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All You Need to Know About Two-Wheeler Loans
Posted on Monday, December 23rd, 2019 | By IndusInd Bank
All You Need to Know About Two-Wheeler Loans
Two-wheelers are great for manoeuvring through congested city streets. If you have your eyes set on a scooter or motorcycle but do not wish to spend all your savings buying it, choose a two-wheeler loan.
Why Take a Two-Wheeler Loan
Two-wheeler loans offered by banks and financial institutions are an effective way to finance your purchase without spending a fortune. Since you only have to pay fixed Equated Monthly Instalments (EMI) to the lender, most of your cash will be free for personal use.
Benefits of a Two Wheeler Loan
Most two-wheeler loans are easy to repay and can boostyour creditworthiness if you are afirst-time borrower. A good credit score comes in handy when looking for biggerloans in the future.Since you have to pay EMIs on your two-wheeler loan,you will also learn to manage your finances effectively. Moreover, if you are timely with your repayments, this will further boost your credit score.
Budgetary concerns may keep you from buying a two-wheeler of your choice. With a two-wheeler loan however, you are easily able to afford the vehicle of your choice without having to worry about the finances.
Basic Covenants You Should Know
1.To apply for a two-wheeler loan, you need the following documents:
- Proof of Identity (AADHAR card, Passport, PAN Card etc.)
- Proof of Address (Utility bills, AADHAR card, Passport etc.)
- Income Proof or Proof of Business
- Bank Account statements of the past 3-6 months.
- Passport-sized photographs
- Completed Paper/Online Loan Application
2.Both salaried and self-employed individuals qualify for a two-wheeler loan. To check your two-wheeler loan eligibility for a loan with IndusInd Bank, you can visit this link.
3.Two-wheeler loan interest rates depend on several factors like your income, age and chosen vehicle type and model. These vary from lender to lender. At IndusInd Bank, we offer attractive interest rates on our two-wheeler loans.
4.Repayment tenures for most two-wheeler loans are flexible and can be adjusted to suit your cash flow and income. Stay away from lenders whodo not offer customised repayment tenures.
5.Two-wheeler loans do not require any collateral or security because your vehicle is hypothecated in the name of the lender until you repay the entire amount, and the interest and fees associated with the loan. In case you fail to repay, the lending institution can seize your vehicle.
How to Choose the Right Lender
Selecting an appropriate lender is extremely important for anyone who wants a hassle-free loan. While choosing a lender, keep the following in mind:
Choose a lender that offers competitive interest rates. A two-wheeler loan with an exorbitant interest rate is financially damaging, while oneswith ultra-low interest rates usually have hidden costs. Before opting for alender, clarify all the terms related to interest rates and additional loanprocessing, foreclosure and pre-payment fees
Choose lending institutions that allow you to apply for two-wheeler loans online. This will save timeand prevent you from spending long hours completing paperwork
- Opt for lenders that offer quick disbursals, instant loanapprovals, simple documentation and flexible repayment tenure. Also, look forones that provide processing fee discounts or special discounts on interestrates or processing fees
At IndusInd Bank, wemake applying for and securing a two-wheeler loan extremely convenient.We offer discounts on loan processing fees to our existing customers. Ourdisbursal process is quick and we do not ask for complex documentation. Get intouch with us today!
