How to get easy two wheeler loans

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These days commuting by public transport is not what one looks forward to every day. Public transport can be irregular and overcrowded more often than not. So it is usually better to have your own vehicle that can take you wherever you want to go and whenever you want to go. And it is not always feasible to take your car to all places that you wish to go. A two wheeler can prove extremely handy on highways as well as bylanes in your town or village.

Bikes and scooters are better than their four wheeler counterparts in many aspects. Firstly, they don't take up as much space as a four wheeler does. So, one can drive through the traffic faster. Two wheelers give you more mileage than a car. Also, there is the question of the price; even the world's cheapest car costs more in comparison to a two wheeler.

With an increase in demand for two wheelers in both big cities and small towns, several new models of two wheelers have been introduced that cost just a couple of thousands. And with easy finance schemes, you can pay in small instalments too. You can buy your favourite bike with easy two wheeler loans offered by several banks and most finance companies.

 

Two wheeler loans provide funding for around 70-90% of the on-road price of the vehicle. The rate of interest varies from 10% to 16% depending on your eligibility and credit history. Most banks have different rates for urban and rural areas. Some banks make concessions for women by offering them special rates.

These loans are available for tenures ranging from a year to five years in some cases. Applying for a two wheeler loan is easy too. And with a minimal number of documents required for processing, most banks and finance companies process it in less than two days. The documentation process may even happen faster if you have a credit history with them.

All you need are a couple of photographs, a completely filled KYC (Know Your Customer) form, your income proof, your address proof, and post dated & security cheques. Farmers can even forego the income proof documents in favour of their land documents.

You can repay the loan in easy EMIs (Equated Monthly Instalments) by cheques, ECS (Electronic Clearance Service) or by salary deductions. You may choose to pre-pay the entire loan amount at a nominal pre-closure rate.

Although two wheeler loans are easy to get, you should do a thorough research on your own before settling on the financer of your choice. If you can, speak to a bank representative at a local branch. It will help you gain additional information on what you are being offered and if you can bargain a bit, even help you strike a great deal.

So, make the most of these easy finance options and get yourself the two wheeler vehicle that you always wanted to buy.

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