Two wheelers are the backbone of Indian transportation. Furthermore, any loans taken to purchase the two wheelers like bikes, mopeds, scooter is termed as the two wheeler loan.
Decision To Purchase Two Wheelers:
Rapidly changing lifestyle of people in India, has affected the purchase of two wheelers. Many industries are offering two wheelers, at reasonable prices to attract Indian .
Going to office, doing shopping, purchase the groceries has made the need to have two wheelers. During this scenario, two wheelers are the most sought after things. Many banks like SBI, IOB, INDIAN BANK, ICICI, HDFC, Central Bank are good in offering two wheeler loans in India.
Category of Two Wheeler Loans In India:
Two forms of the Two-wheeler loans are present in India and it consists of:
1.Secured Two Wheeler Loans: Under this category, one needs to pledge good security, having equivalent or more value against the loan amount in India.
2.Unsecured Two Wheeler Loans: You need pledge any asset against unsecured two wheeler loans in India. These loans are very costly compared to secured loans, as bank will have to pay up the loan, if borrower is unable to clear the loans.
Conditions To Be Fulfilled Before Taking Up Two Wheeler Loans:
Some of the requirement to be fulfilled before taking up two wheeler loans are:
Minimum of 21 years and above
Employee of a private company
Employee of a public sector/government undertaking
Self employed professionals working for at-least in current role
Net income must be approx above 2 Lakhs per year.
Key Documents Required For Taking Up Two Wheeler Loans:
Some of the key documents used for taking up two wheeler loans are:
Properly filled loan application forms.
Must have resided in the current city for at-least one year.
Your statement of accounts for last 6 months
4 passport size photographs.
Genuine Photo Id Proof like Voter Card, Pan Card.
Last three months salary slips.
Income tax copies, if you fall under IT(Income Tax) bracket for the last 2 years.
Address Proof Documents like passport, electricity bills, telephone bills and others.
Citizen of India.
Ideal for people from 18 years onwards to 58 years.
Benefits of Two Wheeler Loans:
Two wheeler loans are got some amazing benefits like:
Low Interest Rates: Most of the two wheeler loans are affordable ones, with extremely low interest rates in India.
Amazing Repayment of EMI: One can have amazing repayment options of paying in EMI (Easy Monthly Instalments) in India, ranging from 12 months to 36 months.
Very Fast Processing: You will get the two wheeler loan immediately, within 48 hours.
Eye-catching Interest Rates: You can avail the two wheeler loans, in India with very attractive interest rates to blow your mind.
Good Offers On Models: You can have attractive offers on various 2 wheeler in Bangalore. Furthermore, it is given during the festival, only for selective models in India.
Disadvantages of Two Wheeler Loans:
Two wheeler loans are causing lot of problem to people in India like:
Some Two Wheelers Are Costly: Interestingly, cost of the scooter is very costlier than two wheeler cost. Hence, it is above reach of average Indian, and will not go in for two wheeler loan.
Genuine: Please make sure that the 2 wheeler loans are launched from genuine companies in India. Please be aware of the fly by night firms, offering mouth-watery deals.
Tenure of Loans: Some of the loan tenure is not sufficient as the person, borrowing loan is not from well to do family in India.
Harsh Criteria’s: Some of the conditions are very severe on the person applying for two wheeler loan in India. Some people may not fulfil conditions like age, income, company tenure and others.
Poor Credit Score: One must have the finest credit score in India to be eligible for two wheeler loans. Negative credit score can land you in trouble and two wheeler loan will be denied.
People in India love to travel by two wheelers. Hence companies offering the two wheeler loans will always be growing at a faster pace in years to come.
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