Everything You Need to Know About Two-Wheeler Loans

A two-wheeler is a much-needed flight to freedom from the chaotic traffic of Mumbai. A two-wheeler is not only agile but can be easily maneuvered from the small spaces. It is a much better and economical option than owning a car. From buying groceries to dropping your kids to school to going on a road trip, a two-wheeler becomes a member of your family.

Yet purchasing a two-wheeler is not a small expense. If the cost of a two-wheeler you want to buy does not fit your budget, then you have an easy solution to this issue. You can take a two wheeler loan and finance your bike or scooter with it. Some lenders provide with 100% financing for the two-wheeler.

Technology has made it easier to avail loan these days. You can avail a two-wheeler loan online itself. This saves the time you invest in traveling all the way to the branches. Financing your two-wheeler with a loan is an option you should consider.

Here are some advantages of buying your bike with a bike loan.

1. Lowers financial burden
Purchasing a bike or a scooter is put an immediate burden on your finances. Availing a loan helps you reduce the burden and manage your finances effectively.

2. Convenient application process
Online two-wheeler loans are easy to avail. The application process happens either on the lender’s website or their mobile app. The approval and disbursal happen on the spot. This is a much better option than an offline line as you get instant access to funds.

3. Multiple Repayment Options
Banks or NBFCs provide you with different payment option for your EMI. You can repay your loan through depositing a Cheque every month or linking your bank account pay from it directly through online transfer.

4. Flexible Tenure
You can choose the tenure option for your loan as per your needs. The usual tenure period is of maximum 24 months. You can look for tenure and EMI suitable for you by using online two wheeler loan EMI calculator.

5. Competitive Interest Rates
Two wheeler loans are high in demand. Hence two wheeler loan interest rates that are offered to you will be competitive.

Every type of loan has an eligibility criterion. The eligibility criteria for a two wheeler loan is as follows:

•Credit score
•Age limit
•Loan Amount
•Monthly Earnings
•Employment History
•Residence Proof

Here are a few things which you should keep in mind when you apply for a two wheeler loan.

1. Decide on a tenure
Once you have decided on the amount you want to avail as also, you need to also decide on the tenure. Decided how many months would you need to repay the loan and fix on a tenure accordingly.

2. Check the Interest Rates
Choose a lender who provides you with competitive interest rates.

3. Pre-payment charges
Some lenders might charge you a prepayment fee if you prepay your loan. Choose a lender which has the lowest charges.

4. Search for the best deals
Many Banks and NBFCs offer two-wheeler loans. Hence you need to choose a deal which is best for you in terms of loan amount, tenure and interest rates.

Opting for a two wheeler loan is the best way to finance your dream bike or scooter if you do not want a burden on your daily finances.