Let us understand Two Wheeler Loan
Loan sanctioned by any financial institution or bank to buy a motorbike is known as Two Wheeler loan. Demand for personal vehicle is in demand as it is very difficult to be dependent on public transport solely for any kind of commute purpose. Two wheeler seem to be perfect option in our country due to heavy traffic and road conditions. So don’t just dream of your own vehicle, take benefits of our loan solutions to save a lot over your budget.
Eligibility and Document Requirements for Two Wheeler Loan
Eligibility
- Age - Loan applicant should be above 18 years of age.
- Employment -Any salaried, self-employed or professional can apply for two wheeler loan.
- Monthly Income - For salaried person, monthly income must be minimum 7000 per month and for self employed person or professionals, monthly income must be minimum 6000.
Documents Required
- Age Proof - Any one of Pan Card, Voter ID etc.
- Identity Proof - Any one of Pan Card, Voter’s ID, Passport, Driving License.
- Address Proof - Any one of Utility Bills, Passport etc.
- Income Proof - Any one of Salary Slips, Bank Statement, IT Return etc.
Benefits of Two Wheeler Loan
Many banks and NBFC’s kept their two wheeler interest rates very much lower to make it convenient for borrower to purchase a vehicle.
Two wheeler loan processing needs minimum documents as compare to other loans and thus it is processed in very short span of time. Applying online even reduces that time and you get your loan amount in your bank account with just a few clicks.
Even two wheeler may cost you close to 50K to 60K, it is not that much beneficial to pay whole amount at once. Instead avail benefits of two wheeler loan, pay wisely and save smartly. It also gives you extra benefits like insurance cover or accidental cover, accessories cost etc.
