Two Wheeler Loans in Mysore

Two-wheeler loan in Mysore

Located at the foothills of the Chamundi Hills, Mysore is the land of heritage, culture and wildlife. The celebration of Dasara festival attracts tourists from around the world to witness the cultural and religious grandeur of the city. With the arrival of various manufacturing industries, Mysore is being sought after by many as a dwelling place.

If you are looking for 2-wheeler loans in Mysore to get that dream bike to ride, then read on.

What is a two-wheeler loan?

A two-wheeler loan or bike loan is a secured loan taken by the borrower to buy a bike of their choice with the two-wheeler as collateral. The two-wheeler thus purchased will initially have the ownership under the banks name, once the loan repayment has been completed the bank will send a No Objection Certificate(NOC) which needs to be used by the borrower to convert the owner of the bike to your name.

Features: two-wheeler loan in Mysore

1. Two-wheeler loans are easy to get and easier to pay off.

2. The resale value of motor cycles is high and once you complete a loan you can start thinking of a new bike immediately

3. When paid off consistently affects your credit score positively and helps you build a credit profile.

4. Some banks also provide zero down payment bike loans, where you don’t have to put up your own money to buy the bike

Eligibility: two-wheeler loan in Mysore

Fees and Charges: Two-Wheeler Loan in Mysore

Documentation: two-wheeler loan in Mysore

Important documents to be submitted while applying for two-wheeler loans in Mysore

• Completed loan application
• 3 Passport size photographs
• Statement of Bank Account/ Pass Book for last six months
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
• IT returns for the three years for self-employed professionals
• Form 16/IT returns for the last two financial years for salaried employees

How to apply for two-wheeler loan in Mysore?

There many ways one can apply for a bike loan in Mysore

1. The dealer

Most showroom owners or two-wheeler dealers have tie ups with NBFCs and Banks whose representatives you can meet at the showroom itself through whom the process and the documents required to get the loan can be ascertained.

2. Bike manufacturer

Bike manufacturers like Hero and Bajaj have their own lending services through which they provide loans for their customers at competitive interest rates

3. Bank/NBFC website

You can go online and visit any of the banks or NBFC that provide two-wheeler loan and apply for it. You will need to fill up the necessary details asked on the website. A bank/NBFC representative will come to your home to collect the necessary documents. The loan amount will be disbursed after document verification. This the best way to get an instant eligibility check.

4. Bank/NBFC branch

This a type of offline mode where the borrower can visit any bank or NBFCs branch in Mysore to meet with a representative who will give all the details of their two-wheeler loan scheme. You can also ask any queries you might have to get a complete understanding of what you are agreeing to in taking their loan.

5. Customer care

A potential borrower can also call a bank/NBFC customer care with whom they can get the details and also apply for the two-wheeler loan. A bank/NDFC representative will come and collect the necessary documents from your home. Once the verification process is completed your loan will be disbursed.

6. Applying through CreditMantri

You can check your eligibility and apply for a Two-Wheeler Loan by signing up with CreditMantri. It is quick, simple and above all, free.

CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence, the chances of your two-wheeler loan application getting approved is higher.

How to choose a two-wheeler loan in Mysore

When choosing a two-wheeler loan in Mysore, a person needs to first analyze their income and expense to see how much they make and how much they spend each month. Next, he/she needs to check their credit score if they had taken loans before or if they own a credit card. If the credit score is low the person needs to improve it before applying for the loan to make sure they get the best offer.

Then he/she needs to decide what bike they want. This because in two-wheeler loans there are separate criteria for superbikes and other bikes. After choosing the bike you need to decide how much you are going to pay and how much loan amount you are going to take. Never take a loan beyond your means. Choose a loan and EMI which you can pay comfortably.

Which Is the best bank for two-wheeler loan in Mysore?

There are many banks and NBFCs which offer two-wheeler loans in Mysore like HDFC, ICICI, SBI etc. The best lender is one where you can get the loan amount you want at an interest rate that is comfortable for you and who can disburse the funds as early as possible. You should not choose a bank just because you know it, you need to choose the bank that provides the best benefits for you.

Two-wheeler loan EMI calculator

To get a better understanding of your loan requirement and how much EMI you will pay, you can use the EMI calculator available on CreditMantri website and on the bank/NBFC website. By inputting the tenure, interest rate and loan amount you will get to know how much EMI you will pay. You can vary the inputs for various scenarios and know the EMI in each case. This will help you plan for the loan you want.

Two-wheeler loans for senior citizens

In India usually, the retirement age Is 60 years, while banks provide loans for a maximum age criterion of 65 years. It is above this age that getting a two-wheeler loan is difficult. Many banks provide bike loans for senior citizens if they can show that they have paying capability. Some banks might also ask for a guarantor with a good credit score. The loan tenure might be very high as banks feel that the risk will be higher.

Two-wheeler loan for bad credit

To get a two-wheeler loan with bad credit is quite difficult. Even if you do get one it will be at unfavorable terms. The ideal option for people with bad credit is to improve their credit score before taking a loan.

Two Wheeler Loans in Mysore FAQs