5 Ways To Finance A Two-Wheeler In India
Finance 180

5 Ways To Finance A Two-Wheeler In India

5 Ways To Finance A Two-Wheeler In India

If you are thinking about getting a two-wheeler but aren’t able to figure out how to finance it, you should consider taking a loan at affordable rates. With a two-wheeler vehicle loan, you’ll be able to get a loan equivalent to 100% price of the vehicle and that too, with secure repayment options.

One can easily apply for a vehicle loan online. All you have to do is to check if you are eligible for the loan and apply for it via the app itself. Here’s how you can get a two-wheeler loan in no time:

  1. Choose a two-wheeler loan:

You have to choose the type of two-wheeler loan that will suffice the expense you have to make for your new vehicle. Some lenders also offer loans that exceed the prices of a regular bike. The best part about such loans is that one can easily apply for these loans online without going to the lender. The repayment tenure is very flexible, and you can choose any period between 1 to 4 years. Also, the approval process of such loans is speedy, so you need not wait for days to get your application approved.

  1. Check your eligibility:

Checking your eligibility won’t take more than five minutes. Just follow the following steps to verify your eligibility for a two-wheeler loan. The criteria are mostly listed on their website.

  • Check if your gross income matches the criteria.
  • Check the age limit.
  • Enter your residential status.

As soon as you enter these details, you can check your eligibility for the loan. Most apps have a login portal for borrowers to check their eligibility. You can log in to the website by entering your phone number and a password. After checking if you are eligible for the loan, they will also inform you about the possible tenure for repayment and the amount of loan you’ll be eligible to take. In most cases, one can get an amount as much as six times their annual income.

  1. Calculating the EMI of your two-wheeler loan:

Once you know that you are eligible for the loan, you can easily find out the EMI you’re likely to pay according to the loan amount and the tenure that you’ve chosen. All the lenders need their two-wheeler loan EMI calculator. You need to enter your details like personal data, financial information, and the information on the vehicle you’re taking the loan for. Mostly, you will have to enter the vehicle model and indicative prices of the model. Adjust the data and acquire your optimal EMI. It will help you to decide if you wish to opt for this loan and if yes, you will be able to reconsider the loan amount and tenure according to your budget at that time.

  1. Apply for the loan:

After checking the eligibility and calculating the EMI for the loan, you can go to the webpage where you can apply. Go to the page and send your application. Here, you’ll need to enter your financial and personal details again. Additionally, you will have to fill in some extra information like RTO location, on-road price, and the dealer’s name, as this is a vehicle loan.

The application process and the process of approval are digital, and hence it doesn’t take much time for approval. As soon as you apply for the loan, you can know the approval status in less than twenty minutes.

  1. Submitting the documents after approval:

Once your loan gets approved, you are supposed to upload the necessary documents demanded by the lender. As soon as you upload the documents, you will receive the loan amount in your bank account within 24 hours.

So, what are you waiting for? It is time to get your dream bike even if you don’t have all the money. Choose the right loan and get your favorite vehicle.

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Finance 180

Pranab Bhandari is the editor of personal finance blog "financebuzz!". Apart from managing is blog content he has contributed to many national and international publications. He has expertise in writing finance,business and markting.