2 Wheeler Finance – A Dream Come True
A two-wheeler loan allows you to own a bike without having to dip into your savings. A bike loan also comes at competitive interest rates, resulting in affordable EMIs.
Check your eligibility and use a loan calculator to calculate the exact EMI amount. Be sure to select a tenure that suits your financial capability.
Easy to apply for
One can apply for a two-wheeler loan by visiting the lender’s website and filling in the necessary details. The lender will then process the application and verify the documents. After this, the loan amount will be transferred to the borrower’s bank account. The borrower can then use the funds to purchase a new bike or scooter.
Various lenders offer different terms and conditions for their two-wheeler loans. The interest rate, loan amount, repayment tenure and processing fees are important factors to consider. Ensure that you read the terms and conditions carefully to avoid any surprises down the line.
A good credit score is a key factor when applying for a two-wheeler loan. It can increase your chances of approval and lower your interest rates. You can improve your credit score by paying bills on time, reducing credit utilisation, and disputing errors on your report. In addition, you should also have a steady source of income to qualify for a two-wheeler loan.
Easy to repay
Owning a two wheeler can offer a sense of freedom to many. To make this dream affordable, a bike loan can provide the finance to buy your favourite model without dipping into your savings. However, not all loans are created equal. It is important to research and compare lenders’ interest rates, fees and repayment terms to choose the best one for your financial needs.
It is also important to plan your EMIs to ensure that you can repay the loan in a timely manner. To do this, use a bike loan EMI calculator and select a repayment tenure that fits into your budget. It is also a good idea to have a co-applicant or guarantor on board to increase your chances of loan approval.
Lastly, it is important to maintain a healthy credit score. This can help you secure a lower bike loan interest rate and better repayment terms. This can be done by paying your bills on time, reducing credit utilisation and disputing errors on your credit report.
Owning a two-wheeler is a common dream for most people because of their convenience and ease of transportation. However, arranging one-time funds for buying a two wheeler can be daunting. This is where a loan can help. Loans are easily available and offer competitive rates. They can also be paid through planned EMIs, which make them more affordable.
Ensure that you fill the loan application form correctly. An incomplete or incorrect form may delay the process. You can also consider getting a co-applicant or guarantor to increase your chances of approval.
Most lenders finance up to 90% of the bike or scooter purchase price. This means that you can keep your savings intact and still finance your dream ride. In addition, you can choose the repayment tenure based on your monthly budgets and financial needs. This can also help you build a solid credit score, especially if you pay off the loan regularly. Moreover, the loan amount can cover registration and insurance charges as well.
Easy to compare
If you are planning to buy a new bike, it is important to compare the different finance companies’ terms and conditions. You should choose one that has competitive interest rates, suitable tenure, and a convenient application process. You should also look for a company that does not have convoluted terms and conditions.
Bike loans are typically based on the on-road price of the vehicle, which includes taxes, insurance rates, and RTO fees. However, some companies offer loans up to 100% of the ex-showroom price. To determine the best two-wheeler loan amount for you, you should consider your financial situation and credit score.
Whether you are salaried or self-employed, you can avail of a two-wheeler loan if you have a valid PAN card and proof of address. You can use utility bills, bank statements, drivers’ license, or passport to prove your identity and address. Moreover, you should have a stable source of income and a good credit score.