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Two Wheeler Loan

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What is a two wheeler loan?

You can avail a two wheeler loan secured against your two wheeler (The two wheeler is the collateral) .You can also avail a two wheeler loan without collateral. Your bank would charge you a higher rate of interest if your two wheeler loan is unsecured.

What are the documents required to avail a two wheeler loan?

  • You need an identity proof such as a Pan card , Passport , Voters Identity or a Driver's license.

  • You need an address proof such as a Passport, Voters card, Driver's license, Utility bills (Electricity or a water bill) or a ration card.

  • You need an income proof such as your last three months salary slip or the Form 16. You might also need to show your bank statements of the last three months.

Why avail Two Wheeler Loan?

Low Interest

Banks offer two wheeler loans at competitive interest rates. Women borrowers get a discount on the interest rates.

Special Schemes

You get two wheeler loans at a lower rate of interest in the festive seasons.

  

Easy Documentation

Hassle Free Documentation. The loan is processed within 48 hours. Loan financing up to 85% of on road price of the motor cycle.

Flexible Tenure

Flexible repayment and tenure. No Guarantor or Collateral required for this loan.

 
Eligibility criteria to avail Two Wheeler Loan

You should be at least 21 years old at the time you apply for the loan, and less than or equal to 65 years at the maturity of the loan.
You should be residing in the city for at least a year. You should be working for at least one year.
You should have a landline number either at your residence or at office.
You need a minimum CIBIL score of 700 for the final sanctioning of your loan.

Key factors to consider for Two Wheeler Loan

Special schemes of a two wheeler loan

  • You can avail a two wheeler loan at a lower rate of interest in the festive seasons.

  • Women get a discount on the interest when they avail a two wheeler loan under some special schemes.

 

Concepts & FAQ's Two Wheeler Loan

Two Wheeler Loan

Financing the cost of a two wheeler is an easy option for the prospective buyers. These loans come with relatively affordable interest rates. Flexible repayment options are available in EMI's with tenure ranging from 12 to 48 months.

The borrower considering his need and financial condition can opt for either type of bike loan :

  • Secured Two Wheeler Loans

  • Unsecured Two Wheeler Loans

Secured Two Wheeler Bike Loans : Secured bike loan means loan against security. The loan applicant has to pledge his property like home, land or any other valuable property against the loan taken.

Unsecured Two Wheeler Bike Loan : Unsecured bike loans are not secured against any valuable asset of the borrower whether tangible or intangible.

Thinking of buying a Two Wheeler Loan ?

To be absolutely sure of WHAT TO LOOK OUT, talk to IndianMoney.com on the phone for FREE financial consultation.

Expert Financial Advisors from IndianMoney.com would provide you unbiased, correct and up to date information so that you can make an informed financial decision.

Frequently Asked Questions

Am I eligible to get two wheeler loans?

If you are salaried individual between 21 and 60 years of age with a monthly income of Rs. 4,500 or a self-employed professional between 21 and 65 with an annual income of Rs. 54,000/- you are eligible for a loan.

What is the maximum loan I can get?

You can obtain finance up to 80% of the vehicle value depending on the make and model of vehicle you choose. Finance on premium segment motorcycles is restricted to 70% of the vehicle value. If you do not have income proof, funding is restricted to 70% of the vehicle value. Additionally your net monthly income should be at least 3 times the Equated Monthly installment.

How is interest rates calculated?

Most private finance companies operate on a flat rate of interest. For example if you take a loan of Rs. 30,000/- for a period of 3 years, you will still be paying interest on Rs. 30,000/- for each of your installments despite having paid of a majority of your principal. Most co-operative and nationalized banks operate on a reducing balance interest rate which takes into consideration the principal amount you have repaid. They are the cheapest option available. Want to understand what kind of interest rates will suit your needs, call us on 080 67974000 and learn from us!

How long does it take for the loan to get approved?

Although in some cases the loan can be approved on the spot, most loans are sanctioned within 48 hour to 72 hours.

Can I get loan without income proof?

Finance up to 70% can be provided without income documents to small business owners and people with clean loan repayment records in the past.

Do I need a guarantor?

Generally no, however in case if you don't meet the Bank's norms then you may be required to have a guarantor to stand surety for your loan.

Do I have the option of pre-paying the entire loan amount?

Yes. You can pre-pay the loan any time after six months of availing of the loan at a nominal pre-closure charge. To know more on Two Wheeler loans, call us on 080 67974000

 

Two Wheeler Loan Articles

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Making its debut alongside its new older sibling, Suzuki Motorcycle India has introduced the 2019 Gixxer SF in the country. The 2019 Suzuki Gixxer SF is priced at Rs.1.09 lakh (ex-showroom) and brings comprehensive upgrades to the 155 cc motorcycle. This is the first major update to the bike in its total production run and includes cosmetic changes and new features on offer.

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Hero MotoCorp's second launch for the day is the all-new Pleasure+(Plus) 110 scooter. The new Hero Pleasure 110 is priced at Rs.47,300 going up-to Rs.49,300 and gets comprehensive upgrades over the outgoing version with a revised design, new colours and more-features on offer. It still remains one of the most affordable scooters on sale and will be attracting a number of first-time female buyers.

Hero Maestro Edge 125 Launched In India: Prices Start At Rs.58,500

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Hero MotoCorp has finally launched the new Maestro Edge 125-scooter with prices starting at Rs.58,500 for the Drum variant going up to Rs.60,000 for the Disc version which is fro the Carb variants. The FI variant costs Rs.62,700. The Hero Maestro Edge 125 remains identical to the 110cc version, and in fact, gets similar body panels with the angular lines and a sporty appearance.

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Two Wheeler Loan Videos

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Different Types of Loan Interest Rates Explained in Hindi - Prerna Chatterjee

Different Types of Loan Interest Rates Explained in Hindi - Prerna Chatterjee

1 Year Ago

What are the Different types of Interest rates for loans in India?   For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - #02261816111   To Learn Money Everyday, Subscribe to our YouTube Channel -  http://bit.ly/2gjv2mu and hit the bell icon to receive regular notifications.  For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - #02261816111
Surety for a Loan in Telugu - షూరిటీ సంతకం పెట్టడం వల్ల కలిగె నష్టాలు | EP : 58

Surety for a Loan in Telugu - షూరిటీ సంతకం పెట్టడం వల్ల కలిగె నష్టాలు | EP : 58

1 Year Ago

Surety for a Loan in Telugu షూరిటీ సంతకం పెట్టడం వల్ల కలిగె నష్టాలు! For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - #02261816111   To Learn Money Everyday, Subscribe to our YouTube Channel -  http://bit.ly/2gjv2mu and hit the bell icon to receive regular notifications.  For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - #02261816111

 

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