What is a Two-Wheeler Loan?
Many middle-class families in India have taken to two-wheelers, in particular scooters. This is because of the convenience they offer, especially during those long journeys. You can find bikes and scooters on the roads at all times of the day and night. But they don’t just take you from one place to another – they also complement commuting with their ability to speed up your journey; long distance travel; racing and off-road riding.
The two-wheeler loan is especially designed to ensure that the customers are able to buy their dream bike or scooter. A two-wheeler loan is a loan provided to individuals to purchase their dream two-wheeler in attractive payment options. The repayment period can be anywhere between one month to five years without any prepayment penalty.
You may have heard some people claim that availing a two-wheeler loan is a bad idea, and it will be better to avail a car loan. Well, everyone is entitled to their opinions, even if it is wrong. Two-wheelers are so beloved in India because they are clean and eco-friendly, so more likely you can use your bike for short distance travel. And it does not require registration or license costing almost half of what the car will cost.
You may have heard some people claim that two-wheeler loans are a bad idea, and it will be better to avail a car loan. Well, everyone is entitled to their opinions. Two-wheelers are so beloved in India because they are clean and eco-friendly, so more likely you can use your bike for short distance travel. And it does not require registration or insurance at almost half of what the car will cost.
- They are easier to manage in traffic
- They cause less pollution
- They save time during commute, helping cut through traffic a lot better compared to cars.
- It is easier to get bike loan without down payment
Two-Wheeler Loan! Applicant’s Dilemma!
A two-wheeler loan given by banks, NBFCs and other financial institutions is a very popular product among the Indian consumers. Majority of the people in India choose to avail the bike loan even if they have the necessary cash or funds to purchase the vehicle outright. The reason for doing so is that a two-wheeler loan provides the option of paying back EMIs which are large enough to repay the amount in due time but not large enough to put a major financial dent on your funds.
A motorbike is one of the most popular transportation vehicles all over the world. It’s easy to drive, comfortable and fun to ride, and it gives you a sense of freedom. However, many people now do not know how to buy a bike or scooter. As a result, they are bombarded with different offers and perks, but most do not know how to apply for two-wheeler loan or all factors that should be considered before applying for bike loan application.
The process of Availing A Two-Wheeler Loan
You can apply for a bike or scooter loan online here. Go to our website, fill out the application, and then upload any necessary documents to complete your loan. We’ll send you an email with all of your information after we receive it.
- Research interest rates and tenure of different lenders or banks, and use the two-wheeler loan EMI calculator to assess your options. In addition, you should check out the documents that the lender requires before disbursing money onto your two-wheeler, and the complexity of the documentation process.
- Many banks and lenders have requirements beyond simply meeting income standards, such as credit requirements. In some cases, you may also need to meet specific savings or investment objectives that are part of your personal goals. Be sure to look at the criteria for every account you’re applying for, including checking and savings accounts as well as credit cards.
- Ensure that you have all the correct documents to complete the documentation process