the other things will be calculated.
  6. If you are applying online then you can upload all the required documents online easily.
  7. It is much easier to apply online as you can apply from your house without going to the bank branch.
  8. The overall loan expenses are reduced when you apply online for a two-wheeler loan.
  9. Most of the lenders provide the delivery of loans at your door step when you apply online for a two-wheeler loan.
  • Offline Application for the two-wheeler loans:
  1. If you are interested in the offline application process, then you need to visit the required bank or NBFC for applying for the loan.
  2. The customer representative will guide you about the loan procedure.
  3. You need to tell about your preferences and financial conditions to the representative.
  4. After this you will be asked to complete all the formalities before the loan amount is sanctioned.
  5. This process has a disadvantage as you will not be able to compare different banks and organization’s regarding the two-wheeler loan.
  6. Moreover, you will have to stand in a queue and wait for your turn to come.
  7. These things make the online option more continent for people.

The features of a two-wheeler loan are as follows:

  • Bike loans are a great way to open your file for credit score and maintain it as well.
  • The two-wheeler loan will pay around 90 per cent margin of finance.
  • This will allow you to pay the down payment of only 10% which is nothing comparing the cost of the two-wheeler.
  • Bike loan allows you pay back the loan in a flexible time period.
  • You get a tenure period of 12 to 48 months. Longer the tenure period, easier it is for you to manage your monthly finances as well as the repayment of the loan.
  • You can avail these loans even if your salary is as low as 50,000 annually.
  • You do not have to be in the taxable bracket in order to avail these loans.
  • Since the tenure period for repayment can be up to 4 hears, the repayment process will onto have an impact on your monthly expenditure.
  • You can also get some added benefits and freebies if the bike or scooter dealership offers you the same.
  • Most of the banks will not charge you any prepayment costs if you are able to repay back the loan on time.
  • This will allow you to clear your debts faster.
  • The charges for a two-wheeler loan is very less.
  • The loan covers the cost of accessories, insurance and the cost of registration.
  • You get finance for the registration as well as additional cost of the two-wheeler loan.

Now a day’s banks are very particular about making sure that the customer should be able to repay back the loan amount.

Due to this reason they have certain criteria for the eligibility:

  • The age of the person should be between 18 to 65 years
  • The credit score of the person should be 750 or above.
  • The person should be self-employed or salaried.
  • The minimum income of the person can be low.
  • The person should be on the current job for at least 6 months.
  • Applicants should be living in the same space to show stability.
  • The applicant should have a permanent telephone number.
  • If you earn a decent salary each month you can avail the two-wheeler loan easily.

The bike loan documents required are as follows:

  • At least 2 to 6 passport size photographs.
  • Any of the following documents should be given for the identity proof:
  1. PAN card
  2. Aadhar Card
  3. Driving License
  4. Voter ID
  5. Passport
  • PAN card for address proof
  • For salaried people:
  1. Offer letter of the company.
  2. Salary slips
  3. Bank statements
  • For self-employed people:
  1. Form 16
  2. Proof of the source of income
  3. Bank statement

The two-wheeler loan interest rate is as follows:

  • SBI bank: from 16.25%
  • HDFC bank: from 20.90%
  • Bajaj Finserv: from 11.33%
  • Axis Bank: from 10.80%
  • L&T Finance: from 7.99%

The fees charged for the two-wheeler loan is as follows:

  • Prepayment fees:

  This fee is charged if people are able to pay back the loan earlier than the tenure.

  • Processing fees:

This fee is charged for the processing of the loan amount and it is a mandatory fee that one has to pay for availing the two-wheeler loans.

  • Administrative fee:

This takes care of the administrative costs of the bank for processing the loan.

  • Late payment of fees

The borrower is charged this fee if he is late to pay back the loan amount.

  • Do I need to reach a bank in order to avail the two-wheeler loan?

It is not required for you reach a bank as you can also go for two-wheeler loan online apply. The online two-wheeler loan approval is very easy.

  • Do I need a personal accident insurance when riding a two-wheeler?

Yes, you need that.

  • Can I switch from floating to fixed interest rate?

Yes, some banks offer this feature.

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