Two Wheeler Loan
Day by day, the traffic is getting overwhelming and the public transport, overcrowded. Nothing helps you navigate through the chaos better and makes you self-reliant like your dream bike. We understand this, which is why we bring you easy and customised Two Wheeler Loan solutions.
Some features of Two Wheeler loans are
Two wheelers have a superior resale value against cars in the long term. So once the loan payment is done, the owner can think about a new bike by selling it off.
As an entry level vehicle, generally people in India prefer over cars. a considerable populace in India still cannot afford to buy a vehicle in a single lump sum payment. Hence, the 2 wheeler loans are really helpful in handling the financial burden of buying a vehicle.
The rate of interest is comparatively lower on two wheeler loans than any other mode of finance available in the market.
The and other processing formalities are very simple in two wheeler loans. Most of the time the loan is sanctioned instantly at the showroom itself.
Nowadays, a lot of commercial banks and financing companies are offering two-wheeler loans at competitive interest rates. In banks do offer loans in combos with in-built insurance packages. So for an this is a since they need not go through the hassle of buying insurance cover for the new asset separately.
There are numerous options for the repayment of two-wheeler loans. One can repay their loan either through ECS, post-dated cheques or cash on a monthly basis.
Benefits of Two Wheeler Loan
Two Wheeler Loans always stand out as the most preferred means of finance for those who are buying a bike for the first time.
On-the-spot loan sanction – Most of the lenders in this category have direct tie-ups with the dealers. One can simply walk a showroom and buy a new scooty or bike within an .This saves time and efforts.
Ease of Payment: Two wheeler loans are smartly spread out over a longer tenure so that there is no undue financial burden on the applicant. The borrowers of two-wheeler loans get sufficient time to pay back for the two-wheeler loan. The loan tenures generally range between 12 and 48 months. The flexibility to choose the tenure allows the borrower to plan repayment better considering their monthly budget and earning. ECS or Post dated cheques are some of the convenient options to pay the loan EMI.
Lower Income criteria – As compared to any other loan, two-wheeler loans offer greater leverage to people with lower annual income. In someone having an annual income as low as Rs 50,000 can also avail a two-wheeler loan.
Flexible Tenure: Generally the tenure in 2 wheeler loans is offered up to 4 years. This ensures lower EMI amount and in doesn’t affect the monthly budget of the buyer.
Nil charges: Most of the lenders do not charge any charges in case the borrower to his loan amount. This helps consumers clear off their debts faster.