Two-wheelers are among the favourable modes of transportation for most people as they are more affordable than other vehicles and require less maintenance. Bikes or scooters are practical options for the daily commute or travelling around the city. If your dream of purchasing a bike is on hold due to insufficient funds, getting a two-wheeler loan could turn your dream into reality.
With loans, you can raise funds to own a bike without the burden of paying a bulk amount at once. When you go for a two-wheeler loan online, you can get it mostly within a few hours. However, before you apply for a two-wheeler loan, it may be helpful to look at some critical points. Here are a few factors to consider while choosing the best two-wheeler loan.
Conduct research
The first and most crucial step in choosing a suitable bike loan is conducting proper research. Nowadays, you can find the best two-wheeler loan offers from various financial institutions and banks. However, before you make the final decision, you must compare the loan terms and conditions, two-wheeler loan interest rate, and maximum loan amount offered. Additionally, you must check the extra charges, including processing fees, part prepayment charges, foreclosures charges, etc., to clearly understand the total expenditure. With comprehensive research, you can find the most appropriate and affordable option.
Check the eligibility criteria
When applying for a two-wheeler loan, two-wheeler loan eligibility is necessary. In general, the eligibility for a loan depends on your age, type of profession, income, etc., and it can vary between different financial institutions. If you choose Bajaj Finance for a two-wheeler loan for a bike or scooter, you will have to meet the simple eligibility criteria:
- Profile: You can be a salaried employee, self-employed professional, homemaker, student, or pensioner to apply for a two-wheeler loan.
- Minimum age: 18 years
- Maximum age: 65 years
The credit score also plays a vital role in determining your eligibility for a two-wheeler loan. At Bajaj Finance, no specific minimum credit score is specified; however, if your score is more than 720, there are more chances of getting a higher loan amount. If you cannot meet the criteria, you can opt to have a co-applicant with a better credit score.
Decide the loan amount carefully
The loan amount you get is usually based on the bike price and your eligibility to repay the two-wheeler loan. However, it is crucial to check the loan-to-value (LTV) ratio to purchase your favourite bike at the best prices. For instance, Bajaj Finance allows customers to get loan amounts of up to Rs. 21 lakh and up to 100% funding of the on-road price.
It is also essential to ensure that the loan amount is not greater than your needs. While it may seem an attractive deal, it can affect your financial capabilities in the long run. You might also face issues in paying monthly EMIs if the loan amount is not chosen carefully.
Find affordable interest rates
Interest rates affect the overall cost of loans. Therefore, finding affordable interest rates on loans can reduce your financial pressure. The two-wheeler loan interest rate depends on various factors, including the applicant’s income, employment status, age, and credit history. You can repay your loan more conveniently when you get affordable interest rates.
Flexible repayment options
Before initiating the loan process, selecting a suitable repayment option is incredibly important. Thus, you must look out for institutions that provide flexible tenures so that you can repay the loan without any financial burden. For instance, Bajaj Finance offers up to 72 months to repay the two-wheeler loan. Using the two-wheeler loan EMI calculator, you can find a suitable tenure for a comfortable monthly EMI amount. This way, planning the repayment schedule will be more convenient.
Fast approval
Gone are the days when people had to wait in long queues outside financial institutions to get their loans approved. Nowadays, you can get your two-wheeler loan approved within a day if you meet the two-wheeler loan eligibility criteria. For a Bajaj Finserv Two-wheeler Loan, just visit Bajaj Mall or log on to the Bajaj Finserv App. Check the availability of the bike or scooter you plan to purchase. Choose the preferred vehicle and book it online. Once your confirm your two-wheeler booking online, a Bajaj Finance representative will reach out shortly to help you with the two-wheeler loan process. You just need to close the paperwork at the nearest partner showroom and you will get the details of the delivery of your two-wheeler. The entire two-wheeler loan process is simple and with quick approval and disbursal.
For those planning to get bike loans, Bajaj Finance can be a great choice. The loan comes with no hidden charges and with affordable EMIS. Whether you are an existing member or a new customer, you can easily book your bike or scooter online on our website or the Bajaj Finserv App. You can also visit an offline branch to initiate your two-wheeler loan process.
