A two-wheeler in a small town is the only mode of transportation and all-purpose vehicle. A two-wheeler is in high demand. Two-wheeler companies offer the best deals to customers to meet the demands of India, a densely populated nation.
There are many NBFCs and banks that offer the best financing options. You may be quandary about which financial institution or bank to use to obtain the best two-wheeler loan.
Two-wheeler loan: What does it mean?
A two-wheeler loan provides financing to purchase your vehicle. You will need to repay the two-wheeler loan amount plus any interest.
The loan will be repaid within a set period. Indian citizens can apply for a two-wheeler loan at any institution. LoanTap is an option if you’re looking for a lower interest rate on a two-wheeler loan.
LoanTap makes it easy to apply for a two-wheeler loan. The loan process is completely online and straightforward. To get this personal loan, borrowers don’t need to provide a guarantor.
Top Reasons for a Two-Wheeler loan in India
- Secure Online Process: Applying online for a bike loan is much easier. However, online applications for two-wheeler loans can be a bit scary. LoanTap guarantees a transparent and secure loan application process. All details will be encrypted in the database.
- It’s affordable to buy: Two-wheelers are stylish and easy to afford. These are affordable options for long-term, reliable use. Two-wheelers can be electric bikes, scooters and motorbikes. They are cheaper than cars.
- Keep Savings Intact: You may have saved enough money to purchase your vehicle. Savings are usually for emergencies like medical emergencies. You can save money at home while financing your two-wheeler at a low-interest rate.
- LoanTap offers instant funds for two-wheelers. The loan amount will be available within 24 hours. Online application for personal loans allows borrowers to get cash immediately in their bank account to buy a scooter or bike. You do not need to wait for your salary or financial assistance from others.
- You can create custom repayment plans by using an EMI calculator. This will allow you to calculate how much you have to repay each month. This calculator will give you an idea of handling additional expenses and repayments. Repayment plans can help reduce the debt and allow you to repay the loan according to your financial ability.
The Best Two-wheeler Loan
- It is easy to fill out the loan application.
- A collateral-free loan is not subject to any assets or guarantor.
- There are very few simple eligibility requirements to be met.
- You can get the loan quickly and easily with no paperwork.
- Two-wheeler loans are available at attractive interest rates
- The highest loan amounts are between INR 50,000 to Rs. 10 lakhs.
- Flexible repayment terms are available from 6 months up to 60 months
- Additionally, the maximum loan to value can be 100%.
Tips to Consider before Applying for a Personal Mortgage for a Bike
- Loans should fulfill your needs
Make sure you know what bike you want before applying for a bike loan. Also, decide on a budget. To avoid late payments, you should assess your financial situation. Compare the costs of different two-wheeler options. This allows you to calculate interest rates, EMIs, and overall loan costs.
- Get Loan Offers
LoanTap offers personal loans online at an annual interest rate of 1.5% on loans up to Rs 10 Lakhs. The loan will be granted with minimal processing fees. There are no hidden fees. You may be eligible for discounts or offers if you apply for a loan during the holiday season.
- Maintain a decent credit score
Good financial records are essential. If the credit score of 580-630 and above is met, banks and NBFCs will approve your loan application. It is best to keep clean credit history.
- Do not take multiple loans to meet your needs.
- It would help if you waited six months before applying for a new loan.
- Pay all debts or clear your repayment history.
- Assess your monthly income to determine how much you can use for the loan repayments.
Your credit score can be affected if you miss a payment or are late. Try to pay off all debts promptly. This can decrease your chances of getting a loan approved on time. This issue can also lead to rejection.
- Play your Repayment Tenure in Advance
LoanTap allows you to choose the repayment term. You have the flexibility to pay the amount when you want. You will lose more money the longer you keep the two-wheeler loan open. It is important to understand that your credit score will improve if you pay off your debts as soon as possible.
How to Apply For a LoanTap Two Wheeler Loan?
A two-wheeler is a great way to solve your commute problems. You feel independent. LoanTap makes it easy to get a personal loan. You can apply online for a two-wheeler mortgage in just a few simple steps.
Step 1: To be eligible for a personal loan, you must first verify your eligibility for a two-wheeler loan. Here’s the complete list:
- Your age should not be less than 21 years.
- Indian citizens or residents, are you?
- Your monthly net salary should exceed INR 30,000/-
- You must be a salaried full-time employee.
Step 2: Choose the amount of your loan, and the repayment term best suits your financial situation.
Step 3: Fill in the details to determine if you are eligible for a personal loan.
Step 4: Upload the KYC documents, which can be found below.
- PAN Card
- Salary slips in the last three months
- Statements from banks for three to six months
- Aadhar Card and Electricity Bill for Residential Proof
Step 5: Once the KYC has been completed, we will issue the loan within 24hrs of approval.
Step 6: The amount will be credited to your bank account. There are no limits to the number of transactions you can make.