Do you desire to take a loan for your two-wheeler loan, then know everything about it?

Two-Wheeler Loan: You should know true facts about Two-Wheeler Loanwith 7 Pro Tips?

In today’s time, whether it is a motorcycle or a scooter, or any two-wheeler, their price has gone down so much that a middle-class family has to think. Therefore, in today’s time, taking finance or loan (Two-Wheleer Loan) has become a common practice. If you also want to take a loan, we will give you the finance or loan information.

From where can you take a Two-Wheeler loan?

From Showrooms – Many people want to take a two-wheeler loan, but they think the loan will be available only from the bank. But it is not so. In today’s era, there are so many financiers at all the two-wheelers’ showrooms. Not just one company, but many companies have financiers. They offer you a loan according to your eligibility.

Whether you want to buy two-wheelers of any brand, you will find many financiers in the showrooms of all the brands. You will not need to go to any bank, and you will take a loan quickly.

Hence it would help if you visited the showroom of your preferred brand for loan or finance. You should know his scheme from the financiers of all the companies. Then it would help if you financed from the company whose scheme suits you the most.

For example – Shri ram city union finance, Hero fin corp ltd, wheeles EMI Pvt ltd, HDB financial services, HDFC bank, etc., are the popular Two-Wheeler loan companies.

Note: All the financiers present in the showroom belong to the private company. If you want to take a direct loan from your bank, then you can do it.

From Bank – All banks have different rules. If you want to take a loan from the bank, you have to go to the bank and give the quotation. The quotation is an estimate in which the on-road price of your vehicle is mentioned. You have to give this to the bank to know that the loan you are taking from the bank is only for buying two-wheelers so that no one can commit fraud with the bank.

For example – Union bank, Central bank, Bank of India, State Bank of India, Punjab National Bank etc.

From other private companies –

Apart from this, you can also take a loan from any other private company that provides two-wheeler loans. For example – IndusInd bank, oriental bank, etc.

Required documents for Two-Wheeler Loan

If there is anything important at the time of taking a loan, then it is your document. If your records are not correct, then you will find it challenging to get the loan. So let us know which documents you will need at the time of the two-wheeler loan.

Required documents for two-wheeler loan

Proof of Identity – In Identity Prof, only the ID issued by the government will be valid.

Like – Aadhar Card, Pan Card, Driving License, Government Job Id, passport, etc.

Proof of Address – It is mandatory to give evidence of where you are resident because no company wants to provide loans in another city or other districts. If you live in a rental house, then you will have to give a rent agreement. The company from which you want to take a loan has to depend on the company’s rules.

Some Address Proofs like – Aadhar Card, Residence Certificate, Ration Card, Rent Agreement, Passport, etc.

Income proof – You have to provide your source of income and also provide an income profile. Before any company gives you a loan, you want to make sure that you can repay the loan. Although some companies pass the loan without income proof, you should still carry your income proof.

Write – perfume, income tax proof, salary slip, pension slips, etc.

Bank Passbook with last three month statements

Cheque Book

Note – You get the loan approved tomorrow even without a chequebook. Would you please confirm with the company about this

Minimum 6 passport size photograph

Witness or Grantor, who can be sure that they will pay the loan in case of non-repayment of the loan.

Civil Score – Many people come to mind that what is Civil Score?

If we say in simple language, Civil Score is the score you get on the mode of repayment of your loan. The better you repay your loan, the higher will be your civil score. If you have never taken a loan before, then your civil score is calculated based on your savings. Your Civil Score is determined by how and how much you have given to your bank.

You can also check your Civil Score online yourself.

Check Your Civil Score – Click Here

Loan approval time

How long does it take to get your loan approved? It entirely depends on the person from which you are taking the loan.

If you are taking a loan from a bank, it can take a while to get your loan approved, maybe even up to 1 month.

If you want to take a loan by visiting a showroom, your loan will be approved in 1 day.

If you want to take a loan from any other company, then it depends on that company’s rules.

Note – Take a loan from any company you want. If all your documents are correct and eligible for the loan, only your loan will be approved.

Two-wheeler loan Eligibility

  • Do you know that to take a two-wheeler loan, first you have to prove your eligibility. Yes, you have to be eligible for the loan, so let us know the eligibility for a two-wheeler loan?
  • All your documents should be correct. In any case, your loan will not be passed if your papers are wrong. So keep your name, spelling and address right in your documents.
  • You should have a guarantor who will ensure that you are eligible to repay the loan on time. If you have not missed your EMI, there is no need to give EMI to the guarantor.
  • Most importantly, your civil Score should be correct. Civil Score tells your record. If you have taken any loan in the past, then the civil Score is based on your repayment. If your previous loan is not repaid on time, then your civil Score will not be good, and you will not be able to get the loan.
  • You have to show your source of income so that the finance company will ascertain whether you are eligible to repay the loan.
  • Your age should be between 18-54 years.

Note – You can get a two-wheeler loan without any job or income proof also. It is dependent on the Finance Company offer. You will get more offers with income proof.

How much interest do you have to pay

Before taking a loan or while taking a loan, one thing comes to mind that how much interest will we have to pay? Yes, your thinking is correct. Many companies make more money than the fixed amount, and we do not even know because it is interesting. But it is not so. The rules are already decided in every company on how much they will charge and how much interest they will take. Therefore, before taking a loan, you should take care of all the charges properly. There are some standard criteria. For this, you have to pay. So let’s know on which things you will have to pay extra money.

File Charge – You have to pay file charges regardless of the company you take a loan from. This charge is related to your documentation. In simple language, there is a charge for sending your file and expenses incurred in office work. File charge is fixed in every company. Like some company takes fixed file charges, some companies charge according to the percentage of your loan amount. You can confirm the filing account at the time of the loan.

Interest rate – whether banks or private companies take interest on sub loans. The interest rate of all companies is fixed. The interest rate varies according to the scheme. How much interest you have to pay depends on how much loan you are taking—you 6. Paying from 99% to 40% can be the post. Although 40% is very cold, yes, it is up to 40%. But usually, companies charge only up to 15%.

Insurance Amount – Some sum assured is charged from you while taking the loan. This is not the insurance of your two-wheeler, but it is the insurance of the owner. In this insurance, most companies give the benefit of the loan amount in the name of the owner. This means that if the borrower dies in an accident before repaying the loan, the remaining amount in the loan is provided to the nominee so that he can repay the loan. A direct loan is discontinued in many companies. But keep in mind that you have to provide all the required documents to take the claim.

7 Pro Tips Before Taking Two-Wheeler Loan

There are a few things you should keep in mind before taking a loan.

  1. Firstly, You have to choose the right company for your two-wheeler finance. Some companies offer you a low interest rates to attract you but the true fact is some finance companies are not clear about their hidden charges. So that, It is very important to choose right Finance Company.
  2. Just like companies, thoroughly examine your documents before giving a loan. Similarly, you should know about it properly before taking a loan from any company. As if there are no hidden charges of that company, whether that company deducts EMI correctly every month or not.
  3. Now you must be thinking about what does it mean to you whether the company takes EMI correctly or not. But it is not so. In some companies, the check bounces very quickly without any reason, and the company takes the bounce charge after blaming the customer. So it would help if you took care of it.
  4. While taking a loan, properly sign the check so that your review does not bounce. You don’t have to pay an extra charge.
  5. Make sure to confirm the file charges, interest rate, and how much insurance amount is being charged from you. Take a loan after confirming properly and being satisfied.
  6. Know about all the schemes and go ahead with the best system for you.
  7. Do not pay any extra charge other than the charges fixed. First, you should get accurate information about what things you are being charged for and how much.

What is Down-Payment

The minimum amount that we deposit while buying a two-wheeler through a loan is called a down payment. File charges, accidental insurance charges paid by the finance company are also added to the down payment. The minimum deposit amount is different in every company. It depends on the total price of the product. The minimum down-payment can range from 10% to 50%. It entirely depends on the finance company and also depends on the offer made by it.

How much loan can you get? Or how much will you have to pay Down-Payment?

       The question must have come to your mind that how much do you have to pay? So you will be happy to know that some companies give loans up to 95%, but they also have conditions. But if you say in simple language, then in today’s time you have to take any two-wheeler, and if you give 30000 rupees as two payments, you will get the rest of the loan comfortably. Below we are offering some companies and the loan % claimed by them. This will make it easier for you to understand how much you will have to pay.

Some Popular Finance

Hero Fincorp Ltd

Minimum Dow- Payment – 22% of vehicle amount (they pass loans up to 78%)

Two-Wheeler Loan Interest rate – 6. 99% then 11%

File Charge – Rs 1100

Insurance – Rs.800 to Rs.1000 (Rest EMI will clear)

Shriram city union finance ltd

Minimum Down-payment – 15% of vehicle amount with income proof and 20% of vehicle amount without income proof (they pass loan up to 95%)

Two-Wheeler Loan Interest rate – 6.99% to 14%

File Charge – 3% of the loan amount

Insurance – 826 rs. (Rest EMI will close)

WheelsEMI Pvt ltd

Minimum Down-payment – 15% of vehicle amount (they pass loan up to 85%)

Two-Wheeler Loan Interest rate – 6.80% to 40%

File Charge – 1850 + 3% of loan amount

Insurance – 950 rs. (Rest EMI will close + 1.5 lakh accidental cover)

HDB Financial Services

Minimum Down-payment – 20% of vehicle amount (they pass loan up to 80%)

Two-Wheeler Loan Interest rate – 11%

File Charge – 1399rs

Insurance – 999. (Rest EMI will close)

Note: All the data given above is estimated. Don’t hesitate to get in touch with the direct company to know the exact charges.

Two-Wheeler Loan Calculator

[stm_auto_loan_calculator title=”Check Your Estimated EMI” currency_symbol=”₹” label_font_size=”18″]

Note – If you want to close the loan account even before time, you can complete your loan by depositing the remaining amount. All finance companies charge some extra charge for premature closure, which can be up to Rs.1000.
Even after doing two-wheeler finance, you will get the original paper of your two-wheeler.

I hope you find the information given by us beneficial. Thank you for joining us.