Two-wheeler Loans in India
Two-wheeler loans are a popular financing option for individuals looking to purchase a motorcycle or scooter in India. Here are some details about two-wheeler loans in India:
Eligibility Criteria:
- Applicant must be a resident of India
- Minimum age of applicant should be 21 years
- Applicant should have a regular source of income
- Applicant should have valid identification and address proof
Loan Amount:
Generally, two-wheeler loans in India cover up to 85-90% of the on-road price of the vehicle. The loan amount can vary based on the lender and the applicant's repayment capacity.
Tenure:
The repayment tenure for two-wheeler loans in India is usually between 1 to 5 years. Some lenders may offer longer or shorter tenure options based on the applicant's profile.
Interest Rates:
Interest rates for two-wheeler loans in India can vary based on the lender, the loan amount, tenure, and the applicant's credit score. Generally, interest rates range from 8% to 15% per annum.
Documents Required:
- Identity proof (Aadhaar card, passport, driver's license, etc.)
- Address proof (ration card, utility bills, etc.)
- Income proof (salary slips, bank statements, IT returns, etc.)
- Passport size photographs
Repayment Options:
Most lenders offer flexible repayment options for two-wheeler loans, including monthly EMIs, bullet repayments, and step-up EMIs. Applicants can choose the repayment option that best suits their financial situation.
Benefits:
- Quick and hassle-free loan approval process
- Competitive interest rates
- Flexible repayment options
- No collateral required
Overall, two-wheeler loans in India provide a convenient way for individuals to finance the purchase of a motorcycle or scooter without having to pay the full amount upfront.