Everything You Need to Know About Finance For Two Wheeler
Buying a two-wheeler is a matter of pride and passion. Most of us dream about buying a two-wheeler right from the day we start to earn. Two-wheelers do not come cheap and with the latest features and technology, they have become pricier. Manufacturers introduce new models from time to time and it can become difficult to take a pick. When you visit the dealer, you need to have your preferences in mind. Consider all the available models and take a test drive in them to choose the one that aligns with your needs. You can get finance for two-wheeler for all types and brands of two-wheelers you purchase. Here is all you need to know about the loan.
Availability
The loan is available for all brands and types of two-wheelers in the market. You can choose any model of your choice and apply for a loan. Additionally, it is available for self-employed individuals as well as salaried professionals.
Eligibility criteria
The loan is available for all individuals above the age of 21 having a valid driving license. You need to show consistent source of income and if you do not have a stable income, you can ask for a guarantor for the loan.
Loan amount
The amount of finance for a two-wheeler will depend on your profile and the two-wheeler you want to purchase. However, you need to remember that the entire cost of the two-wheeler will not be your loan amount. You will be required to make a down payment for the loan. Different lenders have varying down payment requirements and you need to adhere to the same. You can make the minimum amount of down payment and the balance will be your loan.
Interest rate
The interest rate is one of the most important criteria when choosing a lender. It adds to the total cost of borrowing and increases the monthly EMI. Hence, you should always look out for a lender that offers the loan at low-interest rate. You can compare different lenders online and get details about the rate of interest offered by them. If you have a good credit score, you can enjoy special rates on the loan.
Documents required
You need to provide identity proof, address proof, income proof, proof of down payment, and an invoice of the two-wheeler with passport-sized photographs. If the documentation is in place, the loan application will move quickly and you will enjoy a quick approval.
Repayment
The loan amount has to be repaid with the interest over the tenure. You will have to repay the loan in EMIs. In order to estimate the amount of EMI payable on the loan, you can use the EMI calculator. It is available for free online and will give an estimate within a few seconds. To get an estimate, you need to provide the loan amount and tenure and click on ‘Estimate’. You will get an answer within no time. Prepare a repayment schedule to ensure timely payment of dues.
Finance for a two-wheeler has helped several individuals turn their dreams into a reality. No matter the type of two-wheeler you want to own, you do not need to worry about the finances. Do not use your emergency funds for the purchase. You can carefully plan the purchase by applying for a loan with a reliable lender in the industry. There is a high loan amount and flexible repayment tenure which make the loan a preferred choice for everyone. It is important to thoroughly understand the terms and conditions of the loan before you sign on the dotted line.
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