Two-Wheeler Loan: Everyone wants to buy their dream vehicles, but not everyone can afford it. In today’s scenario where the banks and lenders have expanded their credit schemes to provide people loans on affordable interest rates, customers can easily purchase their favourite bike or any vehicle with the utmost ease with the convenience of monthly EMIs. But lending banks also demands a particular criteria to be fulfilled before giving a significant amount of money to the people. Here, in this article, we will talk about 5 takeaways that a person must consider before taking an two-wheeler loan. Checkout details in the full story.
5 Points To Consider Before Taking a Two-Wheeler Loan
Check Credit Score
Firstly, you need to have a decent credit score to get any loan. Credit score is formulated on your credit history, noticing how you pay your loans Bureaus like CIBIL makes your crediit score.
Eligibility Criteria
In the next step, one needs to check if he/she is eligible to get the loan from where he/she is applying. You need to fulfill the eligibility criteria of the respective lender where you apply for loan. So before initiating the loan process, check if you completely follow the lender’s eligibility criteria or not.
Compare Interest Rates
You are suggested to not take an immediate decision when seeking for two wheeler loans. You don’t need to adjust on all the terms and condition of a particular lender, as in the market one has several options to opt for. Most importantly, you need to compare the interest rate charged by the lender annually. Most often the interest rates ranges from 9.5 percent to 17 percent, if you compare the interest rates offered by the lenders you can get the best and affordable loan for your dream bike.
Ask For Additional Charges
As interest rates are not the only extra amount that you need to bear. There are few additional amounts charged by the bank like processing fee, it may vary from lender to lender. So, you need to ensure that you are paying the least possible processing fee for your two-wheeler loan.
Be Prepared With The Required Documents
When an individual applies for loan, he/she is needs to submit all the required documents to the lender. Most often lender demands documents like your address proof, identity proof, income related proofs like bank statement, tax returns and salary slips. So being ready with all these documents can save your time.
Disclaimer: This information is provided solely for informational purposes. It is important to note that taking loans are subject to many other factor decided by the lenders. DNP News Network Private Limited never advises to choose a specific lender for any personal interest.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER