Two Wheeler Loan

Two Wheeler Loan

If you think that to buy a new or a used two wheeler, you can apply for two-wheeler loan. With such a loan, you will not be forced to tire your whole savings on purchasing a new bike as you can simplify your purchase process.

two wheeler loan

You can buy any type of scooter or bike from the market with the help of a bike loan. Moreover, you can pay a two-wheeler loan through the same monthly installment (EMI). You can buy a 200 cc scooter or a 500 kg bike with a dual lone. Both banks and non-banking financial corporation’s (NBFCs) provide bike loans at affordable prices. You can choose interest rates for your loan according to your convenience. The official bank website and third-party financial web portal that provide a clear picture of the loan details. You can take a look at the different features and fees of each loan, and then make a submission decision.

Bikes are very popular in the country because it is very easy to land people because it is not trapped in traffic jams. Also, considering that many families are going to atoms, bikes are more preferred and economic. Other observations suggest that in India, the increase in the young population (18 to 25 years), most of the motorcycle buyers in India make up.

Bike industry in India

The bilateral industry in India is said to be the largest of its kind in the world. Due to the reason that the bike is the cheapest private transport or demographic dividend due to the larger urban middle income population, this motor industry is important. One of the main reasons for the opening of the bilateral capital is that Indians are easily available and there are many banks and NBFCs who provide bilateral extortion money.

Extra interesting information about two-wheels in India

   * Top motorcycle and scooter suppliers in India include two wheeler companies Hero Motocorp, TVS Motor, Honda Motorcycle and Scooter India (HMSI), Bajaj Auto, Yamaha, Royal Enfield and many more. There are also bikes made by foreign bike makers in the Indian market.
* Honda Activa 4G, Hero Glamor, 2017, Aprilia SR 150, Honda DO, TVS Apache RR 160, etc., were sold in the best selling of the year.
* The future of bilateral factories in India will be mainly made of electric bi-wheel. All the bikes completely run the electricity without any petrol or diesel costs. Electric bikes introduced by electrotherm and hero electrons have electric motor powered motorcycles in the country. Some organizations include Mahindra Two Wheeler, Yamaha, Bajaj Auto and TVS Motors to work on the development and release of power-driven scooters. This bike will probably be used in lithium-ion (Li-ion) batteries to be operated. There is power in Asia which will be the first to run electricity in India. The name of the scooter is Ather S340.
* Indian bike makers as well as foreign bike makers who are interested in selling their cars in the Indian market. This is especially because they think that due to the high demand of vehicles India is a very lucrative market for the bilateral market. Already, some of the foreign bicycle manufacturers of India are selling their cars, which are Harley Davidson, Suzuki, Ducati etc. UM Bikes, US bike manufacturer recently launched the country’s bikes.
 

Types Of Two Wheeler Loan

There are two types of bike loans available in India based on credit security:

1. Security bicycle loan: You usually take this loan against a security or compressor which may be like property of home, bond, land etc. Although these loans are easily available and there is a relatively low interest rate than unsecured loans. The risk of your property rate, if you fail to successfully close your debt amount.
2. Unprotected Bicycle Loans: First of all, it may seem quite beneficial, they do not require any collateral to be announced for loan approval, but eventually you will have to pay more for your car if you accept a secured loan. But for the first time buyers, a secured loan is not always possible. Therefore, such loans are the only option which is sustainable.

How To Apply Two Wheeler Loan

You can apply for two-wheeler loan through two main methods and they include online procedures and offline methods. Let’s look at the process of applying for two-wheelers through these methods:

 

Online application for Two Wheeler loans

 

   * This is an extremely easy way to apply for bilateral loans. It’s fast and stress free.

   * You can visit the official website of lenders that offer these loans or third party financial websites. Once you visit this website, you get details about interest rates, fees, charges, and EMI options associated with each loan. You can compare each feature of different loans and then choose your loan. You can also determine the length of your loan and the amount of debt you compare online.

    * You can use an online loan EMI calculator, which is available on both financial websites and official bank websites. Here, you can do different loan amounts, the length of the loan, and interest rates. Once you have entered the statement, you can adjust the amount of your loan and loan amount.

    * When you apply online, you can upload them to your website and submit the necessary documents online. It will be different from the lender to the lender. You can check with your lender before making the application.

   *  Applying online is easy because you can go to a branch of the bank and apply to your home or office without waiting for a long line.

    * Online application for bilateral financial institutions will reduce the overall credit cost

    * When you apply online, most lenders provide a loan arrangement.

 

Offline application for two-wheeler transactions

 

   * When you want to apply for an in-turn transaction, you will have to visit a branch of the bank or NBFC which you are interested in.

  *  In the branch, you have to instruct a customer representative to apply for a bilateral financial institution.

  * You can tell the representative about your preferences and financial status.

  *  You will end all formalities before the amount of the loan is delivered to your account.

  *  When you apply offline, you will not be able to use the online loan EMI calculator.

  *  You will not be able to compare certain bilir loan options that are available in the financial market. In addition, you may have to stand in a queue waiting for your turn to get support from a representative.

 

Documentation Required for Bike Loan Applications

It is essential to remember that with every eligibility criterion that needs to be covered, comes the requirement to prove it to the bank through documentation. Based on these aspects, the following are the most basic documents that may be required to be submitted along with your loan application to ensure positive results on your loan approval:

Two-Wheeler Loan Documents Particulars    Documentation Required

 

Photo identity proof :    Passport-size photographs, at least 2 to 6 are recommended to be kept handy for your loan application.

 

Identity proof:     

   *  Passport

   *  Electoral Voter Identity card

  *  Driving License

  * PAN Card

  *  Aadhar Card

 

 

Address proof :  

 * PAN card,

 * Driving License

Temporary address proof:

* Bills against your name

 

For salaried employees:

 * Employment or offer letter

 *  Bank statement

 * Salary slips

 

For self-employed individuals:

 *  Latest Form 16

 *  Bank statements

 *   Proof of their source of income