Two wheeler Loan

Two-wheeler loans can now help you zoom on your dream bike!

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Two-wheeler loan will help you in buying a bike and thereby you can make the payment of the loan amount in equal installments spread monthly.


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.



Types of Two wheeler loans



Secured Two wheeler loan

Secured Two wheeler loan

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.

Unsecured Two wheeler loan

Unsecured Two wheeler loan

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.



Step by Step Procedure for applying for Two wheeler loan





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

  • Your loan would be approved within 2-3 working days.
  • 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:

  • Visit any nearest bank branch
  • Fill up the offline car loan application form
  • Attach photocopies of the documents requested
  • Submit the same at the branch.



Some of the frequently asked questions about Two wheeler loans


Mentioned below are some of the benefits of availing a two-wheeler loan:

  • Helps in reducing the burden on your budget by letting you make the two-wheeler loan payment in easy instalments.
  • Two-wheeler loans offer lower interest rate even though you wish to make a bigger purchase.
  • Easy approvals of two-wheeler loans in a short span of time.
  • Easy documentation
  • Ease to apply online
  • Offers flexible repayment duration

 

Mentioned below is the list of documentation that is needed for application of Car loan:

  • Duly filled application form
  • PAN card
  • Latest photograph in the prescribed size
  • Passbook attested by the branch manager
  • Last three months’ pay slips
  • Latest statement of income tax returns
  • Last six months Bank account statement
  • Business ownership documents if the applicant is self-employed.

Valid identity proof:

  • Aadhaar card
  • Voter’s ID
  • Valid ID card issued by your employer
  • Valid passport
  • Valid driving license
  • PAN card

Valid address proof:

  • Telephone bills
  • Ration card
  • Property tax assessment
  • Gas connection bills
  • Electricity supply bills
  • Water supply bills

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 should ideally opt for a two-wheeler loan during festive seasons since the rate of interest would be lower
  • Female applicants also can avail a two-wheeler loan at a discounted rate of interest in case applied via a special scheme online






Eligibility Criteria ..


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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Calculate your Needs?


Many questions may come in your mind before deciding on the Loan. ‘How much Loan I would need, how many years I shall invest for, what would be the EMI’s, etc. Loans Calculators are life-savers. They help you know your needs and assess the potential costs. Grey Font brings to you various Loans Calculators and interactive tools to help you calculate your needs. In order to get better results, ensure to enter a value in all the possible fields.





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