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2 mins Read | 1 Year Ago

How to avail a Two-wheeler Loan at a Low Interest Rate?


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Owning a two-wheeler offers convenience, flexibility and a great sense of freedom. If you are eyeing a two-wheeler but need some financial assistance, ICICI Bank’s attractive Two-Wheeler Loan options with great offers are what you are looking for, apart from your new ride. In this blog, explore some routes to secure a Two-wheeler Loan at Low Interest with Zero Down Payment and ride home your dream two-wheeler with Equated Monthly Instalments (EMIs).

Get your Two-wheeler with a Low Interest Loan!

Here are some effective ways to get a Two-wheeler Loan at Low Interest Rates.

1. Maintain a Good Credit Score:

When it comes to credit, your credit score determines the amount and quality of credit you are entitled to. Lenders consider this score as the yardstick when determining the interest rate they offer. A higher credit score (750 and above) indicates your creditworthiness and goes a long way in negotiating a lower interest rate. Before you apply for a Loan, make sure your score is ideal. Else, take some time, pay your bills & existing loans on time and manage your credit responsibly. Over time, your credit score will improve, along with your chances of getting a great deal

2. Compare Interest Rates in the Market:

Before finalising a Two-wheeler Loan, it's advisable to compare the interest rates offered by different lenders. Look up various banks and financial institutions to narrow down on the ones offering the most competitive interest rates according to your eligibility.

3. Go for a Higher Down Payment:

Making a higher down payment for any new purchase will certainly (and significantly) impact the interest rate offered to you. By putting up a larger upfront payment, you reduce the loan amount, which can lead to a lower interest rate over a shorter repayment period. If you don’t have enough money set aside, try and save some to make a substantial down payment to secure a loan with reduced interest charges. Special Deposit Schemes such as ICICI Bank iWish Goal Based Savings can help you save money and earn interest towards specific goals, like buying a new two-wheeler.

4. Maintain Steady Income:

Lenders also consider the level and stability of your income to gauge your repayment capacity when determining the interest rate. A stable and steady income highlights your ability to repay the loan on time. Provide necessary income documents such as Salary Slips, Income Tax Returns or Bank Statements, to demonstrate your financial stability and increase the chances of obtaining a loan at lower interest. These documents may differ for salaried and self-employed individuals.

5. Negotiate:

Don't hesitate to negotiate for a lower interest rate. If you have a good credit score, a stable income or are a valued long-term customer, you are in a stronger position to negotiate a reduced interest rate. Select ICICI Bank customers are entitled to Instant Loan Approvals at Special Interest Rates and Lower Processing Fees. Communicate with your preferred financial institution, express your willingness to secure a loan at low interest and discuss any relevant factors that can support your case.

6. Opt for a Shorter Loan Tenure:

While longer loan tenures may seem attractive due to lower monthly EMIs and the luxury of time, they can quite easily result in higher interest payments over time. Choosing a shorter loan tenure can help you save on interest charges as the loan is repaid quicker. Assess your financial situation and go for a loan tenure that balances your monthly budget with the aim of reducing the overall interest paid.

7. Explore Special Loan Offers:

Keep an eye out for special Loan Offers or Promotional Schemes from lenders. Financial institutions sometimes introduce Limited Period Offers with Reduced Interest Rates or Processing Fee Waivers. Keep updated and take advantage of such opportunities to secure a Two-Wheeler Loan at low interest.

Remember, every lender will have specific eligibility criteria for providing loans at low interest rates. It is crucial to do your research, compare options and carefully evaluate the terms and conditions before settling on a loan. By implementing these points, improve your chances of availing a Two-wheeler Loan at low interest and achieve your dream of owning a bike.

Two-wheeler Loan with Zero Down Payment

A Two-wheeler Loan with Zero Down Payment is ideal if you don't have a substantial amount of money to pay upfront, but need your new ride just the same. Here's how it works and why it could be a suitable choice:

1. Eliminating the need for Down Payment: In a conventional loan setup, a down payment is required, which is a certain percentage of the bike's on-road price. With a Two-wheeler Loan with Zero Down Payment/100% Funding, you don't need to make any upfront payment. ICICI Bank provides this facility to make owning a bike more accessible and affordable for select customers

2. Affordable EMIs: You can divide the entire bike's cost into Equal Monthly Instalments, managing your budget easily

3. Convenient Loan Repayment: With Zero Down Payment, enjoy the flexibility of repaying the loan through affordable EMIs over a chosen tenure.

Buying a scooter or bike on Equated Monthly Instalments (EMIs) is an effective way to distribute the cost of the bike over a specified period. Getting a loan at low interest make it even better and doesn’t strain your finances. With an ICICI Bank Two-wheeler Loan (ICICI Bank › Loans › Bike Loan) get financing options including the flexibility of Zero Down Payment and the convenience of EMIs. Owning your dream bike has never been easier!

By carefully factoring in your budget, loan tenure and repayment capability, comfortably enjoy the thrill of riding your bike while keeping your financial commitments in check. Get your EMI details in a few clicks using our Two Wheeler Loan EMI Calculator .

Trust you are ready to embark on your next two-wheeler journey!

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