Two Wheeler Loan: Two-wheelers are highly preferred for traveling to short distances or to avoid traffic congestion in the city. Compared to four wheelers, two wheelers are easier to maintain and cost less. In the last few years, due to the COVID-19 epidemic, people are preferring to use personal vehicles instead of public transport for movement. There are many types of two-wheeler loan plans available in the market, so we should be careful while applying for it.
Compare offers from different banks
If you are planning to take a two-wheeler loan, then it is very important to keep some things in mind for this. There are various types of two-wheeler loan plans available in the market, so it becomes necessary to compare them. The terms and conditions of all lenders or financial institutions differ. Hence, lenders should be compared on the basis of eligibility, interest rates, processing fees, repayment tenure and loan to value ratio (LTV) to get the best deal.
loan amount
According to BankBazaar, many banks offer a maximum loan of 90% to 95% on a bike. You should compare the LTV ratio and loan amount offered by different lenders. You would not like that the bike you want to buy costs one lakh rupees, but the lenders offer you a maximum of 20 thousand rupees only. Hence, opt for lenders who offer adequate loan amount as per your requirement. It may happen that you are offered a higher loan amount than you need and tempted to buy a more expensive bike. In such a situation, you should act with a cool mind. By doing this you may have to suffer financial loss in the long term. If the monthly EMI amount is high, you may also face trouble in paying it.
Benefit from good credit score
Apart from this, the role of your credit score is also very important while taking a loan. If your credit score is good then you can get loan at low interest rate. Whether your loan will be approved or not also depends on your credit score. If your credit score is less than 750 then it may happen that your loan application may not be accepted. You also need to submit age, identity proof, income proof and address proof while applying for the loan.
Can get discount in festive season
You can also wait for the upcoming festive season to avail additional discounts. Most of the lenders come up with attractive offers during the festive season. This includes offers like no processing fee, low interest rate and zero down payment.
If you are planning to take a two-wheeler loan, then here is a list of more than 20 banks for you. Such banks have been included in this list where loans are currently available at the lowest interest rates. Keep in mind that we have included the minimum interest rates quoted by banks in this table. Depending on factors like your age, income and credit score, the interest rate charged to you by the bank may be more or less:
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