A two-wheeler helps a great deal in movement from one place to another. Be it for personal needs or commuting to the workplace, it is extremely useful. And no points for guessing, it helps a lot in dealing with the traffic hassles. With a two-wheeler, you get the freedom of visiting any place as per your convenience. But sometimes lack of finances can play a spoilsport in purchasing a bike as per your requirements. But worry not, financial institutions offer two-wheeler loan or bike loan and you can purchase the bike of your dreams. However, careful planning and thorough research is very necessary before applying for the loan.
Different stages before applying for a 2-wheeler loan:
Finalize on the choice of bike
Before even applying for the loan, you must be a very sure about the kind of bike you need. Consider the requirement for which you need a bike, do you need a swanky bike or a simple one as it will help with you the loan amount you want to avail.
Compare various lenders, and their interest rates
It is very vital to compare various financial institutions before applying for a loan. Check for competitive interest rates offered by the banks. Also, prefer reputed lenders, as you can rest assured that the application procedure would be as per norms and standards. Also, check for the loan amounts that these lenders are offering basis which can you can choose the lender. You must also check the processing fees, repayment tenures and disbursal time.
Check your credit score
Credit Score indicates your creditworthiness as a borrower and your ability to make timely repayments. A good repayment history will have a positive impact on Credit score and will give the lender an assurance that you will not default on repayments and he is likely to offer you loan at attractive interest rates. If your repayment history is not that great, there are high chances that your loan application will be rejected. So make sure that you check your credit score well in advance and take necessary precautions or steps in order to enhance your credit score by paying all overdue bills if any.
Check for your eligibility criteria
Every financial institution has certain eligibility criteria, that the borrower must fulfill in order to avail the loan. So, carefully go through the eligibility criteria and see if you fulfill the requirements of the lender that you chose for the Two-wheeler loan. Usually the criteria include parameters like age, income, location of residence, type of occupation and work experience. Also, check if you have all the necessary documents while applying for the loan like identity proof, address proof, income proof etc.
Understand the terms and conditions
If your loan is approved, then before signing the final agreement, read and understand the all the terms and conditions thoroughly to avoid any mishaps in future. You can calculate your EMI using EMI Calculator present online to manage your finances better. Choose repayment tenure as per your choice.
Now that you have considered all the options, it’s time to apply for the loan. And you can do it with Finserv MARKETS. At Finserv MARKETS, the application process is very smooth. The documents required are very minimal and the repayment tenure is quite flexible. In addition, there are no hidden costs and complete transparency is ensured. You get the facility of easy cash payments. You can foreclose your loan at very nominal fee.
To avail a two-wheeler loan available on Finserv MARKETS, you must be 21-65 years of age. You must have a work experience of at least 1 year and you must stay in the city where you apply the loan for at least 1 year. So, hurry! Drive your way to Finserv MARKETS today!
If you want to make the process complete digital you can download on 2 wheeler loan app and avail the same loan fast.