Understand The Features Of 2 Wheeler Loans To Get Your Desired Bike For Travelling

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The sale of two-wheelers has seen a considerable increase in the last few years. The affordability and convenience have increased the popularity of 2-wheelers.  The 2-wheeler has a huge share in the Indian Automobile Market. The Indian 2-wheeler market has grown exponentially with a plethora of options by various companies. With various price ranges, there are bike loans being offered by financial institutions. You can purchase them easily with the help of a two-wheeler loan with a reasonable bike loan interest rate. The features of such loans may depend on financial organizations or even depend on the bike and amount of loan being taken. There are two types of financial organizations Banks and NBFC’s (Non-bank financial institution). Both provide a loan facility to customers. Nowadays, most of the people avail of a loan through NBFC’s the reasons behind many offers and lowest interest rates. Before taking a bike loan to keep in mind important things like loan amount, Interest rats, documents required for a loan, and eligibility criteria of the loan. Let’s understand the eligibility criteria and some other features of this loan. Eligibility Criteria for availing bike loan: Two Wheeler Loans is the best option to buy a new bike but it’s not easy to get a vehicle loan. You will have to provide a list of documents and have to declare your financial earnings to speed up the loan approach procedure. Here are the bike loan eligibility standards for application and acceptance: –
  • The minimum age limit for applying for a loan is 18 years and the maximum is 65 years during the time of application.
  • The residence of the applicant has to remain the same for a minimum duration of a year to prove it as the stabilized residency.
  • The employment of the applicant has to be regular for one year. If self-employed, the applicant should have aIT returns of two years.
  • The CIBIL credit score of the applicant should be decent.
  • There must be a permanent phone number provided during the application and should have KYC documents.
Documents Required for Loan Process: Documents play a vital role in the loan process. Before taking a loan you will have to provide a list of documents. There are two types of documents – Documents for Salaried Person and Documents of Self-employed. All the details related to both mention below:- Salaried person:
  • ID Proof: Passport /Photo credit Card/Pan Card /Driver’s License /Voter’s ID/Aadhaar Card/ Identity card with applicant’s photograph issued by Central/ State Government Departments, PSU.
  • Two recent passport size photographs
  • Address Proof: Passport/Driver’s License /Voter’s ID/Utility Bill/Aadhaar card/Bank account or Post Office savings bank account statement. It should be computerized documents issued by PSU, Pvt Sector, or MNC Banks only. / Property or Municipal Tax receipt; Address proof in the name of the applicant’s spouse or parents name is acceptable
  • Last 3 month’s salary slips/ Form 16/Latest ITR
  • Last 3 month’s bank statement is mandatory
Self Employed:
  • ID Proof: Passport /Pan Card/Driver’s License/Voter’s ID/Aadhaar Card
  • Two recent passport size photographs
  • Address Proof: Passport/Driver’s License /Voter’s ID/Utility Bill/Aadhaar card/Bank account or Post Office savings bank account statement. It should be computerized documents issued by PSU, Pvt Sector, or MNC Banks only. (All banks except corporation bank)/ Property or Municipal Tax receipt; Address proof in the name of the applicant’s spouse or parents name is acceptable
  • Latest Income Tax Return (ITR)
  • Last 3 month’s bank statement is mandatory
Features of Two Wheeler Loan: Nowadays, the Two Wheeler loan is the best option to buy your dream bike at the lowest interest rates. Banks and NBFC’s offers the facility of loan. Both are good, but Banks in terms of interest rates and offers may be different from NBFC’s. Most of the people interested in NBFC’s loan system, the reasons behind many offers and lowest interest rates. Other features of Two Wheeler loan mention below:-
  • Bike Loan is a convenient option to meet your vehicle needs. Also, the interest rate is comparatively better than that of other loans, such as car loans.
  • The amount can be paid back in EMIs. The EMI period ranges from 1 year to 60 months.
  • Several showrooms and outlets provide instantaneous approval for loans when you purchase the vehicle.
  • The documentation process is relatively simpler than the other loan categories.
  • There are several options for the repayment of these loans, e.g. cash payments on a monthly incentive, Standing Instructions (SIs), post-dated cheques.
  •  Numerous two-wheeler corporations have collaborated with financial organizations to offer hassle-free loan assistance to their customers.
  •  A few financial institutions offer complete finance to customers.
  • Before the loan is sanctioned, credit scores and documents are reviewed properly.
Privileges of Two Wheeler Loans: Financing:  For two-wheeler loans, several financial institutions propose financial assistance for the majority of the cost of the vehicle. This makes the process easy for the customer and makes the product affordable for the client. Immediate Sanctioning of Loans: A majority of creditors for two-wheeler loans have a collaboration with the dealerships. They offer walk-in assistance in the showroom. This looks after the convenience of the client and ends up saving time for all parties involved. Easy Payment: The payment process is structured in such a way that it doesn’t cause any unnecessary financial constraint on the customer. The client is given a period of 12 months to 60 months to pay off the loan. Such flexible plans permit the debtor to properly make arrangements and control their budgets according to their income. Decreased Earnings Criterions: In comparison to the other loan categories, the Two Wheeler Loan have a greater advantage as they cater to the people in the lower-income segment. Two-wheeler loan is the best option if you are interested in EMI’s system. EMI stands for Equated monthly installment, which you have to pay on a monthly bases or customized term. All-inclusive payments for loan:  The offering for a two-wheeler loan includes the complete expense of purchasing a two-wheeler. This includes vehicle fixtures, insurance fees, registration payments, etc. This is a better alternative as the loan covers not only the cost of the vehicle but other things as well. 

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