Two-wheeler loan will help you in buying a bike and thereby you can make the payment of the loan amount in equal monthly instalments. Two-wheeler loans can be availed by keeping your two-wheeler as collateral. However, in some cases, this loan can be availed also without a collateral, wherein the banks will usually charge you a higher rate of interest.
With banks and financial institutions offering two-wheeler loans, you no more need to suffer public transport delays or long queues at metro or railway platforms. Two-wheeler loan facility is just a few steps away from helping you buy a bike of your dreams. Whether you are a salaried individual or a businessman, you can avail a two-wheeler loan.. The rate of interest for a two-wheeler loan is usually competitive. You may also get the two-wheeler loan at a discounted rate during festive seasons. The repayment terms of the two-wheeler loan are also flexible with the bank offering you with multiple tenure options.
In this type of two-wheeler loan, your bike will be used as a collateral for the loan. If you fail in repaying your two-wheeler loan, the bank or the financial institution from which you have borrowed the loan will then have the authority of repossessing the two -wheeler and then sell the same for getting the money back.
In this type of two-wheeler loan, there is no requirement of a collateral. However, in this case, the loan amount that would be smaller and a higher rate of interest will be charged on the same.
To apply for a two-wheeler loan online, you need to fill up a simple form online:
Enter your financial status as well as repayment capacity.
Upload required documents
You will be charged a processing fee.
On sanctioning of the loan, you can buy your prized possession in no time!
Mentioned below is the step-by-step procedure to apply for two-wheeler loan offline:
Mentioned below are some of the benefits of availing a two-wheeler loan:
Mentioned below is the list of documentation that is needed for application of Car loan:
Valid identity proof:
Valid address proof:
A bike loan EMI calculator is nothing but an online tool which helps in calculating the monthly installment that you will be required for paying off the loan. All you need to do is input the interest rate, principal amount, and tenor for calculating your EMI. This online tool may also be utilized for judging your repayment capacity.
You will need to input the tenor, rate of interest that the lender would charge as well as the loan amount. On clicking the ‘calculate EMI’ option, this online tool will show you the EMI amount that you will need to pay every month.
Before you consider taking a two-wheeler loan you should keep these factors in mind:
You can visit any nearest bank branch or even call on the bank’s toll-free number to avail two-wheeler loan facility offline
No, for availing a two-wheeler loan you need not have a guarantor. But, in certain cases if you do not meet the bank’s requirements, you may be asked for a guarantor in order to avail the two-wheeler loan.
In monthly reducing balance method, at the end of every month the amount of principal will get reduced and the interest will be calculated on the outstanding principal at the month end.
The different stages that are involved in availing a two-wheeler loan are:
You can make the repayment of your two-wheeler loan via EMI’s in the form of PDC’s (Post Dated Cheques) and Electronic Clearing Service (ECS).
Yes. You can make the pre-payment of the entire two-wheeler loan after completion of 6 months of availing the two-wheeler loan.
Mentioned below are the eligibility criteria for applying for Two-wheeler loans in India.
• You must be an Indian citizen
• You must be at least 21 years old
• You must hold a valid PAN card
• You must be for minimum one year in case you are salaried
• You must be engaged in your business for at least a year, in case of self-employed
• You must have a source of income that is constant either by way of salary or business.
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