Most of the buyers opt for an online application of the two-wheeler loan. Read More about the loan.
Two-wheelers have a relatively high demand in
India. One of the reasons for this is the easy availability of a two-wheeler loan in India to fund the purchase. Apart from this, rising income, higher aspirations of people, and lack of good quality public transport have paved the way to the use of two-wheelers.
Most of the buyers opt for an online application of the two-wheeler loan. If you are planning the same, here are some tips for you to choose the best one among all the loans available in the market:
Conduct thorough research on the interest rates
Don’t hurry while choosing a two wheeler loans or else you might end up paying more interest. Compare the interest rates of all the lenders who offer the loan in the market and choose the best option.
Also, do not get lured by the lower interest rates offered by some lenders before checking on their extra fees. This will save you from paying higher interest rates.
If you have a good relationship with your lender, ask for help
If you have sound business relationships with your lender, then nobody but they can show you the correct path to get a bike loan. Approach them and if the lender provides the loan, go for it as you might also get some additional benefits with no chances of hidden charges.
Be alert for any upcoming offers on two-wheeler loans
Some of the lenders in the market might put up offers and discounts on bike loans, especially during the festive seasons. Stay updated with all of them and find the best one that suits you. Apart from this, if you have a considerably high credit score, i.e. 750 or above, some of the lenders will also provide you with a pre-approved loan offer with highly competitive interest rates.
Borrow the amount that you actually need
Assess your needs before filing an online application for a two-wheeler loan. Know about your capacity and requirements before deciding the loan amount. If you end up borrowing extra money, it will cost you more interest accordingly. So, think before you fill the loan amount column in your application.
Assess your repayment abilities
Think twice before you decide the bike loan amount, tenure, and two wheeler loan emi calculator. Assess your abilities to repay the money that you are availing in the form of a bike loan. If you can’t make timely repayments, it can affect your credit history in the market.
What Should You Consider Before Taking a Two -Wheeler Loan?
- Eligibility Criteria: It is important for you to know that there are two options for personal loans, and eligibility criteria vary according to the lender. So, it is wise if you check with them before applying for the loan. Make sure that you fulfill all their requirements. That will surely help you get the loan fast.
- Check Your Credit Score: Your credit score is a three-digit number that’s calculated based on your credit history. Bureaus like CIBIL formulate your credit score based on your credit history. Your score will depend on how you repay your loans. If you repay your previous loans on time, that will boost your credit score and help you get a lower interest rate.
- Keep All Your Documents Ready: If you are applying for a loan, your documents will be verified at every step of the way. This includes submitting your identity proof and address proof, as well as your income-related documents. You should consider putting together all your documents beforehand to save yourself some time.
- Compare the Interest Rates: Do not settle for the first lender you come across. Do your research and compare the rates offered by different lenders to get the lowest interest rate. The lower the rate, the more affordable your loan becomes and hence, helps you to make rational financial decisions!
Know about the prepayment penalties and benefits
Prepayment is encouraged by some lenders while others may charge penalties for prepaying the loans. Prepayment of the loan will reduce your burden and save the amount that goes into interest. Hence, it is necessary to get all the information regarding prepayment before applying for a bike loan.
You can definitely fulfill your dream of having a bike and two-wheeler loans make it easier. But don’t hurry while making a decision for the loan. Take your time, follow the tips mentioned above thoroughly to get the best bike loans.