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How to Choose the Best Two Wheeler Loan

Riding a bike is a great sensation, especially for the youth of today. Every individual, at some point in their life, dreams to have a bike at their disposal. Whatever be the purpose of purchasing a bike, the challenge is how to get to your dream of buying it without putting an added pressure on the financial front.

The easiest way to secure finance for your bike is a financial company or a bank. In India, it is extremely easy to get a two wheeler loan sanctioned. Not only are they easy to apply and access, but they are also available at competitive interest rates with flexible tenures.

Here is a step-by-step guide to choose the right two-wheeler loan that would answer all your queries and confusions.

Two Wheeler Loan Eligibility

To be eligible for a two-wheeler loan in India, here are some of the basic criteria that need to be fulfilled:

  • The age bracket when applying for a two-wheeler loan should be between 21 to 60 years for working professionals. Self-employed individuals should be between 21 to 65 years of age.
  • Depending upon whether the applicant is a resident of a metro or a non-metro city, they need to have a minimum earning amount per annum so as to be able to apply for a two-wheeler loan.
  • Your address should be the same for the least one year, and your office or residence should have a landline phone connection.
Additional Read: Documents Required for Bike Loan

5 Deciding Factors For Your Two Wheeler Loan Eligibility

Two Wheeler Loan Interest Rates

Bike loan interest rates are decided upon by financial companies after considering the financial background and past history of the applicant. However, in an attempt to develop long run customer relationship, financial companies offer comfortable and lucrative interest rates as per the profile and past-repayment behavior of the individual.

However, the interest rate offered depends largely on the credit score of the applicant. A poor repayment history would mean a higher rate of interest offered and wise-versa.

Things to Consider Before Applying for a Two-Wheeler Loan

Before narrowing down your search window on the financial company to choose for your two-wheeler loan, check out the following points:

  • Get the best interest rates from multiple financial companies and try to bargain as much as you can if your credit score is good.
  • Companies offer additional benefits like zero processing fee, a free gold coin during special occasions, free insurance etc.
  • Borrow an amount that you can repay with comfort and ease without putting a burden on your financial status.
Additional Read: Two Wheeler Loan Processing Fee

Documents Required for Two Wheeler Loan

In order to check eligibility and begin the loan process, one needs to furnish the following documents:

  • KYC documents
  • Identity and address proof
  • Income proof
  • A passport size photograph

Benefits of Taking a Two-Wheeler Loan in India

  • Getting a bike loan is extremely simple and can be applied online.
  • Special discounts are offered to Online/exsiting customers.
  • Loans on bikes are offered at the most competitive rates.

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