A Guide to Getting the Best Loan for Your Two-wheeler

It is difficult for most people to take out a loan at the beginning of their careers. The eligibility criteria for most two-wheeler loan providers include a minimum age requirement. Aside from that, applicants must have at least a few months of experience in the job or profession they are applying for in order to be considered for a two wheeler loan. 

The combination of starting a professional life and taking out a two-wheeler loan is a bit of a challenge for most people. You can find and select a bike loan provider and assess your two-wheeler loan eligibility easily with the help of this easy-to-follow guide with helpful tips. 

As long as a person pays their EMIs on time, their life will not become terrible if they get a two-wheeler loan from Bajaj Finserv. The EMIs of those with a good income and low financial obligations can be managed without financial stress by those with a decent income and a low level of obligation. A longer tenure is better at this stage since it keeps EMI amounts low, allowing the borrower to repay EMIs on time without disrupting his or her budget. Just book your two-wheeler on Bajaj Mall.

Two-wheeler loans are subject to the following eligibility criteria:

All over India, bike loans are a convenient mode of transport for students. The majority of students cannot afford to buy a bike all at once since they may still be studying and have no income. Therefore, easy bike loans are available for students aged 18 to 21 with tenures ranging from 6 to 36 months. However, the student’s parent or guardian who meets the eligibility criteria is required to apply for the loan, based on the two-wheeler loan eligibility as the primary applicant, and is responsible for repayment.

  • Over 18 years of age
  • You should have a minimum monthly income of at least INR 25,000-20,000 (depending on your location).
  • 750 or higher is a good credit score
  • Documentation should be available
  • They shouldn’t have EMIs exceeding 60% of their monthly income.

How to find the right NBFC

Finding a two wheeler loan provider online is the best option; however, applying online is the best method. In India, applying for a two-wheeler loan online is very simple. You need to follow these two-wheeler loan eligibility steps:

  • Find out what lenders are available
  • One should consider the rate of interest
  • Ensure you are eligible for different lenders and know your eligibility
  • Feel free to contact a customer service executive if you have any questions or concerns
  • You can find the list of documents on the lender’s website
  • Go to the two-wheeler loan section of the lender’s website
  • Please click on the Apply Now button
  • Must fill out the application for a two wheeler loan 
  • Documents must be uploaded
  • Submit your application

Downpayment or not?

In addition, you need to decide whether or not you want a bike loan with no down payment. There is no down payment required from you to the retailer when you apply for this loan. This loan will be extended in its entirety by the lending institution. Alternatively, you can make a down payment and take out a loan for the remainder. The bike ownership papers remain with the lending institution during the loan term since a bike loan is a secured loan. Upon repaying the loan, take the NOC and bike ownership papers back to the lender.

What is the process for taking out an online two-wheeler loan in India?

For a loan to purchase a bike, go through the online application process. Virtual transactions are stress-free, cost-effective, and fast because one does not need to submit hard copies or visit the branch offices. It would be helpful to know the amount of the EMI in advance.

There will be a fixed amount of EMI each month, including interest and principal on loan. A free online EMI calculator would help you calculate your monthly payoffs once you input certain details.

Choose a payment amount that is easy on the wallet by adjusting the duration of payments. Make sure you compare the interest rate, eligibility requirements, and loan terms and conditions offered by different lenders before finalizing the two-wheeler loan.

Select the lender you want to work with and click on the link to apply online. Fill out the application form with the required information. Please upload supporting documents in soft copy as instructed.

Your loan is approved once the lender receives everything you submitted. In the event that you meet the criteria and there are no pending documents, it would take a few days for your application to be approved. As soon as your loan is approved, the amount will be transferred to your bank account immediately.

Two-wheeler loans: what are their features?

Motorcycle loans are often the first step one takes when buying a bike these days. Why is that? There is an exponential increase in the price of motorcycles. As a result, cash cannot be used to buy a bike. One can also enjoy some appealing features when applying for a two-wheeler loan. Here are a few examples:

  • Non-bank lenders (Non-Banking Finance Companies) and traditional lenders (banks) can cover 100% of the on-road costs of a bike.
  • In addition to the loan amount, the motorcycle’s registration fees and insurance costs are also covered.
  • Borrowers can benefit from low-interest rates if they apply for a secured bike loan.
  • A professional financial advisor can provide more details.



About Maria James


Check Also

Unleashing Digital Potential: The Power Platforms Odyssey

Unleashing Digital Potential: The Power Platforms Odyssey

In the vast expanse of the digital universe, Microsoft’s Power Platforms emerge as the cosmic …

Leave a Reply

Your email address will not be published. Required fields are marked *