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The interest rate for a two-wheeler loan is dependent on certain factors. In general, the interest rates for two-wheeler loans begin at just 9% and can go upwards based on the below factors.
Factors affecting Bike Loan interest rate:
1 Loan amount – The higher the loan amount, the lesser the interest rate. So, if you are planning to purchase a super bike, the interest rates will be lower than when compared to buying an entry level bike.
2 Tenure – The longer the tenure, the more interest you will be paying for the loan. If you choose a shorter tenure, then money spent towards paying the interest will be comparatively lower.
3 Credit score – The higher your credit score, the lower the interest rates you will get. A credit score shows the customer’s creditworthiness to the lender. So, if you have a high credit score, then the lender considers you has a low risk factor and thus reduces the interest rate. A good credit score also allows you to negotiate for the best terms of interest.
4 Credit history – The longer and better your credit history, the lower the interest rate. If you have a good and long credit history, the lender will have more reason to trust you and will lower the interest rates as you will appear to be less risky to the lender.
5 Relationship with the lender – Healthy and long-standing relationships with the lender can give you the power to help lower the interest rates on the loan. If you have been a faithful customer, the lender will offer the best terms on a two-wheeler loan.
6 Income – The higher your income, the lower the interest rate. This is because the lender considers you reliable and can judge that you can repay the loan without any monetary problems. Also, if you provide proof of regular income, then your interest rate will be lower as the lender can assess your potential to repay the loan without defaulting on payments.
So, if you maintain good credit health, have a good relationship with your lender and choose your loan amount and tenure wisely; you will be able to get the best interest rates on your two-wheeler loan.