The two-wheeler loan represents a type of loan issued to a person by a bank or NBFC to enable him or her to buy a scooter or a bike if the person does not have sufficient money to purchase a scooter. This will help the transport person quickly navigate the city’s traffic. Motorcycles and scooters are expensive, therefore it is usually very difficult for a person to pay the whole amount in one shot, particularly if they have other debts for the month. Thus, a double-speed loan can be conveniently paid into the wallet, as EMIs can be paid monthly and the loan can be refunded over a period of time.
FEATURES AND BENEFITS OF A TWO-WHEELER LOAN
- Full financing of vehicle: Up to 100% of the two-wheeled on-road price is sponsored by most banks and non-banking financial companies (NBFCs). In certain cases, the amount of the loan is also covered by the registration and the insurance costs. For the consumer, since its savings are not compromised in a single shot it is incredibly convenient.
- Flexible tenures: In general, two-wheeler loans have tenures up to four years. In certain cases, it is also possible to hold tenures of up to 5 years. This reduces the costs of the EMIs charged by the user, making them available and reimbursable. Based on the financial needs and criteria, the client will select the desired tenure.
- Simple documentation: The bulk of two-wheeler loans have very little paperwork that the consumer has to do. The only documents frequently requested are ID data, address evidence, and revenue evidence. This encourages and speeds the process. This makes it possible to apply for a customer with a double-wheeler loan.
- Speedy disbursal: Most lenders who offer two-wheeler loans make sure your bank account is lent in 3 business days or earlier. For current bank customers, pre-approved loans are available, and they are paid out even more quickly.
- Showroom and lender tie-ups: The majority of showrooms are fitted with two-wheeler loans, and these loans can be applied for at the showroom itself, making it very convenient to purchase a vehicle for customers.
Since a two-wheeler loan is a guaranteed loan, there is normally a low-interest rate. At just 9 percent, the interest rate on a two-wheeler loan begins and will grow according to your credit history, your relationship with the bank, and other factors.
HOW TO APPLY FOR A TWO-WHEELER LOAN
- You can apply online by filling in the application form and turning in all the required documents.
- You can apply in person by visiting the lender’s branch with all the needed documents and filling out the application form for the same.