Many of you have the dream of purchasing your own bike for a long time, correct? Getting a motorbike or scooter not only smoothen your travelling experience in crowded metropolitans in India but also provides a sense of pride. However, transforming your dream into reality sometimes can be backbreaking since it requires plenty of money in a single shot. In that case, availing of a loan for two wheeler is a proven beneficial option that you can consider while you have a limited budget and cannot settle yourself with making the entire payment in a single go.
A number of financing institutions and banking organisations these days offer two-wheeler financing at an attractive rate of interest. As a result, you can purchase your fancied two-wheeler by making a small initial down payment or at zero down payment accompanied with a low-cost EMI.
Four easy steps to follow while applying for two-wheeler finance:
- Complete the two-wheeler loan application form offline or online and instantly receive the credit status.
- You can visit your dealer at the showroom to get assistance in completing the application form as well as formalities from the friendly staff.
- Present the necessary documents to proceed further with your loan.
- Make an initial down payment after the loan gets sanctioned and receive the delivery of your favoured two-wheeler model.
Advantages of getting a two-wheeler loan:
When it comes to creating an expensive purchase, such as buying a two-wheeler or superbike model, a loan for two-wheeler offers practicality and efficiency; Particularly, if a situation arrives when you do not wish to compromise with your dream. So, whether you have already considered the two-wheeler loan or been thinking of it for a long, here are some expected benefits that come mandatorily with a two-wheeler loan:
- Swifter approvals: Getting your two-wheeler loan sanctioned in India is pretty quick and easy. You just need some mandatory yet minimal documentation to get your loan approved in the least possible time. However, you need the following necessary documents:
-Your employment proof and salary slips for the last 3months
-ID Proof and residential proof
-Your last 3months of bank statements
- Obtain additional discounts: Several leading banks and finance lenders provide new offers and discounts in collaboration with two-wheeler companies from time to time. You can actually receive various valuable features like discounts, cashback, free insurance or even a complimentary registration fee. Besides, you can experience several lucrative schemes during special occasions or festivals.
- Avail of affordable interest rates: The eligibility of two-wheeler loans differs from lender to lender. However, one common thing is there between all moneylenders, which is affordable interest rates. In India, two-wheelers are available at lower interest rates.
- Elevates your credit scores: A decent credit score can influence your bike loan from every aspect and will help you get more valuable loans like home loans, car loans, etc., in the future. You can swiftly reciprocate your loan value as it comes with budget-friendly interest rates. And, if you successfully repay your instalments, it will positively impact your two-wheeler loan as well.
- Provides you more opportunities and affordability: Purchasing a two-wheeler through cash can restrict your budget and preference sections much conveniently. Yet, a two-wheeler loan can efficiently provide you with plenty of alternatives, including accession affordability to the table. So, you can pick up any from endless models, brands and types of two-wheeler with the backup of loan funds.
Now that you know the advantages of getting a Two-wheeler loan to purchase your favourable two-wheeler, then let us guide you to the eligibility criteria of availing of this product.
Understand the eligibility of a two-wheeler loan:
Every fund lender or banking institution has set its eligibility criteria for borrowers to avail of two-wheeler loans. You must be:
- above the 18 years of age and be between 65years of age while applying for the bike loan.
- a self-employed/salaried individual. Or, you can be a business person with a record of at least two years.
- collect all required documents such as ID proof, residential proof, employment or business proof, income proof, utility/mobile/phone bill, bank statement, etc.
Keep your documents assembled:
While you plan to apply for a two-wheeler loan, get your documents ready and assembled to prevent unspecified errors at the time of paper submission. You must find the all required documents beforehand that lender demands from you. Through this action, you can speed up your loan application process. Also, conveniently lay your hands on your favourite gear. However, these days, lending institutions offer paperless documentation if you apply online. In general, you are expected to submit your identity proof, household proof and earnings proof. Yet, the obligations may vary from provider to provider.
Two-wheelers have proven their support in daily travelling through crowded streets or narrow avenues of India. A bike or scooter is much affordable in this country than a four-wheeler if you consider a loan for two-wheeler.