- Bajaj Bike
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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.
To be eligible for a two-wheeler loan in India, here are some of the basic criteria that need to be fulfilled:
Additional Read: Documents Required for Bike Loan
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.
Before narrowing down your search window on the financial company to choose for your two-wheeler loan, check out the following points:
Additional Read: Two Wheeler Loan Processing Fee
In order to check eligibility and begin the loan process, one needs to furnish the following documents: