To get to work, consider purchasing a motorcycle. You spotted your dream motorcycle in a display case, but the price tag put you off. Two-wheeler and motorcycle loans are now more accessible than ever, so you may finally buy the bike or scooter of your dreams.
Find out more about the top options for financing a motorcycle or scooter in India. If you want a motorcycle but need a loan, look for financing alternatives for two-wheelers. Check out some of the financial institutions that offer this sort of financing. Variable monthly payments (EMIs), processing costs, and interest rates should be considered. Just keep reading, and you’ll find what you need to know.
Two Wheeler Finance Companies
Segmenting the Indian two-wheeler loan market by kind, origin, percentage of amount sanctioned, city, tenure, and region is possible. The Indian Two Wheeler Lending Market is divided into new and used two-wheeler loan sectors. “new” two-wheelers dominate the market, but the “old” category is predicted to grow in the following years due to lower costs.
The Indian Two Wheeler Loan Market is dominated by NBFCs (Non-Banking Financial Companies) and banks. To give a few examples, some of the largest banks in the country are HDFC Bank, State Bank of India, ICICI Bank, and Axis Bank. Hero Fincorp, Bajaj Finserv, Mahindra & Mahindra Financial Services Limited, and Shriram Transport Finance Co., Ltd. are only a few of the most prominent NBFCs in the country.
What is Collateral Free Loan?
Collateral refers to an item pledged as security for a loan. If you need a loan from a bank or money lender, you can get one if you’re willing to put up collateral, such as your house or business, a luxury vehicle, or even jewelry. You can get a loan for your company from a bank, credit union, or other loan organization without putting up any of your hard assets as security.
Documents Required to Finance a Bike or Two-Wheeler
As was previously said, the paperwork needed to apply for a bike loan is concise and sweet. The loan applicant needs to present the following materials and information at the time of application in two wheeler finance companies:
- Documentation verifying your identity, such as a passport, driver’s license, voter registration card, or Permanent Account Number (PAN) card
- Income documentation such as a recent pay stub, bank statement, or tax return is required. Audited financial statements are also required if the candidate has their own business.
- Provide documentation of your address, such as a copy of your passport, a utility bill, or a lease agreement.
Best Path to Loan a Two-Wheeler in India
If you are an Indian, you have two great options for paying for your bike:
- Requesting a motorcycle loan from a reputable financial institution
- Applying for a loan from a non-banking financial institution (NFBC)
These two companies are the finest options for obtaining loans because they are convenient and easy to work with. In addition, all motorcycles in India are sold at on-road pricing, the amount banks, and NFBCs can finance. Consequently, the buyer should be OK with coming up with a down payment.
Benefits of Applying for a Two Wheeler Finance Companies
We now realize that a loan application is a handy option for financing a first-hand two-wheeler of your choice. Nonetheless, the term “loan” has the potential to trigger negative associations for some. Let’s talk about why getting a bike loan might be the best decision you make:
- The interest rates on most bike and two-wheeler loans have dropped to levels where they are reasonable. As an outcome, they are more likely to be purchased by people looking to purchase bicycles.
- Getting a loan will allow you to buy the bike or scooter of your choice without breaking the bank. No concessions are required to afford the car of your dreams.
- If you’re daring, simple bike financing alternatives are available to purchase superbikes.
- Making your EMI payments on time will enhance your credit score, making it easier to get future loans.
- Repayment terms for two-wheeler loans are typically flexible. Borrowers have flexibility in selecting repayment terms.
Motor vehicles are essential in today’s fast-paced world, but they can be challenging to save up for due to the ever-increasing costs of alternatives like motorcycles and scooters. No longer would you have to make a tough decision between getting the bike or two-wheeler of your dreams and the cheaper option. Thanks to the ease with which bike loans may be obtained, you can finally take that long-awaited trip on your ideal bike without breaking the bank.