Large number of individuals across the country are opting to purchase two wheeler due to the trouble caused by public transport. The increasing cost of public transport and the inconvenience caused due to the same has led to individuals opting to buy their own two wheeler which give them a sense of thrill and freedom. If you have been delaying the purchase due to the cost of the two wheeler loan , you can now ride your dream bike home without burning a hole in your pocket. With a number of banks and financial institutions offering loans at low interest rates and flexible repayment tenure, you need not worry about anything at all.
Once you have made up your mind about the purchase and decided on the two wheeler you want to buy, you simply need to follow the simple and hassle free application procedure and apply for the loan. Any individual above the age of 18 and holding a steady source of income can apply for the loan. The applicant could be a business owner or a salaried employee. The loan amount will be determined based on the type of two wheeler you are planning to purchase and the ability to repay the loan. With customized solutions, it is actually possible to get flexible repayment tenure for the loan. If you are planning to purchase a premium high priced two wheeler, the loan amount will be higher and if you are purchasing an economic ride, the loan amount will be significantly lower. Bike loan interest rate varies on the amount of loan and is different for each financial institution. Individuals need to scout the market for the terms and conditions offered by different financial institutions before making a decision.
The bike loan interest rate will play a significant role in the approval of the loan. The interest rate depends on the loan amount, the tenure of the loan and the type of bike you are purchasing. With a higher interest rate, you will end up paying a huge sum in the form of interest in addition to the principal amount. It is always advisable to apply for a loan that has a low rate of interest. In order to apply for a loan, the applicants need to fill up the application form and provide the necessary documents. The required documentation include income proof, identity proof, address proof and a set of photographs. Once the application has been made, it will be reviewed and the same will be approved within 24 to 48 hours. Holding a positive credit score helps in the quick approval of the loan. With timely repayment of the monthly installments, it is possible to ensure that a positive credit score is maintained. Certain financial institutions also offer special schemes and discounts on the loan and this can be availed by applicants. A large number of festive discounts are introduced from time to time; this could be a zero processing fee or an instant approval of the loan.