Increased traffic on India’s roads has made two-wheelers an option for travel to urban and rural areas of the country. They are lightweight, easy to move around, easy to park, and very affordable. In addition, loan companies in India now offer loans on two-wheeled vehicles at very attractive interest rates. It also plays an important role in the steady growth in two-wheeled vehicle sales in recent years.
Things To Remember Before Availing Two Wheeler Loan In Bangalore
Bike loan interest rates are so affordable these days that there are several important things that borrowers should know about bike loans. Some of these things are stated below:
1. Maximum loan amount for a two-wheeled bike
While lenders in India offers loans up to 70% 80% of the bike’s value. Some lenders now offer loans up to 100% of the price in transit. Some banks also offer pre-approved programs to their existing customers for convenience.
But although loans are now available for up to 100% of the bike’s value, you need to choose the loan amount carefully, as a higher loan amount also means a higher interest payment.
Read More: What to look for when choosing a video game system?
2. Interest rate for two-wheeled vehicles
The interest rate for two-wheeled vehicles varies among lenders; however, it usually ranges from 10% to 26% depending upon your relationship with the lender, loan amount, term and CIBIL score.
When choosing a lender, be sure to pay special attention to the interest rates that lenders charge. You should always choose a reputable lending company that offers two-wheeler loans at competitive prices.
3. Additional Fees
There are also some additional fees that you will need to pay when applying for a two-wheeled vehicle loan. The most common ones include loan processing fees, documentation fees, certificate filing fees, and CIBIL reporting fees.
Like the interest rate on a two-wheeled loan, these fees vary from lender to lender.
4. Required Documents
To apply for a two-wheeled vehicle loan, you will also be asked to provide certain documents. Some of the most important documents you will need are:
- ID
- Proof of Address
- Bank Statement
- Proof of Income
- ITR for the last 2 years
You will need to submit these documents along with a loan application form.
5. Apply for a two-wheeled car loan
To apply for a two-wheeled car loan, you need to go to the nearest branch of the lender. Some major lenders also offer additional services such as applying for a two-wheeled loan by SMS.
Before applying, be sure to check your lender’s eligibility and documentation requirements to ensure quicker approval of your loan. Many of today’s leading lenders also offer innovative online tools such as loan interest calculator for two wheeler loan in Bangalore to help borrowers understand the loan interest rate and EMI.
If you are tired of using public transport, it might be time to consider buying a two-wheeled bike. Now that banks are offering attractive interest rates on bike loans, it is easier than ever to finance your dream bike.
Read more: How to find the right short term cash loans online
