It doesn’t matter whether you are a student, salaried individual, or a businessman, commuting is an important part of our lives which can’t be ignored.
While public transportation is cheaper and good for the environment, it’s not always the best option. So, if you are living in an area where public transportation is not readily available, then buying a motorcycle or a scooter is a good way to deal with the problem.
Now, the problem is that a large number of 2-wheelers can be quite expensive, especially for someone who has just started earning.
This is where a loan comes in.
Although the interest rate of these (10% to 18%) are usually higher than car loan interest rate (8.5% to 15%), you can still get a good deal if your credit score is good and/or if you have been a good customer to the bank.
Types of 2-Wheeler Loans
All 2-wheeler loans can be divided into two categories:
Loan Eligibility Criteria
Compared to home loans or even car loans, 2-wheeler loans are quite small (usually as much as Rs. 1.5 lakhs) in amount. However, there are still certain conditions that you must fulfill to qualify. These are:
The standard process for applying for a 2-wheeler loan is almost the same as the majority of banks and other financial companies. The three main documents that you will be required to submit are:
Things to Know
The following are the most important things to know before you apply for a 2-wheeler loan:
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