Ultimate Guide to 2 wheeler loan - Finserv Markets

1. Ultimate Guide To 2 Wheeler Loan What is 2 Wheeler Loan? A 2 wheeler loan is a loan which is borrowed for buying a bike or a 2 wheeler loan. It is also called as a secured loan as the collateral is the bike itself. The interest rate on 2 wheeler loan is lesser as compared to a personal loan Benefits of a 2 Wheeler Loan? India is the largest market of two wheelers in Asia. Not only is this mode of commute pocket-friendly but given the traffic condition in India, it does save one a lot of time. Because of the huge demand for these vehicles, there are multiple agencies that provide funding for two wheelers. Almost every household owns at least one two-wheeler. Opting for a loan for bikes is a good idea because you don’t have to pay a huge sum in one go. Let’s discuss how taking a loan for two wheelers is beneficial to the borrower: Easy on the Pocket On purchasing a bike, you just have to pay a nominal down payment and that’s it! You are the proud owner of a new bike! The EMIs are extremely pocket-friendly and the interest rate is also very low which takes off the burden regarding paying a huge sum at one go. CIBIL Score CIBIL score is the most important factor as it is a measure of your creditworthiness. It is critical for your loan application(s) in lieu of your financial needs. Buying a bike on loan is the best way to boost your CIBIL score as the minimum loan amount is easy to repay and to build a good credit history. Interest rates In India, many banks or Non-Banking Financial Institution (NBFC) like Finserv Markets offers two wheeler loans at attractive interest rates making it easier for people to buy. With the growing demand, lenders have really leveraged this demand making it beneficial both for the lender and borrower to benefit and repay with ease. Income Eligibility A two-wheeler comes anywhere between Rs. 50,000 – Rs. 75,000, therefore, getting a loan on this even with a minimum taxable income of Rs. 10,00,00 is very easy. The EMI remains less, and it makes it more appealing for the borrower to take the plunge. Add on Benefits The loan amount also covers bike accessories. Also, under the Indian Motor Act, the loan gives comprehensive two-wheeler insurance including the accidental cover. This is a very attractive package for anybody to start off their vehicle purchase with.

2. Quick Process Loan processing for two-wheelers are done within a day’s time now, approvals are quick and repayment tenure range from 12 to 48 months. The tenure makes it easy to pay smaller instalments without burning a hole in your pocket. If people need extensions for repayment, it even goes up to 60 months making it more flexible for the buyer. Eligibility Criteria for 2 Wheeler Loan: You should be residing in the city for a minimum of 1 year (city where you apply for the bike loan/ three-wheeler loan). You should be employed for a minimum of 1 year. You should have a landline number either at your residence or office where you can be contacted. You should be 21 years of age when applying for the two-wheeler or three-wheeler loan and not more than 65 years of age at the end of the loan tenure. You should be residing in the city for a minimum of 1 year (city where you apply for the bike loan/ three-wheeler loan). You should be employed for a minimum of 1 year. You should have a landline number either at your residence or office where you can be contacted. You should be 21 years of age when applying for the two-wheeler or three-wheeler loan and not more than 65 years of age at the end of the loan tenure. Documents Required for a 2 Wheeler Loan: Identity Proof –Passport/Driver’s License/PAN Card/Aadhar Card/ Photo Credit Card (front and reverse)/ Voter ID Card/ Company ID Card if working for an MNC/Public Limited/PSU/Government Company. Address Proof – Passport/Voter ID/Driving License/Rental Agreement/Telephone or Gas Bill/Ration Card/Sale Deed or Property Purchase Document/Latest Credit Card Billing Statement/LIC Policy/Letter from Company specifying address or company provided accommodation (list of the company's as per the Banks List- ID card of MNC/ Public Ltd., / PSU/ Govt. company containing the residence address)/ Address proof in the name of the applicant’s parents or spouse. Income Proof – Latest Salary Slip (for Government Employees). If this is not available, salary certificate needs to be provided. Depending on your profile and segment, for processing your application additional threewheeler loan/bike loan documents may be requested. You may be asked to provide additional documents to avail a two-wheeler loan or auto rickshaw loan. How to Apply For 2 wheeler Loan Online and its Advantages?

3. Slow-living’ has taken a backseat in millennial times. We are always on the move, aren’t we? However, commuting on Indian roads with potholes and bad traffic conditions is such a pain! If you too are a sufferer, it is time to reconsider the mode of your daily commute. Two-wheelers have gained immense popularity in recent times, and why? More so because of the speed and comfort that they bring along! Buying a two-wheeler can save you from all your daily commuting hassles. However, if you are newly employed at your job and do not have the means to buy one right away, you may apply for a two-wheeler loan without curbing your desires for a mere lack of funds. Let’s walk you through top 7 advantages of two wheeler loan online. Lesser financial burden Shopping with loans goes easy on your pocket. Loans allow you to repay a lump sum amount of money through easy monthly instalments over a period of time. Instead of burning a hole in your pocket at a go, you can choose to repay the amount as per your convenience, sometimes for even over longer periods of time. With Finserv Markets, it is possible for you to pay-off the loan within a span of a year to about sixty months. It is entirely dependent on what your monthly income is and the monthly EMI amount you are comfortable paying back. Easy and convenient One of the many two-wheeler loan benefits is that two-wheeler loans can be maintained as per your financial suitability. For instance, you do not have to spend a fortune on fuel maintenance charges. Two-wheelers usually come with more mileage than even the basest of four-wheeler models. So, you easily save a lot of money there. Moreover, you can now apply for a two-wheeler loan online from the comfort of your home! Waive off tedious banking procedures which take longer time for loan approvals, and reap the most of two-wheeler loan benefits as per your convenience. Margin on finance Most leading Non-Banking Financial Companies extend finance margins that sometimes can go up to even hundred percent of the on-road price of the vehicle you are planning to buy. Isn’t that a great catch? Improving credit score 2wheeler loans are much easier to pay-off within a short tenure. Moreover, paying off loans completely adds to one’s credit score. Therefore, if you have plans of taking bigger loans in future for other purposes such as higher education, travel, constructing your own home or marriage, you may consider starting with this loan, paying it off within a decent tenure and have it add considerably to your credit score. No charges on prepayment Some banks and NBFCs have a tendency of fixing the repayment tenure of your two-wheeler loan. This has got a lot to do with the interest that a lender is able to earn from it. So, when you choose to pay off the loan before the end of this tenure, you might be levied a prepayment or foreclosure charge. The same allows your lender to nullify its monthly interest loss. In this regard, Finserv

4. Markets is a safe bet for you! With Finserv Markets, you can choose to repay the loan any time before the repayment tenure, and you do not need to worry about any foreclosure charges. Greater degree of affordability Long repayment tenure on 2-wheeler loans is a lucrative perk. Additionally, flexibility of easy monthly instalments has made dreams of owning a new two-wheeler affordable for people across all income groups. Increase resale value Two-wheelers offer a more lucrative resale value than four-wheelers, notwithstanding the time you have had the bike for. Therefore, you can purchase a new one and replace your old one as soon as you finish paying off the loan. Looking to purchase a new two-wheeler? If yes, then we are here to help. With Finserv Markets, applying for Bajaj Finserv Two-Wheeler Loan is easy, quick and completely hassle-free. What’s more? You can take advantage of a plethora of features and benefits of two wheeler loan right from the comfort of your home. So why wait? Head over to Finserv Markets, and apply for a two-wheeler loan with us, today!