Two wheeler loan interest rates and its guide

In India, two-wheelers are increasingly becoming a popular and preferred mode of transport. This is because India has a crowded transportation system, poor road infrastructure. Also as crude oil prices are going up, two-wheelers help in saving fuel. As two-wheeler financing is becoming easier and affordable, two-wheeler loans had become a lot easier to avail of. Here are a few important factors you need to keep in mind before getting a two-wheeler loan

Loan eligibility:

For being eligible for a loan, you would need to disclose a few of your details like your current city, salary, age, loan amount, etc. based upon the details the financial company will get back to you for the loan status. 

Few key criteria for getting the loan is

• You need to be at least 21 years old and a working professional and not more than 65 when the tenure ends 

• Should have minimum per annum income(varies for different cities)

• Should have the same address and in the same city for at least 1 year.

Interest rates:

Better the credit score, lesser the two-wheeler loan interest rate, and vice versa. If you find your rate of interest on the higher side this is because of a low credit score. Having a good credit score is recommended and has a significant role in the loan interest rate. Also, a trusted financial partner helps in getting a good interest rate and less stress

Documentation needed 

Simple KYC documents, like Identity and address and income proof, and a passport size photograph needs to be provided to check loan eligibility. But in the case of Corporation Bank Two Wheeler Loan, no additional documents are required other than income and identity proof.

Selecting the right financial company 

There are various factors you need to consider while selecting your financial company or loan. These depend on various factors like the charges, do they provide you a low-interest rate for your loan, what are the extra benefits provided by the company, how well your insurance policy is covered, due they allow prepayment service, their customer service record, etc. 

 Benefits of taking a two-wheeler loan in India?

• It is very easy to apply for a bike loan both online and offline. 

• Due to high market competition you can get a low-interest rate.

• A lot of companies provide special discounts for women 

Conclusion:

A customer today is a variety of choices. And with technology, it had become easier. Use it to your advantage. And fulfill your dream of owning a vehicle

Also read this: How much income is considered to be sufficient for a Personal loan?