Articles

A Loan for Two Wheeler Makes Life Simpler

by Hero Fincorp Loans and Small Business Financing
If you intend to make a journey simple, then you have arrived at the right place. Distances, be it short or long, can be easily covered if your vehicle offers mileage and safety. To choose the right vehicle for yourself, you must debate your concerns, and requirements. If not a bike, all thanks to the automatic transmission, scooters are definitely an integral part of urban India. It is suitable for beginners, can be used by both men and women, and are extremely practicable as it comes with ample storage. You are likely to love how a scooter allows you to wear an Indian attire yet ride comfortably.

What do you need to buy a two wheeler?

When it comes to credit, or financing, a loan for two wheeler is an easy one to get. In comparison to various other vehicle loans, bike/ two wheeler loans offer very competitive interest rates, easy documentation, flexible tenures and special schemes for women.

In the rural context, two wheeler is a facilitator. It is a basic requirement for both businessman and farmers. A bike or a scooter means a visit to the bank for financing.

These are the eligibility requirements to get a loan for two wheeler:

- You must be above 18 while applying for a loan and no more than 60 when the loan tenure ends.

- For self-employed and businessmen, the limits are 21-65 years.

- You must meet the minimum wage per annum criteria.

- Your address must be the same for the past one year.

- As a salaried professional, you must have at least a year of experience with 6 months in the current job.

- Businessmen must be in the current business for at least one year.

For documentation you need:

- Your proof of income, identity and address.

- A single passport size photograph.

- KYC documents.

Interest rates

Based on your credit history and re-payment behaviours, the financing companies decide upon the rate of interest. A trusted partner offers comfortable rates to not burden you on finances. They are likely to offer fair rates after considering your financial background and history. Credit scores play an important part in getting loans. Good financial behaviour grants high credit scores, which enables to your get loans at a better interest rate. If you are offered a higher percentage, chances are that your credit score is low.

Benefits of a loan for two wheeler?

- You can get a loan within 2 - 3 days.

- Due to a competitive market you get very good interest rates.

- Women are eligible for special discounts.

- Non-banking finance companies help rural borrowers (rejected by banks due to low credit score) with easy financing.

Conclusion

India is projected to be the world’s biggest manufacturer of two wheelers. Consumers have easy access to various brands and the best of machines. It is only a matter of quick financing that can get you the two wheeler of your choice. Stay in touch with your financers and banks to be updated about schemes and attractive interest rates.

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