Defining A two-wheelerLoan in layman's terms

Traveling in our country is like walking in a place with a landmine all over it. Well well, I’m not saying that it’s equally dangerous as it is but the thing is it is equally stressful. And whenever you’ve reached your destination, it gives the same sense of relief. Well, this is because the roads in our country are not maintained properly. Pit-holes and heavy traffic make it more difficult than it already is. Now during this time of all the stressful toll in one’s mind, a person thinks how easy it would have been to weave their way through this traffic. But now the thing is not everyone is well-off to pay for their two-wheeler directly. So we have a loan as your angel of disguise that might help you through this problem. If you don’t know the procedure or anything, here is the guide for you.

First of all let’s understand the loan Nomenclatures:-

Loan Amount: The amount that shall be borrowed 

Interest Rate: It is the amount the loan must pay along with the principal amount. 

EMI:  It is the monthly amount you must pay for your repayment. 

Loan Tenure: Duration in which loan shall be repaid. 

Processing Fee: It is a nominal amount that the loan must pay to avail of the loan. 

Planning for a two-wheeler loan must not be a quick decision. There must be a few things that the loan must keep in mind to avail of the loan:- 

Planning Your Purchase: During festivals, there are different offers and discounts that one shall avail of to reduce their loan amount. 

Knowing the loan Eligibility:

Age - 21-65 years

Minimum Salary Required - ₹15000 

Credit Score > 750 

Creating a repayment Plan: Now to maintain your good credit score one must keep this thing in mind that repayment of loan shall be done within the given tenure only. One must plan their EMIs in a very smart manner to complete the loan amount. 

Keeping your Documentation Ready: To avail, the two-wheeler loan, the following are the required documents from the loan:- 

1) Proof of Residence 

2) Proof of Identity 

3) Income Proof

4) In the case of asset-based loans, one must show how many loans are pending on their shoulders. 

5) Passport Sized Photographs 

Here are a few things that are required and are essential to be kept in mind when applying for a two-wheeler loan. Hope it might be of some help.

Read More:- Things to Consider Before Applying for a Personal Loan