Smart Tips to Get a Two-Wheeler Loan

aryanmehraa October 19, 2022

In today’s life, having a two-wheeler is necessary to travel, especially in crowded and metropolitan cities. A two-wheeler vehicle is ideal and a preferred mode amid rising fuel prices. With a two-wheeler, you can travel with ease in traffic, and the affordability makes the two-wheeler vehicle an ideal choice for a person who commutes daily, especially in Traffic. An individual could plan to buy a two-wheeler. However, it can be difficult if you are low on budget. Availing of a two-wheeler loan will be an ideal alternative in these situations.

One can apply for a bike loan or scooter loan online. However, a few tips may help you avail of your two-wheeler loan in Patna swiftly.

1. Check Eligibility Criteria

Before applying for a bike loan or scooter loan, you need to check the eligibility criteria. Below are a few essential criteria:

Applicant should be of minimum 21 years of age
Must have a good CIBIL score
Must be a resident of the country
Should have a regular income to qualify for a loan

2. Documentation Required

Post-checking the eligibility for a loan, an individual needs to check the documents required for a two-wheeler loan in Patna, as document criteria are different for a salaried person and for a self-employed. However, below are some common documents that you will require for a loan:

ID proof
Address proof
Bank statement

3. Compare Interest Rates

Before availing of a bike loan, one should compare interest rates on two-wheelers loans which may vary from one bank to another. It is advisable to check and compare the interest rates before applying for a loan so that you don’t end up paying more for your desired vehicle.

Check for interest rates, process fee charges, tenure, penalty, etc.

An individual can also check for offers; companies often come up with a special offer on two-wheeler loans or bike loans which may help you to get loans at lower interest rates. For example, you can get a good offer during specific days or festive seasons like Diwali, New Year, Independence Day, etc.

If a person has a good transaction record and have a good CIBIL score, there are chances that the bank can offer a pre-approved loan to their customer. These loans get processed quickly, and a customer can avail of the benefits. On the other hand, with a bad CIBIL score, you may get higher-interest loans.

4. Choosing the Tenure and Interest Rate

Choosing the suitable tenure for your loan is one of the most important things, as the interest rate is related to the duration of the loan. You can opt for both longer and shorter periods. However, it is advisable to go for a shorter loan period.

An individual can also opt for longer tenure if the monthly instalments are not coming into the budget. The same can be calculated through the EMI calculator.

One should also consider the penalty charges and extra fees in case you miss paying an instalment due to any unexpected situation.

5. Calculate Your EMI

To check the same, you can use the EMI calculator tool, which is easy to use and will help you to calculate your monthly payments. You can easily get an estimate by simply entering the loan amount, interest, and tenure, and the calculator will provide your monthly instalments as per your requirement.

Loan Application

After considering all the above points, an individual can apply for an online or offline loan. A loan application usually gets approved in two days. Once your application approves, the lender will disburse the amount, which will be credited to your account. Now keep your documents prepared and get ready to have your dream two-wheeler.

Conclusion

Checking eligibility and calculating the EMIs are very important. Considering all the points, it should be as per your affordability rather than just doing it. So, these are a few tips that can help you to get a two-wheeler loan in Patna in no time. Just check your eligibility criteria, compare interest rates and fees from different lenders, choose the suitable tenure, calculate your EMIs, and apply for the loan with all the required documents and enjoy the ride.