Two Wheeler Loans

Two Wheeler Loans - An Overview

One industry which has been the most evolved and specially impacted the middle and lower middle class lives is the two wheeler market. With spurt of new companies and innovative ideas coupled with impeccable designs in the two wheeler segment have really transformed the industry by many folds.

In fact, the two wheeler market is poised to grow from current level of 14 -16 million to almost 30 million units per year. Regardless, to say that it has really impacted the way one commute. With increased traffic in the major-major cities across the continent, people find commuting via two-wheeler most convenient, importantly, it suits their pocket. Remarkable, opportunity in this motor segment creates X-times need for old as well as new two wheelers. Avail ling two wheelers on loan on a click of a button or on EMIs and instalment.

Success factors of 2 Wheeler Loans

In view of demonetization, with government focus on increasing the penetration and usage of digitalized currency, the focus is to get the maximum inputs on the table.We strongly believe 2 wheeler loans create a mid-way path and the financial impact on an individual is minimal. Thus, our instant online and offline channel/s creating a value proposition both personally and financially. With our loan processes you would feel that there is no impact on your personal savings, as a matter of fact it is through our solid control you would experience the growth in your original savings and at the same time own a scooter and enjoy the ride and during all this time you would have paid all the loan instalments.Our systematic approach allows you to comprehend and improve the CIBIL score status in the process, which paves a path for creating a better credit history and procure further loans in the future. 2 wheeler loans are the simplest and safest to procure

wheeler loan: Features

2 wheeler loans in India generally carry the following features:

  • Easy down payment: One can get up to 90% of loan dispersal on a 2 wheeler loan, which allows customer to shell out 1 tenth of the total 2 wheeler cost.

  • Loan tie-ups: The guiding principle of our core operating eco-system is to have strategic tie-ups with the various loan lending financers often have promotional and lucrative schemes running which allows the customers to not only get value for money but, they may negotiate with the 2 wheeler dealers for further goodies and benefits.

  • Straight forward loan dispersal guideline: Banks have relatively easier eligibility and processing guidelines especially for the two wheelers. For example, lower earning capacity i.e. borrower may be making only approx. 50,000 will be eligible for the loan, likewise banks have relatively easier pay back duration which may vary from 12 to 48months and lower interest rates.

  • Age criteria: Normally, In India many banks have kept the minimal eligibility age criteria of 18 years and maximum of 65 years for processing of 2 wheeler loan applications. Many times it is observed that the bank may require loan applicant to be minimum 21 years of age. For obvious reasons, 2 wheeler segment has seen the surge as it is the most popular and cheap mode of commuting to their respective places.

  • CIBIL score: Key advantage of getting early/young age into banking portfolio with this loan. Although, one must ensure that if, they have an existing credit history it is good. The score of 750 and above is considered to be a good CIBIL score by most of the banks in totality. All it takes to get a better or improve the rating is to systematic and timely payment of your bills or EMIs.
FAQs
  • If, I need to personally go to the bank to get the loan? Not at all, In fact, many 2 wheeler dealers or showrooms have in house teams and representatives from the bank who help customer in processing their loan application. Additionally, you can apply loans via our online portal. Paperwork requirement may vary from bank to bank as some bank may ask for soft copies of the documents and some banks will require hard copies and will send bank agent to collect the docs and provide product brief.
  • How do I know if, I can apply for the loan right now? Loan process entails a thought through call and understanding of various aspects with regards to financial obligation and duties before an individual decides to take a call and then, decides to take loan. Our loan calculator will allow you to get the understanding of EMIs, this should allow an individual to take a call if, to move forward and get a loan or stop.
  • What is the loan amount coverage? Various banks have different operating margins and that is why the loan amount differs from bank to bank which can go upto 90%.
  • Is it necessary to get 2 wheeler insurance? Riding 2-wheeler entails lot of risk as it is not as safe as car, therefore, one must take the insurance.
  • If, individuals or students who are 18 years and over and jobless are eligible for loan? Yes, bank can choose to offer you bank loan only if, you have collateral or guarantor support in case you fail to make timely payment in individual cases. Since, students are special cadre all together and treated as special cases. The bank may choose to lend loan on merit basis or it is their sole decision whether to extend loan to a student or not.
  • Is there an option to pre-pay the entire loan amount? Absolutely, you may choose to foreclose your 2 wheeler loan, though banks have different guidelines around pre-payment, but, you can pre-pay the loan only after 6 months gestation period. Option is available (after 6 months) by paying some nominal changes.
Various Bank Interest rates

A perspective of what top banks are offering i.e. the interest rates: -

HDFC - 2 wheeler Loan
2 wheeler Loan Amount 85% (on road price)
Tenure Upto 48 months
Interest Rate 10.50% - 24.00%
Characteristics Interest is calculated on a daily reducing balance.
No advance EMI.
SBI - 2 wheeler Loan
2 wheeler Loan Amount 85% (on road price)
Tenure Upto36 months
Interest Rate 8.75% - 17.65%
Characteristics Lowest interest rates.
No early payment or EMI
BOB- 2 wheeler Loan
2 wheeler Loan Amount 85% (on road price)
Tenure Upto60 months
Interest Rate  
Characteristics Lowest interest rates.
No early payment or EMI.
Central Bank - 2 wheeler Loan
2 wheeler Loan Amount 85% (on road price)
Tenure Upto60 months
Interest Rate MCLR + 0.40%
Characteristics Lowest interest rates.
No early payment or EMI

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