What is Two Wheeler Loan?
Two Wheeler loan is loan amount which is taken for purchasing any two wheeler vehicle, Eg – Bike, Scooter, Electric Scooter etc.
You can Purchase two wheeler by taking out loan for a two wheeler, Whether you are salaried or self-employed.
What is Process of Bike Loan?
Step 1: Fill in the form for a Two Wheeler loan on our Portal and get the loan instantly.
Step 2: Visit the showroom of your dream/needed Bike/Scooter Dealership. Their representative will guide you through the loan formalities when you arrive.
Step 3: Submit the required documents, as stated by their representative. They will verify these documents.
Step 4: Once the Loan is approved, you pick a bike of your choice and make the initial down payment. Once all the formalities are completed, you can take the bike home with you.
What are benefits of a Two Wheeler Loan?
- The interest rate on a two wheeler loan is low. So, you can purchase Two Wheeler on low EMIs
- The documentations is simple and Processing of Two Wheeler is fast and easy than car loan and personal loan
- A person can apply for Two Wheeler loan online. The approval process takes less time than other Loans.
How can I get a low EMI?
The Longer the period of repayment, the lower the EMI you need pay. Now, do note that a longer tenure may see you pay more in terms of interest. If you want to save on interest paid to the lender, you will need to choose a shorter tenure with larger EMIs.
What is Minimum down payment Required for two Wheeler?
There are not any specified limits from government, but lenders (Bank or Financial Institutions) made this from themselves, it ranges from 15% to 30% of the two wheeler value. Down payment depends on the cost of Bike and repayment capacity of a Person.