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. Let’s understand the eligibility criteria and some other features of this loan. Eligibility Criteria for availing bike loan: 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.
Features of Two Wheeler Loan:
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. 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.