A two wheeler loan is a type of financing specifically designed to help you purchase a motorcycle or scooter. With a two-wheeler loan, you can spread the cost of your bike over time by making Equated Monthly Instalments (EMIs). This loan can be used to buy a new or a second-hand bike, and it typically comes with competitive bike loan interest rates.
The second hand bike loan rate of interest can vary depending on factors like your credit score and the lender. Additionally, two-wheeler loan eligibility criteria must be met, which usually include proof of income and a minimum age requirement.
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Features and Benefits of Two Wheeler Loan
The features and benefits of a bike loan are designed to make owning a motorcycle or scooter easier:
- Choose a repayment period that fits your budget. Options usually range from 3 to 5 months.
- Approval is often fast, with minimal documentation. This allows you to get your bike quickly and without hassle.
- Attractive two wheeler loan interest rate make monthly EMIs manageable.
- Usually, only the bike itself is used as collateral. This simplifies the loan process.
- The loan has flexible 2 wheeler eligibility criteria. It is accessible to many applicants, including those with lower incomes or first-time borrowers.
- Timely repayment helps build or improve your credit score. This is beneficial for future borrowing.
These features make a two-wheeler loan a practical option for buying a new or second-hand bike.
Eligibility Criteria for Two Wheeler Loan
The eligibility criteria for a two wheeler loan typically include the following:
- Age Requirement: You should be at least 21 years old. Some lenders allow applicants as young as 18, but a co-applicant might be required.
- Income Proof: You need to show proof of a stable income. This could be salary slips, bank statements, or income tax returns.
- Employment Stability: Most lenders require at least 3 months of stable employment to ensure loan repayment.
- Credit Score: A good credit score (usually 750 or above) increases your chances of approval. However, Instamoney approves loan for applicants with low credit scores.
- Residential Status: You must be an Indian resident to apply for a 2 wheeler loan.
Required Documents for a Two Wheeler Loan
Applying for a two wheeler loan requires minimal documentation. Typically, you’ll need proof of identity, address, and income. Here are the list of documents you will need:
- KYC – Pan & Aadhar Card
- Bank Statement – Last 3 months (Salary or Income should be visible)
- NACH Form (E-NACH option available)
How to Apply for a Two Wheeler Loan
1. Check Eligibility
Visit the InstaMoney website or download the app, enter all the necessary details, and you will receive your eligibility status within 2 minutes.
2. Choose Loan Duration
Select your preferred loan amount and repayment period from the available options.
3. Upload Documents
Upload all the required documents online for verification.
4. Loan Amount Disbursed
Once your documents are verified and the loan agreement is submitted, the approved amount will be transferred to your bank account within 2 hours.
Bike Loan EMI Calculator
Use InstaMoney’s bike loan EMI calculator to estimate your monthly payments. This tool helps you plan your finances by showing you the exact EMI you’ll need to pay based on your loan amount, interest rate, and tenure.
Two Wheeler Loan EMI Calculator
Monthly EMI
₹5935
Total Interest
₹212211
Total Amount: ₹712210.61
Loan Amount: ₹500000.00
Interest Rate: 7.50%
How is EMI Calculated on a Two-wheeler
The EMI for a two wheeler loan is calculated using the following formula:
E=P x R x [(1 + R) N / ((1 + R) N – 1]
Where:
- P = Principal loan amount
- R = Monthly interest rate
- N = Number of monthly installments
Our two wheeler loan rate of interest is competitive, making your EMI affordable.
How InstaMoney can help to get a Two wheeler loan
InstaMoney Personal Loans can be a great option if you’re looking to buy a two wheeler but need financial assistance. Here’s how:
- You can get your loan approved in minutes with minimal paperwork.
- You can borrow up to ₹50,000, which can cover a significant portion of your two-wheeler purchase.
- InstaMoney provides loans even if your credit score isn’t perfect.
- The interest rates are competitive, so you won’t strain your budget.
- The loan amount is transferred to your bank account within 2 hours.
With InstaMoney, you can easily finance your two wheeler and get on the road quickly. Apply today!
Tips to Consider Before Getting a Two-Wheeler on a Loan
Here are some tips to consider before getting a two-wheeler loan:
- Ensure you understand the loan tenure, EMI structure, and potential prepayment or late payment penalties.
- Use a two wheeler loan EMI calculator to determine how much you can pay monthly. Ensure the EMI fits comfortably within your budget without straining your finances.
- Check the bike loan eligibility requirements for different lenders. Meeting these criteria is crucial for getting your loan approved.
- A higher down payment can reduce your loan amount, resulting in lower EMIs and interest costs.
- Understand all the fees involved, including processing fees, documentation charges, and any hidden costs.
- If you need the bike urgently, choose a lender known for quick loan processing and minimal documentation requirements.
- Ensure your credit score is healthy. A better credit score might get you a lower interest rate and faster approval
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FAQ - Frequently Asked Questions
1. Can I get a loan for a second hand bike?
Yes, you can get a second hand bike loan. Many lenders, including InstaMoney, offer new and used bike loans.
2. What is the maximum loan amount I can get?
The maximum loan amount depends on your two wheeler loan eligibility and the cost of the bike. Typically, it can cover 95-100% of the bike’s value.
3. How long does the loan approval process take?
With InstaMoney, the loan approval process is usually quick, often within 2 hours.
4. Can I prepay my two wheeler loan?
Yes, you can prepay your two wheeler loan. However, check with your lender for any prepayment charges or penalties that might apply.
Ready to ride? Apply for InstaMoney’s two-wheeler loan today and make your dream bike a reality. Start your application now!
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