Two-wheelers are famous nowadays since they are cheaper than other vehicles and require low maintenance. Bikes are also good for India’s busy roads because they are easy to move through. However, most people find it challenging to buy a bike.
A two-wheeler loan helps you financially to get a bike of your choice. Many people opt for a two wheeler loan in Ahmedabad as they can easily return it without hurting their budget. The typical tenure for EMIs of bike loans is from 1 to 3 years, and the interest rate ranges from 10.55% to 18.95%. Banks and finance companies offer bike loans at different interest rates and tenures.
General Requirement to get two wheeler loan
You must meet the loan eligibility to approve the online bike loan. It would help if you were a resident of India. You must be between 21 and 65 years old. A good credit score and a monthly income of 50,000 are also required to get the bike loan. However, most banks and NBFCs offer bike loans to people with low income.
The documents required for a two-wheeler loan application include proof of residence, proof of identity, a statement of bank account, an IT return, 3 passport-size photos, and Form 16.
Tips to Lower Interest Rate on Two-Wheeler Loan
You can lower the interest rate on your bike loan by using these tips:
- Improve your current debt status
Check your debt-to-income ratio and lower it by paying off your existing loans and credit card bills.
- Clean up your credit
You should maintain a good credit history so your lender can give you an online bike loan at a lower interest rate.
- Take a loan from your existing lender.
Try contacting the bank or lender with whom you have a good relationship, as you can get the best interest rate from them.
- Ask for a discount from your lender.
Sometimes, asking for a discount from your lender helps you get a low-interest rate. You can provide proof of your pay raise to get a better interest rate.
Other Things to Consider When Applying for a Bike Loan
When applying for a two wheeler loan in Ahmedabad, you also need to consider these charges:
- Processing Fee: It is a one-time charge that your lender takes for processing your loan application.
- Prepayment penalties: It’s a fees lenders levy when you prepay or foreclose on your loan.
- Disturbed time: It is the time that a lender takes to provide you with loan money.
- Customer service: The support answers all the queries of borrowers when applying for a loan or in the future.
Why Get a Bike Loan Online?
Some benefits of buying a bike loan online:
- Fast approval
You can easily apply for an online bike loan and get approval for the loan money in your account within a few hours of applying.
- Flexible repayment schedules
You can choose the tenure for repaying your loan amount according to ease.
- Less financial pressure
Even when you have enough money, getting a bike loan is beneficial as you can easily repay your loan and use your money to invest in FD.
- Improve your credit score
Paying your two-wheeler loan back to the lender on time helps improve your credit score, which will help you in the future to get another loan quickly.
Conclusion
Consider all the factors before you buy a bike loan. You can visit the bank branch or finance agency to get the Two Wheeler Loan in Ahmedabad, or you can visit their website and apply for it online from the comfort of your home.
