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How To Get Your Dream Bike This Festive Season

Author: Chinmay T Barot
by Chinmay T Barot
Posted: Nov 27, 2020
wheeler loans

Owning a bike/two-wheeler is a dream for many young people. Not only it is a comfortable way to travel or an ideal choice in our country with deplorable public transport, but riding a bike is the first love for boys, a cherished dream since childhood. So why should you wait to buy a two-wheeler when an affordable installment option using a two-wheeler loan is available?

How to finance your first bike?

With your first salary in hand, your dreams are just flying high. Buying a bike is a bit difficult though, as it may cost you between Rs.60,000 to Rs.1 lakh. So, the ideal way to buy your bike is through a loan. Today, two-wheeler loans are financed by all financial institutions, including banks, NBFCs, and financial companies.

One easy and quick way to get two-wheeler loans in India is through personal loan offered by financial companies. It is convenient and less time consuming with minimal documentation and relaxed eligibility criteria that make these finance companies more lucrative than the traditional banks.

Two-wheeler loans - Features

Owning a two-wheeler liberates you to commute freely without hindrance in city traffic. A two-wheeler loan helps you in realizing your dream. The loan can be repaid in EMIs within specified tenure.

The instant personal loans in India from financial institutions have many significant features; some of them are:

v The two-wheeler loans are collateral-free.

v The loans are approved with minimal documentation and relaxed eligibility criteria.

v Easy document collection keeping the applicant’s convenience.

v Flexible repayment option with affordable EMI plans and auto-debit feature.

v The loans are extended even with zero credit history.

v Quick verification and disbursement of two-wheeler loans

What are the eligibility criteria to avail two-wheeler loan?

The two-wheeler loans come under the ambit of personal loans. The eligibility to avail of instant personal loans in India is as follows:

  • The applicant should be an Indian resident.
  • The age limit should be between 21 years to 60 years.
  • Both self-employed and salaried class individuals are eligible for a stable income source.
  • Monthly income - Salaried individuals - Rs.12000 and Self-employed - Rs.15000

What are the documents required to get a personal loan?

  • Identity proof: Aadhar card, PAN card, Passport, Voter ID
  • Address proof: Aadhar card, utility bills(electricity, water, phone), ration card
  • Income proof: bank statement
  • Photographs: 2 passport size photos

How to apply for a personal loan?

In three simple steps, you can apply for a two-wheeler loan.

Step 1: Fill in all the details required for eligibility in the application form. Select the loan amount and the EMI to be paid in a fixed time period.

Step 2: Upload all the documents(mentioned above) for verification. Also, sign the NACHform for the auto-deduction facility.

Step 3: Once the documents submitted are verified, the loan amount is sanctioned in the account.

Why are the benefits of two-wheeler loans?

The two-wheeler loan is beneficial in different ways, such as:

l Owning a two-wheeler gives you the independence to travel anywhere at any point in time.

l You can safely commute on your bike without worrying about the hassles of public transport.

l Heavy traffic in cities can be easily negotiated through two-wheeler hence the requirement.

l The loans are available at attractive interest rates with affordable EMIs so that you don’t drain your savings.

A two-wheeler is a necessity in today’s world when commuting through public transport is fraught with risk because of Covid-19 pandemic. If you have started your new job or don’t want to utilize your savings, you can avail instant personal loans in India. All financial institutions provide loans to eligible applicants. A two-wheeler loan is an easy and quick way to own a bike and live your life comfortably.

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Author: Chinmay T Barot

Chinmay T Barot

Member since: Sep 29, 2020
Published articles: 17

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