A huge section of Indian population is highly dependent on two wheelers for their everyday commute. The main reason behind their rising popularity is that they are not only affordable but also come with a low maintenance cost. However, a lot of people still shy away from purchasing a brand-new two wheeler due to lack of readily available funds. But you no longer have to worry, as to support the growth of the two wheeler industry and to make it easier for everyone to purchase any bike or scooter of their choice, many of the financial institutions now offer well-planned loan for two wheeler. These loans lift the burden off your shoulders and act as the most suitable solutions for your financial struggles. In fact, listed below are some other benefits of taking a two wheeler loan that you must take a look at.
Advantages of taking a two wheeler loan
- Helps with the CIBIL score – Many of the loans such as home loans, car loans and personal loans involve a huge amount of money and hence, demand a high CIBIL score for their approval. Since the two wheeler loans do not involve a lot of money and are easy to pay off, they can make it convenient for you to timely make all the payments and improve your CIBIL score which can further help you in taking bigger loans in future.
- Attractive interest rates – With the demand for two wheelers increasing continuously, the interest rates have witnessed a downward slope. Currently, the interest rates for two wheelers are between 12-27%, and they vary on the basis of the factors such as the bank or NBFC you choose, total loan amount and the model or brand of your bike or scooter. So, to obtain a low interest rate, make sure to compare the price ranges of different two wheeler dealers as well as the interest rates of various lenders, before taking the final call.
- Flexible and hassle-free process – Gone are those days when you had to actually wait for months to seek approval for any kind of loan as today, the entire loan process has moved online and it demands only a few documents for the application process. All you have to do is select a suitable lender, visit his online website and provide all the necessary details and documents. In addition, once you are provided with a green flag, the lender disburses the funds in your account within a day or two.
How to easily avail a two wheeler loan?
In order to easily avail a loan for two wheeler, you need to first meet the eligibility criteria and then follow some simple steps discussed below.
Eligibility criteria for a two wheeler loan
- The applicant must be an Indian national and should be above 18 years of age.
- Both salaried and self-employed individuals with a stable source of income can apply for the loan.
- The applicant should be in employment or in business for last one year.
- The applicant must possess all the important documents such as identity proof, income proof and residential proof while applying for the loan.
Steps to follow in order to quickly get a two wheeler loan
If you wish to apply online, then
- Do a thorough research online and compare two or three reliable lenders and their services to select the most suitable loan provider.
- Once you are done selecting the lender, visit his online website to explore the loan options and gather all the information about the two wheeler loans.
- Clearly enter your personal details and mention the two wheeler you want to buy.
- The next step is to carefully read all the terms and conditions and accept them in order to proceed.
- Once the application is received by the lending institution, it immediately gets in touch with you and assists you in effortlessly seeking the approval and in disbursal of the funds.
If you wish to apply offline, then
- Visit the nearest branch of the financial institution or bank from which you wish to take the loan.
- Talk to the representative regarding your request and explain everything from your budget to the two wheeler you want to buy.
- Submit all the KYC and income-based documents along with a properly filled application form to continue with the approval process. A representative from the lending institute will be provided to guide you at every step of the application process.
To sum up, purchasing a two wheeler is no longer difficult these days as all you have to do is scout the markets to look for a lender who can provide a loan for two wheeler with the best possible terms and conditions. This loan not only has a range of benefits but also asks for a basic eligibility criterion and supports a hassle-free application process. To seamlessly apply for a loan online/offline, you can simply follow the steps mentioned above.