Two Wheeler Loans: Travelling is something really hassling. With daily travelling population and an increase in traffic people look forward to buying modes of transport to lessen the loss caused by hold-up due to traffic congestion and unpredictable transport conditions. Two-wheelers are the easiest and fastest mode of conveyance. It can move through traffic without difficulty. You can easily save time on travel. To be eligible for a two wheeler loan the candidate should be between 21 to 58 years of age, have a regular income and met certain other basic norms.
Benefits of Two Wheeler Loans | Two Wheeler Loans
- Speedy Approval
- Convenient and Hassle free
Documents required for Two Wheeler Loans | Two Wheeler Loans
- ID Proof and photo
- Address Proof
- Income Proof
- Bank Statement
- Residence Ownership Proof
Two Wheeler Loan Interest Rates | Two Wheeler Loans
Depending on the bank, type of vehicle, applicant’s employment type and source of Income; the interest rates for two-wheelers loans in India vary between 13% to 27%. The interest rates are generally floating and are related to the base rates. As a two-wheeler is a depreciating asset, the interest rates are normally higher if compared to other loan products. The interest rate for this also depends on other factors like the term, margin and type of vehicle.
Features of Two Wheeler Loans | Two Wheeler Loans
As most of the banks offer loans up to 90% of the on-road price of the vehicle, you can purchase any brand new two-wheeler without a second thought. Spending all your savings to buy a two-wheeler is a risky option. Instead it is better option to avail a two-wheeler loan. This gives you relief from the financial burden. You can plan your budget successfully and pay off the loan in affordable EMIs.
Types of Two Wheeler Loan | Two Wheeler Loans
Secured Two Wheeler Loan: You can take this loan against a security or collateral. These loans are effortlessly available and have comparatively lower interest rates than unsecured loans. This reduces the risk of losing your asset, in case you are unable to pay off your loan amount.
Unsecured Two Wheeler Loan: This is something quite lucrative. In this there is no need of collaterals to be declared for loan sanction. However, in this you pay a much higher price for the vehicle than you should have actually paid if you had taken a secured loan.
Get your dream bike with the most affordable two wheeler loan!