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Tips to Consider When Applying for Two-Wheeler Loan

If you think buying a two-wheeler not your cup of tea, then you should definitely ponder on the two-wheeler loan. As the name suggests, it is your road to buy the bike or motorcycle you had always wanted. This loan type makes it easier to purchase your two-wheeler and pay the loan amount in lower monthly installments. This further reduces the burden of one-time payment. To get a clear picture of how much of loan amount you need to pay on a monthly basis, you are advised to use the two wheeler loan EMI calculator. The Equated Monthly Installment or EMI is all about reducing the hassle of paying the whole loan amount altogether.

Before you choose the bank for your two-wheeler loan, mentioned are some points one can consider to avail the best two-wheeler loans

Know the Bike Model You Want

It is of paramount importance to know the make and model of the bike before you opt for a two-wheeler loan. You are advised to choose the bike based on daily use and not to forget the kilometers you will travel. Apart from bikes, banks also offer loans for accessories. Keep all your personal requirements in place before choosing a loan.

Know the Loan Amount

When you walk into a bank or bike showroom, you are guided by representatives to give you the best possible two-wheeler loan options. The experts guide you through the whole process of choosing the right bike to loan. You can get in touch with the banks to get the best rates for the same.

EMI and Tenure

Another vital aspect one should consider the EMI. For the same, you should make use of the two wheeler loan calculator which gives all the information to make a wise decision. The EMI calculator offers the amount you need to pay on a monthly basis based on the tenure you choose. You can choose between, 6, 9, 12, 24, 36 and 42 years. You can opt to pay higher EMIs for short tenure. Ensure you choose the EMI amount carefully based on your capability and plan it according to your preferences.

Interest Rates

The rate of interest tends to vary from one bank to another. Some banks offer two-wheeler loan at 12% while some offer then at 14% p.a. Before you finalise with the bank, you are advised to check the interest rates with the banks you are planning to apply. Always remember, the low the interest rates, low are your EMIs.

These are some of the points one need to consider other than checking with the two wheeler loan EMI calculator for your monthly amount.

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