Have you been wanting to get a two-wheeler for a long time? Are you having financial difficulties in purchasing your ideal bike? Now, owing to the Two-Wheeler loan, you can put the financial crisis behind you. Many individuals consider a two-wheeler to be a necessity because it not only makes commuting easier but also saves time.
Well, two wheeler loan in Bangalore has helped many individuals accomplish their dream of owning a two-wheeler without worrying about the cost. With the advancement of technology, you may now receive instant two wheeler loan online approval and have your bike standing outside your home within a day or so. To get more detailed information on two-wheeler loans, keep reading forward and pay attention to all the details.
What Qualities and Advantages of a Two-Wheeler loan?
Have a look at the qualities and benefits of a two-wheeler loan:
- Self-employed individuals, as well as salaried, can apply for a two-wheeler loan.
- You get a maximum loan to value (LTV) ratio of 95%.
- The loan amount for a two-wheeler loan ranges from ₹10,000 to ₹1 lakh.
- To apply for a bike loan, you only need to provide a few documents.
- You do not require a guarantor to apply for a two-wheeler loan.
- The terms for repayment are flexible, which is up to 48 months.
- The rate of interest on a bike loan is competitive.
- Your EMIs are affordable, and you also get a variety of repayment alternatives, including ECS, PDC, NACH, and cash.
- If everything is in line, your two wheeler loan online approval may take only 15 minutes.
What Should You Keep In Mind Before Applying for a Bike Loan?
Keep the following in consideration when applying for a two-wheeler loan:
- Determine the type of two-wheeler you wish to buy depending on your needs so you know how much financing you require.
- Don’t submit numerous loan applications at once.
- Examine your finances and credit score to determine your loan eligibility and whether you will be able to repay your loan or not.
- Fill in all the information accurately in the loan application form to avoid your application getting rejected.
- Verify all of the information before submitting an online application. Also, check out the various repayment alternatives.
- Accept the loan conditions only after thoroughly reading and comprehending them.
What Is the Two-Wheeler Loan EMI, and How to Calculate It?
The EMI is a very essential element to consider when applying for a two-wheeler loan. The EMI is the equated monthly instalment that you have to pay to the lending institution from which you have availed your two-wheeler loan. This monthly instalment includes the loan principal amount and interest rate. EMI helps the borrower to make payments over a period of time and reduces the burden. In a two-wheeler loan, your vehicle is held in trust until you make your last EMI.
To get an estimate of your EMI, you can use the fantastic online tool called the EMI Calculator, which is available on the website of your lender. You may use these tools to receive an estimate of your EMI by entering the loan amount, interest rate, and loan tenure. You can experiment with these three aspects to see which combination works best for you.
Do I Qualify for a Two-Wheeler Loan Application?
Here is a list of the eligibility criteria for a two-wheeler loan which will tell you if you are eligible to apply for one or not:
- You must be of Indian nationality.
- You must be over 18 when applying for a two-wheeler loan.
- As a salaried employee, you must have a minimum of one year of employment, including at least six months of present work.
- Self-employed professionals must have been in business for at least one year.
- There are no criteria for a set monthly income.
How to Apply for a Two-Wheeler Loan?
You may apply for a two wheeler loan in Bangalore from the comfort of your own home, or you can go to the local branch of your two-wheeler dealership and speak with a representative who will guide you throughout the financing process. The application’s offline mode is simple to grasp. For the online option, we have supplied simple instructions that anybody may follow.
- Visit the website of your two-wheeler dealership in your browser.
- Check the eligibility criteria to see whether you can or cannot apply for this loan.
- If you are eligible, scroll down to the page and click on the “apply now” button.
- On clicking that, you will be diverted to the application form page.
- Fill in all the necessary information, like your name, mobile number, and email address.
- Verify with OTP and at the end, check the terms and conditions box.
- Once you have submitted your application a representative from your lending institute will review it and get in touch with you as soon as they are done.
Upon post-approval, your loan amount will be deposited into your respective bank account.
A two wheeler loan online approval takes less time than the traditional offline process. As a result, you should use an online technique while applying for a two wheeler loan in Bangalore. It will help you save your time, plus who doesn’t love being in the comfort of their home and getting their work done instantly!