How To Get a Two-Wheeler Loan in India Instantly?

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Two-Wheeler

Buying a new vehicle offers an exhilarating feeling of ownership and freedom. Many people buy a two-wheeler as it is affordable and fuel-efficient. It also saves time during traffic jams and requires minimal parking space. There are numerous advantages of owning a two-wheeler over a four-wheeler vehicle. However, the price of two-wheelers has increased significantly over the past decade. Many people don’t have enough savings to fund their purchases. For this, many lending institutions offer a 2-wheeler loan to assist purchasing. Let us take a look at the process of getting a two-wheeler loan.

What Is A Two-Wheeler Loan?

A two-wheeler loan is a credit product offered by lending institutions to customers who want to finance their two-wheeler purchases. Most lenders don’t ask for any collateral against a 2-wheeler loan. The purchased vehicle itself is the collateral in such cases. Borrowers can choose to repay this loan using EMIs over the preferred loan tenure. The loan amount and interest rate offers are subject to the applicant’s credit history and profile. Most lending institutions offer a loan tenure between 6 to 48 months for two-wheeler loans. Choosing a suitable two-wheeler loan EMI is essential for timely repayments.

How To Get A Two-Wheeler Loan In India?

Here are some critical steps to follow for taking a two-wheeler loan in India – Compare And Shortlist Loan Products, Check The Minimum Eligibility Requirements, Compute the EMIs, and Submit The Online Application Form. We have covered these points below to elaborate on how you can get a two-wheeler loan online in an easier way in India.

Compare And Shortlist Loan Products

The first step to avail of a 2-wheeler loan starts with comparing products from different lending institutions. It is recommended to compare the loan amount and the interest rate offered by different lending institutions. You should choose the one with the lowest interest rate and a high LTV ratio. In addition, checking processing charges also aids in making the right choice.

Check The Minimum Eligibility Requirements 

Lending institutions have minimum eligibility criteria to offer loans to the right borrowers. It helps to minimize their risk exposure and creates the ideal pool of applicants. Modern-age lending institutions like Fullerton India allow prospective customers to check their loan eligibility before processing the application quickly. Minimum eligibility criteria include age limitations, minimum monthly income, minimum credit score, nature of employment, etc. 

Compute the EMIs

Every loan comes with a repayment obligation, and borrowers must comply with repayment terms. It is vital to meet all EMI obligations set by the lender. Computing EMIs before taking a loan is very important to learn about your monthly repayment obligations. You will be able to plan the monthly budget effectively. It reduces the element of surprise after you have taken the loan. 

Submit The Online Application Form 

Once you have followed the steps mentioned above, it’s time to make the online application for the two-wheeler loan. You will also need to submit a digital copy of all required documents listed by the lending institution on their website. Along with personal and financial details, loan applicants must provide information regarding the two-wheeler’s model, dealer’s name, RTO location, on-road price, etc. It will take less than 30 minutes to submit these details online.

Why Opt For A Two-Wheeler Loan?

The advantages of taking a two-wheeler loan make it a great fit. Let’s take a quick look into some benefits of taking a two-wheeler loan. Some of these, which we have explained below, includes Affordable and safe loan choice, Owning your dream two-wheeler, Not relying on savings, and Building a good credit score. Have a look below for detailed info on these.

  • Affordable and safe loan choice 

Two-wheeler loans are affordable. Since two-wheeler vehicles are cheaper than others, the loan amount is lower, and EMIs are affordable. Besides this, the interest rate charged for two-wheeler loans is competitive. 

  • Own your dream two-wheeler

High-end two-wheelers are costly and, at times, unaffordable. However, you don’t have to compromise on your choice. A two-wheeler loan can bridge the gap between you and your dream vehicle. 

  • Don’t have to rely on savings

Your savings should be used for financial emergencies. Funding the purchase of your dream vehicle from emergency savings is not a prudent choice. Opting for a bike loan can help you manage finances through easy EMI repayments.

  • Build a good credit score 

Taking a two-wheeler loan and repaying it timely can help build a great credit score. It will reflect positively on your credit profile and improve eligibility for bigger loan amounts.

Final words

This is a quick guide on how to get a two-wheeler loan instantly in India. Choosing a reliable lending institution like Fullerton India will help you get the best deal.

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