Two-wheeler loans are a popular loan plan in India. Most people like to travel via bike or scooter. A lender offers a two-wheeler loan to help borrowers get their dream bike. Two-wheeler finance has many benefits, like less financial pressure, flexible repayment tenure, an easy way to improve credit scores, and more.
If you are considering getting a bike loan, you must check its features, eligibility, and other factors to choose the right loan plan. Here, you can also learn how to select the right bike that suits your requirement.
What are the advantages of getting a two-wheeler loan?
Before applying for a two-wheeler loan, you must know its benefits and features. Generally, bike loans are fast approval, meaning your lender will approve your loan quickly, sometimes within a few hours. You can get about 90% of your total amount to get your dream bike.
Whether searching for motorcycle types with pictures or visiting the showroom, you are looking for a bike with great mileage and additional features. Two-wheeler loans are also similar; with two-wheeler loans, you can get insurance coverage and accidental cover.
Another benefit of a bike loan is that you can get it with low-income eligibility. You don’t require to be in the taxable income range to get a two-wheeler loan.
What is the eligibility for a two-wheeler loan?
With a two-wheeler loan, you can easily purchase a bike. You can get this loan from various sources, including banks and finance companies. Eligibility criteria are a significant factor you should consider before taking a two-wheeler loan. You are required to ensure you fulfill all the criteria of your lender.
However, different financial institutes propose different eligibility criteria for two-wheeler loans. Most banks and NBFCs have general criteria, including an age limit from 18 to 65 years, the status of employment, minimum work experience, maximum loan amount, and minimum income required.
If you are applying for two-wheeler finance, you will require a good credit score and choose a repayment tenure that fits your requirement. If you have a lender in your mind, you can contact them and check the eligibility criteria for their two-wheeler loan.
Also Read: Light weight bikes in india
What to remember when applying for a two-wheeler loan?
- Before taking a bike loan, you must check and improve your credit score. Repay your previous loans or credit bill on time to boost your credit score.
- It would be best if you also considered additional charges like processing fees to ensure it reduces your financial burden.
- Compare the interest rate on the bike loan offered by several lenders. It will help you get your loan at a more affordable price.
- Calculate your EMI to ensure you can easily repay the loan within tenure.
- Some lenders offer seasonal bike loan discounts that you can avail of to save more on your bike loan.
How to choose the right two-wheeler?
If you are planning to buy a two-wheeler, you need to select from two types of the two-wheeler. Generally, there are two types of two-wheeler, geared and ungeared. Research the motorcycle types with pictures so you can look at their design. Other things you need to consider in your two-wheeler include:
- Brand
Choosing a well-known brand for motorcycles is essential as it provides you with a higher quality product. You can search for top motorcycling brands online. Brand motorcycles also have higher reselling value.
- Mileage
Another essential factor is the mileage of the two-wheeler. If the mileage of a bike is good, you can reduce future monthly fuel expenses. A good two-wheeler offers a mileage of 35 km per liter to 40 km per liter.
- Budget
You can get a two-wheeler from 60,000 to 2 lakhs. Consider your monthly income, savings, and expenses to make sure they fit into your budget.
- Height & Weight
Get a motorcycle that you are easy and comfortable to handle. Avoid getting too heavy and high two-wheelers, or you will have difficulty handling them.
Ways to apply for a two-wheeler loan
You can apply for two wheeler finance via both offline and online modes. You can visit the bank or finance company branch and ask the lender for all the necessary information regarding their two-wheeler loan. Your lender will inform you about the eligibility criteria and required documents. You will need to fill out a loan application and submit all documents. Once you submit your form, the lender will verify it and disburse the loan amount into your bank account.
However, if you want to save time, you can visit the official site of your lender and apply for a bike loan from there. You can get all the necessary information from the website. Fill out the application and upload the required documents for verification. Once the lender receives your application, they will verify it and send you money within a few days to weeks.
Conclusion
Once you understand how to apply for a two-wheeler loan, visit your lender’s branch. You can also apply for it by visiting your lender’s website. Check the loan eligibility with your lender and update all your documents if they need. When selecting the two-wheelers, research motorcycle types with pictures so you can have a great look at the features and design of the bike at once.
