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How to Choose a Two Wheeler Loan in India
Posted on Wednesday, July 8th, 2020 | By IndusInd Bank
1. Check Eligibility
Have your eyes set on a stunning bike? Or maybe you’re looking for a scooter to commute to work every day? If you’re looking to buy a two-wheeler without exhausting your savings, a two-wheeler loan presents an excellent option. Many banks and financial institutions in India furnish loans that allow you to buy a wide range of two-wheelers. Here are some basic steps you should follow while choosing a two-wheeler loan in India.
The eligibility criteria for two-wheeler loans differ across lending institutions. Typically, age and salary specifications determine your ability to take a two-wheeler loan.
Check out an easy eligibility criteria for our two-wheeler loans at IndusInd Bank.
2. Compare Interest Rates
The two-wheeler loan interest rate depends on factors like your credit score, occupation, place of employment, nature of employment, income, age, etc. Other lender-specific factors also come into play. While a lower two-wheeler loan interest rate may seem more attractive, you must also take other factors such as repayment tenure, processing fees, and documentation charges into account.
At IndusInd Bank, we offer attractive interest rates on two-wheeler loans and also provide loan processing fee waivers for IndusInd Bank customers.
3. Look for Flexible EMI Options
Repayment flexibility comes in handy if yourfinancial situation changes during the loan tenure. Always choose a lender thatoffers flexible repayment options that can be changed according to yourfinancial situation. This will save you from financial worries while repayingyour loan.
4. Apply Online
Sitting for hours in a lender’s office to completethe paperwork associated with a loan application can be excruciating. Mostbanks and financial institutions offer online loan applications that can be filledin from the comfort of your home. You can also submit all documents and IDproofs online without having to make several copies of them.
With IndusInd Bank, you can seamlessly apply for a two-wheeler loan online. If you encounter problems while completing your loan application, you may call us on customer care for assistance.
5. Choose Lenders that Disburse Quickly
Long loan processing and disbursement periods candampen your excitement about getting your dream two-wheeler. Always chooselenders that offer quick loan disbursals and instant approvals, so you do nothave to wait for days to get your bike or scooter home.
At IndusInd Bank, applying for a two-wheeler loan is simple and quick. In fact, it is not mandatory to be our customer to avail of a loan. Upon receiving your loan application with KYC documents, a bank loan officer will reach out to you for verification. Your loan amount is approved after the completion of a few formalities.
At IndusInd Bank, we guarantee speedy loan processing and instant approvals to all our borrowers. Apply for two-wheeler loan online at IndusInd Bank today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
