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All You Need to Know about two Wheeler Finance

two-wheeler-finance

A two-wheeler is a popular mode of transport in India with the total number of registered motor vehicles running in lakhs. The many advantages of owning a two-wheeler such as a convenience, affordability, etc. are the reasons for this popularity. A two-wheeler can be purchased for multiple reasons daily commute, adventure, racing, etc. Whatever be the purpose, a two-wheeler is a mode of transport that will take you to places. It will give you thrill and passion for driving down the city lanes. If you have always dreamt about owning a two-wheeler but never took a step towards it, now is a good time to do so. You can apply for two wheeler finance to make the buying process convenient and easier.

Manufacturers introduce new two-wheelers every few weeks and this might make it difficult for you to make a decision. However, you can start by considering the purpose of purchase and then sticking to a budget. When you take a look at different two-wheelers available for you, it might be tempting to go over budget but it is best to stick to your budget. Shortlist the two-wheelers you are keen on buying and take a test drive. Never purchase a two-wheeler without a test drive. Ensure that you are comfortable using the two-wheeler. Once you zero in on a two-wheeler, scout the market for reliable lenders in the industry.

Eligibility Criteria Every lender will have varying eligibility criteria you need to be aware of. You can compare the same online and then make a decision. The basic eligibility criteria is as follows:

  • You need to be above the age of 21 with a valid driving license
  • You can be salaried or self-employed
  • You need to have a stable source of income
  • You need to have spent at least six months at the current place of employment

Documentation: In order to apply for the loan, you need to provide identity proof, income proof, address proof, bank statement, salary slip, and the documents of the two-wheeler you wish to own.

Interest rate: Interest rate plays a crucial role in the amount of monthly outflow you have to manage. The loan is available at a low-interest rate but it is best to compare different lenders before making a borrowing decision. You can get information about the interest rate online and then make a detailed comparison. When the interest rate is low, the EMI will be low and your monthly outflows will remain in control.

Down Payment: You need to remember that there is a requirement of the down payment for the loan. The entire value of your two-wheeler will not be available as a loan. You can make the minimum amount of down payment. The minimum requirement varies from one lender to another. Once you make the down payment, your loan application will be processed.

Application procedure: The process of application is simple and hassle-free. You need to fill-up the form and submit the documentation with passport-sized photographs. If you have a good credit score, the application will be processed in no time. If you do not have a consistent flow of income, you will need a guarantor for the loan. If everything is in place, your loan application will be approved in 24 to 48 hours.

Repayment: The loan amount and interest is to be repaid in the form of EMIs over the tenure. If you default in the EMI payment, it can have a negative impact on your credit score. Hence, prepare a repayment schedule to ensure timely and consistent payment of dues. You can use an EMI calculator to get a quick EMI estimate. The calculator is available for free online. All you need to do is provide the loan amount and tenure. You can change the inputs until you reach an optimal output. Two-wheeler finance is the best way of buying a new two-wheeler without affecting your budget. You do not need to use your emergency fund or disrupt the budget for the purchase. Since the loan is available for a high amount, you can purchase any two-wheeler you want to. You can make the loan repayment while you drive the two-wheeler. It is the most convenient and hassle-free form of buying a brand new two-wheeler today. Due to increasing competition in the market, lenders offer the loan at a low-interest rate.

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