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Two-wheeler loans are very widely sought after in India as the majority of the population travels either by bike or scooter. They are cheap to maintain and can help one get through the maddening city traffic with ease. There are many features of a two-wheeler loan.
Features of Bike Loan:
1 Most banks and Non-Banking Finance Companies (NBFCs) finance 100% of the two-wheeler’s on road price
2 The cost of registration of the two-wheeler and insurance cover are also included in the loan amount in most cases
3 Interest rates are comparatively low as a two-wheeler loan is a form of secured loan. The interest rates begin at just 9% and can go up to 26% based on the credit profile of the individual and other factors
4 The tenures for a two-wheeler loan are usually only up to 4 years. Some banks or NBFCs offer 5 years for a two-wheeler loan, but it is not very common
5 There are pre-approved Bike loans that are available for existing customers in certain banks. These loans are instantly approved and disbursed
6 Most two-wheeler showrooms have tie-ups with certain banks for two-wheeler loans and these loans can be applied for from the showroom itself, thereby making it very easy for an individual to buy the vehicle.
7 Documentation for a two-wheeler loan is very simple, minimal and fast
8 Some banks offer special low-down payments and EMI schemes to customers for easy repayment of the loan
Documents needed for Two Wheeler Loan:
ID, address proof and income proof can be shown through the following documents:
1 ID proof (Aadhar card, Driving licence or Passport)
2 Address proof
3 Income proof (Pay slips)
4 Passport size photograph
5 Bank statement of about last 6 months
6 PAN card
7 Form 16 (For self-employed individuals)
8 Income Tax Returns (For self-employed individuals)
These documents may vary slightly from lender to lender, so it is best to check the documents needed with the bank you are borrowing the two-wheeler loan from.