With increasing demand in semi-urban and rural areas, the two-wheeler industry is a high-growth sector. The industry is estimated to be Rs.6,000-Rs.7,000 crore in size. This means that there are abundant opportunities for 2-wheel financial companies. There was limited awareness of financing a two-wheeler in the old days, but with the increasing penetration of financial institutions across the country, it has become possible to obtain financing for a two-wheeler quickly and conveniently.
Obtaining 2-wheel loan financing has become easy. The eligibility criteria, documentation requirement and process are mentioned below:
Eligibility:
Individuals over 18 years of age.
Salaried people who have been employed for more than one year.
Business owners who have been in business for more than a year.
Documentation:
proof of identity
address verification
proof of income
Valid KYC documents
Passport size photographs
Procedure:
To apply for 2-wheel loan financing, the applicant must explore the market of various banks and financial institutions that offer the loan. Based on the terms and conditions of the respective financial institutions, the applicant must choose the one that meets their requirements. The application process is fast and transparent. The applicant must meet the eligibility criteria to apply for the loan. Also, the applicant must submit the application form and provide the required documents to the financial institution. The customer service executives are friendly and will guide you through the entire application process. The application will be processed within 48-72 hours and the loan will be approved in no time.
It is advisable to seek a loan from a reliable financial institution. They offer flexible tenure and easy payment options. With a low interest rate and flexible payment tenure, buying a 2-wheeler has become quick and easy. People with a positive credit history can get loan approval faster and are also eligible for special schemes. Once the loan amount has been disbursed, it is not possible to change the duration and amount, therefore it is important to think carefully about the loan application and settle for a repayment tenure that is possible based on monthly income From applicant. Financial institutions offer customized solutions to applicants based on their requirements. Depending on the type of 2-wheeler purchased, the loan amount will be sanctioned.
The applicant will only have to pay a small amount as a down payment and the balance can be converted into a 2-wheel loan that will be paid in comfortable monthly installments. Up to 95% of the vehicle’s road price is available as a loan to the applicant and the repayment tenure ranges from 12 to 48 months. With the growing demand for two-wheelers across the country, banks and financial institutions are offering loans that meet the requirements of the consumers and also set the terms accordingly.