Nothing matches the thrill of owning your brand new two-wheeler. If you have been dreaming to buy a new two-wheeler and have not been able to afford it, a two-wheeler loan is exactly what you need.
A two-wheeler loan can be availed from either from a bank or financial institutions like Tata Capital.
Before you apply for a two-wheeler loan, there are a few things you should keep in mind.
A matter of choice
Your first dilemma before you avail a two-wheeler would be to choose the perfect two-wheeler. Will it be a swanky new hot rod which costs a bomb or the much simple and cost-effective bike for your everyday travel? This decision will help you understand the amount of two-wheeler you would have to avail.
Choose a lender
Choosing an appropriate lender is important because the two-wheeler market is quite competitive and you can negotiate good terms. So, it makes sense to approach a few of the leading banks and NBFCs such as Tata Capital to ascertain their terms for the two-wheeler loan. To know more, you can check Tata Capital’s website for the details and their offerings as well.
Check your credit score
Remember that credit score is issued by a third-party credit bureau which gives a status report of all your past and current loans as also any applications you have made for further loans. If your past and present record of repayments of loans are impeccable you can hope to get the best terms from the lender. So, ensure your credit score is high by taking necessary steps to correct any anomalies with your records with the credit bureau.
Finalize terms of your two-wheeler loan
Before you sign on the dotted line, you should know all the terms and conditions of availing the two-wheeler loan. Start with your repayment and look at various options to determine the EMI you want to pay. EMI depends on the loan amount, interest and tenure. You can input different values of tenure and see how the EMI changes. You will see that longer the tenure lower is the EMI and vice versa. Click here Visit our website to know more about Tata Capital’s two-wheeler loan repayment options.
Understand the process
Typically, lenders process your two wheeler loan in a simple, effortless and transparent manner. After you have deliberated and decided on the two-wheeler you want and the amount of loan you need then you can apply for two wheeler loan online.
Make sure you get all the documents in place before you apply and get the approval. You can read more about the documents and eligibility for a two wheeler loan.
If you have a good credit score, you can always speak with the lender about your interest rates, before you sign the deal.
While this may seem like a lengthy process, you can avail a two-wheeler loan a week, provided all your papers are in place. Tata Capital offers two wheeler loans for you to own the bike of your choice. They offer up to 100% funding on your new motorcycle or scooter.