A two-wheeler is a great way to access the convenience of quick, personal mobility. It allows you the luxury of travelling at your own schedule while saving on high cab costs. With the travelling norms in lieu of the pandemic, the way we travel has also changed. The best and most convenient way to deal with this, and the traffic, is to get your very own two-wheeler. And with easy financing options such as two-wheeler loans, the ordeal has become an experience.
Read on to know everything related to getting a two-wheeler loan online.
What Makes Two-Wheelers a Good Investment?
Owning a two-wheeler is not as difficult as it was a few years ago. Even though the prices continue to get higher, you can easily fund your purchase today with a two-wheeler loan by paying easy EMIs. The economical purchase is not only liberating, but is also very-cost effective in the long term.
A two-wheeler loan is a great investment owing to the several benefits it offers. Here are some:
- Two-wheelers are more economical than four-wheelers as they offer better mileage.
- Two-wheelers are compact, making it easier to ride through traffic, park, etc.
- They also have a better resale value.
Two-Wheeler Loan: Eligibility Criteria
A two-wheeler loan proves to be a feasible financial solution to fund the purchase of your bike or scooter. It is widely offered by leading banks and NBFCs at affordable interest rates. The application process too has become quite simple, making it a lucrative deal. Here are the eligibility criteria that you must meet to enjoy an approved two-wheeler loan:
Age: An individual must have a minimum age of 21 years to get a two-wheeler loan. The loan must be repaid before the age of 60 years. Self-employed persons must repay the loan before the age of 65 years.
Income Proofs: Lenders require income proof as a way to gauge your repayment ability. Typically, they require you to be employed or self-employed for a minimum of one year.
Credit Score: You must have a minimum credit score of 650 when applying for a two-wheeler loan. However, the threshold will majorly depend upon your lender. A good CIBIL score will allow you access to better offerings at lower interest rates.
Benefits of Getting a Two-Wheeler Loan
Two-wheeler loans carry several benefits for borrowers, including:
Minimal Documentation: As a borrower, it can be quite a hassle to accumulate a heap of documents. However, you do not have to be worried about online two-wheeler loans as they require minimal documentation. Lenders typically follow a precise documentation process that reduces the effort on your end.
Access to High Loan Amount: Lenders may offer considerably high amounts on two-wheeler loans. You can expect a loan of up to Rs. 5,00,000 and sometimes even more.
Instant Approval: Thanks to the digitalisation wave of 2020, a growing number of lenders offer instant two-wheeler loans. The loans are sanctioned within a few hours to a few days through quick processes.
Easy Repayment Options: Two-wheeler loans are offered with a host of flexible EMI options. You can choose the most suitable option based on your repayment ability.
Steps to Get a Two-Wheeler Loan
Having an idea about your profile and required documentation will help you be prepared for the loan application process:
Step 1: Pick an appropriate lender after evaluating all the information. Look for factors such as credibility, bike loan interest rate, and offerings.
Step 2: Check if you meet the eligibility criteria and also whether you have the required documents.
Step 3: Use the two-wheeler loan EMI calculator to understand how much you will have to pay in the form of EMI. EMI costs depend upon your loan tenure, loan amount, and applicable rate of interest.
Step 4: Submit your application along with the required documents, including age, income, and employment proofs, and, if required, bank statements. If there’s discrepancy in the documents, lenders are quick to approach you to continue the process smoothly.
Once the lender evaluates all the essentials, the loan is sanctioned, and the amount is credited into your bank account.
Now that you are aware of all the aspects pertaining to getting an instant two-wheeler loan online in India, you can choose to afford convenience with no attached costs or baggage. Visit Finserv MARKETS today to enjoy the best deals on two-wheeler loans.