Get instant two wheeler loans with low interest rate
March 01, 2019
The rising traffic on Indian roads have made two-wheelers a go-to option in urban as well as rural areas of the country. They are light in weight, easy to manoeuvre, convenient to park, and highly affordable too. Moreover, lenders in India now offer two-wheeler loans at highly attractive interest rates. This too has played a crucial role in consistently increasing the sales of two-wheelers in the past few years.
But while bike loan interest rate is now highly affordable, there are a few important things that a borrower should know about two-wheeler loans. 5 such things are-
1. Maximum Two Wheeler Loan Amount
While lenders in India used to offer loans of up to 70%-80% of the cost of the bike in the past, some of the lenders now offer loans of up to 100% of the on-road price. A few banks also offer pre-approved schemes to their existing customers for enhanced convenience.
But while loans of up to 100% of the value of the bike are now available, you should select the loan amount carefully as higher loan amount will also mean higher interest payment.
2. Interest on Two Wheeler Loans
The interest rate on two-wheeler loan varies between lenders. However, it generally ranges from 10%-26%. Your two wheeler loan interest rate would be finalized by the lender on the basis of a number of factors such as your relationship with the lender, loan amount, tenure, and CIBIL score.
When selecting a lender, make sure that you give special attention to the interest charged by the lender. You should always select a reputed lender who offers two wheeler loan at competitive rates.
3. Additional Charges
There are also a few additional charges that you’d be required to pay when you apply for a two wheeler loan. Some of the most common ones are loan processing charges, documentation charges, registration certificate charges, and CIBIL report charges.
Just like 2 wheeler loan interest rate, these charges vary between lenders.
4. Documents Required
To apply for a two wheeler loan, you will also be required to submit a few documents. Some of the most important documents you’ll need are-
- ID proof
- Address proof
- Bank statements
- Income proof
- IT returns of the last 2 years
You’ll have to submit these documents along with the loan application form.
5. Applying for a Two Wheeler Loan
To apply for a two wheeler loan, you’ll be required to visit the nearest branch office of the lender. Some top lenders also offer additional services like applying for a two wheeler loan through SMS.
Before applying, make sure that you first check the eligibility and documentation requirements of the lender to make sure that your loan gets approved faster.
Get Ready to Ride
Many of the top lenders now also offer innovative online tools such as two-wheeler loan interest rate calculator to help borrowers get a clear idea of the interest rate and loan EMI. If you are planning to apply for a two wheeler loan, use such tools for complete transparency.
If you are tired of travelling through public transport, maybe its time for you to think about purchasing a two-wheeler. With banks now offering attractive interest rates on bike loans, financing your dream bike is now easier than ever. Get in touch with a top lender to discuss your requirement and apply for a two wheeler loan as soon as possible.
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