Roads in Indian cities are facing a severe space crunch which has made driving a nightmare in all major metros. It is for this reason people belonging to the middle class are turning to two-wheelers like scooters and bikes for daily commuting. Two-wheelers have become the most preferred mode of transport as they are considered quickest means of commuting and for this reason, their demand has skyrocketed.
Decide the Amount You Need
Bajaj/KTM Bike you plan to buy have a certain cost or an MRP. The dealer may be offering you discounts on the price, but the rest of the amount has to be paid by you. You can approach the NBFC to fund the entire cost of the vehicle, or you can make a down payment and ask the lender for the remaining amount as a loan. Keep in mind, the eligibility criteria of the lender, along with your credit score will determine if you are eligible for the loan.
With disposable incomes on the rise, the two-wheeler loans have become popular amongst the Indian masses and buying a scooter or bike on EMIs is one of the easiest options today. With a large number of players in the two-wheeler segment, two-wheeler finance is seeing a boom and the interest rates are falling - making it affordable for individuals to buy a bike of their dreams.There are special offers and discounts available during the festive season with lower processing fee and documentation charges. The user-friendly two-wheeler loans are designed as per your convenience and affordability and EMIs are tailor-made to suit your pocket.
Customers also have the option of using the two-wheeler EMI calculator to work out the exact EMIs for their auto loan. It provides you with the flexibility to select the repayment amount for your two-wheeler loan that suits your budget and gives you peace of mind.
Must Read: How To Get Bike Loan Without Down Payment
With the advent of modern technology, the processing of two-wheeler loans has become a simplified process and one doesn’t have to stand in long queues in the banks to get the loan sanctioned. The entire information is available on the bank’s website and the customer can apply for a loan online by filling up the required details.
Sanctioning of auto loan is at the sole discretion of the bank; therefore, it is advisable to furnish required documents with exact information so that there are no chances of rejection. It is important to know that any irregularity in documentation or default in payment can attract heavy penalties and the vehicle can be confiscated by the bank or NBFC. Once the application is submitted, it takes maximum 2 to 3 working days for processing and sanctioning of the two-wheeler loan.
The repayment of two-wheeler loan through monthly EMIs makes it convenient for the customers who cannot afford to pay the entire amount in one go. This way they are able to manage their finances better by budgeting for the monthly outflow of income. It is easier to pay the bike loan on monthly EMIs and is an ideal option for young professionals and executives. It also serves as a good opportunity to improve your credit rating by building a good score with credit rating agencies like CIBIL and CRISIL.
In conclusion, if you really want to enjoy the ride on your dream bike, the two-wheeler finance takes that financial burden off your shoulder. The major benefits of availing a two-wheeler loan are low-interest rates, simple documentation and repayment in the form of monthly EMIs.