To buy a two-wheeler, you can apply through a very simple process. If your age is between 21-58 years old, you are eligible to apply for the loan. But you have to keep in mind that you have to be financially capable to repay the loan all along with the interests, of course within the stipulated time.
It is very important to submit all the relevant documents in order to get the loan for the vehicle. When you apply for the loan, you have to provide your age proof as a photo-id. You can use driving license, PAN card, Voters ID card, or you can even use your passport. And as for the proof of residence, you need to submit one of the following such as driving license, telephone or electricity bill etc. You also need to submit your recent salary slip as a proof of your regular income ascertaining that you can repay your loan.
As goes with any sort of loan, no loan can cover the entire cost of any vehicle. But, for a two-wheeler loan, the loan can help you in covering the larger part of the cost of the vehicle. Taking the factors including your income and the ability to refund the loan, you can get up to 85% cost of the vehicle which you want to purchase.
When compared to other loans, financing the two-wheeler will cost very less. Generally, you can repay the loan within the period of 12-36 months. However, before you repay your loan, you need to check your monthly income and whether you will be able to pay the loan in monthly instalments. This helps you in avoiding the risk of evasion.
When you’re applying for the loan to buy a two-wheeler, you will certainly want the process to be completely efficient and hassle-free. A large number of banks and financial institutes offer various online loans and related application services. This helps you save your valuable time and also allow you to get several discounts which are available only online. Two-wheeler loans are the best option for the customers who want to buy a new vehicle but do not have enough financial support. With being reasonable interest rates, applying for a two-wheeler loan is easy and the loan can also be paid off by the easy EMIs.
There are several banks and financial institutes in India who provide these loans. You can contact them while you buy your two-wheeler. You can also apply for any two-wheeler loan online. The documents that you need to submit should also bear a good credit score.
As the various two-wheeler loans vary from bank to bank, you have to be extra careful before you’re selecting one. A relieving part of getting a two-wheeler loan is that the loans have a low rate of interest which makes them very manageable. They also bear a flexible payback period. This means you have to face less hassle while returning your loan. So, before buying any two-wheeler loan, make sure to check them side by side.
One very important point to notice that taking bike loans are relatively simple. Moreover, the process fees and other documentation charges are inexpensive, which makes availing these loans very easy for an individual. Other than that, there are several financial institutions who provide special offers and discounts on the interest rates.
The entire loan sanctioning process is fast and secure when compared to other loan taking methods. In addition to that, the documentation needed for the availing the loan is also minimal. This makes the loan availing relatively easy for the individuals.
Though most of the banks out there, do not offer loans to the borrowers who have low credit rating score, some of the non-banking financial institutes are easy enough and they provide loans to such borrowers. This makes the purchasing of the two-wheeler vehicle relatively easy and also the buyer can avail the EMI option to buy such vehicles.
Everyone wants the comfort that arrives with buying a new vehicle. With the arrival of a fast and hassle-free means of transportation is not just suitable, but it also provides the owner with a proper sense of independence. Whether you are traveling on the busy roads of a large city or you’re in between the narrow streets of your town, a two-wheeler is the best vehicle for traveling in India that is of course if you have a small family.
And getting a two-wheeler vehicle is easier nowadays. Unlike any major purchase you do, certain things you have to keep in mind before you buy any two-wheeled vehicle. Although the two-wheelers are way less priced when compared to a car, if you buy high-performance bikes or export bikes from the foreign countries, prices can get pretty high. And that is the point when the loans get very handy.