Have you been planning to purchase your dream ride over the past years? Stop planning to take the plunge. Purchase your first two wheeler with a two wheeler loan. Various Banks and Financial Institutions provide loans specially for two wheeler purchases.
These loans are transparent and have quick approval processes. Two wheeler loans enable you to purchase the vehicle without having to spend all your savings at once, you can get the ownership of the two wheeler and then repay the loan amount in installments. Two wheeler loans come with competitive interest rates and long tenures that provide ease of repayment and flexibility in the same.
Eligibility:
• An individual above the age of 18,
• A salaried individual should be employed for more than a year, with atleast 6 months in the current job,
• A business owner should be in the current business for a minimum duration of 1 year.
Documentation:
• Identity Proof
• Address Proof
• Income Proof
• Photographs
The process of application and approval is extremely simple and transparent. This makes it viable to opt for a two wheeler loan when you are planning to make your purchase. In addition, Hero FinCorp provides special schemes from time to time for loan applicants. These schemes are based on the applicant profile and past credit record. Various Financial Institutions have festival special offers for big ticket purchases. Although, these schemes come with their terms and conditions that need to be followed. It usually takes 24 to 48 hours for the approval of the loan. Applicants are provided with the option of prepayment of loan which reduces the amount of interest to be paid for the same.
The loans are customer friendly and can be customized based on the ability of the applicant to repay the same. The rate of interest ranges between 10% to 20%, it also depends on the type of two wheeler to be purchased. There are special schemes for super bikes and heavy vehicle purchase. When it comes to two wheeler financing, it is important to decide the two wheeler you are willing to purchase before you approach the financier. Choosing the right financier will make all the difference. Compare between Banks and Financial Institutions before you approach for the loan, it is also important to compare the interest rates as well as the terms and conditions offered by them. Approach the financier with your documents and duly filled application form to ensure quick processing and approval of the same.
If you are an existing customer of the Bank, the process will be quicker and the documentation will be basic. Financial Institutions have special offers for existing customers with a good credit score. Maintaining a positive credit score ensures quick and easy approval of loans.
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