Purchasing a brand-new two wheeler allows you to drive comfortably through India’s congested cities. But people often face difficulties purchasing a two wheeler due to their limited budget. Here a two wheeler loan works like magic when you can’t afford to pay in full at once. You don’t need to consider the funding while you can avail of this credit line. There are a bunch of two wheeler loans available in the market, such as the Bajaj Finserv loan for two wheeler. This credit line helps you purchase your preferred two wheeler with a small initial down payment. You can pay the remaining amount in affordable monthly installments at competitive interest rates.
How to get a two wheeler loan online?
You can get a two wheeler loan with the following easy steps-
- First, you must select the financing company from which you want the loan.
- Thereafter, you have to open that company’s official website.
- Then you need to find out the application form for the two wheeler loan.
- You must fill every section of the form with all the required details.
- You have to go through the OTP verification process in the next step.
- A representative of that financing company will contact you and guide you with the next steps.
- Make sure you keep your KYC documents ready for the convenience of getting the loan.
Read More: Everything You Need to Know About Electric Bikes Before Buying One
It will be better if you consider a few important elements before applying for a two wheeler loan. The following factors will assist you in the process if you have already decided to apply for a loan.
- Eligibility criteria for a two wheeler loan- Every lender has a separate set of requirements to apply for a two wheeler loan. This is the reason why determining your eligibility should be your top priority. The most typical requirement for applying for a loan is the age eligibility criteria. You must be at least 21 years old. You have to apply with a co-applicant if you are 18 years old.
- Loan procedure- Applying for and receiving approval for a two wheeler loan was a laborious process that took a long time in the past. The procedure is much more convenient and quick now, as the conditions have altered. The application process became more practical and simpler with credit lines. You must follow a simple and quick procedure to get the loan amount easily.
- Interest rate- The most important consideration is the two wheeler loan interest because it determines the total amount you will pay. Comparing different lenders’ interest rates is the best way to choose a credit line. The interest rate often ranges from 9.5% to 14%. The number depends on the model of the two wheeler and the employer you are currently working for. Your credit score and ability to repay the loan also play vital roles.
- Loan amount- Leading financing companies to provide 100% funding of the vehicle’s on-road price to their existing customers. New applicants can avail of up to 95% of the total amount. This percentage matters a lot.
- Special offers- Lenders frequently publish special deals for their products. You can compare several lenders to find the best deal. Festive discounts and offers are typically available for bike loans. Several lenders also offer exclusive promotions to existing customers.
- Registration charges- A registration charge up to Rs. 120 is acceptable. It must not go above this range. You should look for a credit line with this feature.
- Other costs and fees- Consider contrasting various institutions’ processing and foreclosure costs. This is a very important factor as it can affect how much extra money will go from your pocket. A processing fee of up to 2.40% of the loan amount is appropriate. Look for a credit line up to Rs. 750 as documentation and hypothecation charges.
- Bounce charge- The maximum limit of bounce charge should be up to Rs. 550.
Consider all these factors before taking up a two wheeler loan. It can also save time. A two wheeler loan becomes the best loan while all these factors are included.
