Looking for a transport that can help you in easy travelling? If so, riding a two-wheeler can be a fantastic and practical way to get around. You will not only save money on your commute but also the time you would have otherwise probably wasted stuck in traffic. So if you want to buy a two-wheeler but are unsure of your financing alternatives, a Two-Wheeler Loancan help you accomplish your goal of owning a two-wheeler.
Two-Wheeler Loan: What Is It?
A Two-Wheeler Loan is one that is issued to those who wish to buy a motorbike or scooter of their preference and pay for it with Equated Monthly Instalments (EMIs).
You can quickly determine your eligibility, apply for it online, and receive immediate funding upon approval; some potential borrowers are pre-approved and get funding immediately, without documentation. You can do this from any location at any time, as well as select your own EMI plan and Two-Wheeler Loan term.
A 5-Step Roadmap For Obtaining A Two-Wheeler Loan
Decide On A Two-Wheeler Loan
Make a choice on the model and the Two-Wheeler Loan type that will most likely meet your needs. Several banks also provide Super Bike Loans if you’re interested in financing a motorcycle that’s not simply a standard bike.
Make Sure You Are Eligible For The Loan
You can easily verify your loan eligibility on the website of the relevant bank. To better understand your qualifying status, you can look up details on their Two-Wheeler Loan eligibility requirements. To determine your eligibility, go visit the “Eligibility and Documentation” page.
Determine The Monthly EMI
The bank’s website provides you with a Two-Wheeler EMI calculator or you can say, a Bike Loan Calculator to make things easier for you. It gives you an estimate of the EMI you need to pay depending on your principal loan amount and the applicable rate of interest. Not only that but this Bike Loan Calculator has been diligently created to help determine your anticipated EMI based on your location while taking into account the various road things that affect a Two-Wheeler Loan.
After doing your research, you can easily go to the website and apply for a Two-Wheeler Loan. Your financial and personal information will be requested. Also, you must include precise information about the vehicle, such as the RTO, the dealer’s name, and the on-road cost.
Submission of The Documents
Banks and other financial institutions have made paperwork procedures easy and convenient online. Every lender requests a certain set of documentation from you when you apply for a loan.
Some of the required standard documents are listed below:
|Latest Salary Slip/ Form 16||Yes||No|
|ITR For the Latest One Year||No||Yes|
|Business Stability Proof/Ownership Proof||No||Yes|
|Employment Stability Proof||Yes||No|
|Particularsulars||Salaried Individuals||Self-Employed Individuals|
|Identity Proof||PAN Card, Voter’s ID, Passport, Driving Licence||PAN Card, Voter’s ID, Passport, Driving Licence|
|Address Proof||Utility bills, Passport, etc.||Utility bills, Passport, etc.|
|Income Proof||Salary Slips, Income Tax Returns, Bank Statements||Bank statements, Income Tax Returns, Audited Financial Statements|
*Depending on the lender, different documentation can also be needed. Ask your lender what documents they want you to provide.
What Benefits Does a Two-Wheeler Loan Offer?
There are several advantages to seeking financing to get the bike you’ve always wanted. Some of them are:
- Obtain the money you need to acquire the bike of your choice.
- Utilise a co-applicant or guarantor to secure the funding you require.
- Get financing for buying Super Bikes as well.
- Get attractive interest rates.
- Explore an array of loan payback schedules.
- Pay your financial obligations off with manageable EMIs.
- Build your creditworthiness by paying off each EMI on time.
Tips for Filling Out a Two-Wheeler Loan Application
Now that you are familiar with the processes involved in applying effectively for a motorbike, let’s examine the considerations you must make. These guidelines might assist you in selecting the ideal loan.
- Proper Research: Review loan terms, interest rates, processing costs, available repayment schedules, and other factors. It will assist you in locating the most cost-effective solution.
- Choose Tenure Thoughtfully: Your EMI highly depends on the duration. A shorter term will enable speedier loan repayment, but at the cost of higher EMIs. Ensure that you can pay your EMI without experiencing financial hardship.
- Check Interest Rates: These influence your loan’s total cost and EMI. Selecting a low-interest loan will keep the cost of the loan low.
- Compare Floating And Fixed Interest Rates: Some lenders might offer you a choice between both fixed and floating interest rates. Floating Rates fluctuate in response to changes in market rates, on the other hand, Fixed Rates don’t. Despite this, variable rates are typically less expensive than fixed rates.
- Compute your EMIs before applying: Choose a loan that gives you an affordable EMI with a convenient repayment period.
- Prepayment Fees: Learn the costs involved if you intend to prepay or foreclose the loan at any stage. For this, some lenders could charge you a fee, while others might not.
- Read The Terms And Conditions Carefully: Before you sign your loan offer paper, carefully read all the terms and conditions. The small print may disclose additional costs and expenses that aren’t revealed elsewhere. You can avoid incurring severe penalties by being aware of these phrases.
Your ideal two-wheeled vehicle is nearby. Just follow the above-mentioned guide and apply for a Two-Wheeler Loan to enjoy exhilarating rides.