At a time where loans can be easily availed, the two wheeler loan is slowly catching up. And with the popularity of two-wheeler rising in the last few years, opting for this loan will now make your two-wheeler purchase a complete ease. With this loan, you need not shell out a one – time lump sum amount anymore. Additionally, you can opt for a well-suited repayment scheme which will be easy in your pockets.
The first step to getting this loan is to approach the right place for it. While there are plenty of banks that will offer you a two wheeler loan, there are other financial institutes that will offer you the same loan along with the same benefits. These offering can be made to suit your needs and budget. Each of these options will offer competitive interest rates and processing fees. However, you will need to make a comparison between two or more financial institutes to know which one will benefit you in the long run.
The other benefits you can get from these options include assessment of loan eligibility, convenient EMI calculations, quick approval, flexible options for repayment and transparency. You can even access special schemes which include low-interest rates, especially during festive or auspicious seasons.
When it comes to opting a two wheeler loan you have an option between a secured or an unsecured loan. Each of these loan options offers different benefits. While the secured loan, you will be required to submit a certain collateral such as property, gold or any other asset of equal value. However, the interest rate for this loan is often low. With an unsecured loan, you need to submit any collateral. However, with this type of loan, the interest rate will be high. At the same time, if your credit score is decent, you may get a good interest rate in your favor. Therefore, if you don’t want to offer a collateral, you must ensure that you have a strong CIBIL score.
As a part of the application process for the two wheeler loan, you will need to submit certain documents. The standard documents include formal or legal proof of age, income, and address. Identity documents in the form of voter’s ID, passport, driving license, ration card and such must also be provided. The lender you will be applying to will review these documents before moving forward with the application process. At the same time, salaried individuals will need to provide salary slips whereas business people or self-employed individuals must submit income tax returns. It is also important to be aware that documentation requirements, charges, and eligibility criteria may differ from one lender to another.