Cheapest Two-wheeler Loan, Compare interest rates
Must Read this before availing bike loans, All Bank Interest Rate comparison
Two-wheeler loan: The most popular loan in the automobile sector is Two-wheeler loan. Presently two-wheeler loans are very easily available to people. Every bank and automobile companies are providing loan facilities to their customers. The two-wheeler loans are given to purchase new two-wheelers as well as old two-wheelers. However, the most popular bike loan or scooter loan is to purchase a new two-wheeler. As the demand for two-wheelers has grown rapidly, especially for electric two-wheelers, the financing companies are coming with lucrative offers and low interest rates.
There are very few formalities which a buyer needs to fulfil to avail a loan. Most of the banks and financial institutions are lending two-wheeler loans depending on your monthly income and credit report. However, some of the Non-Banking Financial Companies (NBFCs) can provide you a loan without caring much about credit score but on higher interest rates.
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Two-wheeler loan formalities
As discussed above, there are very few formalities to avail a two-wheeler loan, which includes, monthly income, credit report, Type of vehicle etc. If a person is getting monthly salary regularly in bank account, there will be higher chances of getting vehicle loan in comparison to a person who is having business. Although, it depends on your bank relationship that how easily and quickly you get a loan. Financial companies can provide you a two-wheeler loan when you visit the showroom, but generally their interest rates are higher than banks’ interest rates.
Maximum Loan Amount
Generally, the amount depends on your monthly income and cost of the two-wheeler. Many banks are providing two-wheeler loans up to 75% of the total purchase value. Some of the financial companies can provide you a loan amount up to 90% of the total purchase value. You should always compare the interest rates of lenders.
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Credit Score parameter to avail two-wheeler loan
There is no doubt, if you have a good credit score which is above 750, there are higher chances of getting a two-wheeler loan at less interest rates. Credit score plays an important role when you avail any kind of loans. If the credit score is not good, you can improve credit score by using some techniques like repaying current loans on time and reducing live loans in your CIBIL.
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Compare two-wheeler loan interest rates
Two-wheeler loans are generally provided for a short period of time which is maximum up to 5 years. Hence, interest rates play a major role in your repayment. By choosing a higher interest rate option just for the sake of a little more loan amount, you may end up repaying double the cost of the vehicle. It is a thumb rule to know all aspects of the loan facility before signing loan documents, especially interest rate. You can see comparison of two-wheeler loan interest rates of banks in India below –
interest rate compiled by BankBazaar
Can you add a joint applicant to bike loan
You can add a co-borrower or joint applicant to your two-wheeler loan. Adding a joint applicant can also act as guarantor to the loan. Providing a personal guarantee may help you get a vehicle loan easily and quickly. You need to provide id, address proofs and income documents of the guarantor to add him to the loan.
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Subsidy on two-wheeler loan
The Government of India has declared a subsidy on electric two-wheelers. The amount of subsidy may be up to 25% of the base price of the two-wheeler. The initiative is taken by the government of India to encourage buyers to buy electric vehicles to reduce pollution level and consumption of fuel in India.
Link of government website to claim subsidy is https://e-amrit.niti.gov.in/electric-vehicle-incentives
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