Two Wheeler Loan Interest Rate in India

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A borrower does not necessarily always take a loan for a well defined purpose, for e.g., to buy a property or a vehicle. There are a few cases where the borrower might need a personal loan for reasons which do not fall into the above mentioned categories. These needs might differ from additional expenses like shopping during festivals to medical to educational needs, which can be easily satisfied by personal loans.

Personal loans are available to individuals at quick notice and for short periods with minimum hassles. The rate of interest offered is generally higher due to the loan being an unsecured loan. It, however, proves to be of great assistance if you have urgent needs which cannot be covered with your available resources.

To own a vehicle is a dream for many a person. It is, however, difficult to expect to be able to buy a vehicle of your choice without a loan. Add to that, the escalating prices and unavailability of cheap car loans, and you get a fair idea of how much you have to strive to buy your desired vehicle. As this problem came into the notice of financial institutions, they started offering affordable loans for new as well as used vehicles.

Soon, used car loans and two wheeler loans came online too. They are easily available from a number of institutions who offer attractive rates to go along with quick processing and approval of loans. Online loans usually mean reduced paperwork (now, no filling of endless pages of documents by hand) and greater accessibility of the transaction data. The documents that are required for securing a loan also differ according to the borrower.

Many authorized units have sprung up offering maintained and serviced cars at affordable rates. There are several companies who offer loans at competitive rates for periods ranging from 12 to 60 months on used cars. The process itself has become short and loans get sanctioned in as short as 48 hours.

This facility is not only available for car loans but also for two wheeler loans. Two wheelers include both geared and non-geared vehicles. Two wheeler loans are also relatively easier to obtain owing to their lower costs. Further, the general preference of consumers for two wheeler loans over car loans also suggests the customers favoring the two wheeler variety more. Though the sales are picking up well, there is still a huge scope for its expansion as far as the two wheeler loans are concerned.

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