Skip to main content

Want to Apply for a Loan to Buy Your Favorite Bike



In our country- India, going to the office through a crowded public transport could be time-consuming and a frustrating affair. A car or a two-wheeler can bring a relief and reduce your traveling time.
That days have gone when you need to give a huge amount of money to buy a vehicle of your choice. It has now become simple to buy a vehicle with banks and private lenders. They provides auto loans with varied interest rates depending on your need.
Appling for a loan to buy a two-wheeler is much easier than a car loan. As there is a huge demand for bikes, the two-wheeler is competitive. Hence the consumer has the upper hand when it comes to financing. It only takes 2 to 3 business days for sanction.
But here are some basic criteria.
1: Eligibility Criteria: You must be over 21 and below 60 years of age for applying a two-wheeler loan. Also your financial capability is checked through your bank statements, and for paid employees, remaining in the same job and residence for 1 year is an important benchmark to be eligible for a bike loan.

2: Documentation: The documents that required are ID proof, Age proof, Address Proof, last three months' salary slip for salaried employees and bank statement.

3: Down Payment: The banks do not provide you the entire amount as loan. Minimum down payment differs from moneylender to lender depending on the value of the vehicle. Generally, the minimum down payment should be 10% of the principle amount.

4: Loan Tenure: You can select a repayment lease of 12 to 36 months based on your monthly income. Making a high amount of down payment is recommended as the repayment lease and rate of interest will be less.

How to Apply for a Two-Wheeler Loan? 
You can either apply online or offline for a bike loan. Online method is stress-free and you can also calculate your EMI amount, a rate of interest and tenure. For the offline method, you need to approach the investor and go through several formalities vector capital loans.
So, Instead of paying up your whole savings and being worried about your finances, a bike loan will be an appropriate option where with less interest and EMI, you won't feel the problem in the long run. While cars are run down assets, bikes have a good re-sale value, and you can update your vehicle according to your wish.
A two-wheeler gives you the best form of personal transport to commute to your workplace and getaway with your friends on a weekend. Hence go for a two-wheeler loan if you were planning to buy a bike for a long period of time.
Always remember that any kind of loan comes with terms of repayment and a contract and your credit activities will be recorded in the credit profile. Acts, such as delays in payments, paying minimum balance could damage your credit profile and your future wealth. Always Take care of your credit health!



Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Easy ideas to clean sandstone tile

In dairy farming a bulk milk cooling tank is often a large storage tank for cooling and holding milk in a cold weather until it could be acquired by way of a milk hauler. The bulk milk cooling tank is a vital little bit of dairy farm equipment. It is usually made of stainless-steel and used each day to keep the raw milk on the farm in good shape. It must be cleaned after each milk collection.Raw milk producers use a range of either open (from 700 to 20000 litres) Bulk cooling tanks. Mothers usually add too much over cleaning as it's vibrant and satisfying on the eyes. Yet, cleaning is stressful and challenging. When the home is neat and tidy, everything seems being perfect and comfy. It's even great since it removes filth and germs that could trigger illnesses such as hypersensitivity, flu viruses and coughing. To refrain from these problems it is very important execute regular cleaning. Regardless of whether you're mother or kid, it could be very nice when you can emplo...
1 comment
Read more

Why Would You Want Belly Button Jewelry?

The terms sound proof and acoustic treatment are two entirely different things. Sound proofing is quite expensive and most of times not really linked to recording studios or other types of audio production environments. Acoustic treatment however is what would certainly be aiming to do had you been considering is going to be house for your putting on creating a music recording studio.  This is mainly due to tariff of diamonds which is not easier for buyers to pay for and therefore to acquire just about any diamonds or any jewellery item made out of diamonds they save huge amounts of money to get them. Although there is huge fleet of Diamond Merchants Sydney with everyone claiming to supply authentic diamonds to buyers jewelry store in southern california , but still it is imperative for buyers to conduct proper research in regards to the authentic and reliable Diamond Merchant who may have been in business for long some time to who has succeeded for making his strong presence i...
1 comment
Read more

Professionals Clean The Better Way

Carpets are very important for those organizations, since they provide a presentable look for the entrants, whether it is employees or clients. And, maintaining and cleaning them is really a task that holds paramount importance for those firms, because the aesthetic appeal of the office depends largely with them. No wonder that innumerable companies depend upon Commercial Carpet Cleaning services of reputed contractors on this field. Executing this type of neatening service is a time consuming and expensive process, which is often avoided provided it will become necessary, since having the floor covering cleansed periodically is really a necessity anyways. Domestic cleaning agencies are where you behave as a manager and you also accept board local cleaners to execute the cleaning for you. I think that professional home cleaning companies are the finest with the lot. You do each of the cleaning, advertising and appointment bookings yourself Pro Commercial Cleaning Sydney . But the cl...
Post a Comment
Read more