Two Wheeler Loan: Know the Details before Availing One

A two-wheeler loan allows you to get a motorcycle of your choosing at a reasonable interest rate with low monthly EMIs that won’t break the bank. EMIs (Equated Monthly Installments) is a method of repaying a two wheeler loan at a low cost. The EMI duration extends from one to three years, and we also provide the option of pre-closing the loan by repaying the total balance plus certain pre-termination fees.

Bike loan EMI calculator: Know your eligibility

Loans are merely another approach to fulfil your economic goals and personal needs in today’s world of attractive interest rates, adjustable Equated Monthly Installments (EMIs), and convenient tenures. When it comes to purchasing a large purchase, such as a two-wheeler, loans provide convenience and practicality, particularly if you would not want to sacrifice your desires.

Know your eligibility before applying for a two-wheeler loan:

  1. The loan applicant’s minimum age should be 18 years old, with a maximum age limit of 65 years at that point of loan maturity.
  2. Applicants must have lived in the house for a minimum of 1 year to demonstrate residential stability.
  3. Applicants must have worked in a stable position for at least one year or be self-employed with two years of IT results.
  4. The applicant must have a satisfactory CIBIL credit score from the credit bureaus.
  5. Applicants must have a permanent phone number and have KYC and other relevant documentation.

A two-wheeler loan is indeed the ideal way to get your ideal bike without having to use up all of your savings. When you don’t have any other options, it’s the finest approach to handle your funds. You can borrow up to 100 percent of the total on-road price of your bike without putting up any collateral. You can manage your payments depending on your needs thanks to low-interest rates and extended loan terms.

A minimal eligibility criterion for a two-wheeler loan is also in place. To get a loan, you’ll have to persuade your bank that you do have a steady income and a decent credit score. You can also acquire a reduced interest rate if you have a higher credit score.

Two-wheeler loan: Remember the Do’s and Don’ts

Make a list of the Do and Don’ts before applying for a two-wheeler loan:

Do’s

1. Make sure you check all of the boxes on a financial company’s two-wheeler loan qualifying criteria before applying.

2. Complete the loan online application completely and accurately, omitting no necessary fields. Any mistakes on the online application will cost your time and generate unnecessary stress. As a result, it is advisable to enlist the assistance of a corporate representative to ensure that the procedure runs well.

3. Always browse around to have a better understanding of the market and the greatest bargains. You can do this by comparing two-wheeler interest rates on loans from various lenders and selecting the most advantageous one.

4. If you don’t meet the qualifying requirements or have a low credit score, just get a co-applicant for the mortgage. However, please remember that the co-applicant would be held responsible for the loan as well. As a result, pick a co-signer wisely.

5. Choose a lender that offers various EMI alternatives so that you can tailor your repayment schedule to your income every month. Make a strategy that includes a realistic down payment and term length.

6. Carefully consider the loan terms, as these will decide your monthly EMI payment. You should look for terms that are affordable (lower rates, shorter terms, etc.) and do not put a strain on your finances. To grasp the concept, use a bike EMI calculator.

Don’ts

1. First and foremost, do not register with many lenders at the same time, as multiple inquiries are seen as a sign of high credit risk by lenders. As a result, you may unintentionally damage your approval chances.

2. Carefully read the loan agreement before signing. Because the fine print contains important loan facts such as tenure, motorbike loan rate of interest, EMI amount, indirect costs, and so on, it only stands to reason to read it carefully and discuss with the bank before closing the contract.

3. Only borrow a sum that you are confident you will be able to repay without difficulty. Use a motorcycle loan EMI calculator to calculate the exact money you need and the total credit cost. In this manner, you’ll be able to secure a choice that won’t put a strain on your wallet.

4. Make every effort not to miss or fail on your Monthly payments. Pay your bills on time because they affect your creditworthiness and may prevent you from getting a future loan if you don’t.

Do visit the lenders’ website and check your EMI amount on the bike loan EMI calculator before applying for a loan. While the strategies listed above will help you overcome half of your obstacles, choosing a reputable financial provider will provide you with a slew of other advantages. Start applying after you’ve done your homework.

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