Everything you need to know about two-wheeler loan financing

With a growing demand in semi-urban and rural areas, the 2-wheeler industry is a high-growth sector. The industry is estimated to be Rs. 6,000-Rs. 7,000 crore. This means that there are abundant opportunities for two-wheeler finance companies. In the past, there was limited awareness about financing a two-wheeler, but with the increasing penetration of financial institutions across the country, it has become possible to obtain two-wheelers quickly and conveniently.

Obtaining 2-wheeler loan financing has become easy. The eligibility criteria, documentation requirement, and process are listed below:

Eligibility:

People over 18 years of age.
Salaried individuals who have been employed for more than one year.
Business owners who have had a business for more than a year.

Documentation:

Proof of identity
Verification of address
Proof of income
Valid KYC documents
Passport size photographs

Process:

To apply for the financing of loans for two-wheelers, the applicant must explore the market of various banks and financial institutions that offer the loan. Based on the terms and conditions of the respective financial institutions, the applicant must choose the one that suits their requirements. The application process is fast and transparent. The applicant must meet the eligibility criteria to apply for the loan. In addition, the applicant must submit the application form and provide the required documents to the financial institution. The client executives are friendly and will guide you through the entire application process. The application will be processed within 48 to 72 hours and the loan will be approved in no time.

It is advisable to seek a loan from a reputable financial institution. They offer flexible tenure and easy payment options. With a low interest rate and flexible repayment tenure, buying a 2-wheeler has become quick and easy. People with a positive credit history can get loan approval faster and are also eligible for the special schemes. Once the loan amount has been disbursed, it is not possible to change the tenure and the amount, therefore it is important to think well about the loan application and settle for a repayment tenure that is possible based on the monthly income From applicant. Financial institutions offer customized solutions to applicants based on their requirements. Depending on the type of 2-wheeler to buy, the loan amount will be penalized.

The applicant will only need to pay a small amount as a down payment and the balance can be converted into a two-wheeler loan that will be repaid in easy monthly installments. Up to 95% of the vehicle’s road price is available as a loan to the applicant and the repayment term varies between 12 months and 48 months. With the growing demand for 2-wheelers across the country, banks and financial institutions are offering loans that meet consumer requirements and also set the terms accordingly.