Planning to Take a Loan For a Two-Wheeler? Here is all You Should Know

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Whether it is about visiting a nearby grocery store, commuting to work, or simply travelling through the city, two-wheelers undoubtedly are one of the most dependable modes of transport. In fact, over the last few years, the popularity of two-wheelers has increased to such an extent in India, that now almost every household has at least one two-wheeler. Besides offering a great amount of convenience and affordability, what truly drives the two-wheeler industry is the easy availability of two-wheeler loans. Taking a loan for a two wheeler allows you to pay for the entire cost of your dream vehicle in the form of well-calculated monthly instalments, and this makes it easier for you to purchase any basic to a premium model of a bike or scooter.

Eligibility criteria for two-wheeler loans

• The borrower must be an Indian citizen and should be above 18 years of age to qualify for the loan.
• The borrower must provide all the important documents such as identity proof, income proof and residential proof while applying for the loan.
• Both salaried and self-employed individuals with a stable and regular source of income can apply for the loan.
• The borrower should be in the employment sector or the business for a minimum of one year to reflect professional stability.

Advantages of taking a two-wheeler loan

• Offers a flexible, quick and hassle-free process – Nowadays, the entire loan application to approval process has moved online to make it convenient for you to get your application approved. To apply for a loan online, you just have to first select a suitable lender, visit his website, read the eligibility criteria, provide all the documents and simply sit back and wait for the approval to come.

• Provided at attractive rates of interest –Due to the continuously increasing demand for two-wheelers, the interest rate charged on two-wheeler loans has decreased majorly, and the lending market has started reflecting flexibility and has opened itself to the diverse needs of the borrowers. However, the rate of interest may vary depending on the lender selected by you, the loan amount, your credit score and your income.

• Helps improve your low credit score – The loans such as personal loans, car loans and home loans involve a huge amount of money, and hence, require a high credit score for the approval process. Since a loan for a two-wheeler is offered at a low and fixed interest rate, it becomes easier for you to make the payments on time and improve your credit score. And this improved credit score further helps you in seamlessly seeking approval for any huge loan amount.

How to apply for a two-wheeler loan online?

• After selecting a suitable lender, you have to visit his online website to browse through the loan options and obtain all the information about the two-wheeler loans.
• Then you need to enter your details as well as mention the two-wheelers that you want to take the loan for.
• The next step is to first read and then accept all the terms and conditions to avoid any regrets later on.
• Once the application is received by the lending institution, an agent immediately contacts you and assists you in effortlessly seeking the approval and in disbursal of the funds.

Conclusion
Purchasing a brand-new two-wheeler is no longer difficult these days as all you have to do is look for a reliable lender and apply for a loan for a two-wheeler. These loans ask for a basic eligibility criterion and ensure a hassle-free application process for both salaried and self-employed individuals. You can follow the steps mentioned above to easily apply for the loan through an online platform.

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