Things To Know About Applying For Two Wheeler Loan Online

Introduction

Getting a two-wheeler will give you the freedom to commute without many overheads. A bike or scooter is fuel-efficient and does not require a lot of maintenance. They solve the biggest issue of traffic congestion and parking in metro cities. After all, you will need only so much space for your bike to park and glide across the traffic jams on city roads. 

Buying a two-wheeler on loan is easier than you can imagine. You can get an unsecured two wheeler loan from top financial institutions with minimal documentation and full value paid. In most cases, the interest rates are competitive enough for even an averagely salaried personnel to own a bike or two-wheeler. 

You also have an option to get a secured loan against your bike from a bank, where your bike is the collateral and you are required to pay the amount due in full within a stipulated time, to finally get the two-wheeler in your name. A two-wheeler loan eligibility is achievable and makes it easier for any salaried personnel to apply for a loan for buying his dream bike or scooter. 

The demand for two-wheeler loan has been rising in the recent past, especially among the younger generation. Affordability has been an important factor in terms of two-wheeler loan. Getting a two-wheeler loan gives you the option to actually own the two-wheeler and pay the price in easy EMIs over a comfortable tenure. 

Why taking a Two-Wheeler Loan is Sensible

A two-wheeler loan can help you get your own vehicle instantly, without having to pay the whole amount upfront. You can pay the full amount in equal instalments, directly deductible from your bank account. 

Quick Approvals

A two-wheeler loan is approved almost instantly. Many banks and non-banking financial institutions offer online application facility for a loan. You can get a two-wheeler loan in a few clicks, by following the steps on a bank or NBFC website. There is a dedicated helpline available for most financial institutions to help you send an online application. Moreover, many authorised dealers have tie-ups with many financial institutions. You can drive home a new bike home by paying just 10-15% of the total value of the vehicle. This makes it easier for anyone to own a new bike or two-wheeler and pay it while managing your own finances. 

Minimum documentation

A two-wheeler loan is easy to acquire, which makes it possible for an Indian citizen to walk into a showroom and choose a vehicle they desire without having to pay the full amount upfront. They can get approval for a two-wheeler loan almost instantly and drive home the bike they want. Most banks and financial institutions offer quick and instant loan approvals based on your previous credit report and salary. You are not required to fill in multiple forms or stand in long queues to get the loan approved by a bank anymore. Some NBFCs just require your personal details and bank statement to approve a loan that will allow you to own a two-wheeler instantly. 

You own the two-wheeler you choose

When you are buying a bike or a scooter on loan, you get the full ownership of the vehicle, although you paid only a fraction of the price as a down payment. The down payment amount varies from agencies to agencies, but every institution will allow you to own the bike from the day you purchase it. Although, in some cases, where you have applied for a secured loan against collateral, your bike must be held as a guarantee for the loan tenure. In most cases, simply the amount minus the down payment is divided equally into easy instalments, to be paid monthly over a fixed time period. This gives you the flexibility to own and purchase a two-wheeler of your own without spending all your savings. 

Save your cash for something more important

A two-wheeler loan allows you the freedom to keep your savings safe for an important occasion rather spending it on a bike. As in most cases, you are given more than 80% of the overall amount of the two-wheeler as a loan, you can set aside your own saved cash for some other important purpose or a rainy day. Your liquid cash deposit is not depleted while purchasing a bike, when you are using a two-wheeler loan. 

Make your credit ready

A good credit score is very important to acquire a loan in our country. A two-wheeler loan is affordable and makes it easy to pay the EMIs on time. If you are regular with your EMI payments, it helps in boosting your credit score too. A good credit score will help you get loans of higher values in future and even get extra benefits like flexible tenure and discounted interest rates.

Affordable

The best part of taking a two-wheeler loan is the affordability. Most banks and NBFCs offer competitive and affordable interest rates for people taking a loan for buying a two-wheeler. You can even apply for personal loans from various financial institutions at very cheap interest rates to buy a bike or scooter.

Conclusion

Thus, you can see that if you satisfy two-wheeler loan eligibility criteria, buying a bike on loan makes more sense than paying for it all together with cash. You can save a lot while putting minimum pressure on your personal finances if you apply for a two-wheeler loan. The process is hassle-free and quick, allowing customers to own a bike almost instantly by paying just a fraction of the cost upfront.