We have "Two Wheeler Loans" for you
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Nowadays everyone wants a vehicle in a house. Two wheelers are the most common and important for high, low, and middle-class peoples. Most people recommend two-wheelers rather than cars. Now, most of the work is only possible with two wheelers. Not only do most people buy bikes, scooters, and two wheelers for their desire and fun. As all the young generation is strictly addicted towards high speed bikes and fancy looking motorbikes or you can say sports bikes. Among the total percentage, 70% of the population have two wheelers. Now the question arises here: hope everyone gets the two wheelers that easy, are they cheap in rates? The answer is simple there are many lenders who provide two wheelers loans so that everyone can buy it.
The two wheeler loan helps you to purchase a motorcycle or a scooter of your choice and pay it in equated Monthly Installments EMIs. Two wheeler loan is available for both salaried and self employed individuals
For different people, a two-wheeler serves different purposes. For some, it represents fulfilling a dream, while for others it represents a mode of transportation that can take them efficiently from one place to another. While most of us dream of owning that dream motorcycle or scooter, not everyone is capable of buying two wheelers with full payments, and other than a simple bike some of them are costly and hard to buy with cash. So to solve this issue two wheelers loan is the best option. It’s a kind personal loan and easy to get with any lender in the market.
1. Get the funds you need to buy the bike you want.
2. Get funds to buy superbikes as well.
3. Use a guarantor or co-applicant to get the money you need.
4. Repay your loan in affordable EMIs.
5. Lesser documents formalities, as compared to other loans
6. Instant loan approval at the time of vehicle purchase at showroom/outlet itself
7. Flexible repayment tenure from 1 year to 48 months, as per the borrower’s desired EMIs
8. Attractive interest rate starting from 7.85% to 20.9% per annum
9. Upto 100% of the value of the vehicle
Before applying for a loan for Two Wheeler, you should fulfil all basic eligibility criteria as prescribed by the bank. For the two wheeler loan application the salaried individuals and self employed individuals are eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.
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ELIGIBLE |
Salaried individuals and self employed individuals |
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AGE |
21 years to 70 years |
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MONTHLY INCOME |
For salaried individuals = Rs.7000 For self employed individuals = Rs.6000 |
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RESIDENTIAL STABILITY |
Must be staying at the current address for at least 1 year |
|
WORK EXPERIENCE |
At least 1 year |
|
CREDIT SCORE |
Above 750 |
Any applicant who is going to avail a loan for two wheeler must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
Filled application form
Proforma Invoice
Passport size photograph
Identity Proof
For salaried individuals = PAN card, voter’s ID, passport, Driving license
For self employed individuals = PAN card, voter’s ID, passport, driving license
Address Proof
For salaried individuals = Utility bills, passport, etc.
For self employed individuals = Utility bills, passport, etc.
Income Proof
For salaried individuals = Salary slips, IT returns, bank statements
For self employed individuals = Bank statements, IT returns, audited financial statements
Points to remember while applying for a Two Wheeler Loan
Now that you know how you can successfully apply for a motorbike loan, let’s check out what you need to keep in mind while applying for one. These points can help you find the right loan and avoid paying more than you should.
Do your research well
Choose your tenure wisely
Choose an affordable interest rate
Compare floating rates versus fixed interest rates
Compute your EMIs before applying
Ask about prepayment fees
Read the terms and conditions properly
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BANKS |
INTEREST RATE |
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9.15% to 15.90% |
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Start at 10.65% |
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Start at 11.83% |
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9.65% to 15% |
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10% to 18% |
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10% to 26% |
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Start at 11.83% |
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21% to 29% |
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Start at 11.50% |
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7.75% to 8.35% |
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Start at 10.70% |
There are two ways to apply for two wheeler loan :
1. Offline Method : By visiting the nearest bank branch
2. Online Method
Firstly visit lenders website or branch from which you want to get loan
Fill the application form and read all the term and conditions
Attach all required documents with an application form
After submitting form lenders will let you know that you eligible or not for the loan
Two wheelers loan is a kind of secured personal loan. It is very easy to get from any bank you want to take. Study all bank interest rates and benefits and then choose the bank which you like the most to take a loan. After that visit to the bank with complete documents and one more important thing before proceeding to the bank to check if you are eligible or not for the loan. Rather than the bank, you can also get a loan from a seller from which you would like to buy two wheelers.
The mathematical formula is used to calculating EMI of Two Wheeler Loan
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
P stands for the loan amount or principal,
R is the interest rate per month and
N is the number of monthly installments.
Financials products offered by Bank
The two wheeler loan helps you to purchase a motorcycle or a scooter of your choice and pay it in equated Monthly Installments EMIs. Two wheeler loan is available for both salaried and self employed individuals
The interest rate is provided in a two wheeler loan starting at 7.85% to 20.9% per annum.
The loan amount provided in a two wheeler loan is upto 100% of the value of the vehicle
The minimum age of the applicant is 21 years and maximum age is 65 years to take a two wheeler loan.
Salaried individuals and self employed individuals are eligible to take two wheeler loans.
Last Updated on : 07/Sep/2020Know More About
You're eligible for a Two Wheeler Loans if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Two Wheeler Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Two Wheeler Loans Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 9.15% - 15.9% |
| Processing Fees | Varies with bank |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Two Wheeler Loans EMI Calculator