In the current age, having a vehicle of your own, whether it is a four-wheeler or a two-wheeler has become a necessity in order to make daily life easier. Having a vehicle of your own not only cuts down on transport costs but also saves time that you spend on waiting for your bus to come. Although affording a car is still a far-off dream for many people in India, purchasing a two-wheeler seems like a more achievable goal. Moreover, two-wheelers ensure lesser waiting time during long traffic jams. When it comes to the question of purchasing a two-wheeler, opting for a loan option is a viable and easy option.
The Loan Types
Before you apply for bike loan, here is what you should know about. There are mainly two kinds of two-wheeler loan option in India. These include-
1. Secured Bike Loans- In a secured bike loan, the borrower mainly has to keep an important asset as a security deposit such as their home or land. This loan option offers the possibility of a lower two-wheeler interest rate. The risk rate is relatively higher due to the possibility of the borrower losing out of their asset.
2. Unsecured Bike Loans- In an unsecured loan application, the two-wheeler interest rate is much higher. Therefore, the down payment for bike loan is higher because you are not declaring an asset as collateral.
The Loan Application
As you begin your loan application, download the two-wheeler loan app which offers easy processing of your application. Applying for a loan online on a website or through your two-wheeler loan app is simple and quick. Which bank you want to take the amount from will be determined after you have researched the market well based on criteria such as the interest rate, charges, EMI and fees. After you are done comparing and found the loan of your choice you can begin gathering documents and details.
However, if you are an old school person and believe that physically dropping by the bank is the best way to get your needs sorted then the process is slightly different. Once at the bank, you will need to ask for a representative who will guide you in the application process throughout. But in order for you to get a designated representative, you may need to wait long hours in the queue. In order for your loan amount to be disbursed, you will need to meet all your formalities as well as meet the minimum eligibility requirements.
There might be various other rules that a client may need to follow in order to apply for bike loan amount. These features, as well as rules, will invariably differ from bank to bank.
The Loan Types
Before you apply for bike loan, here is what you should know about. There are mainly two kinds of two-wheeler loan option in India. These include-
1. Secured Bike Loans- In a secured bike loan, the borrower mainly has to keep an important asset as a security deposit such as their home or land. This loan option offers the possibility of a lower two-wheeler interest rate. The risk rate is relatively higher due to the possibility of the borrower losing out of their asset.
2. Unsecured Bike Loans- In an unsecured loan application, the two-wheeler interest rate is much higher. Therefore, the down payment for bike loan is higher because you are not declaring an asset as collateral.
The Loan Application
As you begin your loan application, download the two-wheeler loan app which offers easy processing of your application. Applying for a loan online on a website or through your two-wheeler loan app is simple and quick. Which bank you want to take the amount from will be determined after you have researched the market well based on criteria such as the interest rate, charges, EMI and fees. After you are done comparing and found the loan of your choice you can begin gathering documents and details.
However, if you are an old school person and believe that physically dropping by the bank is the best way to get your needs sorted then the process is slightly different. Once at the bank, you will need to ask for a representative who will guide you in the application process throughout. But in order for you to get a designated representative, you may need to wait long hours in the queue. In order for your loan amount to be disbursed, you will need to meet all your formalities as well as meet the minimum eligibility requirements.
There might be various other rules that a client may need to follow in order to apply for bike loan amount. These features, as well as rules, will invariably differ from bank to bank.
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