Looking for Two Wheeler Finance Options? Here's Good News for You!
If you are reading this, then you are either extremely passionate about bikes and want to buy your dream one, or need a two wheeler for your commute convenience. In this age when loans can be availed as conveniently for homes as for personal emergency, two wheeler finance options are naturally not lagging behind. If you want to cherish the beautiful journey called life on a pair of smart wheels, opting for a loan can make your purchase process a breeze. With a bike loan, you don’t need to shell out a one-time lump sum amount anymore, and can rather make the most out of a well-suited repayment scheme which is easy on your pocket.
Where to go for a bike loan?
Now, the good news is that, besides banks, many other financial institutions are also offering two wheeler finance choices which can be customized to suit your needs and budget. These entities usually offer competitive interest rates and processing fees, although a thorough comparison between two or more financial institutions may be essential. Other benefits you might get to enjoy are the assessment of loan eligibility, easy EMI calculations, flexible options for repayment, quick approval, and transparency. Special schemes, like a lower than usual rate of interest, may be offered during festive seasons.
Please bear in mind, that two wheeler loans can be both secured and unsecured in nature. As the name suggests, a secured loan would require you to pledge your property, gold or any other asset as collateral while obtaining the loan. So naturally, if you go for an unsecured loan, you might have to bear the brunt of a higher rate of interest. But if you have a good credit score, then the loan process will surely become easier for you. So if you are not eager to offer collateral, make sure you have a strong CIBIL score which is an indicator of your credit-worthiness.
What do you need for a two wheeler loan?
Formal or legal proofs of age, income and address are generally required by both banks and financial institutions before they can consider you for a loan. While salary slips can be provided by salaried individuals, businessmen or self-employed individuals must submit income tax returns. For identity proof, you can provide documents like voter’s ID, passport, driving license, ration card and such. Rental agreement, telephone, electricity or gas bill, property purchase agreement or sale deed can serve as address proof among many options. It is also important to be aware that documentation requirements, charges, and eligibility criteria may differ from one lender to another.
Good to know
Before going ahead with a bank or financial institution for your bike loan, it can be helpful to know in details about their various charges. So study and compare aspects like loan processing and documentation charges, pre-payment charges, late payment penalty, loan cancellation charges, cheque or ECS swapping charges, special NOC charges and so on.
Since almost all banks and financial entities enjoy online presence nowadays, personally peruse through the websites for detailed information. You might also be able to calculate possible EMI amounts, explore different bike options as per your budget, and get your doubts clarified.
Last word
Bringing your favorite two-wheeler home can be immensely satisfying and exciting. You get to rule the roads with style, reach from A to B, and relish a freedom of movement which is impossible with public transport. So if you have a reliable record as a debtor in the past, and have all the paperwork in place, nothing should stop you from “riding your dreams”!
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