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Two Wheeler Loan Interest Rate

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Updated: 21-02-2024 11:28:04 AM

In India, two wheeler is increasingly becoming the most preferred mode of transport. There are many reasons to it. The crowded public transport system, poor roads in many parts of the country etc. make it necessary for everyone to own a two wheeler. With the global rise in price of crude oil, two wheeler  helps in saving the fuel and makes it efficient for consumers. And it’s just not the rural India, travelling by bike or any kind of two wheeler is more convenient in heavy traffics especially in busy metros also. It’s a dream of many youngsters in India to own and ride a two wheeler as soon as they come of age. Easy financing and loan facilities make it affordable and convenient for people to buy a two wheeler which they desire. Before going ahead and choosing the mode of finance for your two wheeler, it’s important to know the features of the loan and interest rates prevailing in the market. Knowing the details makes it easy for you to compare and choose the best deal.

A number of leading banks and financial institutions are offering two wheeler loans and here’s why you should opt for one:

  • Most of the banks and financial institutions are offering 90%-100% financing for select two wheelers, and you can therefore own a two-wheeler of your choice with ease without straining your budget
  • With more and more NBFCs offering two wheeler loans apart from banks, you or anyone can now avail this loan without any hassle irrespective of the section or class you belong to
  • Usually there is no guarantor required for two-wheeler loans
  • The loan is usually granted for the on-road price of the vehicle, which means it covers the cost of registration, insurance and accessories.
  • The income criteria for availing a two-wheeler loan is very lenient  and therefore anyone with having comparatively less income can also take this loan
  • These loans usually come with flexible repayment options and therefore you can choose your tenure according to your convenience and affordability
  • It involves minimal documentation and has a really quick approval process
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