Riding a bike symbolises control, puts your mind at ease, and gets you out of traffic jams. No wonder why, this mode of transportation has become exceedingly popular for intra-city movement and long-distance thrill rides.
What’s more, with easy availability of bike loans at affordable interest rates, several enthusiasts are able to afford their dream motorcycle without hurting their budget. If you’re looking for the same, you must know about the two-wheeler loan processing fee and other charges as you begin your loan application.
Let us discuss the important loan charges to help you buy the bike you desire.
Bike loan processing fee
When you apply for two-wheeler finance, a lender may require you to pay an additional fee to process your loan. This is a one-time processing fee, which is non-refundable. A potential borrower must pay this charge at the time of filing their application for the two-wheeler loan.
Other charges for bike finance
Apart from the processing fee, bike finance entails miscellaneous charges such as:
If a cheque bounces due to technical reasons or insufficient funds in your account, the lender can charge you a penalty.
When you wish to repay the loan before the loan tenure is over, your lender might ask for a foreclosure charge.
If the lender takes the vehicle through repossession, they might penalise you. This will occur if you fail to make the loan repayments.
Eligibility criteria for a bike loan
Before applying for bike finance, check your two-wheeler loan eligibilitycriteria online.
To be eligible for a motorcycle loan, you must maintain a decent CIBIL score (preferably 750 and above) and have a stable job for at least one year.
The minimum age of the loan applicant should be at least 21 years, and the maximum age limit is usually between 60 to 65 years, depending upon the lender. Also, it is preferable if you prove residence in the same home for at least one year to show a stable residential status.
Additional Read: How to get a Two Wheeler Loan? 4 Tips to Follow
Documents required for bike finance
After meeting the primary criteria to avail a two-wheeler loan, you need to submit a list of documents to the lender. Your loan will be processed based on the verification and approval of the following documents-
- Identification proof- Aadhar Card/Driver’s License/Pan Card/Passport/Voter’s ID
- Address Proof- Passport/Electricity Bill/Ration Card
- Last 3 month’s bank statements (mandatory)
- Income Proof (if required)
Based on your profile and documents’ approval, you can successfully avail of bike finance at attractive bike loan interest rates.
Additional Read: Things to Know While Comparing Two-Wheeler Loans
To sum up
All set to add a brand-new bike to your garage? Apply for a motorcycle loan at Tata Capital at competitive two-wheeler loan interest rates.
Not sure about the kind of EMI you will pay if you take a loan from us? Don’t fret! Simply log on to our website to use our bike loan EMI calculator to accurately evaluateyour monthly instalments. So, make a smart financial move by applying for a two-wheeler loan with us today!