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. Everyone can get instant two-wheeler loans at low-interest rates within a few hours. However, before you start filling out the application form, it may be helpful to look at some critical points. Here are a few factors to consider while choosing the best two-wheeler loan.
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 Finserv for a bike loan, you will have easy-to-meet 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: 60 years
The credit score also plays a vital role in determining your eligibility for a two-wheeler loan. At Bajaj Finserv, no specific minimum credit score is specified; however, if your score is more than 720, there are more chances of getting a bigger 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 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 Finserv allows customers to get loan amounts 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 Finserv offers up to 60 months to repay the two-wheeler loan. Using the EMI calculator, you can find a suitable tenure for a comfortable monthly EMI amount. This way, planning the repayment schedule will be more convenient.
Gone are the days when people had to wait in long queues outside banks to get their loans approved. Nowadays, you can get your two-wheeler loan approved within a day, particularly when you choose Bajaj Finserv. Once you have filled out the application form and submitted the necessary documents, your application gets processed within minutes. The customer care executives at Bajaj Finserv ensure that the process is smooth and hassle-free.
For those planning to get bike loans, Bajaj Finserv can be a great choice. The loan comes with no hidden charges and low-interest rates to make it more affordable. Whether you are an existing member or a new customer, you can apply online or visit an offline branch to initiate your loan process.
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